Dubai’s residential property deliveries have picked up in recent months, with thousands of units already completed during the first three months of the year, according to new research.   From January to March 2024, the market saw the delivery of approximately 6,500 homes, which were mostly apartments, a report from real estate consultancy Land  Sterling noted. By year-end, total deliveries will reach around 64,400 residential units, exceeding the previous year’s number of completed properties, the Q1 2024 Dubai Property Watch report noted. During the first quarter of the year, apartments accounted for 75% of the project completions, while villas comprised 25%. The amount of residential unit deliveries in recent months reflects Dubai’s “continued…

Dubai Land Department (DLD) has launched the Real Estate Evolution Space Initiative - ‘REES’, which will gather thought leaders and industry professionals to spur a wave of progress capable of redefining the urban landscape.     The event brought together over 200 sector partners, officials and experts. It featured several sessions and debates on the main trends of the international real estate technology market, exploring opportunities and potential with participation from 25 specialised companies, including 11 exhibitors and 14 companies represented by panellists.   The Dubai PropTech Group was launched in collaboration between the DLD and Dubai Chambers. DLD established several strategic partnerships, including Dubai Future District Fund Investments,…

Mercon Developments has launched a 16-acre real estate project in New Cairo with EGP 10 billion in investments.   Located in the Lotus area at Golden Square, the Nurai project's plan includes 350 units, with a built-up area (BUA) accounting for 80% of the project’s total size, according to a press release. The project, boasting a mix of residential and commercial spaces, offers dedicated areas for sports, cycling tracks, swimming pools, and water features, alongside commercial zones, recreational facilities, and advanced security systems. Chairman of Mercon Developments Ahmed Embaby announced that Nurai will be executed in four phases, with construction set to commence in the coming days. He highlighted that the company allocated EGP 800 million towards construction to…

Demand for quality Grade A office space in Dubai is outstripping supply across all primary submarkets as the emirate continues to attract overseas investors and businesses with a spate of business-friendly initiatives, including full foreign ownership and residency visa reforms.     Grade A offices witness an average increase of 14 per cent y-o-y in rental growth, with specific markets experiencing 20 per cent to 30 per cent surge in rental values, Savills, an international real estate advisor, said its Q1 report.   Rising demand for flexible office spaces, including serviced and co-working spaces, reflects changing work models.   Dubai’s office market is on an upward trajectory, buoyed by a resilient regional economic rebound and strong demand from…

New property units in Dubai are approximately 12.5 per cent smaller than older ones, despite prices going up substantially higher in the post-pandemic period. This has prompted many property buyers and investors to move to affordable and outskirts areas to lay hand on larger properties at lower rates, analysts said.     Zhann Jochinke, director of market intelligence and research for Cavendish Maxwell, said new apartment project launches differ drastically in quality and overall offering from some of the ageing existing projects.   “Interestingly, at the bedroom level, the highest price per square foot premiums are predominantly observed in 1-bedroom units. These units also exhibit the largest disparity in average unit square footage, with new units being…

Property listing websites in Dubai have been encouraged to integrate their systems with the Dubai Land Department (DLD) website to ensure that all the listings are valid and there are no fake ones. Haider Khan, CEO of Bayut and Dubizzle Group Mena, said integrating the platform with DLD's system offers several significant benefits for all stakeholders in the UAE real estate market.   “Firstly, and perhaps most importantly, it will significantly increase trust amongst property seekers. Users can be confident that the properties they see are genuine and accurately reflect what's available in the market. This not only eliminates the frustration of encountering unavailable or outdated listings but ultimately saves valuable time and effort,” said Khan.   Secondly, he…

Landlords and investors in Dubai are making millions by renovating and upgrading their properties with uber-luxury amenities amid a shortage of such properties in popular communities such as Palm Jumeirah, Emirates Hills, Dubai Hills and Al Barari.   Industry executives said villa owners are earning up to 275 per cent premium or over Dh20 million in a short span of time after spending around Dh8-12 million on upgradation and adding around Dh30 million as a premium for the property.   These, however, are not regular upgrades but hugely expensive renovations incorporating lavish features such as cinemas, indoor and outdoor pools, gyms, steam rooms, spas and elevators among others.   As it is, renovating a home offers numerous benefits, including increased property…

Developers in Dubai on Wednesday said that they have very stringent anti-money laundering and combating financing of terrorism (AMLCFT) measures in place for the investors buying property in the emirate to ensure that no illegal money flows into their projects.     Developers told Khaleej Times that they conduct due diligence on property buyers “not only because it is a legal requirement that is strictly enforced by the UAE, but also for (their) own safety, to ensure that those who invest with (them) can afford to do so legitimately.”   As Khaleej Times reported in August 2022, the UAE had tightened real estate investment rules and asked property agents, brokers, and law firms to report cash transactions worth Dh55,000 and above to the UAE’s Financial…

The UAE’s residential market has started the year on a relatively strong note with high levels of activity and absorption, that will continue to support price growth in both Abu Dhabi and Dubai over the remainder of the year, according to CBRE Middle East, the global leader in commercial real estate services and investments,   In Abu Dhabi, the total volume of transactions stood at 2,795, up 22.6% increase compared to the year prior. This increase has been underpinned by an 18.1% rise in off-plan sales and a 34.5% rise in secondary market sales, stated CBRE Middle East in its latest edition of the UAE Residential Market Review for the first quarter of 2024.   In the year to Q1 2024, Abu Dhabi’s average apartment and villa prices increased by 4.3% and 2.3%,…

Leading UAE-based real estate entities Bloom Holding and Lead Development have announced a joint venture agreement with Spain’s high-end residential developer, Mabel Real Estate, a division of Mabel Capital, to co-develop a luxury residential project in the city of Marbella.   A high-end project - Mabel Marbella Residences - will span over 100,000 sqm of land in the coveted Golden Mile, a premier residential area in the Spanish city.   Marbella enjoys a robust real estate market paired with unparalleled climate and cultural richness. The demand for prime real estate in this coastal city is driven not only by international buyers but also by Spanish nationals seeking second homes.   Speaking at the launch, Bloom Holding CEO Carlos Wakim said: "This announcement…

Property prices in Dubai rose for the 15th consecutive quarter during the January-March 2024 period, mainly driven by affordable and mid-market communities.   Analysts say that Discovery Gardens, Sports City and Dubailand apartments saw the highest increase in prices as demand from residents and foreign investors continued to keep the prices higher.   The city is seeing villa owners renovating older units and reselling at notably higher prices to keep up with the demand.   “There are no signs of capital values slowing down yet, with city-wide sales prices rising for the 15th consecutive quarter. City-wide sales prices are up by 20 per cent year-on-year and 66 per cent higher than the first quarter of 2020 (pre-Covid19),” said Prathyusha Gurrapu, director…

Demand for office spaces is outstripping supply in Dubai and the emirate could well run out of Grade A office space next year.   With the inflow of foreign companies that are setting up regional headquarters in Dubai, many landlords and free zones are upgrading older office stocks to meet the growing demand and capitalise on higher rents.   Prathyusha Gurrapu, director and head of research and consultancy at Cushman & Wakefield Core, said developers and free zones are expected to initiate the next phase of office projects, however, no relief is expected until 2026 due to a minimum of a two-to three years' time for construction.   “As most of the upcoming Grade A supply is highly likely to be pre-leased, limited substantial new supply is expected to be…