Sales of previously owned homes in the United States edged up in July, industry data showed on Thursday, breaking a four-month trend of declines.   Homebuyers in the world's biggest economy have been grappling with a surge in mortgage rates after the US central bank rapidly lifted the benchmark lending rate in 2022. But the popular 30-year fixed-rate mortgage ticked down slightly in late July, potentially offering some relief to buyers. Existing home sales rose 1.3 percent from June to an annual rate of 3.95 million, seasonally adjusted, said the National Association of Realtors (NAR). This was slightly above a Briefing.com consensus of 3.9 million, and an uptick from June after four straight months of falling sales. "Despite the modest gain, home sales are still sluggish,"…

UAE - Short term rentals in Dubai are reshaping the rental market with a 30% increase in demand compared to this time last year.   Industry Experts claim that the trend is revolutionising the region’s real estate scene, offering remarkable returns for savvy property owners, and attractive accommodation options to visitors. “Over the past year, we have seen short-term rentals in Dubai surge, with a 30% increase in bookings due to rising tourism and a demand for flexible living options,” explains Myles Rothwell, Managing Director at Edwards and Towers, a leading real estate brokerage and surveying practice in Dubai. Investor returns up “This has led to investor returns up to 20% higher than traditional leases. In comparison, long-term rentals offer steady…

Dubai business park operator TECOM Group has announced an investment of 340 million UAE dirhams ($93 million) to develop Grade A office spaces in Dubai Internet City with the launch of the new Innovation Hub Phase 3, which is set for completion mid-2027.       The latest announcement will take the group’s total investments to AED 2 billion, which includes the acquisition of new commercial and industrial assets as part of an AED 1.7 billion strategic plan announced in May.   The acquisition of additional land further expands TECOM Group’s managed land leasing portfolio to 179 million sq ft.

The Cabinet of the United Arab Emirates, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, approved 2,618 housing approvals worth more than AED 2 billion during the first half of 2024.       This initiative is part of the UAE's ongoing efforts to provide a decent life and suitable housing for all citizens, meeting their needs, enhancing their stability, and improving their quality of life.   The UAE government prioritises the housing sector, which constitutes a critical strategic axis of the federal government's work in coordination with local governments and relevant authorities. This effort aims to provide all means of support and factors of social stability, most notably adequate…

Dubai’s prime residential market has seen growth in capital value far greater than gateway cities such as Singapore and New York in the first half of the year (H1), according to real estate services provider Savills.       The emirate’s residential market has also emerged as the strongest in the Middle East, marking a growth of 2.9% in capital value in H1, the Prime Residential World Cities Index from Savills revealed.   London, Singapore and New York witnessed negative growth.       Dubai, meanwhile, ranked in fifth place in the index of 30 global cities, with Lisbon leading with a rise of 4.2%, followed by Amsterdam, Madrid, and Athens, each with capital value increases above 3% over the same period.   “On a price per…

Dubai, UAE – A significant road initiative has been announced in around of the Mall of the Emirates in order to enhance traffic flow and accessibility. This initiative entails the construction of a 300-meter bridge on Sheikh Zayed Road. The bridge will be equipped with a single lane, which will provide direct access to the Mall of the Emirates parking lots for motorists traveling from Abu Dhabi and Jebel Ali. The real estate market in the surrounding areas is expected to be significantly affected by this development.   The new bridge aims to alleviate congestion on Sheikh Zayed Road, one of Dubai’s busiest highways, by offering a direct route to one of the city’s most popular shopping destinations. This infrastructure upgrade is expected to enhance the…

Dubai's real estate market is poised for significant growth, with over 30,000 residential units expected to be handed off in the second half (H2) of 2024, according to a report by W Capital, a leading real estate brokerage firm in Dubai.   The report highlights that the number of new units handed off in 2024 will total approximately 48,000, up from over 17,000 in H1-24. This increase aligns with projections for new deliveries, indicating a robust growth trajectory for the market. Despite the surge in new units, the market remains imbalanced, with demand outstripping supply. However, W Capital's report suggests that this imbalance may be corrected in the coming years, with hand-offs potentially exceeding 65,000 units next year and reaching 70,000 units by 2026. Walid Al Zarooni,…

own a 2-bedroom flat in Dubai that I rented to an individual to stay with his family. I recently learned about another person staying at the flat. I suspect the family has sublet a room in the flat without my knowledge. What are my legal rights here? What should I do?   Answer: A tenant is not allowed to sub-let rented premises allotted to them without a landlord's written consent unless they agree on it in a rent agreement in Dubai. This is by Article 24 of Law No. 26 of 2007 Regulating the Relationship between Landlords and Tenants in Dubai, which states, "Unless otherwise agreed by the parties to a lease contract, the tenant may not sublease, or assign the use of the real property to third parties unless the relevant written consent of the landlord is obtained." Furthermore, a…

Tenants in some areas of Dubai are still paying less than the Real Estate Regulatory Authority (Rera) Rental Index rates, say industry executives.   In March, the Rera index was upgraded to bring rental rates in line with the market prices following over three years of rally in rentals. The Index is designed to reflect the average market rent using all the property locations and property types across Dubai. “Places like Dubai South and Damac Hills 2 are recognised for being less expensive when compared to the centre and other well-known areas including Dubai Marina, Jumeirah, and Jumeirah Lake Towers. Tenants living in these outer districts frequently find their rents more manageable, especially because they exist further away from the city centre where demand is…

Many landlords in Dubai are asking tenants to vacate their properties in order to list them for sale, to cash in on record high prices, or move in themselves to beat rising rentals.   Rents have been increasing at a double-digit rate in Dubai over the past three years due to high demand from new residents coming to the emirate.   Anisha Sagar, director of property management at Allsopp and Allsopp, said the law is clear that owners can serve notice to a tenant if they decide to sell the property or intend to move into the property for personal use. “What we have noticed is an increase in landlords looking to take advantage of the excellent market and listing properties for sale in higher numbers. We have also seen an increase in landlords moving back into the…

Dubai Land Department (DLD) has successfully completed 647 amicable real estate settlements worth more than AED1.38 billion ($375 million) during the first half of 2024 via its Oqoodi platform service.   DLD said 100% of the settlement agreements were approved through the platform, thus facilitating and expediting real estate settlements. This achievement has enhanced the effectiveness of managing disputes and providing a safe and reliable method for confirming and legally documenting each party’s agreement to the terms.   The department is dedicated to finding amicable settlements to resolve property disputes peacefully, serving as a valuable resource for investors and developers. إعلان   DLD boasts capable and qualified legal specialists to manage…

The year 2024 is set to see the issuance of approximately 10,000 new real estate broker licences in Dubai, marking an unprecedented level and a 100% increase from the 5,000 licences issued in 2018.       According to Dubai-based real estate consultancy VVS Estate, the past few years have seen steady growth with 6,000 new licences issued in 2019, a slight dip in 2020 due to the pandemic, 7,000 new licences issued in 2021, 7,500 in 2022, and approximately 8,000 in 2023. This surge is testament to the influx of investors and the booming real estate market in Dubai, drawing a record number of brokers in 2024.   In response to the growing demand for qualified real estate professionals, VVS Estate has announced the launch of VVS Academy. The new institute provides 31…