Dubai recorded the highest volume and value of transactions ever in the second quarter (Q2), with the total number hitting 43,522, an increase by 45% compared to Q2 2023. The value of transactions increased by 37%, totalling AED124.4 billion ($33.9 billion), according to Property Finder, Mena’s leading property portal. Market volume peaked, surpassing the previous high achieved in Q1 2024 by 17%, while transaction values exceeded the previous peak recorded in Q4 2023 by 2%. On the other hand, Abu Dhabi saw over 2,489 transactions with values reaching almost AED6.7 billion. In Abu Dhabi, existing properties have shown a YoY increase of approximately 41% in volume with around 1,166 transactions in Q2 2024. The value of these transactions increased by 42% YoY, touching AED3.8…

Dubai Ruler approved the plans on Sunday for the new passenger terminal at Al Maktoum International Airport. All of Dubai International Airport’s operations will be gradually moved to the new airport over ten years. The Dh128 billion terminal will be built, and work will start right away as part of the Dubai Aviation Corporation’s plan. Covering an area of 70 square kilometers, the airport will have five parallel runways and 400 aircraft gates. When finished, it will be five times larger than the existing Dubai International Airport (DXB). Technologies never employed in the aviation industry will also be used at the new airport. Announcing social media platform X, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE and Ruler of Dubai,…

Bahrain's Ministry of Housing and Urban Planning has invited bids from qualified consultants to provide contract management and site supervision consultancy services for the construction of a major residential project being developed in the East Hidd Village in the kingdom. A major project being funded by the Government of Kingdom of Bahrain, it will feature 284 social apartment units in the A2, C1 & C2 as well as 05, 06, 11 &14 plots within the East Hidd Village. As per the notification in the Bahrain Tenders site, only qualified engineering consultants with Category ‘A’ licensed with the Council for Regulating the Practice of Engineering Professions (CRPEP), Kingdom of Bahrain, will be eligible to take part in the bids. The ministry said that the winning…

Many landlords in Dubai have started increasing rents upon renewal of their tenancy contracts after the Real Estate Regulatory Authority (RERA) updated its rental index that allowed property owners to increase rents to bring them in line with the market value. Industry executives, however, say that many tenants in the emirate will not have to pay higher rents until later this year or early next year when their current tenancy contracts end. That is because RERA guidelines state that landlords can only increase the rent at the time of tenancy renewal. In March, the Authority updated the index which is expected to see up to a 20 per cent increase in rental value for tenants in the emirate. This revision in the index is said to impact those tenants who have been staying in the property for…

Many landlords in Dubai have started increasing rents upon renewal of their tenancy contracts after the Real Estate Regulatory Authority (RERA) updated its rental index that allowed property owners to increase rents to bring them in line with the market value. Industry executives, however, say that many tenants in the emirate will not have to pay higher rents until later this year or early next year when their current tenancy contracts end. That is because RERA guidelines state that landlords can only increase the rent at the time of tenancy renewal. In March, the Authority updated the index which is expected to see up to a 20 per cent increase in rental value for tenants in the emirate. This revision in the index is said to impact those tenants who have been staying in the property for…