Real estate transactions in Ajman totalled AED2.28 billion in December 2024, marking a record growth of 102 percent compared to the same period in 2023, according to the Real Estate Report issued by the Department of Land and Real Estate Regulation. Omar bin Omair Al Muhairi, Directo-General of the Department, stated that the number of real estate transactions in December 2024 reached 1,169, including 935 property trades valued at over AED1.86 billion. He noted that Al Jurf 1 recorded the highest property sale at AED300 million. Al Muhairi highlighted that Ajman’s real estate market is experiencing unprecedented growth, achieving record figures that reflect the sector's quality, the diversity of investment opportunities, and its appeal to investors across various segments. The…

DUBAI: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has approved the implementation of a series of housing projects worth AED5.4 billion to benefit citizens across different areas of Dubai. The projects will see 3,004 new homes being built for Emirati citizens. Of these, 1,181 homes will come up in Latifa City for beneficiaries under the housing loan category. For beneficiaries in the housing grant category, the projects envisage 606 new homes in Al Yalayis 5, 432 homes in Wadi Al Amardi, 398 homes in Al Awir 1, 200 homes in the Makan area of Hatta, 120 homes in Oud Al Muteena, and 67 homes in the countryside and rural areas of Dubai. The housing projects, offering diverse options for Emirati citizens, align with the Sheikha…

ABU DHABI: The UAE’s real estate sector maintained its growth momentum throughout 2024, marked by an increase in real estate projects and infrastructure investments, reinforcing its position as a key pillar of the country's economic growth. The vibrant real estate markets across the emirates underscored the UAE’s status as a global hub for property investments and an attractive destination for high-net-worth individuals who play a vital role in stimulating market activity, particularly in luxury real estate. The property markets in Abu Dhabi, Dubai, Sharjah, and Ajman witnessed significant activity in transaction volumes over the past year, maintaining positive performance levels thanks to diverse investment opportunities and growing demand for various property…

Dubai Municipality has announced that it has awarded contracts for Phase Two of Al Mamzar Beach Development Project coming up on a 125,000-sq-m area in the city. Work on Phase One began in June last year and now stands 45% completed. The total cost of the project is projected to be around AED400 million ($109 million) across both phases. On Phase One work, the civic body said covering an area of 275,000 sq m, the beach ranges in width from 30 to 90 metres at various points. The project includes the construction of a 200-m-long pedestrian pontoon bridge to connect the two banks of the creek, ensuring ease of access for the public. It also features a 300-m-long night swimming beach designed to be accessible for people of determination, along with a 5-km walkway and dedicated running and…

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the Dubai Walk Master Plan (Dubai Walk), a visionary initiative aimed at transforming Dubai into a pedestrian-friendly city. H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the UAE’s Deputy Prime Minister and Finance Minister, as well as the First Deputy Ruler of Dubai, were present when the plan was authorized. The Dubai Walk Master Plan emphasizes accessibility, safety, and a pleasant walking experience. It will create a distinctive integrated network of walkways with unobstructed paths and increased green spaces. His Highness Sheikh Mohammed bin Rashid Al Maktoum said that enhancing the quality of life in Dubai remains a key focus of the…

Dubai World Trade Centre (DWTC) has initiated the first phase of the Dubai Exhibition Centre (DEC) expansion at Expo City Dubai, with enabling works and piling contracts now completed, and main contract works underway. The AED10 billion expansion masterplan, approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in September this year, will transform Dubai Exhibition Centre (DEC) into the region’s largest indoor events venue upon completion. The expanded DEC will serve as the new home for mega exhibitions and allowing Dubai to double the number of large-scale events hosted annually from around 300 today to over 600 by 2033, reinforcing the emirates’ status as a leading hub for international exhibitions and business…

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…