The UAE-based developr RAK Properties has mandated  Commercial Bank of Dubai (CBD) to arrange a 2 billion dirhams ($544 million) syndicated long term financing facility.   The facility will support RAK Properties' Mina Al Arab development, and provide long-term liquidity.    

ABU DHABI: Abu Dhabi's mortgage market witnessed a robust 20% increase in Q3 2024, with transactions totalling AED13.5 billion across 2,594 deals. This marks the highest quarterly volume in several years. According to Dari, a comprehensive digital platform designed to serve Abu Dhabi's real estate sector, the real estate sector in Abu Dhabi continued to thrive during this period, with total real estate transactions amounting to AED22.7 billion. The emirate achieved a total sales value of AED9.2 billion, selling 3,161 real estate units. This included AED4.1 billion from 1,480 completed units and AED5.1 billion from 1,681 off-plan units. The total value of real estate transactions from the beginning of this year until the end of September reached AED55.6 billion. This was achieved through…

Abu Dhabi real estate developer Aldar is giving its existing hotel portfolio a 1.5 billion UAE dirhams ($408 million) makeover to cater to the growing luxury segment.   Existing properties such as the Eastern Mangroves hotel will become a Waldorf Astoria branded luxury resort with a new retail mix, while the Yas Plaza Hotels concept will be reimagined under the IHG brand, turning the six-hotel complex into the largest Vignette Collection resort in the world, Aldar said in an ADX disclosure.   Other properties under the Aldar umbrella will also undergo a transformation with the Tilal Liwa to be redeveloped as a Vignette Collection luxury desert escape, while the Nurai Island will also undergo a “major refurbishment and expansion”. The company’s flagship…

Jubail Island Investment Company (JIIC) has awarded the construction contract for the Jubail Town Centre in Souk Al Jubail at nearly AED 400 million, according to a press release.   The contract has been awarded to Bright Accord General Contracting Company and includes four office buildings and two residential buildings: Jubail Terraces buildings 7 and 8.   Located at the heart of Jubail Island within Souk Al Jubail village, Jubail Town Centre is a family-friendly lifestyle destination offering a modern, vibrant environment that seamlessly blends wellbeing, leisure, and commercial services.     Once completed, Jubail Island will feature uniquely designed community centres, mosques, a medical clinic, educational institutions, a standalone supermarket, and a…

 Abu Dhabi Global Market (ADGM) and the Department of Municipalities and Transport (DMT) have signed a Memorandum of Understanding to facilitate the transfer of real estate services within ADGM's expanded jurisdiction. As ADGM expands its presence on Al Reem Island, the MoU establishes a strategic partnership between ADGM and DMT to transfer the real estate services and enhance the efficiency and quality of municipal services provided for residents and businesses within ADGM's jurisdiction. The agreement outlines the roles and responsibilities of both authorities, ensuring a seamless transfer of the real estate sector on Al Reem Island from DMT to ADGM, while fostering ongoing collaboration on urban planning, infrastructure, and all other essential services with DMT. Commenting on…

Bloom Holding today announced the launch of ‘Almeria’, the seventh phase of Bloom Living.   Named after the Spanish city, Almeria offers premium villas with lakeside views ranging from three to six bedrooms. It is scheduled to be completed in Q4 2027.   Bloom Holding has begun the early handover of the project’s first phase, Cordoba, ahead of its scheduled delivery date, a step that reflects the company’s ability to deliver beyond its promise and provide high-quality projects on time. CEO of Bloom Holding Carlos Wakim said, “With this new launch, Bloom Holding is further solidifying its position as a leader in developing destinations that prioritise community living. Our focus on quality and attention to detail underpins our commitment to…

 Burtville Developments, a leading UAE-based developer with over 20 years of global experience, has confirmed significant progress on the “Ville 11” project, which consists of 111 residential units, recently launched in Masdar City, Abu Dhabi. Burtville Developments announced that they have completed 21% of the construction on the “Ville 11” project, which was launched earlier this year, according to indicators from “Dari,” the platform of the Department of Municipalities and Transport in Abu Dhabi. Burtville Developments confirmed that the progress of construction reflects the company's commitment to implementing the project according to the specified timetable, in preparation for the completion and handover of units to buyers on schedule by the…

Bayut, a leading property portal in the UAE, has announced the launch of TruBroker, a first-of-its kind agent rewards and recognition programme designed to elevate the property search experience. In the UAE’s highly competitive property sector, finding reliable agents and accurate property listings can be challenging. Users seek transparency, accountability, and high-quality service to ensure a smooth and efficient property search process. Bayut’s new feature addresses these needs by introducing a merit-based system with performance badges and a competitive leaderboard, promoting excellence among agents in a competitive yet collaborative environment. Users benefit from a pool of highly motivated and reliable agents, while agents are empowered to showcase their expertise and…

A new group of conciliators at the Abu Dhabi Real Estate Dispute Settlement Centre (TASWYA) has taken the legal oath before Counselor Yousef Saeed Alabri, Under-Secretary of the Abu Dhabi Judicial Department (ADJD), marking the start of their roles in facilitating amicable resolutions to real estate disputes.       The appointment of these five real estate conciliators follows a decision by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of ADJD.   Counselor Alabri emphasised that one of the ADJD’s key priorities is to promote alternative dispute resolution methods, such as mediation and conciliation, in line with broader societal goals of fostering reconciliation and…

The Abu Dhabi Real Estate Centre (ADREC) – the custodian and regulator of Abu Dhabi's real estate sector – announced today the launch of the first residential Rental Index for Abu Dhabi.       Serving both tenants and landlords, the platform is designed to increase transparency, provide indicative rental values and support the stability of the capital's growing rental market. It offers easily accessible and reliable data on residential properties to help investors and residents understand the rental market and make informed decisions based on reliable data.   Indicative quarterly rental pricing is also available on the platform for properties located in areas across Abu Dhabi.     "The Rental Index will energise the rental market in Abu…

A steady influx of investors is driving up the cost of commercial real estate in Abu Dhabi, according to a new report.       Offices in the UAE capital posted significant increases during the second quarter of the year, with Grade A units in prime locations registering around 10% rental growth compared to the previous year, Asteco reported.   Rental rates also posted “robust” quarterly growth ranging between 3% and 8%, especially for new leases.   “The market… saw a steady influx of private and corporate investments, fuelling demand for high-quality office spaces, and leading to significant rental growth,” the real estate consultancy said in the report.   Asteco also noted that Abu Dhabi’s real estate market is…

ABU DHABI: Abu Dhabi recorded a significant increase in documented residential rental contracts during the first half of 2024, with 49,135 contracts registered. This marks an increase of 24,811 contracts compared to the same period in 2023, reflecting a 102% year-on-year growth.   According to data from the Statistics Centre—Abu Dhabi, Abu Dhabi alone accounted for 43,985 of these contracts, a 104.9% annual increase from the 21,465 contracts recorded in H1 2023. Al Ain City also saw substantial growth, with a 77% rise in documented rental contracts, reaching 4,819 contracts in 2024 compared to 2,715 contracts in 2023. Meanwhile, the Al Dhafra region reported 331 contracts in H1 2024, up from 144 contracts in the same period last year. June witnessed the second-largest…