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…

Dubai-based Prestige One Developments has announced the launch of its latest project - Waterway - strategically located in Mohammed Bin Rashid City, that will offer its residents an exclusive lifestyle with direct access to crystal lagoons and waterfront amenities. This launch will be followed by another of its key projects, Seaside, at the Dubai Islands. In proximity to the Dubai Islands Mall and a selection of fine restaurants, Seaside promises the experience of having its residents enjoy life between the city and the sea, stated the developer. This comes as part of the new wave of luxury developments worth over AED1 billion ($272.2 million) being unveiled by the developer. Building on the success of past ventures, the Dubai group remains steadfast in its commitment to bringing more…

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%,…

Gulf Land Property Developers recently announced its collaboration with Tonino Lamborghini Group to develop an upscale residential community in the heart of Dubai. This distinctive development will bear the prestigious Tonino Lamborghini brand, synonymous with Italian quality and sophistication worldwide.       The new residential community introduces a fresh perspective to lifestyle living in Dubai and aims to leverage Tonino Lamborghini's 40-year design legacy with the renowned expertise of Gulf Land Property Developers, currently engaged in crafting unique luxury living projects—Paradise Hills and Serenity Lakes.       According to Savills, the global property market has seen a slowdown, particularly in the US and EU, due to rising interest…

DUBAI: Emaar Properties PJSC has released its financial results for the first quarter of 2024, showcasing consistent resilient performance and operational efficiency across its various businesses.   Emaar achieved its highest ever quarterly group property sales in Q1 2024, totalling AED13.5 billion (US$ 3.7 billion), reflecting a robust 47 percent growth compared to Q1 2023.   Emaar recorded revenues of AED6.7 billion (US$ 1.8 billion), and net profit before tax of AED4.3 billion (US$ 1.2 billion), which grew by 16 percent compared to the same period last year.   Supported by incremental property sales, Emaar's revenue backlog from property sales reached AED78.3 billion (US$ 21.3 billion) as of March 2024, growing by 9 percent from December 2023. This backlog…

Several real estate agents were fined, and brokerage licenses were suspended for non-compliance with real estate rules and regulations in Abu Dhabi.   According to authorities, 50 fines were issued against brokers for violating real estate rules and regulations during the first quarter of this year.   These brokers were also penalised for unregistered project marketing, as well as failure to adhere to professional conduct.   In addition, the Abu Dhabi Real Estate Centre (ADREC) reported that seven real estate brokers were suspended from practising, and their brokerage office was fined Dh30,000 for failing to adhere to professional conduct.   The ADREC ensured that the authority prioritises lawful practices in line with their efforts to maintain the highest…

Alpago Properties, the premier real estate developer renowned for crafting a series of exclusive properties on the illustrious Billionaires Row of Palm Jumeirah, has announced the launch of its latest masterpiece, Kural Vista.   Unveiling the project, Alpago Properties said this beachfront signature villa represents the zenith of luxury living, uniquely combining breathtaking design, exceptional functionality, and the epitome of luxury amenities.   Set on a plot of over 15,000 sq ft with a built-up area of 12,554 sq ft, the villa spans multiple levels with five en-suite bedrooms, each featuring private walk-in closets and terraces that offer stunning views of the crystal-clear Arabian Gulf and the glittering Dubai skyline.   Located on the prestigious Frond G of the…