Azizi Developments has announced that it has renewed its partnership with Abu Dhabi-based Light Concept for the fourth phase of its French Mediterranean-inspired waterfront community Riviera located in Mohammed Bin Rashid City.       A renowned lighting design consultant, Light Concept is known for its deep industry expertise and dedication to delivering outstanding illumination solutions.   Under this partnership, it will be responsible for the design of façade lighting within the mega project.   Specializing in a wide range of projects, including indoor, façade, landscape, street, and infrastructure lighting, as well as bespoke designs, the company is highly acclaimed for its innovation and creativity in illuminating spaces, it…

The gap between asking and bid rates for rentals has been widening in Dubai as growing demand and tight supply are encouraging landlords to demand higher rates.     Real estate industry executives say that the gap between sale prices of rented and empty units are reaching up to 50 per cent in some areas of the emirate.   Property prices and rents have been consistently rising in most of the prominent areas of Dubai due to local population growth outpacing the supply of residential units, surpassing their previous peaks witnessed in 2014. Some residents believe that landlords are exorbitantly charging rents for their properties and become “greedy”, knowing that their vacant properties will be filled up quickly by new entrants.   According to the…

Dubai housing prices will continue to rise in 2024, with capital gains in the villa segment projected to hit 10-year highs.     According to international consulting group ValuStrat, which released its April price index for the emirate, apartment prices will also maintain an upward trajectory, albeit at a slower pace than villas.   “Apartment price growth, which only started gaining momentum in the second half of last year, is expected to reach new record highs this year,” Haider Tuaima, Director and Head of Real Estate Research told Zawya. “It is highly likely that villa capital gains will exceed the record highs of 2022.”   The ValuStrat Price Index (VPI) for April revealed the average villa valuation per square foot surpassed AED 2,000…

In the dynamic landscape of Dubai's real estate market, the necessity of professional property management services has never been more crucial. As the region continues to attract investors and residents alike, the demand for comprehensive property oversight has surged. Provident Property Management stands out as a beacon of excellence in this realm, offering unparalleled expertise and a commitment to excellence. Why Property Management Matters Property management encompasses a myriad of responsibilities essential for maintaining the value and functionality of real estate assets. From tenant relationships to legal compliance, each facet requires meticulous attention to detail. Provident Property Management excels in navigating these complexities, ensuring that properties under their care…

Reportage Properties, the leading UAE real estate developer, is participating in the activities of the first edition of the “Acres Real Estate Exhibition” in Dubai, to be held at the Dubai World Trade Center from May 16 to 19. The “Reportage Properties” portfolio includes 35 projects in the UAE, Egypt, Turkey, Morocco and Saudi Arabia. Reportage confirmed their keenness to participate in the exhibition, which provides an ideal and distinctive platform to support real estate developers and investors by promoting their real estate projects.  The real estate sector benefit from the UAE major urban and economic renaissance in general and the Emirate of Dubai in particular. The UAE government provide facilities, initiatives and legislation to stimulate…

Damac Properties, a leading luxury real estate developer in the UAE, has announced the successful launch of Phase Two of Lagoon Views within the vibrant and strategically-located Damac Lagoons development.   Following a record sell-out of phase one, the latest release aims to cater to the growing demand for comfortable and modern living in a serene waterfront setting. Phase Two introduces 600 Mediterranean-inspired one and two-bedroom apartments spread across nine buildings nestled in Damac Lagoons. The interiors of these residences are designed with neutral colour schemes, enhancing the sense of understated luxury and creating a calming atmosphere. Large balconies extend the living spaces, allowing residents to enjoy a serene connection to the outdoors and breathtaking views of…

Dubai’s residential property deliveries have picked up in recent months, with thousands of units already completed during the first three months of the year, according to new research.   From January to March 2024, the market saw the delivery of approximately 6,500 homes, which were mostly apartments, a report from real estate consultancy Land  Sterling noted. By year-end, total deliveries will reach around 64,400 residential units, exceeding the previous year’s number of completed properties, the Q1 2024 Dubai Property Watch report noted. During the first quarter of the year, apartments accounted for 75% of the project completions, while villas comprised 25%. The amount of residential unit deliveries in recent months reflects Dubai’s “continued…

Dubai Land Department (DLD) has launched the Real Estate Evolution Space Initiative - ‘REES’, which will gather thought leaders and industry professionals to spur a wave of progress capable of redefining the urban landscape.     The event brought together over 200 sector partners, officials and experts. It featured several sessions and debates on the main trends of the international real estate technology market, exploring opportunities and potential with participation from 25 specialised companies, including 11 exhibitors and 14 companies represented by panellists.   The Dubai PropTech Group was launched in collaboration between the DLD and Dubai Chambers. DLD established several strategic partnerships, including Dubai Future District Fund Investments,…

Reportage Properties, the leading UAE real estate developer, is participating in the activities of the first edition of the “Acres Real Estate Exhibition” in Dubai, to be held at the Dubai World Trade Center from May 16 to 19. The “Reportage Properties” portfolio includes 35 projects in the UAE, Egypt, Turkey, Morocco and Saudi Arabia. Reportage confirmed their keenness to participate in the exhibition, which provides an ideal and distinctive platform to support real estate developers and investors by promoting their real estate projects.  The real estate sector benefit from the UAE major urban and economic renaissance in general and the Emirate of Dubai in particular. The UAE government provide facilities, initiatives and legislation to stimulate…

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…