Many landlords in Dubai are asking tenants to vacate their properties in order to list them for sale, to cash in on record high prices, or move in themselves to beat rising rentals.   Rents have been increasing at a double-digit rate in Dubai over the past three years due to high demand from new residents coming to the emirate.   Anisha Sagar, director of property management at Allsopp and Allsopp, said the law is clear that owners can serve notice to a tenant if they decide to sell the property or intend to move into the property for personal use. “What we have noticed is an increase in landlords looking to take advantage of the excellent market and listing properties for sale in higher numbers. We have also seen an increase in landlords moving back into the…

Dubai Land Department (DLD) has successfully completed 647 amicable real estate settlements worth more than AED1.38 billion ($375 million) during the first half of 2024 via its Oqoodi platform service.   DLD said 100% of the settlement agreements were approved through the platform, thus facilitating and expediting real estate settlements. This achievement has enhanced the effectiveness of managing disputes and providing a safe and reliable method for confirming and legally documenting each party’s agreement to the terms.   The department is dedicated to finding amicable settlements to resolve property disputes peacefully, serving as a valuable resource for investors and developers. إعلان   DLD boasts capable and qualified legal specialists to manage…

The year 2024 is set to see the issuance of approximately 10,000 new real estate broker licences in Dubai, marking an unprecedented level and a 100% increase from the 5,000 licences issued in 2018.       According to Dubai-based real estate consultancy VVS Estate, the past few years have seen steady growth with 6,000 new licences issued in 2019, a slight dip in 2020 due to the pandemic, 7,000 new licences issued in 2021, 7,500 in 2022, and approximately 8,000 in 2023. This surge is testament to the influx of investors and the booming real estate market in Dubai, drawing a record number of brokers in 2024.   In response to the growing demand for qualified real estate professionals, VVS Estate has announced the launch of VVS Academy. The new institute provides 31…

Deyaar Development PJSC ("Deyaar"), an integrated real estate leader in Dubai, has announced positive financial results for the first half of 2024 (H1 2024) compared to the corresponding period of 2023. This announcement was made today in its filing to the Dubai Financial Market (DFM), where the company’s shares are traded. Showing substantial growth, the company posted a 71% increase for the six-month period ending 30 June 2024, reaching AED 202.6 million profit before corporate tax compared to AED 118.5 million during the same period in 2023. The company’s total revenue in H1 2024 increased by 6%, reaching AED 664.4 million compared to H1 2023, which was AED 628.9 million. Moreover, revenue from other businesses also increased by 8%, reaching AED 159.1 million in H1 2024…

Azizi Developments, a leading private real estate developer in the UAE, has announced the substantial progress of the fourth phase of Riviera, its French Mediterranean-inspired waterfront community located in the highly sought-after Mohammed Bin Rashid City, amid Dubai’s most important business, leisure, and retail hubs. Several buildings within the fourth phase are on track for Q3 2024 completions, with construction across the phase now having reached 87%. Within phase four, Azizi Azure stands out with its construction now being 76% complete. The structure is fully built at 100%, while blockwork and internal plaster are at 98%. HVAC, MEP, and overall finishes are progressing well at 94%, 86%, and 56%, respectively. The other buildings in the fourth phase also show significant…

RMS Capital Investment, formed by Reportage Properties (United Arab Emirates), MESA Holding and Sabah Investment Group (Azerbaijan) by joining forces with the signing ceremony held in Istanbul, sets out with the aim of becoming a strong player in the global market. The partnership (RMS Capital Investment), which was established between the leading real estate companies of Turkey, United Arab Emirates and Azerbaijan, was established to realize large projects globally as soon as possible.  In the RMS Capital Investment partnership structure, Reportage Properties holds 34%, MESA 33% and Sabah Investment Group 33%. The name RMS symbolizes the common vision of these three important brands: trust, quality, customer satisfaction, sustainability, innovation and social contribution. The…

The project, Sobha Siniya Island, aims to offer its residents a private waterfront neighbourhood, a peaceful community living, designated zones for non-motorised and motorised water vehicles, in sum ultra-luxury living experience amidst nature and eco-friendly amenities. It boasts a range of unique amenities, such as a family golf course, floating pavilion, event halls, helix bridge, light and water show, white sand beaches, mangrove and tide trail, fiesta square, community centre, eco park and a play zone. The agreement was signed in the presence of HH Sheikh Rashid bin Saud bin Rashid Al Mualla, Crown Prince of Umm Al Quwain at Al Diwan Al Amiri by Sheikh Mansour bin Ibrahim Al Mualla, Managing Director of Umm Al Quwain Properties, and PNC Menon, Chairman and Founder of Sobha…

UAE-based Ginco Properties has launched its key development, One Residence, being set up at an investment of AED1.2 billion ($327 million) in Downtown Dubai.   Unveiling the project, Ginco said One Residence, which is strategically positioned in the heart of Downtown Dubai, is a marvel of style created by Brad Wilkins, the renowned architect who has lived and worked across three continents, with reputed projects across Singapore, China and the USA. A specialist in building some of the world's most well known skyscrapers like Pearl River Tower in China and even the Burj Khalifa in Dubai, Wilkins said it was excited to be back creating another striking skyscraper in the iconic Downtown area. According to Ginco, the One Residence address shares the location with the best of…

Dar Global, the global development arm of Saudi-listed Dar Al Arkan, has signed up with The Trump Organization to launch Trump Tower Dubai in 2025.     The location and design will be unveiled by the end of 2024.   The tower will house branded residential units and The Trump Private, an exclusive members-only club. “This extraordinary development, situated in a prime location in Dubai, is set to establish new standards in luxury hospitality and residential living in the region,” according to a statement. The cost of the development was not disclosed.   Earlier this month, the two companies announced plans to develop a new project in Jeddah, Saudi Arabia.   Dar Global launched the $500 million Trump International Resort, Golf Club &…

Middle East investors are set to benefit from Barratt London's long-term drive to increase London’s green spaces. To date, the developer has created over 58 acres of greenery in the capital, equivalent to over 32 football pitches. While expanding green space across London, over the past five years, the developer has planted and retained over 64,500 trees and shrubs, supporting locals with cleaner air and greener environments. Studies have shown that those who live in close proximity to green spaces benefit from numerous health advantages, including lower levels of stress and cardiovascular disease. Barratt London's efforts not only enhance the appeal of the city’s real estate market but also align with global trends towards sustainability and eco-friendly living. These…

 Azizi Developments, a leading private developer in the UAE, has signed an agreement with International Foundation Group LLC, which specializes in deep foundation and ground solutions, for the piling, shoring, excavation, and dewatering works for Azizi’s second tallest tower in the world, Burj Azizi, located on a prime plot of land on Dubai’s Sheikh Zayed Road. International Foundation Group (IFG LLC) is a major Emirati expert in deep foundation and ground solutions, renowned for quality and timely project completion. IFG is the fastest-growing Middle Eastern micro-tunneling company, distinguished by its reliance on internal expertise and cutting-edge equipment from top European and Japanese manufacturers. The company offers a comprehensive suite of services including…

Dubai’s leading real estate developer Binghatti announced an immensely successful Sukuk tap on Monday, 8th of July. The Sukuk tap was linked to the developer’s debut February 2027 USD 300 million Sukuk issuance which was listed earlier this year on London Stock Exchange (ISM) and NASDAQ Dubai, and was over 200% oversubscribed. The recent tap brings Binghatti’s overall Sukuk deal size to USD 500 million. The recent tap witnessed record-breaking demand from both regional and international investors, reaching a remarkable level of approximately 4.2x oversubscription.   The continuous high demand and oversubscription levels of Binghatti’s Sukuk underscores the developer’s strong market position and robust global investor confidence in the Binghatti…