The Cabinet of the United Arab Emirates, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, approved 2,618 housing approvals worth more than AED 2 billion during the first half of 2024.       This initiative is part of the UAE's ongoing efforts to provide a decent life and suitable housing for all citizens, meeting their needs, enhancing their stability, and improving their quality of life.   The UAE government prioritises the housing sector, which constitutes a critical strategic axis of the federal government's work in coordination with local governments and relevant authorities. This effort aims to provide all means of support and factors of social stability, most notably adequate…

Dubai-based Emaar Properties PJSC posted an H1 2024 net profit attributable to shareholders of 5.34 billion dirhams ($1.45 billion), up 8% compared year-on-year (YoY) on rising retail sales amid higher demand for real estate in Dubai.       Revenue came to AED14.4 billion, 17% higher on year, it said in a DFM disclosure on Thursday.   Emaar's property sales backlog reached AED 90.1 billion as of end June 2024 and is set to further boost future revenue, the company said. Emaar Development    Emaar Development PJSC, the property development company specialising in build-to-sell properties is majority-owned by Emaar Properties. It made a net profit of AED 2.50 billion, an increase of 15% compared to the same period in 2023.   Emaar Development's…

DHG Properties, a leading Swiss real estate development company, has announced that it has achieved significant sales milestone for its latest project, Helvetia Residences, located in Jumeirah Village Circle, Dubai, with 58% of its units getting sold within the development.       Dubai's real estate sector has shown impressive growth with active off-plan and ready property activity. Off-plan properties saw total transactions make up about 62.4% of the market in Q2 of 2024, said the company in a statement.   Flats were the most popular property type, equating to AED4.3 billion in value with 81.7% of these transactions in hot spots including Dubai Hills, Business Bay, and Jumeirah Village Circle, it stated. ADVERTISING       During the same…

Dubai-based ZaZEN Properties has announced the launch of its key development - ZaZEN Ivy -featuring 71 residential units - ranging from 717 sq ft to 2,200 sq ft - along with several key amenities.       Set for handover in Q1 2026, the project boasts a plethora of amenities and ground-floor retail outlets catering to residents and visitors of Al Furjan.   On the new project, ZāZEN Properties said Ivy will be setting a new standard for community living in Al Furjan, catering to both investors and end-users alike.   The key development offers a variety of unit types - from standard one- and two-bedroom apartments to two- and three-bedroom apartments alongwith maid’s rooms, fully fitted kitchens, expansive balconies as well as…

Alef Group, a leading real estate developer in Sharjah, has announced the launch of the Nama 4 building as a part of Al Mamsha Raseel, situated within Zone 3 of Alef Group’s Al Mamsha development, Sharjah’s inaugural pedestrian-friendly community. The Nama cluster consists of 1,029 units spread across six buildings, with Nama 4 featuring 198 units, including one-, two- and three-bedroom apartments. Alef Group CEO Issa Ataya said: "We are proud to announce the successful launch of Nama 4 within Al Mamsha Raseel. Aligned with Sharjah’s development goals, Alef Group has dedicated extensive efforts to provide exceptional investment prospects with this project." "Nama 4 boasts innovative features and fittings, including superior wall insulation for noise regulation,…

Dubai South Properties announced that the construction of The Pulse Beachfront, a luxury master-planned community in Dubai South’s Residential District, is 90% complete. In a press release on Tuesday, the company said that phase 1, which comprises 251 units, is expected to be finished by the end of the year. Nabil Al Kindi, CEO of Dubai South Properties, said, “We are pleased to see the progress of construction as per our set timelines. Dubai South as an area and its residential projects have had great interest from investors in the past few years, given the strategic location, quality of units, amenities and the pricing of our projects.”

based Azizi Developments has signed up dsgn - a leading interior design consultancy firm - for its ambitious mixed-use tower project, Burj Azizi, coming up on a prime plot of land on Dubai’s Sheikh Zayed Road.       As per the deal, the company will be providing design consultancy services for Burj Azizi, which on completion is set to become the second tallest skyscraper in the world.   dsgn is a leading interior design consultancy firm known for its creativity, versatility and practical approach in commercial, civic and hospitality projects.   A specialist in interior architecture and design, space planning, and FF&E, dsgn has been involved in notable mega-projects such as the Vida Beach Hotel in Dubai Creek Harbour, Jumeirah Al Naseem in…

Driven Properties, a leading real estate brokerage in Dubai, said it has orchestrated the sale of one of the largest plots in Business Bay, paving the way for the building of a new, sustainable, premium office park by Lamar Development. The office park will serve as a welcome addition to the area, addressing the critical shortage of Grade A office spaces in Business Bay and the city at large. This investment on the canal strip puts the Gross Development Value for Lamar’s existing and upcoming developments across the canal to over AED12 billion ($3.26 billion). With neighbouring off-plan office developments seeing prices that exceed AED7,000 per sq ft, the sale solidifies Driven Properties’ position as a trusted provider, even in the face of short supply. The plot, sitting…

UAE-based Azizi Developments has announced that 97% of the construction work has been completed on its premium condominium project - Amber - located within Al Furjan community in Dubai. The key project, featuring a mix of studios, one-, two- and three-bedroom residences, is set for completion in Q3. Giving a project update, Azizi said the structure, blockwork, internal plaster, MEP, and HVAC work are now fully completed at Amber, along with the tiling, swimming pool, and elevator jobs. External works and façade works are 90% and 98% complete, respectively with the overall finishes now standing at 98%. Lauding the steady progress, CEO Farhad Azizi said: "We are excited to share the remarkable progress at Amber. Our proactive and meticulous strategy in material procurement and…

Dubai’s prime residential market has seen growth in capital value far greater than gateway cities such as Singapore and New York in the first half of the year (H1), according to real estate services provider Savills.       The emirate’s residential market has also emerged as the strongest in the Middle East, marking a growth of 2.9% in capital value in H1, the Prime Residential World Cities Index from Savills revealed.   London, Singapore and New York witnessed negative growth.       Dubai, meanwhile, ranked in fifth place in the index of 30 global cities, with Lisbon leading with a rise of 4.2%, followed by Amsterdam, Madrid, and Athens, each with capital value increases above 3% over the same period.   “On a price per…

Dubai, UAE – A significant road initiative has been announced in around of the Mall of the Emirates in order to enhance traffic flow and accessibility. This initiative entails the construction of a 300-meter bridge on Sheikh Zayed Road. The bridge will be equipped with a single lane, which will provide direct access to the Mall of the Emirates parking lots for motorists traveling from Abu Dhabi and Jebel Ali. The real estate market in the surrounding areas is expected to be significantly affected by this development.   The new bridge aims to alleviate congestion on Sheikh Zayed Road, one of Dubai’s busiest highways, by offering a direct route to one of the city’s most popular shopping destinations. This infrastructure upgrade is expected to enhance the…

Dubai's real estate market is poised for significant growth, with over 30,000 residential units expected to be handed off in the second half (H2) of 2024, according to a report by W Capital, a leading real estate brokerage firm in Dubai.   The report highlights that the number of new units handed off in 2024 will total approximately 48,000, up from over 17,000 in H1-24. This increase aligns with projections for new deliveries, indicating a robust growth trajectory for the market. Despite the surge in new units, the market remains imbalanced, with demand outstripping supply. However, W Capital's report suggests that this imbalance may be corrected in the coming years, with hand-offs potentially exceeding 65,000 units next year and reaching 70,000 units by 2026. Walid Al Zarooni,…