Business

Dubai’s Rental Dispute Centre (RDC) – the judicial arm of Dubai Land Department (DLD) – has received a donation of Dh1.2 million, which will be used “to provide assistance to those facing financial difficulties in rental disputes,” RDC announced on Thursday.The donation came from Abdulla Ahmed Al Ansari for the benefit of the Yad Al Khair (Hand of Giving) Committee at RDC to assist with...

Apartment sales across Dubai’s real estate market rose 37.6 percent annually to 12,268 with a value of AED23.5 billion Dubai’s real estate market saw another remarkable month in August with property sales rising 40.8 percent year-on-year in value to AED47.3 billion ($12.88 billion). In its latest market update, Dubai recorded 16,159 real estate transactions last month, a 36.9 percent annual...

Dubai has been ranked among the few cities in the world with accelerating property market growth. The emirate is ranked along with Bangkok, Berlin, Stockholm, Hong Kong, Jakarta, Paris, and Warsaw where the growth of the property market is accelerating. The emirate’s real estate has been consistently outperforming its global peers in terms of capital appreciation and rental returns over the past...

The AED1 billion Nordic by fäm development is at the heart of this transformation, featuring 17 villas and mansions near Dubai’s Central Business District and lifestyle landmarks. A new phase of development is underway in Dubai’s Al Wasl District, with AED7 billion worth of villas and mansions being constructed. The area is titled as the ‘Downtown Villas of Dubai’, offering freehold homes in...

OPEC forecasts growth of the UAE economy as real estate, tourism, and manufacturing thrive The UAE economy continues to demonstrate robust growth, particularly within non-oil sectors such as real estate, tourism, and manufacturing, according to the Organisation of the Petroleum Exporting Countries (OPEC). In its Monthly Oil Market Report (MOMR) for August 2024, housing, water, electricity, gas, and...

Villa prices in ten Dubai communities have more than doubled in the past four years, driven by the higher demand from residents and high net-worth individuals who relocated to Dubai. According to the latest data released by global real estate consultancy ValuStrat, Arabian Ranches, Dubai Hills Estate, Emirates Hills, Green Community West, Jumeirah Islands, Jumeirah Park, Palm Jumeirah, The Lakes, The...

Properties with a value of Dh2 million continue to see significant demand in 2024 from investors and end-users looking for the 10-year Golden Visa. Property investors looking for long-term residency in the UAE are required to buy assets worth Dh2 million or more. To qualify for the Golden Visa in Dubai, investors can either buy a single property valued at Dh2 million or multiple with a combined worth...

Dubai’s office market will remain under-supplied till 2027-28 which will continue to impact rents in the city as new businesses flourish and foreign businesses relocate to the city. Due to high demand, Dubai’s office market got a boost with several new launches to cater to the needs of new companies, especially in the Grade-A office space category. While the supply crunch in the office market...

Dubai Land Department (DLD) on Monday said it banned 10 property owners from leasing their properties due to overcrowding and safety standards. The regulator announced that this decision was taken after inspections carried out by the regulator’s partners. “DLD, in partnership with its strategic partners, conducted thorough inspection campaigns that resulted in banning 10 property owners from...

The rise of tokenization and blockchain technology in Dubai – and the larger UAE – is also boosting fractional ownership of real estate assets, even encompassing various high-value assets such as Savis vacation homes. Tokenization is the new buzzword in Dubai’s real estate sector, fast gaining traction with investors to own properties in the city through stablecoins and tokens on blockchains,...