Dubai rents to rise further in 2023 due to strong demand, limited supply
Property investors in Dubai can expect higher rental yields this year due to supply constraints and strong demand, according to a new report from Better homes. The real estate market enjoyed a record year in 2022, with sales transactions exceeding pre-pandemic levels and rents jumping by as much as 60%. Total apartment and […]
Burj Khalifa sales grow 16% as Dubai’s tallest tower turns 13
Dubai’s Burj Khalifa moved into adolescence in 2022 with a different type of growth spurt for the world’s tallest building. The architectural icon celebrated turning 13 by announcing a sweet 16% increase in residential sales. Property giant Knight Frank said 94 apartments were sold in the tower in 2022, valued at AED 477 million ($130 […]
Azizi set to deliver 11,000 new units in Dubai this year
UAE-based Azizi Developments said it ended 2022 on a high note, having sold a total of more than 6,000 units, worth AED5.6 billion ($1.52 billion) and is now set for handover of 11,000 units across 45 projects in Dubai later this year. These include projects spread across the first, second and third phases of Riviera, […]
Dubai’s Danube Properties to issue construction tender for $150mln Elitz in Q1 2023
Dubai-based Danube Properties will issue and award the main construction contract for its 550-million-UAE-dirham ($149.76 million) residential tower Elitz in Jumeirah Village Circle in March 2023, the developer said in a statement sent to Zawya Projects. The tender for enabling works will be issued and awarded in January 2023, the statement said, adding that tenders […]
Foreign investor demand to drive Dubai property prices, rents higher in 2023
Continued demand and interest from high-net-worth individuals (HNWIs) and foreign investors will keep property rents in Dubai high in 2023, according to a new report. Property prices in the emirate are expected to increase by as much as 20% on average, while the luxury segment will continue to dominate, with 13.5% year-on-year growth in 2023, […]
Dubai: Long-term residents buying more and more properties thanks to Golden Visa
Residents living in Dubai for decades are buying more and more properties as new visa regime initiatives, such as the Golden Visa, has given them strong confidence to buy a property and make the emirate their base. In addition, the successful handling of the coronavirus pandemic by the emirate is also encouraging a large number […]
Dubai rents: Business Bay, Marina top list of popular areas to rent, buy property in the city
Business Bay and Dubai Marina continue to dominate the Dubai property market in 2022 as these areas remain the preferred choices of buyers and tenants alike throughout the year, says a latest report. Average price in these most sought-after areas has seen a significant upward trend this year due to the increase in demand and […]
Dubai’s TECOM expands property portfolio with new $120mln investment
Dubai-listed business park operator TECOM Group is expanding its commercial real estate portfolio with an investment of AED 442 million ($120 million). The company said on Monday it has just broken ground on the second phase of Innovation Hub, which features specialiised tech offices at Dubai Internet City, amid high demand for commercial space in […]
Dubai property deals hit $2.5bln in one week
Property transactions in Dubai reached more than AED 9.2 billion ($2.5 billion) in one week, the Dubai Land Department (DLD) said. The week ending December 16, 2022 recorded at least 2,882 deals that include plots and residential units across the emirate. A total of 199 plots were sold for AED1.33 billion, with Palm Jumeirah topping […]
Sharjah approves residential and vacant lands for 1,500 individuals
Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, Chairman of the Sharjah Executive Council, chaired on Tuesday, in the presence of Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of SEC, the meeting of the Sharjah Executive Council. The SEC approved […]