According to fäm Properties, the total sales value of the real estate market in Dubai reached Dh141.9 billion in Q3 2024, which was a record high for a single quarter. This surpassed the previous quarterly sales record of Dh124.07 billion set in Q2 of this year and signified a value increase of 30.1% year over year. According to a fäm Properties market update released on Thursday, there were 50,423...
The first branded residences in the United Arab Emirates, Sofitel Residences Downtown Dubai, are being introduced by the pioneer of French luxury hospitality, Sofitel. There are seventy residences that offer the conveniences of home combined with the services of a five-star hotel. The project, which was introduced in collaboration with Azha Development and Dubai Sotheby’s International Realty, is...
The Franck Muller Vanguard Tower is the next major project by London Gate, a real estate developer in Dubai, and Franck Muller, a leading Swiss luxury watch manufacturer, following the success and sell-out of the Franck Muller Aeternitas Tower. This new project, a posh development in the center of Dubai Marina, is a follow-up London Gateto the success of their first joint venture. With a planned...
In the third quarter of 2024, there were fewer listings for luxury properties in Dubai as supply continued to fall short of demand. In the most desirable areas of the city, 400 deals were recorded in Q3 2024 as opposed to 489 in Q3 2023. This illustrates the decline in the quantity of houses up for sale throughout the city. Comparing Q3 2024 to the same period in 2023, there were 52% fewer home...
Tecom Group, a DFM-listed company, is starting a massive investment program that includes the purchase of a multi-let commercial property in Dubai Internet City for Dh720 million. Five connected blocks make up the multi-let commercial asset known as “Office Park,” which has a gross leasable area of 370,761 square feet. ‘Leading international’ companies such as Coca-Cola, Uber, Red Hat, and...
There will be a lot of new project launches in the Dubai real estate market because various developers have almost 200 more projects in the works. In the first eight months of their launch, new project launches sold almost 86,000 units for a total of Dh213.7 billion. The figures are expected to exceed Dh272 billion from the previous year, according to the most recent Property Monitor report from...
Union Properties, a developer in Dubai, declared on Wednesday that it will begin work on three new projects totaling Dh6 billion. According to Al Khaleej, the other two projects will be revealed within the next 18 months, with the first project, Takaya, to be announced in the upcoming weeks. Additionally, the developer reported that it had cut its debt by 50%, from Dh1.5 billion to Dh750 million, after...
The United Nations E-Government Survey 2024, which focuses on the role of governments in accelerating digital transformation and artificial intelligence for sustainable development, as well as providing services that improve the quality of life of community members, has revealed that the United Arab Emirates has achieved outstanding results in several indicators related to government and digital services,...
ALEC Engineering & Contracting LLC has been awarded a Dh1.8 billion contract by Nakheel, a member of Dubai Holding Real Estate, to construct the Como Residences, an upscale residential tower located on Palm Jumeirah. The 75-story tower, which is expected to be completed in Q2 2028, will be more than 300 meters tall and have just 81 apartments, ranging in size from two to seven bedrooms, including a...
Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai and Vice-President of the United Arab Emirates, has approved the master plan for the expansion of the Dubai Exhibition Centre in Expo City. The plan calls for expanding the exhibition space from 58,000 square meters to 180,000 square meters. Additionally, there will be 600 annual events instead of just 300. After the expansion, the location is...