Property Monitor
19 November 2019

New law prevents Dubai developers from collecting service charges on behalf of property owners

Common Properties Law No. 6 of 2019 came into effect on 19 November Property owners or approved property management companies to take up collection activities Developers in Dubai can no longer collect any service charges on behalf of property owners, according to the Common Properties Law No. 6 of 2019, which came into effect on November 19. Instead, property owners, […]
14 November 2019

Aldar Properties records higher revenues in Q3 2019

Q3 revenues increased 7% on year to AED 1.6 billion Net profit for the quarter declined 8% on higher non-recurring income in 2018 Aldar Properties reported revenues of AED 1.6 billion in the third quarter of the year, an increase of 7% compared to the same period a year ago. However, net profit for the period slipped 8% to AED […]
11 November 2019

Emaar records 20% increase in net profit in Q3 2019

Net profit for the quarter stood at AED 1.3 billion Interest from foreign investors and first-time home buyers supported growth Real estate developer Emaar Properties recorded net profit of AED 1.3 billion during the third quarter of 2019, up 20% from the same period a year ago, the company said. The group’s revenue during the third quarter also saw an […]
4 November 2019

UAE Central Bank to relax cap on bank lending to real estate sector

UAE banks can currently lend as much as 20% of customer deposits to the real estate industry  Banks can choose to lend beyond the cap but that would incur a capital charge The Central Bank of the UAE is working to ease the rules regarding the cap on lending to the real estate sector, said the bank’s chief at an […]
3 November 2019

Saudi Arabia’s Al Akaria and Triple Five Worldwide to launch world’s largest entertainment and shopping centre

The Al Widyan project will be spread over 7 million sq m and is estimated to cost USD 5 billion First phase expected to launch in the first half of 2020 Al Akaria Saudi Real Estate Company, a Saudi Stock Exchange (Tadawul)-listed real estate developer, has announced an initial collaboration with Arabian Dream KSA, principally owned by Triple Five Worldwide, […]
31 October 2019

Real estate sector in Abu Dhabi grew 4.6% in the last five years, official says

Rashid Abdul Karim Al Balooshi, Undersecretary of the Abu Dhabi Department of Economic Development was speaking at the International Real Estate and Investment Show (IREIS) Three-day event aimed at property buyers and investors Abu Dhabi has experienced 4.6% growth in the real estate sector over the last five years, according to Rashid Abdul Karim Al Balooshi, Undersecretary of the Abu […]
29 October 2019

Cavendish Maxwell publishes Special Report on Saadiyat Island

Dubai, United Arab Emirates Residential communities and cultural attractions drive growth for Saadiyat Island: Cavendish Maxwell Special Report Saadiyat Island to have increased appeal as a popular residential, hospitality and commercial destination with upcoming artistic and educational assets Report covers Jawaher, Mamsha and Saadiyat Reserve; residential communities by Aldar Properties aimed at investors and owner-occupiers Cultural attractions including The Guggenheim […]
27 October 2019

Apartment rental firm Blueground raises Series B funding for Dubai and global expansion

AED 183 million funding round led by WestCap Investment Partners and Prime Ventures Blueground expects to surpass 1,000 premium residential properties in Dubai in 2020 Real estate technology company Blueground has closed an AED 183 million Series B funding round led by investment firms WestCap Investment Partners and Prime Ventures. The latest round is expected to help Blueground increase resources to further […]
25 October 2019

Ultimate guide to renting and buying in the Kingdom

You’ll find a new home with ease if you follow this simple guide One of the first things you’ll need to sort out after touching down in Bahrain is also one of the most overwhelming: finding somewhere to live. If you’ve never visited the Kingdom before, you’ll have no clue about the rules and regulations around renting – let alone buying – or where […]
24 October 2019

Accor to debut boutique brand MGallery in Saudi Arabia’s Al Ula

Agreement with Skonmas Trading Company to take over and manage existing resort Shaden Resort Al Ula, an MGallery Experience, will be the first property to be operated by an international hotel company Hotel major Accor will launch its boutique hotel brand, MGallery, in Saudi Arabia’s premier heritage destination, Al Ula. The group has partnered with Jeddah-based firm Skonmas Trading Company […]
24 October 2019

Dubai v Abu Dhabi: where are property prices, rents falling faster?

New research shows average sales prices and rents softened across most communities in the UAE during Q3 A prolonged softening in prices and rents has made the UAE property market more accessible as homes become affordable to more people, according to a new report. Cavendish Maxwell’s UAE Property Market Report for Q3 2019 showed that average sales prices and rents […]
21 October 2019

Emirati housing project inaugurated in Al Ain

AED 687 million project includes 300 residential villas Project is part of the ‘Emirati Neighbourhood’ community concept Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, has inaugurated the Al Hayer residential project in Al Ain City. The AED 687 million project includes 300 residential villas built to meet the needs of Emirati families and […]

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