News

Alreeman contract of AED 794 million awarded to Tristar Engineering and Construction, and Reflection contract worth AED 220 million awarded to Fibrex Construction.

Manzili is an online calculator that matches prospective buyers with suitable properties based on their savings and budgets. Through this initiative, the DLD aims to boost the real estate sector by making it easier than ever to find the right property.

Saudi Arabia’s real non-oil growth is expected to strengthen to 2.9% in 2019 helped by an increase in government spending and confidence, according to the IMF. However, real GDP growth is expected to slow to 1.9% as real oil growth weakens to 0.7% with the implementation of the OPEC+ oil production agreement.

The initiative is designed to increase transparency, streamline real estate transaction processes, reduce transaction time, and facilitate strategic partnerships between public and private sectors.

Most of the property deals took place in Sharjah City, with 1,704 sales transactions in 91 areas, out of 1,893 sales deals. The most popular areas were Muwaileh Commercial Area, followed by Al Khan and Al Nahda.

Average apartment prices in Dubai declined 15.1% in Q2 2019 from Q2 2018, and villa/townhouse prices declined by 14.7%. Rental declines for apartments in Dubai averaged 12.5% and rents for villas/townhouses similarly fell 12.6% in Q2 2019 from a year ago.

The average house price in June was AED 2.46 million, with apartment and villa prices marginally declining month-on-month to AED 1.67 million and AED 4.35 million, respectively.

Al Reem Island proved to be the most sought-after location by investors, recording transactions worth AED 4.37 billion. It was followed by Al Reef with deals worth around AED 1.8 billion, and Yas Island with around AED 1.6 billion worth of transactions.

The G+24-floor building will include 403 one-to four-bedroom apartments and feature Sobha’s designed noise-cancelling façades. The handover of units is scheduled for April 2023.

Products include collective real estate investment funds, partial title deed procedures to register units owned by multiple partners, a lease-to-own system and investment portfolio applications. Dubai Land Department (DLD) also approved a special office to facilitate and unify all registration and follow-up procedures for this project DLD has announced the launch of the Real Estate Investment Opportunities (REIOs) initiative to attract a […]