Property News

2020 will go down as the year when global house prices should have crashed as Covid-19 sent the world hurtling into recession, but somehow didn’t.

A combination of monetary stimulus, near-zero interest rates and steady demand helped underpin the market, sustaining prices and activity.

Incredibly, the worldwide house price boom even accelerated in many countries across Europe, Asia-Pacific, the US and Canada, according to Globalpropertyguide.com. It found that prices rose in 45 out of 55 housing markets for the 12 months to September … Read more ›

A new megaproject on Abu Dhabi’s Yas Island is set to transform the capital into a global media and entertainment powerhouse.

Yas Creative Hub, which is expected to open towards the end of next year, will host some of the biggest names in the media, entertainment and gaming sectors, according to freezone twofour54 Abu Dhabi, which is behind the development.

The 270,000 square-metre project is expected to create roles for up to 16,000 professionals by the end of 2031, tripling the number … Read more ›

The UAE overhauled its commercial company ownership laws, annulling the need for an Emirati shareholder for onshore companies and opening up a number of sectors to foreign investors. This is aimed at boosting the country’s competitive advantage and attracting foreign capital to the Arab world’s second largest economy.

The President Sheikh Khalifa issued wide ranging and significant changes to the 2015 commercial companies’ law, amending 51 articles and introducing three new ones, the government said on Monday.

Among the amendments is the … Read more ›

Abu Dhabi-based Supreme Petroleum Council (SPC) has confirmed the discovery of an estimated 22 billion stock tank barrels (STB) of unconventional oil resources located onshore, and an increase in conventional oil reserves of 2 billion STB in the capital emirate.

The announcements were made following the SPC meeting presided over by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and vice-chairman of the SPC.

The announcement of the oil discovery exceeds some of Abu Dhabi’s major fields in terms … Read more ›

Dubai and Abu Dhabi rose in a global ranking of the most transparent real estate markets in the Middle East and North Africa (Mena) on the back of new government initiatives, according to the consultancy JLL.

Dubai, the commercial and trading hub of the Middle East, jumped three spots to 36 to maintain its position as the most transparent market in the Middle East, while Abu Dhabi moved up to 48, becoming one of the top performers globally due to sustainability … Read more ›

Dubai: Leading UAE cities Abu Dhabi and Dubai are on a rapid economic growth trajectory and in the post-COVID era both the cities are fully geared to maintain their momentum and the hub status for the region, HSBC said in a series of reports on key cities in the region.

Published on UN World Cities Day, the HSBC City Reports on Abu Dhabi, Cairo, Dubai, Istanbul and Riyadh stress the need for city and business leaders to use the COVID-19 pandemic … Read more ›