Property News: Abu Dhabi News

Middle East real estate portal Property Finder Group targets up to 50 per cent annual growth in revenues and website users in the near term, as it invests in new staff and technology after clinching $120 million (Dh440.7m) in its latest funding round, announced on Monday.

The Dubai-based company, which has operations across eight markets in the Middle East and North Africa, is also open to acquisitions, after investing in a Turkish firm last year, and may consider an initial public … Read more ›

Emaar Hospitality Group, a subsidiary of Dubai’s biggest listed developer Emaar Properties, is selling five of its hotels, including the flagship Address Dubai Mall and Address Boulevard, to Abu Dhabi National Hotels (ADNH), the company said on Tuesday.

“Emaar’s hospitality business has recorded robust growth since its inception in 2007 and moving to an asset-light model will enable the business to unlock its potential,” said Emaar Properties’ chairman Mohamed Alabbar.

The transaction is subject to conditions and expected to be completed in … Read more ›

More details have emerged about a plan to grant long-term residency visas to a group of key professionals in the UAE.

Investors, entrepreneurs, executives, as well as specialists working in medicine, science or research will be granted permission to stay in the country for up to 10 years as part of the plan, which was approved by the UAE Cabinet earlier this year.

Outstanding students will also be eligible for a long-term visa as part of the changes, which are expected to … Read more ›

With the introduction of several new reforms and the recently announced retirement law, the expat population now increasingly looks at the UAE as an attractive destination to work, live and retire. Realtor Rakesh Mirchandani had initially thought of staying in Dubai for a couple of years when he first arrived in 2005. Living here for 13 years now, he believes Dubai is not only an excellent place for long-term stay, but also considers it as a destination for retirement.
“Dubai offers … Read more ›

Expatriate residents in the UAE increasingly want to own their home in the country, a new survey by Property Finder found.

The Dubai property advertising portal said that half of those who purchased in the past six months felt it was better than renting and one-third of survey respondents believe now is the right time to buy.

“The most common reasons were they felt it was a better financial decision to buy rather than rent and these potential buyers plan on staying … Read more ›

Construction work on the first hyperloop transport system will begin next summer in Abu Dhabi, the company behind the project said on Wednesday.

Hyperloop Transportation Technologies said it would build a commercial line on the border of Abu Dhabi and Dubai at developer Aldar’s Seih Al Sderieh landbank, close to the Expo 2020 site and Al Maktoum International Airport.

The company has yet to outline the exact route and the location of the terminals, but the line would be close to a major new … Read more ›