Property News: Buying

Despite a downward trend in property prices, sentiments in Dubai’s real estate sector are high owing to the recent developments in UAE-Israel relationships and pent-up demand over the last few months leading to an uptick in sales. The historic UAE-Israel peace deal was signed in Washington yesterday and this will play a positive role in attracting investments in real estate, say industry experts.

Andrew Cummings, co-founder and managing director of luxuryproperty.com says both the UAE and Israel share many synergies. The … Read more ›

Payment of rents by credit cards is the latest incentive being offered to cash-strapped customers by a leading Abu Dhabi property developer subsequent to its rent-to-own scheme.

Aldar Properties said on Monday its customers would be given an option to pay their rent by credit card starting from August 17.

The developer said the offer is in line with the company’s “ongoing efforts to offer convenient and flexible payment solutions”.

“Residents will initially be able to pay their rent by credit card in … Read more ›

Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 2 per cent jump in its second-quarter net profit as the company recorded higher revenue, despite restrictions to contain the spread of Covid-19.

Net profit attributable to owners of the company for the three months ending June 30 rose to Dh484 million, the company said in a statement to Abu Dhabi Securities Exchange where its shares trade. Revenue climbed 21 per cent to Dh2 billion during the period driven by “robust demand for its … Read more ›

Dubai’s property market became more competitive globally, as prime residential property capital values declined 3 per cent in the first half of 2020, while Seoul recorded the biggest price rise in the same period, Savills said.

Global prime residential prices fell 0.5 per cent due to the immediate impact of the Covid-19 pandemic and subsequent shutdowns that disrupted real estate markets, Savills’ latest Prime Residential World Cities Index report found.

“Global uncertainty was already weighing on prime residential markets in 2019, with modest falls … Read more ›

The number of new building licences in Abu Dhabi surged 20 per cent in the first half of this year, as developers in the emirate continue to press on with their projects despite the coronavirus pandemic-driven slowdown.

The Department of Municipalities and Transport (DMT) in Abu Dhabi issued 4,426 commercial, residential and government building permits during the first six months of the year, it said on Wednesday.

The DMT also approved four major development projects in the emirate, including Aldar Properties’ Dh8 … Read more ›

The luxury sales and rental market in Dubai is the busiest it has been in years, say brokers, who feel that the pandemic has made high-net-worth individuals put a new emphasis on buying comfortable homes. “We are witnessing a huge shift in the market with a big uptick in activity in villa communities. There has been particularly high demand in areas like the Palm Jumeirah, which offers a perfect beach retreat, Al Barari, which affords residents large built-up areas and … Read more ›