Property News: Buying

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 ›

When Fahmi received the handover notice for his villa on Abu Dhabi’s Yas Island in mid-March, he faced a difficult decision: sell the property or apply for a mortgage to cover the outstanding balance.

He looked into the rate over five years for a Dh2.5 million mortgage and found it to be expensive, costing “close to Dh180,000 in interest”.

Shortly thereafter, he came across a limited-time offer from the property developer Aldar through three lenders: a 1.99 per cent rate over five … Read more ›

Imkan, an Abu Dhabi-based developer, awarded a contract worth Dh236 million to Dhabi Contracting to build the first phase of Al Jurf Gardens a project along the UAE’s coast between Dubai and Abu Dhabi.

The first phase of the project will include villas, a private beach, a marina and a wellness retreat.

Dhabi Contracting will construct 146 residential and two show villas over a total area of 5.78 hectares at Sahel al Emarat, Imkan said on Sunday. The project is scheduled to be completed in 2022.

“Our priority … Read more ›

The UAE has put together a plan to stimulate strategic investment sectors.

The country is pressing on with facilitating an environment that caters to attracting investment as it also proceeds with all approved capital expenditure and development projects, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said on Monday.

“I’ve given directives to continue with all approved capital expenditure and development projects in the emirate, and to take further measures to preserve Abu … Read more ›

The total value of real estate transactions in Abu Dhabi reached Dh58 billion in 2019 as the emirate ramped up efforts to attract investors, the Department of Municipalities and Transport (DMT) said on Wednesday.

The department also said the total number of transactions in 2019 reached 19,000 with the value of real estate deals touching Dh20.6bn through 10,155 transactions, whereas the value of mortgage deals reached Dh37.4bn through 8,663 agreements. It did not provide comparative figures for the previous year.

“The number … Read more ›

Aldar Properties, Abu Dhabi’s biggest listed developer, reported an 81 per cent surge in fourth quarter net profit as the company’s revenue increased in the last three months of 2019.

Net profit attributable to shareholders for the period ending December 31, climbed to Dh577 million, the company said in a filing to the Abu Dhabi Securities Exchange, where its shares trade. Quarterly revenue jumped 17 per cent to Dh2.1 billion.

“Abu Dhabi’s real estate market is benefitting from an economy that is … Read more ›