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During Q1 2024, the United Arab Emirates saw a notable rise in the demand for ready properties, fueled by tenants opting for ownership over renting.

Contrary to Q1 2023, which witnessed a surge in off-plan transactions, the property market in Dubai and Abu Dhabi experienced robust demand for existing projects in Q1 2024, as per data from Property Finder.

Read more “UAE Witnesses Surge in Property Ownership as Tenants Transition to Buyers”

Dubai landlords now need a court order for rent re-evaluation. Instead of relying solely on the Rental Index, they can still approach the Real Estate Regulatory Authority (RERA) for higher rents.

Read more “New Procedure for Dubai Landlords: Rent Re-evaluation Requires Legal Order”

Sobha Group, a real estate developer, announced a significant investment of Dh450 million for a new facility in Dubai Industrial City (DIC). This second furniture factory, spanning 84,000 square meters, with 50,000 square meters of built-up space, aims to cater to both local and export markets, manufacturing various furniture items including couches, seats, armchairs, beds, and cabinets.

The establishment aligns with DIC’s initiatives like “Make it in the Emirates,” boosting the regional industrial sector. PNC Menon, founder and chairman of Sobha Group, expressed pride in contributing to Dubai’s and the UAE’s manufacturing landscape. CEO of Sobha Furniture, Carlo Magistretti, emphasized their commitment to surpassing global standards in furniture manufacturing, highlighting the investment’s focus on innovation and quality.

Located in Dubai Industrial City, the facility promises synergies with Sobha Furniture’s existing facility in KEZAD, Abu Dhabi, further bolstering its manufacturing capabilities.

In just nine months since its launch, Dubai’s Burj Binghatti Jacob & Co. Residences has achieved a remarkable milestone, with half of its units already sold. This upscale development, in partnership with Jacob & Co., promises an unmatched living experience, boasting sleek design, luxurious amenities, and breathtaking cityscape views. Upon completion, it will stand as the world’s tallest residential skyscraper, solidifying Dubai’s status as a prime destination for luxury real estate investors.

Read more “Half of Burj Binghatti Jacob & Co. Residences Sold Out!”

In the first quarter of 2024, the Dubai Financial Market (DFM) saw a significant influx of new investors, with brokerage firms opening 26,596 fresh investor accounts. This marks a notable 103% increase from the 13,112 accounts opened during the same period in 2023.

Read more “DFM Welcomes 26,596 New Investors in Q1 2024”

In a bid to boost job opportunities for residents, the Dubai Land Department (DLD) has partnered with nine developers, both private and government-backed, to reserve a portion of their property projects for sale through Emirati brokers.

Read more “Dubai Allocates 15% Property Sales to Emirati Brokers”