Driven Properties, a leading real estate brokerage in Dubai, said it has orchestrated the sale of one of the largest plots in Business Bay, paving the way for the building of a new, sustainable, premium office park by Lamar Development. The office park will serve as a welcome addition to the area, addressing the critical shortage of Grade A office spaces in Business Bay and the city at large. This investment on the canal strip puts the Gross Development Value for Lamar’s existing and upcoming developments across the canal to over AED12 billion ($3.26 billion). With neighbouring off-plan office developments seeing prices that exceed AED7,000 per sq ft, the sale solidifies Driven Properties’ position as a trusted provider, even in the face of short supply. The plot, sitting…

UAE-based Azizi Developments has announced that 97% of the construction work has been completed on its premium condominium project - Amber - located within Al Furjan community in Dubai. The key project, featuring a mix of studios, one-, two- and three-bedroom residences, is set for completion in Q3. Giving a project update, Azizi said the structure, blockwork, internal plaster, MEP, and HVAC work are now fully completed at Amber, along with the tiling, swimming pool, and elevator jobs. External works and façade works are 90% and 98% complete, respectively with the overall finishes now standing at 98%. Lauding the steady progress, CEO Farhad Azizi said: "We are excited to share the remarkable progress at Amber. Our proactive and meticulous strategy in material procurement and…

Dubai’s prime residential market has seen growth in capital value far greater than gateway cities such as Singapore and New York in the first half of the year (H1), according to real estate services provider Savills.       The emirate’s residential market has also emerged as the strongest in the Middle East, marking a growth of 2.9% in capital value in H1, the Prime Residential World Cities Index from Savills revealed.   London, Singapore and New York witnessed negative growth.       Dubai, meanwhile, ranked in fifth place in the index of 30 global cities, with Lisbon leading with a rise of 4.2%, followed by Amsterdam, Madrid, and Athens, each with capital value increases above 3% over the same period.   “On a price per…

Dubai, UAE – A significant road initiative has been announced in around of the Mall of the Emirates in order to enhance traffic flow and accessibility. This initiative entails the construction of a 300-meter bridge on Sheikh Zayed Road. The bridge will be equipped with a single lane, which will provide direct access to the Mall of the Emirates parking lots for motorists traveling from Abu Dhabi and Jebel Ali. The real estate market in the surrounding areas is expected to be significantly affected by this development.   The new bridge aims to alleviate congestion on Sheikh Zayed Road, one of Dubai’s busiest highways, by offering a direct route to one of the city’s most popular shopping destinations. This infrastructure upgrade is expected to enhance the…

Dubai's real estate market is poised for significant growth, with over 30,000 residential units expected to be handed off in the second half (H2) of 2024, according to a report by W Capital, a leading real estate brokerage firm in Dubai.   The report highlights that the number of new units handed off in 2024 will total approximately 48,000, up from over 17,000 in H1-24. This increase aligns with projections for new deliveries, indicating a robust growth trajectory for the market. Despite the surge in new units, the market remains imbalanced, with demand outstripping supply. However, W Capital's report suggests that this imbalance may be corrected in the coming years, with hand-offs potentially exceeding 65,000 units next year and reaching 70,000 units by 2026. Walid Al Zarooni,…

own a 2-bedroom flat in Dubai that I rented to an individual to stay with his family. I recently learned about another person staying at the flat. I suspect the family has sublet a room in the flat without my knowledge. What are my legal rights here? What should I do?   Answer: A tenant is not allowed to sub-let rented premises allotted to them without a landlord's written consent unless they agree on it in a rent agreement in Dubai. This is by Article 24 of Law No. 26 of 2007 Regulating the Relationship between Landlords and Tenants in Dubai, which states, "Unless otherwise agreed by the parties to a lease contract, the tenant may not sublease, or assign the use of the real property to third parties unless the relevant written consent of the landlord is obtained." Furthermore, a…

Tenants in some areas of Dubai are still paying less than the Real Estate Regulatory Authority (Rera) Rental Index rates, say industry executives.   In March, the Rera index was upgraded to bring rental rates in line with the market prices following over three years of rally in rentals. The Index is designed to reflect the average market rent using all the property locations and property types across Dubai. “Places like Dubai South and Damac Hills 2 are recognised for being less expensive when compared to the centre and other well-known areas including Dubai Marina, Jumeirah, and Jumeirah Lake Towers. Tenants living in these outer districts frequently find their rents more manageable, especially because they exist further away from the city centre where demand is…

Many landlords in Dubai are asking tenants to vacate their properties in order to list them for sale, to cash in on record high prices, or move in themselves to beat rising rentals.   Rents have been increasing at a double-digit rate in Dubai over the past three years due to high demand from new residents coming to the emirate.   Anisha Sagar, director of property management at Allsopp and Allsopp, said the law is clear that owners can serve notice to a tenant if they decide to sell the property or intend to move into the property for personal use. “What we have noticed is an increase in landlords looking to take advantage of the excellent market and listing properties for sale in higher numbers. We have also seen an increase in landlords moving back into the…

Dubai Land Department (DLD) has successfully completed 647 amicable real estate settlements worth more than AED1.38 billion ($375 million) during the first half of 2024 via its Oqoodi platform service.   DLD said 100% of the settlement agreements were approved through the platform, thus facilitating and expediting real estate settlements. This achievement has enhanced the effectiveness of managing disputes and providing a safe and reliable method for confirming and legally documenting each party’s agreement to the terms.   The department is dedicated to finding amicable settlements to resolve property disputes peacefully, serving as a valuable resource for investors and developers. إعلان   DLD boasts capable and qualified legal specialists to manage…

The year 2024 is set to see the issuance of approximately 10,000 new real estate broker licences in Dubai, marking an unprecedented level and a 100% increase from the 5,000 licences issued in 2018.       According to Dubai-based real estate consultancy VVS Estate, the past few years have seen steady growth with 6,000 new licences issued in 2019, a slight dip in 2020 due to the pandemic, 7,000 new licences issued in 2021, 7,500 in 2022, and approximately 8,000 in 2023. This surge is testament to the influx of investors and the booming real estate market in Dubai, drawing a record number of brokers in 2024.   In response to the growing demand for qualified real estate professionals, VVS Estate has announced the launch of VVS Academy. The new institute provides 31…

Deyaar Development PJSC ("Deyaar"), an integrated real estate leader in Dubai, has announced positive financial results for the first half of 2024 (H1 2024) compared to the corresponding period of 2023. This announcement was made today in its filing to the Dubai Financial Market (DFM), where the company’s shares are traded. Showing substantial growth, the company posted a 71% increase for the six-month period ending 30 June 2024, reaching AED 202.6 million profit before corporate tax compared to AED 118.5 million during the same period in 2023. The company’s total revenue in H1 2024 increased by 6%, reaching AED 664.4 million compared to H1 2023, which was AED 628.9 million. Moreover, revenue from other businesses also increased by 8%, reaching AED 159.1 million in H1 2024…

Azizi Developments, a leading private real estate developer in the UAE, has announced the substantial progress of the fourth phase of Riviera, its French Mediterranean-inspired waterfront community located in the highly sought-after Mohammed Bin Rashid City, amid Dubai’s most important business, leisure, and retail hubs. Several buildings within the fourth phase are on track for Q3 2024 completions, with construction across the phase now having reached 87%. Within phase four, Azizi Azure stands out with its construction now being 76% complete. The structure is fully built at 100%, while blockwork and internal plaster are at 98%. HVAC, MEP, and overall finishes are progressing well at 94%, 86%, and 56%, respectively. The other buildings in the fourth phase also show significant…