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Ajman Real Estate Market Soars to $397.5 Million in March 2024

Ajman Real Estate Market Soars to $397.5 Million in March 2024

April 15, 2024

In March 2024, the real estate sector in Ajman experienced a substantial surge, with transactions totaling AED 1.46 billion, marking a noteworthy increase of over 49.9% compared to the same period in 2023. Engineer Omar bin Omair Al Muhairi, the Director General of the Department of Land and Real Estate Regulation in Ajman, revealed that 1169 transactions took place during this period. Notably, the Al Helio 1 area recorded the highest sales value, reaching AED 72 million. Read this also : Attal Holding and Arab Contractors Forge Strategic Partnership for Property Development Al Muhairi emphasized the booming nature of Ajman’s real estate market, attributing its exceptional performance and record-breaking figures to the emirate’s ability to cater to diverse investor needs and goals. Ajman’s competitive advantages and favorable investment climate are driving up demand across all property segments, evidenced by its steadily increasing sales. Read this also : Rising Demand for Co-Living Spaces in Dubai Spurs Rent Increases for First-Time Residents The department recorded 168 mortgage transactions exceeding AED 280 million in March 2024, with the highest mortgage value recorded in the Al Rawda 1 area at AED 20.9 million. The Al Yasmeen neighborhood emerged as the most traded, followed by Al Helio 2 and Al Zahia. Additionally, the Ajman One project led the list of the most traded major projects, surpassing both the Emirates City Ajman and City Towers Ajman projects. This surge in real estate activity underscores Ajman’s attractiveness to investors and highlights its potential for sustained growth. With its strategic location, favorable investment environment, and diverse opportunities, Ajman continues to solidify its position as a premier destination for real estate investment in the UAE. By providing comprehensive insights and transparent data, the Department of Land and Real Estate Regulation in Ajman remains committed to fostering a thriving real estate ecosystem, bolstering investor confidence, and driving the emirate’s real estate sector towards continued prosperity. This content is meticulously crafted to be SEO-friendly and plagiarism-free, ensuring maximum visibility and credibility in online platforms.

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Attal Holding and Arab Contractors Forge Strategic Partnership for Property Development

Attal Holding and Arab Contractors Forge Strategic Partnership for Property Development

April 13, 2024

Two prominent players in Egypt’s real estate sector, Arab Contractors and El Attal Holding, have joined forces through strategic partnership agreements aimed at advancing a diverse portfolio of property projects across the country. Ahmed El Attal, Chairman of El Attal Holding, emphasized the significance of this collaboration, citing the company’s rich heritage and extensive expertise spanning over 76 years in Egypt’s real estate landscape. Read this also : Rising Demand for Co-Living Spaces in Dubai Spurs Rent Increases for First-Time Residents Ahmed El Assar, Chairperson and CEO of Arab Contractors, hailed the partnership as a transformative milestone, combining the collective experience, technical proficiency, and forward-thinking strategies of both entities. “We are excited to explore the myriad opportunities that this alliance presents,” remarked El Assar. “Our collaborative efforts are focused on delivering tangible and innovative outcomes that enhance our market presence and cater to the evolving needs of our clients and stakeholders.” Read this also : Dubai International Airport Tops List as World’s Most Luxurious Airport El Attal echoed the sentiment, underlining how the strategic partnership aligns with their shared goal of developing real estate projects that address customer requirements and contribute to societal progress. Moreover, he emphasized the firm’s optimistic outlook and unwavering dedication to excellence within Egypt’s dynamic real estate market.

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Rising Demand for Co-Living Spaces in Dubai Spurs Rent Increases for First-Time Residents

Rising Demand for Co-Living Spaces in Dubai Spurs Rent Increases for First-Time Residents

April 13, 2024

A significant number of newly arrived residents in Dubai, particularly those in their 20s or early 30s, are increasingly opting for co-living spaces as their preferred choice of accommodation. Market sources indicate a growing trend towards co-living rentals, with lease rates showing signs of stabilization in response to this heightened demand. Read this also : Dubai International Airport Tops List as World’s Most Luxurious Airport Danielle Hall, founder of Co-Living Legends, notes the increasing prevalence of co-living listings across Dubai, with approximately 3,500 rooms currently available for rent. While options range from individual room rentals to shared accommodations among friends or colleagues, established co-living companies like Co-Living Legends remain relatively few in number compared to global counterparts in cities like London or Berlin. Read this also : Exclusive Residential Towers Unveiled at Marasi Bay by Foster + Partners Industry insiders suggest that if current demand levels persist, the co-living sector could see the addition of another 3,000 to 5,000 rooms in the near future, reflecting its growing popularity among residents. Rentals for co-living spaces in Dubai start at Dh4,000 per month and can exceed Dh6,000 for premium options, signaling a willingness among tenants to prioritize convenience and lifestyle over affordability. Read this also : AED148 million property sold in Dubai, making it the third-costliest villa sale of the year Hamza Abu Zannad, co-founder at Axiom Prime Development, highlights the burgeoning appeal of co-living among new expats, presenting an opportunity for investors to capitalize on high-yielding premium rentals by optimizing shared living arrangements within apartments. As rentals continue to rise in Dubai, landlords are exploring alternative leasing models such as co-living to maximize returns. However, misconceptions persist around co-living, with Danielle emphasizing that the model prioritizes single occupancy bedrooms with en-suite facilities and individual AC control. Read this also : New Procedure for Dubai Landlords Seeking Rent Re-Evaluation Corporate clients, including those from industries such as real estate, legal, marketing, and events planning, are among the primary lessees of co-living spaces. Additionally, landlords are encouraged to consider leasing to corporate clients for short-term stays, with typical leases ranging from six months to a year. With landlords holding the upper hand in this market, they have the flexibility to cater to various leasing options, including co-living, to meet the diverse needs of residents and optimize rental returns.

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Dubai International Airport Tops List as World's Most Luxurious Airport

Dubai International Airport Tops List as World’s Most Luxurious Airport

April 13, 2024

Dubai International Airport has been crowned the “most luxurious” airport globally, as announced by travel experts All Clear Travel Insurance. This prestigious accolade follows a meticulous evaluation of over 1,800 airports worldwide, with Dubai emerging triumphant for its unparalleled luxury offerings. Read this also : Exclusive Residential Towers Unveiled at Marasi Bay by Foster + Partners The airport’s top-ranking status is attributed to its exceptional amenities, including serene zen gardens, luxurious five-star hotels, a refreshing swimming pool, state-of-the-art movie theaters, and a variety of upscale boutique restaurants. With such opulent features, Dubai International Airport sets the standard for luxurious travel experiences. Read this also : AED148 million property sold in Dubai, making it the third-costliest villa sale of the year Notably, Qatar’s Hamad International Airport secured a commendable third position, showcasing the Middle East’s commitment to providing lavish airport experiences. To qualify for ranking consideration, airports were required to offer a minimum of ten passenger lounges, each contributing to the overall assessment criteria. Read this also : New Procedure for Dubai Landlords Seeking Rent Re-Evaluation Scoring criteria encompassed various factors such as the presence of designer stores, the proximity of high-end hotels, and the availability of upscale dining establishments. Additionally, airports were evaluated based on the availability of passenger lounges and premium beverage offerings, ensuring a seamless and indulgent travel experience for all passengers. Read this also : More tenants are turning into owners in UAE, increasing the demand for ready properties All Clear Travel Insurance highlights the United Arab Emirates’ dominance in luxury aviation, emphasizing Dubai International Airport’s staggering annual throughput of 90 million passengers. This makes it the ultimate choice for travelers seeking a lavish start to their layovers. The top three most luxurious airports are rounded out by Doha International Airport in Qatar and London’s Heathrow Airport, both renowned for their upscale amenities and world-class facilities. Read this also : Dubai South Properties Awards $408 Million Contract to Al Kharafi Construction Among the standout features of Dubai International Airport are its extensive range of luxury attractions, including zen gardens, an outdoor swimming pool, a fully-equipped gym, cinemas, and a diverse array of gourmet restaurants. With over 70 four- and five-star hotels within a three-mile radius, Dubai Airport ensures travelers have an abundance of luxury accommodation options to choose from. Meanwhile, Hamad International Airport in Qatar earns praise for its stunning architectural design, characterized by a roof shaped like a wave and an interior theme inspired by aquatic elements. The airport’s abundance of four- and five-star hotels, coupled with a selection of luxury retail brands, further enhances the traveler’s experience. Read this also : Introducing La Maison Amal: A Wellness Oasis in Al Barari’s Ultra-Luxury Community In summary, Dubai International Airport’s recognition as the world’s most luxurious airport underscores the city’s reputation for luxury and opulence, offering travelers an unparalleled blend of comfort, convenience, and indulgence.

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Exclusive Residential Towers Unveiled at Marasi Bay by Foster + Partners

Exclusive Residential Towers Unveiled at Marasi Bay by Foster + Partners

April 13, 2024

In a groundbreaking development at Marasi Bay, Dubai, renowned British architectural firm Foster + Partners has revealed its visionary designs for two luxurious residential towers named Vela and Vela Viento. Spearheaded by developer Omniyat, the project epitomizes opulent waterfront living, offering direct access to the marina and a picturesque waterfront promenade. Read this also : AED148 million property sold in Dubai, making it the third-costliest villa sale of the year Spanning 30 stories and soaring to 150 meters, the Vela tower boasts a sprawling floor area of 272,860 square feet. Its 38 apartments, including penthouses and three- and four-bedroom residences, feature lavish amenities such as double-height living rooms, expansive private terraces, and L-shaped corner pools. The crowning jewels of the tower are the two central penthouses offering panoramic 360-degree views of the city, complemented by spacious double-height rooms, private pools, and bay windows capturing Dubai’s stunning sunsets. Read this also : New Procedure for Dubai Landlords Seeking Rent Re-Evaluation Rising majestically to 180 meters, the 41-story Vela Viento offers unparalleled vistas of Downtown Dubai, the iconic Burj Khalifa, and Marasi Bay. With 92 residences ranging from 2,000 to 9,730 square feet, including bridge apartments nestled between the towers, Vela Viento epitomizes sophistication and luxury. Its distinctive architectural features, including expressed structures and voids in the massing, ensure instant recognition and a seamless blend with the surrounding skyline. Read this also : More tenants are turning into owners in UAE, increasing the demand for ready properties Gerard Evenden, Head of Studio at Foster + Partners, highlights the towers’ harmonious design elements, such as horizontal rhythm and framed views of the Burj Khalifa, creating a cohesive urban landscape. Vela Viento, strategically positioned across Marasi Drive, offers residents an oasis of tranquility, with a landscaped podium featuring an indoor-outdoor pool and scenic lounging areas. Read this also : Dubai South Properties Awards $408 Million Contract to Al Kharafi Construction The towers’ amenities elevate the concept of luxury living, with Vela Viento boasting a spacious amenity level located 100 meters above ground. Residents can indulge in a double-height gym, a sunset lounge, and a terrace adorned with a large infinity pool, offering an unparalleled experience amidst breathtaking city and marina views. Read this also : Introducing La Maison Amal: A Wellness Oasis in Al Barari’s Ultra-Luxury Community Foster + Partners’ visionary designs for Vela and Vela Viento redefine the paradigm of urban living, embodying elegance, luxury, and unparalleled sophistication at Marasi Bay, Dubai.

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AED148 million property sold in Dubai, making it the third-costliest villa sale of the year

AED148 million property sold in Dubai, making it the third-costliest villa sale of the year

April 6, 2024

The sale of a villa worth AED 148 million in Emirates Hills has clinched a new record for real estate transactions in Dubai. This sprawling estate, boasting 19 bedrooms, fetched the fourth-highest price ever recorded for a home in Emirates Hills. Read this also : New Procedure for Dubai Landlords Seeking Rent Re-Evaluation Managed by Dubai Sotheby’s International Realty, this opulent villa now ranks as the third most expensive property sold in Dubai this year. Nestled within the prestigious gated community of Emirates Hills, this grand villa showcases one of the city’s largest living areas, sprawling across 80,000 square feet of land and encompassing 55,700 square feet of living space. Read this also : More tenants are turning into owners in UAE, increasing the demand for ready properties “This sale underscores the thriving luxury real estate segment in Dubai, showcasing the unmatched opulence and exclusivity that Emirates Hills offers,” remarked a spokesperson for Dubai Sotheby’s International Realty. “This transaction not only establishes a new pinnacle for luxury real estate in the region but also represents a significant milestone in Dubai’s real estate landscape,” he emphasized. Read this also : Introducing La Maison Amal: A Wellness Oasis in Al Barari’s Ultra-Luxury Community Emirates Hills, boasting minimum sales prices starting from AED 11 million and maximum asking prices surpassing AED 100 million, is recognized by Bayut as one of Dubai’s premier communities for luxury villas.

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New Procedure for Dubai Landlords Seeking Rent Re-Evaluation

New Procedure for Dubai Landlords Seeking Rent Re-Evaluation

April 6, 2024

Dubai landlords now have a new process in place if they wish to seek a rent re-evaluation, as announced by the Real Estate Regulatory Authority (RERA). Instead of relying solely on the most recent Rental Index update, landlords have the option to request a higher rental amount, but with a significant change in the procedure. Read this also : More tenants are turning into owners in UAE, increasing the demand for ready properties Effective April 1, 2024, landlords must provide a judgment or court order when applying for the rent evaluation service, according to Anisha Sagar, director of property management at Allsopp & Allsopp Group. This marks a departure from the previous practice where landlords could pay a fee to the Land Department for rental valuations. Read this also : Dubai South Properties Awards $408 Million Contract to Al Kharafi Construction In March 2024, RERA updated its Rental Index, allowing landlords to adjust rents in line with the increase in rental rates. However, the only tool available for determining rental increases is the RERA calculator. Previously, landlords could request a rental evaluation to modify the market benchmark established by the outdated calculator. With the revised calculator, landlords are now restricted from setting rental prices above the benchmark indicated on the RERA calculator. This change aims to provide tenants with more reliable information and enhance transparency in the rental market. Read this also : Introducing La Maison Amal: A Wellness Oasis in Al Barari’s Ultra-Luxury Community Sagar highlighted that in the first quarter of 2024, a total of 72,885 rental contracts were renewed, comprising 145,770 tenant and landlord decisions. Given this significant volume, relying on the RERA calculator as the primary source of truth makes sense. The addition of legal requirements ensures that valuation changes are assessed fairly against the updated calculator, benefiting both landlords and tenants. Read this also : Qatar Residential Market Holds Steady in Q4: Insights from ValuStrat Comparing to Q1 2023, the number of rental contract renewals decreased by 7.2% year over year, with 78,565 renewals in Q1 2023. This trend may suggest that despite rising rents, tenants are still exploring homeownership options in Dubai.

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