On Spotlight

Read the Latest

Dubai Real Estate Industry Poised to Deliver 34,000 Units in 2024

Dubai Real Estate Industry Poised to Deliver 34,000 Units in 2024

April 2, 2024

Industry experts convened at a panel discussion foresee continued growth in the UAE’s real estate market throughout 2024, despite global economic uncertainties. Projections indicate that Dubai and Abu Dhabi will collectively contribute approximately 34,000 and 8,000 units, respectively, to the burgeoning real estate landscape. Read this also : Zayed Housing Programme: A Key Contributor to Housing Solutions in 2023 The positive trajectory can be attributed to robust economic fundamentals, proactive government initiatives, and heightened investor confidence, which are paving the way for sustained growth across various asset classes in the UAE’s dynamic market. Notably, the real estate sector is anticipated to maintain its upward trajectory, building upon the momentum and strong buyer demand witnessed in 2023. Read this also : Dubai to Allocate 15% of Property Sales to Emirati Brokers James Allan, CEO of JLL’s Middle East and Africa (MEA) division, highlighted the real estate sector’s resilience as a key driver of the UAE’s diversification agenda. Despite inflationary pressures, the sector is poised for continued growth in 2024, underpinned by favorable investment climate and stability amidst global uncertainties. Read this also : Expo Sharjah Plans Expansion to Attract New Exhibitors and Boost Economic Growth While residential transaction volumes and values have been on the rise annually, experts predict a gradual slowdown in the rate of growth in the coming year. Nonetheless, niche markets such as luxury real estate and emerging segments like co-living spaces and wellness-focused projects are witnessing steady growth trends. Read this also : Exclusive Ramadan Offer: 50% Discount on Haramain High-Speed Railway Tickets for Umrah Travelers Property Monitor forecasts a robust supply pipeline in Dubai’s residential market, with over 40,000 units slated for delivery in 2024 following the introduction of nearly 100,000 units in 2023. The sector’s strong performance, characterized by double-digit price increases and sustained demand, underscores its resilience and attractiveness to investors. Furthermore, speakers at the JLL panel discussion highlighted improved prospects for the real estate industry across the broader Gulf Cooperation Council (GCC). Supported by private and sovereign wealth and increased infrastructure spending, the region remains less vulnerable to global economic challenges. Read this also : Unlocking Freedom: 4 Criteria for Applying for the UAE Green Visa as a Skilled Worker The UAE’s status as a global financial and business hub continues to attract interest from global institutions, particularly in core asset classes such as residential, hospitality, and office spaces. The commercial real estate sector, in particular, presents opportunities driven by supply-demand imbalances and competitive pricing strategies. Additionally, sustainability and technological advancements are reshaping the real estate landscape, with a growing emphasis on energy-efficient designs and green building techniques. Financial institutions are increasingly offering competitive loans for environmentally friendly projects, reflecting the industry’s commitment to sustainability. Read this also : The Abu Dhabi real estate market boomed last year, with transactions reaching $23.7bn as sales activity grew 160% In Dubai, launches of luxury off-plan properties have surged, catering to the growing demand for affordable housing. Meanwhile, the office market witnesses a high demand for flex spaces and Grade A offices, underscoring evolving work patterns and preferences. The industrial sector, buoyed by robust demand for logistics and warehousing solutions, is poised for significant growth, driven by government-led initiatives and the rise of e-commerce. The UAE’s strategic position as a logistics hub further enhances its appeal to investors seeking opportunities in the manufacturing and logistics sectors. In summary, the Dubai real estate industry’s resilience, coupled with favorable market dynamics and government support, positions it for continued growth and investment attractiveness in 2024 and beyond.

Read More »
Zayed Housing Programme: A Key Contributor to Housing Solutions in 2023

Zayed Housing Programme: A Key Contributor to Housing Solutions in 2023

April 2, 2024

In 2023, the Sheikh Zayed Housing Program made significant strides in addressing housing needs, issuing a total of 4,334 decisions amounting to AED 3.34 billion. These decisions included 1,025 housing grants totaling AED 682.3 million and 3,015 housing finance decisions totaling AED 2.38 billion. Read this also : Dubai to Allocate 15% of Property Sales to Emirati Brokers Mohammed Al Mansoori, Director-General of the Sheikh Zayed Housing Program, highlighted that closed loan files accounted for 9.4% of the total, with active loan decisions amounting to AED 17.502 billion, constituting 90.6% of the total. Established in 1999, the Sheikh Zayed Housing Programme aims to enhance the quality of life for Emirati families by providing sustainable housing solutions. Under the visionary leadership, the Program has achieved significant milestones, positively impacting thousands of lives. Read this also : Expo Sharjah Plans Expansion to Attract New Exhibitors and Boost Economic Growth Al Mansoori emphasized the Program’s achievements, stating, “Over 91% of citizens now own residences, one of the highest rates globally.” He highlighted the reduction in the time needed for citizens to obtain housing support decisions, from 4.42 years in 2017 to 1.07 years in 2023. Additionally, the number of support decisions surged to 4,334 in 2023, compared to 835 in 2021. Read this also : Exclusive Ramadan Offer: 50% Discount on Haramain High-Speed Railway Tickets for Umrah Travelers Since the launch of the Housing Policy in mid-2022, the Program has approved decisions for 6,235 housing loans valued at AED 4.953 billion in collaboration with banks. The compliance rate stands at 95.92%, with 90% of housing needs being met and a 58% reduction in accumulated applications, decreasing from 13,666 applications in 2020 to 5,830 in 2023. Read this also : Ras Al Khaimah Government Expands Ownership in Leading Real Estate Firm The Program operates on objective standards ensuring equity, transparency, and effective allocation of assistance to those in need.

Read More »
Dubai to Allocate 15% of Property Sales to Emirati Brokers

Dubai to Allocate 15% of Property Sales to Emirati Brokers

April 2, 2024

To enhance job opportunities for residents, the Dubai Land Department (DLD) announced a groundbreaking initiative on Sunday. The department has entered into agreements with nine prominent developers, both private and government-backed, to reserve a specific percentage of their projects for sale through Emirati brokers. Read this also : Expo Sharjah Plans Expansion to Attract New Exhibitors and Boost Economic Growth Among the developers involved in this landmark agreement are industry giants such as Emaar Properties, Expo Dubai, Deyaar, Damac Properties, Azizi Developments, MAG, Sobha Realty, Ellington Properties, and Al Bait Al Duwaliy Real Estate Development. As per the deal, these developers will allocate between 10% to 15% of their projects for sale through Emirati brokers. Read this also : Exclusive Ramadan Offer: 50% Discount on Haramain High-Speed Railway Tickets for Umrah Travelers This initiative is part of the broader “Dubai Real Estate Programme,” aimed at nurturing local talent and fostering growth within the real estate industry. The agreement includes provisions for providing guidance, expert training, and support to Emirati nationals, enabling them to enter the private sector and develop specialized skills necessary for launching successful real estate ventures. Read this also : Ras Al Khaimah Government Expands Ownership in Leading Real Estate Firm In the wake of the pandemic, Dubai’s real estate market has witnessed significant growth, resulting in a surge in job opportunities within the brokerage sector. The unprecedented demand from both domestic and international investors has led to the establishment of thousands of brokerage firms post-COVID-19. Read this also : Unlocking Freedom: 4 Criteria for Applying for the UAE Green Visa as a Skilled Worker Looking ahead, the DLD aims to expand its network by signing contracts with additional developers in the coming months. Marwan bin Ghalita, acting director-general of the Dubai Land Department, emphasized that the primary objective of this program is to increase citizen participation in the real estate market. By incentivizing Emirati involvement in real estate-related activities, the initiative aims to boost their contribution to one of Dubai’s key economic sectors. Read this also : UAE to Invest $953 Million in Housing for Citizens in Abu Dhabi “We look forward to collaborating with our partners in the real estate sector to achieve significant outcomes that align with the esteemed position held by the real estate sector in Dubai, both domestically and internationally,” said bin Ghalita.

Read More »
Expo Sharjah Plans Expansion to Attract New Exhibitors and Boost Economic Growth

Expo Sharjah Plans Expansion to Attract New Exhibitors and Boost Economic Growth

April 2, 2024

Expo Centre Sharjah (ECS) has unveiled ambitious projects aimed at expanding and enhancing the exhibitions industry to bolster Sharjah’s economy. The strategic vision includes increasing operational capacities, improving exhibition areas, and attracting a broader spectrum of international exhibitors, particularly in the automotive sector, to elevate Sharjah’s business tourism potential and stimulate growth across various sectors. Read this also : Exclusive Ramadan Offer: 50% Discount on Haramain High-Speed Railway Tickets for Umrah Travelers During a recent meeting, ECS Board of Directors, chaired by Abdullah Sultan Al Owais, Chairman of the SCCI and Expo Center Sharjah, and attended by Sheikh Majid bin Faisal Al Qasimi, First Deputy Chairman of the Sharjah Chamber of Commerce and Industry (SCCI), along with other key stakeholders, discussed plans to meet the expectations of the business community by providing world-class venues for product showcases. Read this also : Ras Al Khaimah Government Expands Ownership in Leading Real Estate Firm The meeting reviewed Expo Sharjah’s revenue performance for 2023, showcasing a significant increase compared to the previous year. With approximately 50 exhibitions and over 2.5 million visitors, both locally and internationally, Expo Sharjah has positioned itself as a prominent destination for events. Read this also : Unlocking Freedom: 4 Criteria for Applying for the UAE Green Visa as a Skilled Worker Furthermore, discussions centered on streamlining operational workflows and enhancing the ECS’s role in supporting Sharjah’s economy, retail, and industrial growth. There was a particular focus on supporting small- and medium-sized business owners and entrepreneurs in the exhibitions industry, emphasizing initiatives such as the “Emirates Perfumes and Oud” and “Jewels of Emirates” platforms. Read this also : The Abu Dhabi real estate market boomed last year, with transactions reaching $23.7bn as sales activity grew 160% Abdullah Sultan Al Owais underscored the pivotal role of Expo Center Sharjah in achieving Sharjah’s strategic goal of economic diversification, highlighting its success in attracting thousands of domestic and foreign guests. Saif Mohammed Al Midfa echoed this sentiment, emphasizing the exhibition industry’s resurgence as a key driver of economic development. Read this also : Completion of First 920 Homes Marks Milestone in Sharjah’s Aljada Megaproject by Arada Looking ahead, Expo Center Sharjah anticipates an increase in the number of events across various industries, building on the success of exhibitions like the Sharjah Real Estate Exhibition – ACRES 2024 and the Watch & Jewellery Middle East Show. The preliminary findings of the Ramadan Nights Exhibition underscored its contribution to retail enhancement, sales boost, and domestic tourism promotion during the Sharjah Ramadan Festival. Read this also : Yas Canal Residential Project Approved for Dh3.5 Billion in Abu Dhabi In summary, Expo Sharjah’s expansion plans underscore its commitment to driving economic growth, fostering entrepreneurship, and positioning Sharjah as a global business hub.

Read More »
Exclusive Ramadan Offer: 50% Discount on Haramain High-Speed Railway Tickets for Umrah Travelers

Exclusive Ramadan Offer: 50% Discount on Haramain High-Speed Railway Tickets for Umrah Travelers

March 29, 2024

Planning a pilgrimage to Umrah from the UAE? Look no further than the Haramain High-Speed Railway for a budget-friendly and convenient journey to the sacred cities of Mecca and Medina. Offering train tickets starting as low as Dh22, this passenger railway service provides an affordable and efficient mode of transportation for travelers. Read this also : Ras Al Khaimah Government Expands Ownership in Leading Real Estate Firm Especially during the holy month of Ramadan, the Haramain High-Speed Railway presents a remarkable opportunity with substantial discounts of up to 50% off on economy class tickets and 30% off on business class tickets. This exclusive offer allows pilgrims to save significantly while embarking on their spiritual voyage. Read this also : Unlocking Freedom: 4 Criteria for Applying for the UAE Green Visa as a Skilled Worker Launched in 2018, the Haramain High-Speed Railway spans an impressive 450 kilometers, connecting passengers from Mecca to Medina with stops in the vibrant city of Jeddah. This modern and sleek railway system ensures a comfortable and picturesque journey for all travelers. Read this also : Completion of First 920 Homes Marks Milestone in Sharjah’s Aljada Megaproject by Arada   Seize this chance to experience the convenience and affordability of the Haramain High-Speed Railway. Secure your discounted tickets now and prepare for an unforgettable pilgrimage to the revered cities of Mecca and Medina. FAQs: Q: Are the ticket discounts applicable to all train routes? A: The discounts are specifically available for passengers traveling from Al Sulimaniyah station to Mecca, as well as from King Abdulaziz International Airport in Jeddah to either Mecca or Medina. Read this also : Dubai Holding Announces Merger of Nakheel and Meydan: Sheikh Mohammed’s Vision for Economic Growth Q: What are the discounted ticket costs? A: Here’s a breakdown of the discounted costs for train tickets offered by the Haramain High-Speed Railway: SAR23 (Dh22.52) – Al Sulimaniyah station in Jeddah to Mecca (economy class) Starting from SAR58 (Dh56.79) – Al Sulimaniyah station in Jeddah to Mecca (business class) SAR34 (Dh33.29) – King Abdulaziz International Airport in Jeddah to Mecca (economy class) Starting from SAR78 (Dh76.38) – King Abdulaziz International Airport in Jeddah to Mecca (business class) Starting from SAR97 (Dh94.60) – King Abdulaziz International Airport in Jeddah to Medina (economy class) Starting from SAR226 (Dh221.25) – King Abdulaziz International Airport in Jeddah to Medina (business class) Read this also : Q: How to book train tickets? A: To book your journey with the Haramain High-Speed Railway, simply visit sar.hhr.sa and navigate to the ‘Book a Seat’ option on the homepage. Select your desired route, date, and seat preference. Provide necessary personal information and complete the payment process using your credit or debit card. Upon payment confirmation, you will receive your tickets via email.

Read More »
Ras Al Khaimah Government Expands Ownership in Leading Real Estate Firm

Ras Al Khaimah Government Expands Ownership in Leading Real Estate Firm

March 29, 2024

In a recent development unveiled on Tuesday, the Ras Al Khaimah government has significantly increased its stake in RAK Properties, raising it from a modest 5% to a substantial 34%. Read this also : Unlocking Freedom: 4 Criteria for Applying for the UAE Green Visa as a Skilled Worker This strategic decision was ratified during the company’s annual general meeting held on March 20. The shareholders greenlit a noteworthy capital augmentation by authorizing the issuance of 920 million new shares, each bearing a nominal value of Dh1. This capital infusion amounted to a substantial Dh920 million increase in the company’s capital. Consequently, pending approval from the Securities and Commodities Authority, the Government of Ras Al Khaimah is poised to emerge as a key strategic stakeholder, boosting its ownership in the company to approximately 34%. Read this also : The Abu Dhabi real estate market boomed last year, with transactions reaching $23.7bn as sales activity grew 160% Sameh Muhtadi, the CEO of RAK Properties, expressed his confidence in the move, stating, “The decision to bolster our capital and augment the Government of Ras Al Khaimah’s stake in RAK Properties underscores the trust in our vision and long-term growth strategy. This strategic maneuver not only bolsters our financial position but also aligns us more closely with the developmental objectives of the emirate.” Read this also : Ras Al Khaimah Government Boosts Stake in Emirate’s Leading Realtor Muhtadi further elaborated on the benefits of the government’s increased involvement, highlighting agreements on in-kind contributions of land at reduced prices. This arrangement enhances access to prime real estate, facilitating the diversification of the company’s landbank and fueling future expansion efforts. These initiatives ensure a sustainable pipeline of projects aimed at addressing the evolving needs of the community and the market in Ras Al Khaimah. Read this also : UAE to Invest $953 Million in Housing for Citizens in Abu Dhabi Moreover, during the AGM, the distribution of cash dividends amounting to Dh60,000,000, equivalent to three percent of the capital, was approved. Additionally, shareholders endorsed the allocation of bonus shares valued at Dh80,000,000,000, constituting 4% of the company’s capital. Read this also : Completion of First 920 Homes Marks Milestone in Sharjah’s Aljada Megaproject by Arada Muhtadi emphasized the company’s stellar financial performance in 2023, marked by Dh2.8 billion in sales and a significant surge in net profits. He expressed gratitude for the shareholders’ confidence and pledged to uphold it by ensuring continued financial growth and success. Moving forward, Muhtadi underscored the strategic oversight of the newly elected board, comprising seasoned professionals whose expertise will play a pivotal role in navigating the dynamic landscape of the real estate sector in Ras Al Khaimah.

Read More »
Unlocking Freedom: 4 Criteria for Applying for the UAE Green Visa as a Skilled Worker

Unlocking Freedom: 4 Criteria for Applying for the UAE Green Visa as a Skilled Worker

March 29, 2024

Dreaming of calling the UAE your home and workplace? The UAE Green Visa offers skilled professionals the opportunity to reside in the country for five years, liberating them from the need for an employer or sponsor. If you’re eyeing the Green Visa as a working professional in the UAE, here are four essential requirements you need to consider. Read This Also : The Abu Dhabi real estate market boomed last year, with transactions reaching $23.7bn as sales activity grew 160% Recently, on February 20th, the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) of the UAE outlined the eligibility criteria for this long-term visa on their social media platforms. So, what exactly is the Green Visa? It’s a newly introduced five-year, self-sponsored visa by the ICP, enabling individuals to also sponsor their family members for the same duration. This visa empowers skilled workers to secure a residence permit, commonly known as a residence visa, allowing them to work in the UAE independently, without the need for a sponsor or employer. Read This Also : Ras Al Khaimah Government Boosts Stake in Emirate’s Leading Realtor According to the ICP, a foreigner can obtain a residence permit if they meet the criteria of being a skilled worker, aligning with the professional classifications and standards set by the Ministry of Human Resources and Emiratisation (MOHRE). To qualify for a Green Residence permit as a skilled worker, you must meet the following criteria: Secure a work permit in the country under a valid employment contract. Be categorized as a skilled worker in the first, second, or third professional level approved by MOHRE. Possess at least a bachelor’s degree or its equivalent in education. Maintain a monthly salary of at least Dh15,000 or its equivalent in foreign currencies. Read This Also : UAE to Invest $953 Million in Housing for Citizens in Abu Dhabi By fulfilling these criteria, skilled workers can pave their way to obtaining the UAE Green Visa, unlocking newfound freedom and flexibility in their professional journey.

Read More »
On FingerTips

From Around the World

Compare listings

Compare

Sign-Up Now

  • All Rights Reserved
  • NBS Real Estate