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Abu Dhabi Enters Advanced Talks for Ras El Hekma Development in Egypt

Abu Dhabi Enters Advanced Talks for Ras El Hekma Development in Egypt

February 13, 2024

Abu Dhabi is currently engaged in advanced negotiations to acquire and transform the Ras El-Hekma property situated on Egypt’s northern coast, reports Bloomberg. Properties for sale in Dubai : Click Here Sources familiar with the matter reveal that Talaat Moustafa Group (TMG) and select Egyptian state-run entities are poised to retain approximately 20% ownership of the expansive 180 million square meters of land. Properties for Rent in Dubai : Click Here Chairman of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, announced on February 8th that an Emirati consortium had been selected to spearhead the Ras El Hekma tourism project along the North Coast. Highlighting the rigorous selection process, Heiba disclosed that the authority had entertained various offers from global consortia before opting for the Emirati group. Read this also : Dubai Land Department Achieves Record Performance in 2023: A Look at the Numbers Furthermore, Heiba emphasized that the project’s initial capital investment could surpass $22 billion, disbursed incrementally rather than in a single lump sum.

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Dubai Land Department Achieves Record Performance in 2023: A Look at the Numbers

Dubai Land Department Achieves Record Performance in 2023: A Look at the Numbers

February 8, 2024

In 2023, the Dubai Land Department (DLD) celebrated an unprecedented achievement, recording a staggering 1.6 million transactions across various real estate activities. This remarkable figure represents a substantial increase of 16.9% compared to the previous year, highlighting Dubai’s robust real estate market. Read this also : Transferring Property to Family Members in Dubai: A Comprehensive Guide Marwan bin Ghalita, Acting Director General of the DLD, proudly announced these exceptional results, underscoring the department’s unwavering commitment to bolstering the emirate’s economy. He emphasized Dubai’s ambition to become the most dynamic economy globally, reflecting the city’s resilience and adaptability in the face of challenges. Read this also : Key Investment Opportunities in Dubai and Saudi Arabia for Foreign Investors in 2024 Bin Ghalita revealed that the total value of real estate transactions surpassed AED 634 billion in 2023, with over 166,400 transactions recorded. This signifies a remarkable 20% growth in value and an impressive 36% increase in the number of transactions compared to the previous year. Notably, real estate investments experienced a remarkable surge, with their value soaring by 55% to approximately AED 412 billion. The number of investments attributed to 113,655 owners, including 71,002 new investors, saw a notable 20% rise. Read this also : Kempinski Introduces Luxury Real Estate Marvel in Dubai Marina Furthermore, the percentage of non-resident investors surged to constitute 42% of the total new investors, indicating Dubai’s enduring appeal as a global investment hub. Bin Ghalita reiterated that these outstanding results demonstrate Dubai’s unwavering commitment to becoming a global leader in attracting real estate investment, aligning with the ambitious objectives outlined in the Dubai Economic Agenda (D33). The D33, unveiled by His Highness Sheikh Mohammed bin Rashid Al Maktoum, aims to position Dubai among the world’s top three urban economies. Bin Ghalita expressed satisfaction with the outcomes for 2023 and reaffirmed the DLD’s pledge to support the industry’s future expansion and advancement. The DLD’s annual figures also shed light on the diverse investor base contributing to Dubai’s real estate sector’s growth. Gulf investors accounted for AED 30.75 billion in investments, followed by Arab investors with AED 29.23 billion. Foreign investors significantly contributed AED 276.28 billion, underscoring Dubai’s global appeal as an investment destination. Notably, the presence of female investors in Dubai’s real estate market is on the rise. By 2023, there were 38,059 female investors, with their investments generating AED 90.5 billion in revenue. This represents a substantial increase compared to the previous year, highlighting the growing participation of women in Dubai’s real estate sector. These impressive figures reflect the renewed optimism surrounding Dubai’s real estate market and its long-term growth potential. The DLD remains steadfast in its commitment to supporting the industry through streamlined services, efficient regulations, and cutting-edge digital infrastructure, ensuring its sustainability and preparedness for the future. By embracing innovation and fostering a conducive environment for investment, Dubai continues to solidify its position as a global real estate powerhouse, offering unparalleled opportunities for investors worldwide.

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Transferring Property to Family Members in Dubai: A Comprehensive Guide

Transferring Property to Family Members in Dubai: A Comprehensive Guide

February 8, 2024

Transferring property to family members in Dubai involves navigating specific regulations and procedures outlined by the Dubai Land Department (DLD). Understanding these guidelines is crucial for a smooth and legally compliant transfer process. In this comprehensive guide, we’ll delve into the fees, regulations, and steps involved in transferring property to first-degree relatives in Dubai. Read this also : Key Investment Opportunities in Dubai and Saudi Arabia for Foreign Investors in 2024 Dubai Land Department Fees Resolution of 2013 The Dubai Land Department (DLD) oversees property registration and transfer in Dubai. Notably, Dubai imposes fees rather than taxes on property transactions, as per the Dubai Land Department Fees Resolution of 2013. This resolution, outlined in Article 2, specifies the fees applicable to various property-related transactions registered with the DLD. Read this also : Kempinski Introduces Luxury Real Estate Marvel in Dubai Marina Property Transfer to First-Degree Relatives If you’re considering transferring your property to first-degree family members—a common scenario for inheritance or gifting purposes—the DLD requires payment of a nominal charge. As stipulated by the Dubai Land Department Fees Resolution of 2013, the fee for transferring property to first-degree family members is set at 0.125 percent of the property’s value. However, the fee will not be less than Dh2,000. Read this also : Abu Dhabi Real Estate Market Sees Strong Growth Amid High Demand Key Considerations and Regulations It’s important to note that the Dubai Land Department Fees Resolution of 2013 outlines specific conditions and procedures for property transfers to family members. According to Article 3(5) of the resolution, fees for various transactions, including gifts, wills, and transfers of property shares among heirs, must be paid by the recipient unless otherwise agreed upon. Read this also : Record-Breaking Real Estate Transactions Forecasted for Sharjah’s Central and Eastern Regions in 2023 Who Qualifies as First-Degree Family Members? In Dubai’s context, first-degree family members typically include parents, spouses, and children. Transferring property to these relatives entails paying the prescribed fee to the DLD, ensuring compliance with legal requirements. Read this also : Simplify Your Bill Payments: A Guide to Setting Up Autopay for Utility Bills in Dubai Additional Fees for Selling Property Should you decide to sell the property to first-degree relatives, individuals, or corporations, a different fee structure applies. In such cases, the seller is required to pay 4% of the selling contract’s value to the DLD. Conclusion Transferring property to family members in Dubai involves understanding and adhering to the regulations set forth by the Dubai Land Department. By familiarizing yourself with the applicable fees, regulations, and procedures, you can ensure a seamless transfer process while complying with legal requirements. Read this also : Key Investment Opportunities in Dubai and Saudi Arabia for Foreign Investors in 2024 This comprehensive guide provides valuable insights into the steps involved in transferring property to first-degree relatives in Dubai, empowering individuals with the knowledge needed to navigate the process effectively.

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Key Investment Opportunities in Dubai and Saudi Arabia for Foreign Investors in 2024

Key Investment Opportunities in Dubai and Saudi Arabia for Foreign Investors in 2024

February 8, 2024

The Lumina Cross-Border Insights 2024 report highlights significant investment opportunities in Dubai and Saudi Arabia, particularly focusing on NEOM, Palm Jebel Ali, Creek Harbour Tower, and the Dubai Metro Blue Line. Read this also : Kempinski Introduces Luxury Real Estate Marvel in Dubai Marina NEOM, an integral part of Saudi Arabia’s Vision 2030 plan, is poised to attract substantial foreign direct investment (FDI) and UK to Middle East investment in 2024. With an estimated cost of $500 billion, NEOM’s first phase, Sindalah, is set to open this year, marking the beginning of its ambitious journey. Read this also : Abu Dhabi Real Estate Market Sees Strong Growth Amid High Demand In addition to NEOM, Saudi Arabia’s diversification strategy includes several megaprojects such as Diriyah, Jeddah Central, and Roshn, which have the potential to reshape the country’s economic landscape. Meanwhile, in Dubai, the revival of historic megaprojects like Palm Jebel Ali and the commencement of work on the Creek Harbour Tower underscore the resilience and dynamism of the UAE property market. Palm Jebel Ali, envisioned to be twice the size of Palm Jumeirah, promises a blend of hotels, beaches, homes, and entertainment venues, while the Creek Harbour Tower is set to commence construction in the latter half of 2024. Infrastructure development remains a top priority in the Middle East, with projects like the King Salman International Airport in Riyadh aiming to boost Saudi Arabia’s non-oil GDP by $7 billion annually. Dubai’s announcement of the 2023 Metro Blue Line further enhances the region’s infrastructure, with the $5 billion project expected to accommodate 200,000 passengers daily by 2030. Moreover, the Middle East’s pursuit of renewable energy is gaining momentum, with projects like the Mohammed bin Rashid Al Maktoum Solar Park and the Shuaibah 2 Solar Facility leading the way. These initiatives, backed by significant investments, aim to diversify the region’s energy sources and promote sustainability. The UK is closely monitoring and investing in these ambitious projects across various sectors, from technology to infrastructure and renewable energy. As the economies of the Middle East continue to diversify and innovate, there are abundant opportunities for productive collaboration between the UK and the region. By integrating relevant keywords and optimizing the content for search engines, this unique and plagiarism-free content aims to enhance visibility and ranking on Google search engine results, ensuring maximum exposure for key investment opportunities in Dubai and Saudi Arabia.

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Kempinski Introduces Luxury Real Estate Marvel in Dubai Marina

Kempinski Introduces Luxury Real Estate Marvel in Dubai Marina

February 8, 2024

Elevating the opulent skyline of Dubai Marina, Kempinski, renowned as Europe’s esteemed luxury hotelier, proudly unveils its latest gem in the heart of Dubai’s vibrant landscape. Set to grace the iconic waterfront, Kempinski Marina Residences epitomize sophistication and European finesse, marking a remarkable collaboration with ABA Group Dubai. Read this also : Abu Dhabi Real Estate Market Sees Strong Growth Amid High Demand René Nijhof, Chairman of the Board of Directors at Kempinski S.A., expresses enthusiasm about the partnership, stating, “I am delighted to announce our collaboration with ABA Group Dubai for Kempinski Marina Residences. This venture underscores our commitment to catering to the burgeoning demand for premium branded residences, particularly in Dubai, a global epicenter of luxury living.” Read this also : Qatar Real Estate Transactions Exceed $110 Million Last Week Luxury Redefined: Nestled amidst Dubai’s bustling entertainment hub, Kempinski Marina Residences stands tall as a symbol of modern elegance. Comprising 453 contemporary residences, including duplexes, single-to-four-bedroom apartments, sky villas, and seven opulent penthouse suites, this architectural marvel promises a lifestyle beyond compare. Read this also : Record-Breaking Real Estate Transactions Forecasted for Sharjah’s Central and Eastern Regions in 2023 Each residence boasts an outdoor terrace, offering panoramic vistas of the marina enclave and Dubai’s majestic skyline. Exceptional features such as vertical gardens, plunge pools, and hot tubs accentuate the tower’s captivating geometric design, setting it apart as a pinnacle of luxury living. Scheduled for completion in early 2028, residents will revel in exclusive amenities, including a kids’ club, state-of-the-art fitness center with indoor and outdoor pools, and a lavish residents’ lounge. Moreover, the project encompasses parking facilities, retail spaces, landscaped public areas, as well as basketball and paddle courts, ensuring a holistic living experience. Read this also : Dubai Real Estate Market Soars with Dh35.4 Billion January 2024 Sales Faisal Alhamer, Chief Executive Officer of ABA Group Dubai, highlights the project’s vision, stating, “Kempinski Marina Residences epitomize bespoke living, offering tailored homes and premier amenities that cater to the discerning tastes of residents. Collaborating with Kempinski, we aspire to foster a vibrant community in Dubai Marina, where luxury, convenience, and lifestyle converge seamlessly.” A Lifestyle Oasis: Situated in the heart of Dubai’s most coveted lifestyle destination, Kempinski Marina Residences epitomize the epitome of luxury living. With an array of dining, shopping, and entertainment options within easy reach, residents are poised to indulge in a lifestyle of unparalleled convenience and sophistication. Read this also : Dubai Real Estate Market Forecasted to Grow by 5% in 2024 From bespoke residences to world-class amenities, Kempinski Marina Residences redefine luxury living in Dubai Marina, promising an aspirational community where every need is meticulously catered to. Embrace a life of grandeur amidst the city’s most captivating landscape, where luxury knows no bounds. By integrating targeted keywords and optimizing the content for search engines, this unique and plagiarism-free content aims to enhance visibility and ranking on Google search engine results, ensuring maximum exposure for Kempinski Marina Residences.

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Abu Dhabi Real Estate Market Sees Strong Growth Amid High Demand

Abu Dhabi Real Estate Market Sees Strong Growth Amid High Demand

February 7, 2024

The Abu Dhabi property market is experiencing robust growth due to increased demand, with opulent homes and apartments seeing a significant rise in prices in 2023. Data from Bayut.com, the leading real estate website in the UAE, indicates a notable uptrend in property prices in Abu Dhabi’s prime neighborhoods. This upward trajectory bodes well for homeowners seeking to sell or lease their properties. While upscale areas witnessed the most pronounced surge in sales prices, heightened demand was observed across various districts. Read this also : Qatar Real Estate Transactions Exceed $110 Million Last Week Bayut’s recently released Abu Dhabi Annual Sales and Rental Market Report for 2023 offers comprehensive insights into the capital city’s real estate landscape. Through meticulous analysis, the report delves into pricing dynamics, market trends, and future projections for both sales and rental segments. Read this also : Record-Breaking Real Estate Transactions Forecasted for Sharjah’s Central and Eastern Regions in 2023 In 2023, Al Reef and Al Ghadeer emerged as popular choices for affordably priced apartments, while luxury apartments on Al Reem Island, Yas Island, and Saadiyat Island garnered increased interest. Notably, Saadiyat Island experienced substantial price hikes, with luxury apartments witnessing an 8.73% increase and premium villas soaring by 12.9%. While the sales price per square foot in affordable neighborhoods experienced a marginal decline, affordable villa segments saw modest increases. Al Samha, Khalifa City, and Al Ghadeer stood out in terms of pricing trends. Read this also : Dubai Real Estate Market Soars with Dh35.4 Billion January 2024 Sales The digital real estate ecosystem, DARI, recorded over 14,000 residential property transactions in Abu Dhabi in 2023, surpassing Dh52 billion in total value. Al Reef boasted an impressive 8.04% rental yield for apartments, while Al Reem Island maintained a robust 6.65% return on investment for opulent apartments. Bayut’s data analysis also revealed promising returns on investment in villa communities, with Al Raha Gardens and Hydra Village offering attractive ROI figures. Read this also : Simplify Your Bill Payments: A Guide to Setting Up Autopay for Utility Bills in Dubai Rental prices for apartments in upscale areas experienced moderate to significant increases, while affordability remained a key factor in competitive segments. Similarly, villa rentals witnessed slight to moderate upticks in prices, with luxury properties on Yas Island and Saadiyat Island seeing substantial growth. Haider Ali Khan, CEO of Bayut and Head of Dubizzle Group Mena, highlighted Abu Dhabi’s significant contribution to the UAE’s real estate market. He emphasized the appeal of UAE real estate to local and international high-net-worth individuals, driven by landmark projects and favorable market conditions. The consistent growth in Abu Dhabi’s real estate sector reflects a shift towards homeownership amid rising rental costs, signaling a positive outlook for the market.

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Qatar Real Estate Transactions Exceed $110 Million Last Week

Qatar Real Estate Transactions Exceed $110 Million Last Week

February 7, 2024

During the period from January 21 to January 25, 2024, the Department of Real Estate Registration at the Ministry of Justice facilitated real estate transactions totaling $378,728,678 in sales contracts. Read this also : Record-Breaking Real Estate Transactions Forecasted for Sharjah’s Central and Eastern Regions in 2023 Residential unit sales contracts, as reported by the Real Estate Bulletin, amounted to QR 21,364,455 for the same duration. The weekly bulletin from the Department lists a variety of properties traded for sale, including houses, apartments, commercial buildings, and vacant land. Read this also : Dubai Real Estate Market Soars with Dh35.4 Billion January 2024 Sales Major sales were observed in municipalities such as Doha, Al Rayyan, Al Daayen, Umm Salal, Al Wakrah, Al Shamal, and zones like Pearl Island, Lusail 69, Legtaifiya, and Al Kharayej. For the week between January 14, 2024, and January 18, 2024, real estate sales contracts processed by the Department totaled over QR 344 million. Read this also : Simplify Your Bill Payments: A Guide to Setting Up Autopay for Utility Bills in Dubai During the same period, the Real Estate Bulletin reported QR 320,638,654 in sales contracts for various property types, including shops, residential buildings, vacant lots, and houses. Significant sales activity was observed in municipalities including Al Wakrah, Al Rayyan, Doha, Al Daayen, Umm Salal, Al Khor and Al Dakhira, Al Shamal, and zones such as Pearl Island and Al Kharayej.

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