Business

Are you looking to rent property for over a couple of decades? Or do you want to buy a house to settle in for the rest of your life in the UAE? According to Law No. 19 of 2005, expatriates can own property in the form of floors and apartments. After a 2019 amendment to the real estate law, foreigners can also own land and real-estate property in investment areas on a freehold basis.Foreign residents can...

The Dubai real estate sector saw an incredible $5.8bn of transactions last weekThe Dubai real estate sector recorded more than AED21.443bn ($5.8bn) of transactions last week, according to data from the Land Department. Sales dominated the figures, with AED17.8bn ($4.8bn), according to Land Department data.In total there were 5,321 sales transactions recorded between September 30 and October 4. Dubai...

Dubai's real estate market set a new record in Q3 2024 with sales totalling Dh141.9b.Dubai: A plot of land in Al Yalayis 1 of Dubai was sold on Friday for Dh 2.83 billion ($770 million), according to data from the Dubai REST platform.The 30 million-square-foot property was sold at Dh 94 per square foot, marking one of the largest real estate deals in the city this yearEarlier this week, Dubai unveiled an...

Former Emaar Properties Group CEO debuts new Dubai real estate developer with new project near Ras Al KhorA new Dubai real estate developer has launched its debut development as it looks to make an impact on the city’s booming property market. Ayana Holding, co-founded by former Emaar Properties Group CEO Abdulla Lahej, has announced the launch of Amaal 8.Located in Meydan Horizon within Mohammed bin...

First sales from developers outnumber re-sales in the secondary marketDubai’s real estate market recorded total sales worth Dh141.9 billion in Q3 2024, setting an all-time high for a single quarter, according to fäm Properties.This eclipsed the previous quarterly sales record of Dh124.07 billion in Q2 this year, and represented a 30.1 per cent year-on-year rise in valueA market update issued on Thursday...

Samana Park Meadows comprises 221 units spread across 14 floors, including studios, one-bedroom, and two-bedroom flats, each featuring private poolsThe project covers a sellable area of 160,461.31 square feet and is set for completion in March 2028Samana Developers, a Dubai-based real estate firm, has announced a new AED220 million project called Samana Park Meadows in Dubai Land Residence Complex. The...

The co-founder and CEO of Ellington Properties shares insights on changing consumer preferences, opportunities for the market and the developer’s upcoming plansIn an interview with Gulf Business, Elie Naaman, co-founder and CEO of Ellington Properties, shares insights into the evolving landscape of Dubai’s real estate market. He discusses the company’s strategic initiatives, consumer preferences,...

Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence unveils long-term vision to spur growth in the emirateDubai on Tuesday unveiled an ambitious master plan to transform education, real estate and transport and preserve its rich heritage over the next decade.The major strategy was announced by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of...

BinGhatti believes factors like Dubai’s growing population, tenant demand, and yields still outpacing other major international financial centres will insulate the luxury market even in a potential downturnBinGhatti believes the rise of Dubai’s property market mirrors the global rise of the emirate, with the sector playing a crucial role in the city’s economic landscapeDriving around Dubai, there are...

Welcome to the Mideast Money newsletter, I’m Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance.  This week, we look at Dubai’s position as a financial center, US-UAE talks on artificial intelligence and examine why many expats are considering a move to...