RAK Properties reported revenue of Dh193.99 million in the first half of 2022, down from Dh265.10 million in the year-ago period, it reported on Sunday. In the same quarter, net profit decreased to Dh25.55 million from Dh119.81 in H1 2021. In the first half of this year, the company’s (RAK Properties) assets climbed slightly to Dh6.23 billion from Dh6.21 billion in the corresponding time in...
Residents of multiple communities in Dubai have been paying rent cheque-free since 2019. A top official from Dubai Holding Asset Management, which manages 15 communities, said the company rolled out the payment option when it launched the ‘DubaiAM Life app. Communities covered under the scheme include Remraam, Layan, Ghoroob, Ghoroob Square, Shorooq, Dubai Wharf, Manazel Al Khor, and Al Khail...
As buyer interest in Sharjah and the larger UAE real estate markets grows, Arada has seen a 30% increase in the value of properties sold in the first half of 2022. As a result of persistent demand for large, integrated communities surrounded by greenery, the developer achieved AED1.49 billion in sales at its two Sharjah megaprojects, Aljada and Masaar. Arada's first public financing transaction, a...
According to the most recent report from the Department of Municipalities and Transport, Abu Dhabi's real estate sector has been steadily expanding due to investor optimism, with 7,474 property transactions totaling more than AED22.51 billion (DMT). Various types of land, structures, and real estate were bought, sold, and mortgaged, according to the department's half-yearly report.( Abu...
Real estate and property transactions totaling AED10.9 billion were completed during the week ending July 22, 2022. There were a total of 2,509 transactions. 263 plots were sold for AED1.46 billion, and 1,716 apartments and villas were sold for AED3.67 billion. The top three transactions, according to the DLD weekly report, were a land sale in Burj Khalifa for AED167.09 million, a land sale in Al...
Ras Al Khaimah master-developer Al Hamra is gauging demand for luxury villas with pricing starting at Dh6.2 million and ranging up to Dh15 million at its Dh1 billion Falcon Island development. Early investor feedback indicates that the developer is doing well. "We sold the seven-bedroom Dh15 million villa before the second phase of Falcon Island homes were released," said Benoy Kurien, Group CEO of Al...
After recently exiting a Dubai Marina property investment, SmartCrowd, the MENA region's first and largest real estate crowdfunding platform, delivered its investors a 39.25 percent total net return (rental income + capital gains) over a 17-month period, and a 27.92 percent annualized return. The studio apartment in Marina Bay Central, Dubai Marina, was purchased by 53 investors on the SmartCrowd...
A Dubai Royal Decree provides incentives to property funds that invest large sums of money in the regional commercial real estate market. To be eligible for the benefits, these funds must invest at least Dh50 million in the properties, according to the Decree. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued it. According to...
Residential rents in most areas of Dubai continue to rise, with Discovery Gardens, Living Legends, Downtown, Jumeirah, and Dubai International Financial Centre (DIFC) experiencing the greatest increases. According to real estate analysts and industry executives, rents are increasing at the fastest rate in the last eight years, owing to the increase in population following Expo 2020, as well as the...
According to Dubai Land Department data, there were 5.5 billion dirhams in real estate transactions in the week ending July 15. There were 1,614 transactions in the emirate, including the sale of 1,004 flats and villas for Dh2.43 billion and 186 plots for Dh594.72 million.(Burj Khalifa) The top transactions, according to the DLD weekly report, involved a property in Ras Al Khor Industrial First that...
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