Almost 50 per cent of the households in Dubai earn between Dhs9,000 to Dhs15,000 per month and can only afford rents ranging from Dhs32,500 to Dhs54,000 per annum, a new study says.
The 1.9 km Night Souq, coming up on the south island, will be within walking distance of hotels, residences and the Deira Islands Mall.
The rents across Sharjah rose two per cent quarter-on-quarter during the third quarter, a new report says.
Revenue for the quarter was Dhs1.98 billion, down from Dhs2.35 billion a year ago.
Platinum Residences, in Dubai Silicon Oasis, will comprise of two towers, featuring 200 apartments and will be completed by April 2015.
The company made a net profit of SAR89.9 million ($24.0 million) in the three months to Sept. 30.
The International Monetary Fund also said on Monday that rises in Dubai property prices had moderated, and were now less of a concern.
The mega development, spread across six million sq metres, will include residences, integrated transportation systems, and green open parks.
A senior IMF official said that risks in Dubai’s real estate market seems to have decreased partly due to the measures taken by the government in limiting speculative buying.
The Gate and Arc Towers development located in Shams Abu Dhabi are made up of 3533 units, of which Aldar retained over 1300 units as part of their recurring-income portfolio.
Part of the Emaar Square integrated community, it marks the first full fledged hotel and residence project of The Address Hotels and Resorts brand in the international market.
Manazel Real Estate has launched 860 two and three-bedroom villas in the new Al Reef development.
eyaar, one of the companies worst hit by Dubai’s property market collapse in 2009-2010, made a quarterly profit of Dhs78.5 million.
Saudi Arabia’s largest listed developer plans to spend over SAR1 billion on projects in 2015.
The company’s new projects will mostly target mid-income buyers and tenants, CFO Greg Fewer said.
Christie’s will not be taking an equity stake in the new affiliate but will provide marketing and PR support.
While average rents dropped in Q3 compared to Q2, rental rates recorded double digit increases on a year-on-year basis.
The project will be spread across a total area of 25 million square feet and will be located along Emirates Road.
In March, Arabtec said it would build one million homes in Egypt in a $40 billion project backed by the Egyptian and UAE governments.
Brent crude oil sank to a four-year low below $83 a barrel last week because of ample supply and the prospect of a weak global economy.
The new hotels and serviced residences will be launched over the next five years across Dubai, Abu Dhabi, Jeddah and Istanbul.
The project is expected to be completed by December 2016, the developer said in a statement.
Emaar said the sale of the land, which is yet to be concluded, was in the “normal course of business”.
Badrah Pavilion is Nakheel’s sixth neighbourhood retail centre and will serve 800 homes at the developer’s Badrah and Veneto communities.
The project is the highest residential development in Palm Jumeirah and is scheduled to be finished by 2017.
The developer reported a net profit of Dhs2.6 billion, aided by strong growth in its retail and leasing businesses.
Luxury SQft will focus on the UAE’s affluent areas and will have only 100 real estate agents promoting their properties.
As per the deal, Omagine LLC will design, develop, own and operate a mixed-use project called the Omagine Project in the Sultanate.
Although this year’s Cityscape saw bigger displays and numerous new project launches, experts say the market is leveling off.
The developer is also looking to list its hospitality unit following the $1.6 billion Emaar Malls Group listing last month.