Real Estate

DUBAI / WAM Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum approved the new strategy for Building Permit Procedures Development in Dubai. The strategy will ensure speeding up the process of acquiring building permits from concerned government entities to assist investors in the real estate sector. The new strategy, ...

DUBAI / Emirates Business Abdul Rahim Architectural Consultants (ARACO), a leading engineering consultant in design and project management in the UAE, has been selected from more than 40 firms to provide design and consultancy services for Abu Dhabi Housing Authority’s (ADHA) Bayti initiative, which streamlines the process of building homes for Emirati nationals. Launched in late 2016, the Bayti initiative ...

Bloomberg Living in the world’s most-expensive property market means having to set aside more than half your income as mortgage payments. Hong Kong’s mortgage-payment-to-income ratio rose to 54.2 percent in June, the highest since 1998, figures from Centaline Property Agency show. The low affordability is a result of the steep rise in home prices, which have kept soaring despite efforts ...

DUBAI / WAM Lootah Real Estate has signed a deal with Dubai South to develop more than one million square foot of housing units at the site’s residential district. The agreement, which is a joint venture between Lootah Real Estate and Dubai South, will result in the construction of 1,150,548 sq ft of residential units over a number of phases. ...

ABU DHABI / Emirates Business Employment uncertainty and the rising cost of living continues to build deflationary pressures in the residential leasing market. As a result, residents are becoming increasingly cautious with their spending and gravitating towards affordable housing options, according to the latest Abu Dhabi MarketView by global real estate consultancy firm CBRE. As of Q2 2017, average rentals ...

Bloomberg Irish home prices will surge at the fastest pace in Europe in coming years, fueled in part by bankers moving to Dublin as the UK prepares to depart the European Union, S&P Global Ratings said. The price of a house in Ireland will increase 8.5 percent this year and 7 percent in 2018, S&P said. That’s the fastest rate ...

Dubai / Emirates Business Dubai Land Department (DLD) has released its H1 2017 Transactions Report up until June 30, through the Real Estate Research and Studies Department, announcing that total real estate transactions for this period reached a value of AED 132 billion, achieved through 35,571 sales, mortgages and other transactions. The report reveals that the market has achieved a ...

Bloomberg Gerald Ronson’s UK property company plans to sell its stake in the City of London office building known as Heron Tower, a person with knowledge of the matter said, as overseas investors pay record values for properties in the financial district. Ronson’s Heron International owns about a third of the 46-story skyscraper officially called 110 Bishopsgate. The stake will ...

Bloomberg Move over Kensington and Chelsea. The area of London that’s seen the biggest jump in property values over the past five years has been Waltham Forest. According to mortgage lender Halifax, prices in the capital’s northeast borough have jumped 93 percent since 2012 when the city hosted the Olympic Games nearby. That outstrips the 57 percent gain across Greater ...

DUBAI / Emirates Business Deyaar Development PJSC, one of the UAE’s leading property development and real estate services companies, has launched Deyaar Al Khair, an initiative that will provide free maintenance services to underprivileged families across the country through its subsidiary, Deyaar Facilities Management (DFM). As part of its initiative, Deyaar has signed memorandums of understanding with the Beit Al ...