UAE-based Acube Developments has announced the launch of Electra, a 38-floor residential tower in Jumeirah Village Circle (JVC), Dubai, which offers residents more than 50 amenities.     Inspired by the blue-white star in the constellation of Taurus, Electra will offer 278 luxurious apartments with a mix of studios, one- to three-bedroom units, all equipped with Bosch appliances and Roca sanitary ware with impeccable finishings and a beautifully crafted Italian kitchen.   Unveiling the project, Acube Developments said construction is set to begin in Q2 2024 and handover likely in Q2 2027.   All units are installed with the latest smart home solutions and come fully furnished with 3 furniture design options to choose from. The two-bedroom apartments will offer…

Colife, a UAE-based smart-rental startup that operates as a full-cycle property management company, started the expansion into the Asian market, beginning with Hong Kong in May 2024.     From the start Colife has been revolutionizing the rental market, providing seamless solutions for purchasing, managing, and renting properties in Dubai since 2022 and in Istanbul since 2023. Now, the firm has set its sights on expanding further into the Mena and Asia regions.   These markets represent significant untapped potential for Colife's growth. By 2028, the group plans to establish a presence in 10 major cities, leveraging our innovative approach to redefine urban living and investment opportunities, said a statement from Colife.   The launch was accomplished by a core…

Three developers in Dubai have been fined Dh500,000 each for promoting and marketing real estate projects without completing the mandatory registration procedures for off-plan projects.   The Dubai Land Department (DLD) did not name the developers, but said they had violated a law on real estate development escrow accounts.   A real estate escrow account is designated for a real estate project where the funds collected from buyers of off-plan units are deposited. This account aims to regulate the construction process of the units sold, ensuring the protection of investor rights.   Ali Abdullah Al Ali, director of the Real Estate Control Department, urged investors to verify that off-plan projects are licensed and registered with an escrow account. They can check this…

  Leading developer Wasl has announced the successful launch of its luxurious One B Tower, a 48-storey building in Dubai featuring a mix of one-, to five-bedroom apartments as well as duplexes, a penthouse and a range of premium amenities. This come as part of Dubai's One Billion Meals Endowment campaign.   Following its unveiling this week, Wasl said the project received an overwhelming response from the investors and all units within the first two phases got fully sold out. Now the developer has released Phase 3 to meet the increasing demand.   A luxury skyscraper, One B Tower boasts a striking design – including a podium with an elevated ceiling and towering column structures.   It also has state-of-the-art training equipment, gym areas and yoga spaces,…

Andalusia Group Real Estate Investment and Development, spearheaded by CEO and Founder, Saleh Tabakh, is thrilled to announce the successful acquisition of a new plot in Majan, setting the stage for the launch of a high-end Parisian-inspired residential building. This strategic move marks the Group's fifth project since its inception in 2019, demonstrating a steadfast expansion of its real-estate portfolio in Dubai, which includes a diverse array of shopping malls, townhouse projects, and residential buildings.   Saleh Tabakh expresses his enthusiasm and confidence in Majan as a burgeoning area of potential, highlighting the recent surge in interest from top developers, spurred by significant improvements in infrastructure. "We believe in Majan as one of the high-potential areas…

Jumeirah Islands has become a new hunting ground for elites choosing to make Dubai their home, joining the ranks of Emirates Hills, Jumeirah Bay Island, and Palm Jumeirah.   The Islands recorded more than 10 per cent of all the deals valued at over Dh10 million over the past three years, which demonstrates that the area is able to hold its value and make it a prime neighbourhood, global real estate consultancy Knight Frank said. The most expensive home to sell in the man-made island cluster was a 4-bedroom 5,500 square foot home, which was sold for Dh28 million – or Dh5,111 per square foot – in late December 2023. The last 12 months have seen 97 homes changing hands in Jumeirah Islands worth approximately Dh1 billion. Will McKintosh, regional partner and head of…

Imdaad-Misr, a regional subsidiary of the Dubai-based group of integrated Facilities Management (FM) companies, has entered into a new service agreement with Gates Developments, a top real estate developer in Egypt. The partnership aims to provide Gates Developments' ongoing projects in the New Administrative Capital and West Cairo with comprehensive facilities management services that meet the highest international standards. This agreement aligns with Gates Development’s strategy to engage leading operational companies and enhance the quality and performance of its future projects. The agreement was signed by Mr. Mahmood Rasheed, Chief Operating Officer of Imdaad, Eng. Osama Osman, General Manager of Imdaad Misr, and Mr. Hassan Nasr, CEO of Gates Developments, during a ceremony…

The occupier market in Dubai and Abu Dhabi saw strong activity in the first quarter, driven by increased demand from new rental registrations.   In Dubai, occupier activity remained strong during the first quarter. According to data from the Dubai Land Department, the total number of rental registrations reached 46,850, representing a 35.8% increase over the previous year. “This headline growth has been largely underpinned by a 51.1 percent increase in new rental registrations, which totaled 34,461. Renewed contracts registered a total of 12,389, marking a 6.1 percent growth from the previous year,” CBRE Middle East said in its UAE Office Market Review for the first quarter of 2024.   In comparison to other global markets, the current dynamics of Dubai’s…

Dubai’s real estate development and management leader, Wasl announces the launch and development of One B Tower – a new luxury high-rise situated in a prime location overlooking the picturesque Dubai Water Canal in Business Bay. The sale of residential units is set to take place on the 28th and 29th of May.   Located strategically on Sheikh Zayed Road, One B Tower is due to be completed by Q2 2028. The project strikes a balance between luxurious modern living and nature’s beauty.   The 48-storey tower comprises one-, two-, three-, four- and five-bedroom apartments, as well as two-, three- and four-bedroom duplexes, and a penthouse.   Plans for the luxurious tower were initially revealed in March to His Highness Sheikh Mohammed bin Rashid Al Maktoum,…

Private luxury property developer Omniyat Thursday said it sold a penthouse for Dh139 million ($37.8 million) in Burj Khalifa district, making it the most expensive property in the area.   The four-bedroom penthouse at the newly opened The Lana Residences, Dorchester Collection, spans over 16,594 sqft, overlooking the Marasi Marina between the Burj Khalifa District and the Dubai Design District.   Dubai’s luxury and branded market has seen massive growth over the last three years, driven by high-net-worth individuals flocking to the city.   According to Knight Frank’s latest report, 56 properties with a value of over $25 million were sold in Dubai last year while 12 properties worth $25 million were sold in the first quarter of this year.   Dubai…

Another of Dubai’s 2005 legacy projects is being given new life.   The ‘Dubai Lifestyle City’, originally launched by ETA, recently saw 68 plots sell for Dh175.6 million. The location in Dubailand has seen significant infrastructure and development activity in recent years, making it easier for the new Lifestyle City buyer to move forward with any project.   Surprisingly, there was only one bidder on the project. Lifestyle City had been listed twice before but received no bids. (When the project was announced in the mid-2000s, it was envisioned as an upscale residential community, one of the first of its kind by a private developer. Until then, Emaar and Nakheel dominated the freehold sub-market, while private developers focused on tower…

Dubai's real estate market remained resilient during the first three months, while the residential sales market in Abu Dhabi is showing promising signs of growth in the foreseeable future, with a gradual upward trajectory anticipated in the coming months, according to property expert Asteco. Dubai’s strong economic performance and commitment to enhancing the quality of life and attracting skilled professionals will continue to attract a substantial number of expatriates, stated Asteco in its Q1 2024 real estate report.   During the three-month period, the Dubai market witnessed the delivery of over 10,000 residential units comprising 7,300 apartments and 2,750 villas.   This represents a significant increase compared to the previous quarter and sets a promising…