Equitativa (Dubai) Limited, manager of Emirates REIT (CEIC) PLC, has reported FY 2023 financial results for Emirates REIT. The REIT experienced strong growth, with record property income.   Commenting on Emirates REIT’s 2023 performance, Thierry Delvaux, Chief Executive Officer of Equitativa, said: “The past year represents a major milestone for Emirates REIT, with record revenues and positive operating profits built on a strategy based on asset performance optimization. With a well-managed diversified portfolio of premium commercial, retail and educational assets in Dubai, Emirates REIT is well positioned to build on our strong foundations for growth.     We signed a significant number of leases at lower rates during the COVID crisis, which are now coming…

In Dubai in the first quarter of 2024, developers from both domestic and foreign companies are launching projects at a rapid pace—on average, more than one launch per day. Based on preliminary data from Cavendish Maxwell’s Property Monitor, almost thirty new off-plan projects were launched in March 2024, with 10,000 units coming up for sale over the month. “These projects now bring the total number of launches in first-quarter of 2024 to an unprecedented 34,000 units spread over 120 projects — an average of a new launch every 18 hours,” said Zhann Jochinke, director of marketing and research at Cavendish Maxwell. “This phenomenal level of activity in the off-plan market shows no signs of abating anytime soon, and will likely continue for the…

In the Dubai Hills district, developer Binghatti, based in Dubai, is starting a brand-new, massive real estate project. The development known as Binghatti Hills is expected to be the biggest undertaking in Dubai Hills, encompassing 1,666 residential units spread over an extensive land area along with 21 retail spaces. The Four Seasons Jumeirah in Dubai will host a four-day sales event after the project’s unveiling ceremony on April 29. First glimpses of Binghatti’s ambitious plans to create a historic development for the Dubai Hills community will be given at the ceremony. According to a statement from the developer, Binghatti Hills takes its architectural cues from rolling hills and seeks to emulate the peace of hillsides. It will have private pools and verdant sky gardens…

Residents of Dubai who were impacted by the storm can now use WhatsApp to get in touch with the authorities for assistance with property damage from the rain. This is in response to Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum’s directive to the relevant authorities to prepare for severe weather. By these directives, the Mohammed bin Rashid Housing Establishment’s Executive Director, Omar Hamad Bushahab, formed a committee to review all requests from impacted residents and decide how to proceed, “giving priority to maintaining all their damaged homes and restoring them.” On the WhatsApp app, a number (0583009000) has been set aside to take support requests from impacted citizens. He continued by saying that all requests for assistance from residents…

WSP Middle East, one of the world’s leading professional services firms providing strategic advisory, engineering and design services, has announced the launch of its real estate advisory services unit in the region. This strategic move speaks directly to evolving market dynamics in which more clients are seeking out comprehensive, end-to-end project lifecycle services underneath a unified platform, said a statement from WSP. With over 3,000 trusted professionals across the region, WSP Middle East comprises four multi-disciplinary business units which are geared towards future-proofing the built and natural environments - Advisory Services, Transport & Infrastructure, Project Management Services, and Property & Buildings. WSP’s Real Estate Advisory team will be led…

Both local and foreign developers are aggressively launching projects, averaging more than one launch every day in the first quarter of 2024 in Dubai.   According to preliminary numbers released by Cavendish Maxwell’s Property Monitor, new off-plan project launches in March 2024 reached close to 30 projects with 10,000 units being added to the market for sale throughout the month.   “These projects now bring the total number of launches in first-quarter of 2024 to an unprecedented 34,000 units spread over 120 projects — an average of a new launch every 18 hours,” said Zhann Jochinke, director of marketing and research at Cavendish Maxwell.   “This phenomenal level of activity in the off-plan market shows no signs of abating anytime soon,…

The Emirati developer Binghatti is launching a new mega development in Dubai. The landmark project Binghatti Hills is set to become the most expansive development within the community. The unveiling of this project will be held on the 29th of April followed by a four-day sales event in Four Seasons Jumeirah, Dubai.   The exquisite project will comprise a total of 1666 residential units and 21 retail spaces. Drawing inspiration from the natural contours of terrains, Binghatti Hills seeks to capture the serene ambiance of a rolling hillside and translate it into an architectural masterpiece that embodies the spirit of tranquility amidst the bustle of city living.   Binghatti Hills will feature private pools and lush sky gardens interwoven into the fabric of the architectural…

Many people in Dubai and Sharjah who reside in areas that are still flooded said they didn’t plan to renew their tenancy contract upon expiry. They revealed their plans to relocate to other neighbourhoods which were less flooded.   Residents of some areas were struggling to return to their normal lives as streets were still flooded even six days after the rains on Tuesday, April 16. Areas in Al Majaz, Jamal Abdul Nasir, Al Wahda, Mudon, Warsan, Discovery Gardens and a few others were still flooded on Sunday evening and many tenants were forced out of the buildings as power and water were yet to be restored.   These areas of the two emirates were flooded in March this year also after heavy rains.   This has prompted residents to think not to renew their existing…

Citizens in Dubai affected by the storm can now contact authorities through WhatsApp to receive help with damages sustained to property during the rains.   This comes after Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum directed the concerned authorities to plan for extreme weather conditions.   Under these directives, Omar Hamad Bushahab, Executive Director of the Mohammed bin Rashid Housing Establishment established a committee to study all requests from affected citizens and determine how to address them, while "giving priority to maintaining all their damaged homes and restoring them.”   The number (0583009000) has been allocated on the WhatsApp application to receive requests for support from affected citizens.   He added that the Committee for the…

Riding the crest of a property boom on the back of a remarkable surge in investment inflows through the first quarter, Dubai’s realty is projected to see a 24.6 per cent increase in high-net-worth individuals by 2025, “propelling the ultra-luxury segment to unprecedented heights”. In the first quarter, Dubai’s residential property market surged to $110 billion boosted by a 55 per cent surge in investment inflows, with 42 per cent of new investors hailing from international markets, Springfield Properties, a leading real estate brokerage in Dubai, said its Quarter 1, 2024 Market Insights Report. “Building upon the record-breaking achievements of 2023, Dubai’s residential market continued its upward trajectory in Q1 2024, with an impressive 37,134…

Dubai developer highest ever property sales of Dh40.3 billion for 2023 The Annual General Meeting (AGM) of Emaar Properties PJSC was held in Dubai on Monday, April 22, 2024, where shareholders approved the Board of Directors’ proposal for a notable dividend of 50 fils per share amounting to Dh4.4 billion ($ 1.2 billion), underscoring the company’s robust profitability and commitment to shareholder returns and reflecting the company’s strong financial health. Both the auditor’s report and the board’s report on the company’s activities and financial position for the year 2023 were approved at the meeting.   At the AGM, the board of directors reported the company’s strong performance in 2023 and discussed the rigorous measures taken to ensure…

As Dubai became inundated with record-breaking rains, the city’s various authorities worked round the clock to ensure infrastructure was affected as little as possible and life resumed to business as usual quickly.   “It may take a few days for the city to return back to normal but recovery efforts have been good"   Dubai rains provide ‘opportunity to enhance emergency response systems’: Crown Prince   Here are 5 key things the city has done:   Roping in property developers to help   The Crown Prince of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, directed the Dubai Land Department and the Real Estate Regulatory Agency to coordinate with property developers to expedite the restoration of…