Dubai realty sees a studio rush

Dubai: Prospective buyers eyeing off-plan launches in Dubai are being spoiled for choice. Over the next few days, they have the option to choose a Dh285,000 studio at Dubai South (at The Pulse cluster) or opt for a Dh895,000 unit right at the heart of Downtown Dubai and “adjacent to the Canal”. If all goes…

Real estate brokers in Dubai now need to gain approval for property ads

Dubai property brokers will need approval before issuing advertisements and social media campaigns under new rules. Brokers this week received a circular from the Real Estate Regulatory Agency (Rera) alerting them to the need to apply for permits before issuing “any real estate announcements” – this includes print and radio ads, as well as those…

Dubai property set for return to growth next year, says Knight Frank

Dubai’s residential property market is heading for a “soft landing”, with a flattening of prices expected for the remainder of this year ahead of a likely increase next year, according to Knight Frank. The property consultancy’s latest Inside View report released yesterday says that after “a period of restraint” caused by lower oil prices and…

Azizi Developments launches Dh250 million residential project at Al Furjan in Dubai

Azizi Developments on Wednesday launched the Dh250 million Azizi Shaista Residence project at Al Furjan in Dubai. The 12-storey development will have 284 residential units – 137 studios, 124 one-bedroom apartments and 23 two-bedroom apartments – when completed in 2018. “Azizi Shaista Residence is prudently located near the Expo 2020 site – the meeting point…

Activist shareholder succeeds in removing Hill International’s founder from its board

The US construction consultancy Hill International has acceded to demands from the activist shareholder Bulldog Investors by removing three directors, including the founder Irvin Richter. The company, which earned 48 per cent of its US$631 million in consulting fees from the Middle East last year, stated that it had settled a legal case filed by…

Gulf Related chief bullish on prospects for Al Maryah Central despite market slowdown

Michael Fahy Developer Gulf Related is bullish about the prospects for its US$1 billion Al Maryah Central development after announcing that 50 per cent of the retail space within the 2.8 million square feet project has already been let. Ken Himmel, the company’s co-managing partner, yesterday acknowledged that as a result of the recent slowdown…