Buyers want more for their money, says Damac

Dubai luxury developer Damac said the current property market conditions have led to buyers seeking better value. Dubai’s Damac Properties reported a 1.3 percent rise in its fourth-quarter net profit on Tuesday, according to Reuters calculations. The developer reported a net profit of 854.6 million dirhams ($232.7 million) for the three months to Dec. 31,…

Aldar Properties expects lower 2017 sales after flat Q4 profit

Aldar Properties expects lower sales in 2017, its chief financial officer said on Tuesday after the builder of Abu Dhabi’s Formula One circuit reported flat fourth-quarter profit. Net attributable profit fell to 727.9 million dirhams ($198.2 million) for the three months to Dec. 31 from 734.6 million a year earlier, Reuters calculated from Aldar’s annual…

Danube Properties says 95% of ‘Miraclz’ project sold

Danube Properties has announced that 95 percent of the recently launched Miraclz project has been sold. The $109m (AED400m) ‘Miraclz’ tower, located at Dubai’s Arjaan neighbourhood close to Miracle Garden, has of 591 apartment units ranging from studio to two bedroom apartments. Each unit where each home is fully furnished and equipped with modular furniture,…

Abu Dhabi looks for spark in residential sector

Abu Dhabi’s real estate market witnessed a continued slowdown last year, triggered by the decline in oil prices and subsequent impact on government spending, and consolidation of businesses across various sectors. Against this backdrop of macroeconomic uncertainty, landlords have come under increasing pressure as tenants look for more affordable accommodation, with large units being the…