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Abu Dhabi: Aldar Properties to develop projects worth AED45 billion

Abu Dhabi Executive Council has approved framework between Abu Dhabi Government and Aldar Properties for development of capital projects. It will establish a public-private partnership framework for development of capital projects in Emirate, and will have a significant positive impact on economy. The projects will deliver approximately 25,000 homes for UAE nationals, and associated infrastructure over next five years.

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Dubai: This suspended bridge hotel features 8 rooms

Ras Al Khaimah has achieved another architectural milestone as it installed longest suspended bridge that connects the two buildings of the new Mövenpick Resort Al Marjan Island. The bridge is one of the stand-out features of the hotel. At 36 metres long, the bridge will feature eight hotel rooms that are set to be widely sought-after.

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BTS’ Jungkook buys INR514 million home near Indian embassy

South-Korean boy band BTS’ youngest member (maknae) Jungkook has reportedly bought a new home in Itaewon. Built in 1976, the residence is a standalone house worth INR514 million and has two floors. It is located in a diplomatic district, closer to Indian and Kuwait embassies, and is 5 minutes away from BTS’ dorm aka Nine One Hannam.

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Metro extension to benefit thousands of Dubai residents: Nakheel

Dubai based master developer Nakheel has congratulated RTA for opening the newest part of Route 2020 extension. The developer said that tens of thousands of investors and residents in some of Nakheel’s most popular communities will benefit from the opening. Four new Dubai Metro stations are set to open on 1 January 2021.

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Know what led to a house-buying spree in Mumbai

With around 18,000 Mumbai homes finding their owners in December 2020, the 'City of Dreams' recorded a new high in terms of monthly sales. The sales surged thanks to a 2% relief on stamp duty registration till the end of December. 24,000 registrations across the city and its suburbs were recorded between 1 to 23 December. From 1 January 2021, the stamp duty will go up to 3%.

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DLF's rental arm plans to acquire Hines stake in Gurugram project

Realty major DLF on Friday said its rental arm DCCDL has entered into an agreement to acquire the stake of US-based Hines in a premium commercial project in Gurugram for about USD105.8 million. Hines has around nearly 52 percent stake in the One Horizon Centre while the rest is with DCCDL. The tower One Horizon Center has a leasable area of about 813,000 sq. ft. offering high-end office spaces.

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Will Indians plan to purchase property in 2021?

82 percent of Indians intend to buy a residential property in 2021, according to a recent report. The insights were derived based on a survey conducted across Delhi-NCR, Bengaluru, Mumbai, Pune, Chennai, and Hyderabad. "After surviving the peak of a global COVID-19 economic crisis, it is refreshing to see homebuying gaining prominence amongst Indian consumers in 2021”, said Saurabh Garg, Co-Founder & CBO of NoBroker.com.

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Mumbai registers real estate 67% year-on-year rise after stamp duty cut

The Knight Frank India report indicates that around 9,301 homes were sold in November 2020, which leads to registration of a whopping 67% year-on-year (YoY) rise over the same last year. This is witnessed due to deduction in stamp duty and festive season. Mumbai has witnessed a cumulative residential sale of 22,827 units and the monthly rate during September-November was approximately 135%.

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UAE orders disbursement of housing loans to 6,100 citizens

UAE leadership ordered disbursement of housing loans of Dhs7 billion to 6,100 citizens in Abu Dhabi exempting retired low-income citizens from repaying the loans. This approval is alleviating the monetary burden of financially distressed families, which reflect positively on the social and economic stability of the families. This year, approvals were issued for more than 5,000 housing loans.

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UAE: Modon successfully demolishes Mina Plaza towers in 10 seconds

Modon Properties completed demolition of Mina Plaza Towers in Mina Zayed, Abu Dhabi, today. The building of 144 floors was blown up in 10 seconds with highest international safety measures in place. Department of Municipalities and Transport appointed Modon for demolition to redevelop designated areas of Mina Zayed. Additionally, Tomouh Healthcare conducted COVID-19 tests on 750 workers, who were moved temporarily.

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Bombay HC quashes BMC's demolition order on Kangana Ranaut's bungalow

Bombay High Court cancelled BMC's demolition order on Kangana Ranaut's bungalow, which comes as a win for the actress. The bench comprised Justice SJ Kathawalla and RI Chagla, who stated that demolition order on her property is based on "wrongful grounds, against rights of citizens, calling it nothing but malice in law". The bench appointed an architect to conduct a survey and ascertain extent of damages.

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UAE: Aldar's latest residential community in Yas Island sold out on Day 1

Aldar Properties PJSC announced that Noya, the latest residential community in Yas Island, was sold out in four hours on the first day of public launch. The sale generated over USD272 million (AED1 billion) bringing 2020 sales to over USD819 million (AED3 billion). The launch of the 510-unit development was open to customers of all nationalities, where 60% of end-buyers were UAE nationals and 40% non-UAE nationals.

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Sharjah’s real estate transactions reach AED4.6 billion in third quarter

Sharjah’s real estate sector has recorded a 10% growth in transactions concluded in third quarter of 2020 as compared to the same period last year. Figures show that up to 14,854 real estate transactions amounting AED4.6 billion were processed over Q3 2020. Transactions in the period covered 14.6 million square feet as per the latest report.

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Dubai’s property market shows upbeat pace

Dubai’s property market is a safe haven for investors despite COVID-19, due to high demand. UAE’s Binghatti Developers has launched 2nd phase of ‘Binghatti Avenue’ project in Dubai Healthcare City, costing USD163.35 million. CEO Muhammad Binghatti stated that Dubai’s real estate market has maintained its attractiveness, with Land Department data showing that 10,728 new investors entered the market.

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Dubai real estate total transactions valued at USD1.08 billion

The real estate and properties transaction in Dubai was valued at USD1.08 billion in total during week ending 22 October 2020. The Emirate sold 67 plots for USD72.55 million, whereas 825 apartments and villas were sold at USD362.10 million. Additionally, the sum of mortgaged properties for the week was USD544 million with highest being land in Mugatrah, mortgaged for USD242 million.

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India CB announces steps to boost credit flow to real estate sector

Reserve Bank of India (RBI) has implemented several measures to increase flow of credit to the country's real estate sector. The measures, according to RBI, are expected to give a boost to bank lending to the real estate sector which is critical for economic recovery. Industry experts have praised the move as they hope recovery from pandemic.

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Sharjah: Alucor leases big plots at Hamriyah Free Zone Authority

Alucor, an international contractor has signed a new agreement with Sharjah-based Hamriyah Free Zone Authority (HFZA). Alucor has leased 555,418 sqft land of the inner harbour quaside land in the free zone. Alucor was founded in UAE with over 30 years of experience in petrochemicals and other sectors. HFZA Director Saud Salim Al Mazrouei stated that the agreement constitutes proof of their success.

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UAE: Informa Market & DLD to organise 2020 event on economic recovery

Informa Markets has signed a strategic partnership with Dubai Land Department to organise Cityscape's Real Estate Summit event in 2020. The summit will focus on reviving real estate confidence and stimulate economic recovery from 16-17 November 2020. The event will be held at Dubai World Trade Centre and help drive future investment into UAE property.

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UAE's Reportage Properties launches offers for Abu Dhabi and Dubai projects

UAE’s real estate developer Reportage Properties has announced an offer which includes service fees exemptions for 10 years on all its projects in Abu Dhabi and Dubai. It also offers buyers to pay 10% as a down payment and installments of 1% each month until completion. The firm is developing 10 projects with nearly 4,000 units at its most important sites in both Emirates.

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Abu Dhabi’s Reportage Properties launches second phase of Rukan project

In a new boost to UAE’s property sector, Abu Dhabi’s Reportage Properties has announced the launch of ‘Rukan’ Tower, 2nd phase of ‘Rukan Lofts’ project in ‘Dubailand’ area. Set for completion by 2022 Q4, it includes 488 residential units, including studios, and one, two, and three bedroom apartments. Company CCO Islam Soliman has stated that the construction has recently started, and it is nearly 15% complete.

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DMCC completes real estate deal with Saudi-based Musharaka Capital

DMCC has completed a real estate transaction for a total value of USD12.6 million. The company acquired a single plot of land sale with a self-storage facility on it from Musharaka REIT Fund. The plot is located in DMCC’s and Jumeirah Lakes Towers business district overlooking Dubai’s Sheikh Zayed Road. It spans across approximately 5,400 sqm.

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Dubai: At least 17 businesses fined for COVID-19 violations

At least 17 businesses in Dubai, including 10 in real estate sector, have been fined for violations of COVID-19 prevention rules by Dubai Land and Properties Department. Dubai Economy also said it has warned a further two shops for not placing enough social-distancing stickers. While 820 businesses were found to be compliant in the latest round of inspections.

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UAE: Abu Dhabi's ADJD, DTM create Real Estate Dispute Centre

Abu Dhabi Judicial Department (ADJD) has signed a cooperation agreement with Department of Municipalities and Transport (DMT) for the establishment of a Real Estate Dispute Settlement Centre. The initiative is part of endeavours undertaken to consolidate bilateral cooperation and strategic partnership. It will improve alternative solutions for settlement of real estate disputes and reaching amicable agreements.

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Dubai land department adopts AI tech for smart valuation process

Dubai land department has announced completion of a project based on artificial intelligence in smart valuation process of real estate units. The first-of-its-kind project uses AI for smart valuation, and accurate data relying on smart tech will be provided to the customers. Smart valuation will be available on DLD’s smart app Dubai REST, and DLD expects the project will help reduce implementation time to 15 seconds.

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Adnoc and Apollo-led consortium sign USD5.5 billion real estate deal

Abu Dhabi National Oil Company (Adnoc) has entered a long-term strategic investment with Apollo Global Management and its subsidiaries. The deal is for an underlying real-estate portfolio worth USD5.5 billion, and the investment will leverage Adnoc’s rental income under a 24-year master lease. The transaction included no financing, and Adnoc will retain a 51% majority stake, maintaining full ownership.

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Jumeirah Group opens new landmark serviced residence in Dubai Marina

Jumeirah Group has launched a new serviced residence in Dubai Marina, the ‘Jumeirah Living Marina Gate’. It is the third and final tower under the USD1 billion ‘Residences at Marina Gate’ project and features 104 serviced apartments and 389 private residences. The design-led property includes 15 villas and executive penthouse with features such as open-plan kitchens, expansive areas, and many more.

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UAE: Real Estate firm posts USD24.50 million sales amid COVID-19 outbreak

Dubai-based W Capital Real Estate Brokerage listed USD24.50 million real estate sales from January to August 2020. Despite COVID-19 pandemic challenges, the company recorded more than USD2.72 million sale in first quarter of 2020 after witnessing a recent decline in US Dollar. Real estate industry have rebounded in recent months, bringing overall sales to USD10.61 million, which is 40% less than 2019.

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Dubai realty sector coping with pandemic impacts

Dubai real estate sector saw completion of nearly 14,000 residential units, in 2020 first half. ValuStrat’s Price Index report has shown that residential unit sales totalled 4,459, down by nearly 48% quarter-on-quarter. Even though transactions decreased in 2020 second quarter, rental occupancy rate has increased, showing positive signs of recovery for the sector.

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UAE's Aldar Properties offers credit card payment option to tenants

Abu Dhabi-based Aldar Properties allowed customers to pay rent via credit card starting from 18 August 2020. Customers hold option of advance online payment either monthly, quarterly, or annually avoiding any contact amid virus outbreak. The new payment option is available on all company's communities and builds of Aldar, enhancing convenience and experience. Moreover, rent-to-own initiative will be added across UAE soon.

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UAE’s Deyaar Development reports profits in 2020 H1

Deyaar Development announced its financial results for first half of 2020, reporting USD47.5 million in revenue and USD2.31 million in net profits. Deyaar CEO stated that during this period, the company was keen to ensure business continuity while taking all precautionary measures. He added that they will continue working as scheduled, and will soon start the third phase of Midtown residential project soon.

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UAE: 40% of 'Movenpick Resort Al Marjan Island' project in RAK completed

About 40 percent of total construction of Movenpick Resort Al Marjan Island' in Ras Al Khaimah stands completed and will be ready to visit by September 2021. Chairman of RAK AMI Hotel said that construction of AMI did not stop despite COVID-19 crisis as company is committed to deliver project on time. With total development of AED543 million, Movenpick Resort Al Marjan Island will have 418 hotel keys.

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UAE: Arada awards construction contract to build East Village in Sharjah

Sharjah's real estate Arada has awarded USD115.25 million to Best Building Contracting Company to build 16 residential buildings in Aljada township. According to reports, the construction of 16 apartment blocks will start immediately in East Village of Aljada and first homes are scheduled to be completed in December 2021. East Village is the most attractive location in Aljada, especially for the younger generation.

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UAE: Baniyas North Project phase 1 launched as part of Ghadan 21 programme

HH Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Executive Office, launched the Baniyas North residential project as part of Ghadan 21 programme. He also approved the contract for 1st phase development to Modon Properties, worth USD871.2 million for building 1,365 houses. He announced his visit to Baniyas North sales center, and also viewed the project’s master plan.

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Real estate in Dubai records transaction worth USD19.7 billion in 2020 H1

Dubai real estate market continued posting positive numbers despite pandemic, reporting USD6.67 billion in transactions in first half of 2020. Reports show that 22,779 procedures were recorded in the period, representing a total value of USD19.7 billion. In terms of investments, 14,688 investors in total, finalised 18,463 investments worth USD8.75 billion in the same period.

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Reportage Properties to hand over 3 projects to Abu Dhabi by 2021

Abu Dhabi based Reportage Properties revealed that many of their projects are under construction and will be completed by 2021. The company confirmed that more than 50 percent of their projects are done and over 3 projects will be handed over to Abu Dhabi by end of 2021. Company CEO also revealed that Reportage Properties is developing 8 projects in the UAE and 6 in Abu Dhabi.

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Bank of Canada’s low rate plan impacting housing speculators

According to Canadian housing market experts, decade-low interest rates will spur housing investment in the country but it will also make the situation less clear for everyone. As people continue to lose jobs they might not have enough to pay for a home that they purchase due to lower interest rates, a broker said. Bank of Canada has set home loan rates to the lowest in a decade.

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UAE: Nakheel announces property sales worth AED600 million in four months

Dubai based developer Nakheel has sold nearly 250 properties in past 4 months, amounting to a value of AED600 million. Ready to occupy villas saw most demand, with villas in Nad Al Sheba topping the lists. Nakheel has sold 205 total villas at Nad Al Sheba community and saw a demand surge in Al Furjan, where 36 homes have been sold since March 2020.

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Statistics Centre Abu Dhabi: Construction Cost Index prices stable in 2020

Figures by Statistics Centre - Abu Dhabi (SCAD) show that Construction Cost Index (CCI) was stable in 2020 first quarter, standing at 98%. Prices of ‘Manpower’ group fell by 2.8% in 2020 Q1 as compared to 2019 Q1. Producer Price Index (PPI) rose by 1.9% from 76.3% in 2019 Q1. UAE’s overall GDP has estimated grown by 1.7% in 2019, with the hydrocarbon sector growing nearly 3.4% in 2019.

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Dubai Land Department and Amlak Finance sign MoU to boost investment

Islamic real estate financer Amlak Finance and Dubai Land Department (DLD) announced a new MoU, aimed at allowing investment in ready properties listed by the financier. It will offer instalment plans for upto 6 years, focusing on enhancing investment in Dubai real estate and growth in vital property. Buyers will be able to invest in properties with options for purchase and price divided into a tenured plan.

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Dubai's iconic 'One Za'abeel' takes final shape, structure ready for 'lift'

The final slide of Dubai's iconic One Za'abeel is completed at ground level. The structure, which is also known as The Link, weighing a total of 7,100 tonnes, will be lifted 100m above ground level to its final position which will connect two towers. Currently, The Link is positioned over The Happiness Bridge in Dubai's Financial District. The world's largest cantilever, The Link will provide 360-degree views of Dubai.

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UAE property sector shows growth despite pandemic challenges

With the help of various incentives and initiatives announced by UAE government, property sector in the country is performing well even during COVID-19 pandemic. Reportage Properties announced AED402 million sales in the first half of 2020, a growth of 200% compared to AED137 million for the first half of 2019. While global property sector has posted a decline, it has shown utmost resilience in UAE.

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British house prices fell due to Coronavirus shock to economy

Mortgage lender Nationwide claimed on 2 July 2020 that the price of houses in Britain has fallen by 0.1% from June 2019. For the first time since 2012, such a decline in annual terms was reported, whereas monthly price outlined 1.4% drop compared to 1.7% in May. The Bank of England published data last week indicating lowest mortgage approval numbers while government is easing restrictions on housing market.

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Australia announces 'First Home Loan Deposit Scheme' for first-home buyers

Australia Prime Minister has stated that over 10,000 more citizens will be able to purchase their first home with a deposit as low as 5%. This is possible due to the new First Home Loan Deposit Scheme, which has already helped 10,000 people in its first year. The scheme is a government initiative that aims to support eligible buyers, with a panel of 27 participating lenders.

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Dubai’s house index increased by 12.1% in May: DLD

Dubai Land Department (DLD) announced on 28 June 2020 that emirate's sales house index increased by 12.1% in May 2020. The results were announced as part of third edition launch of ‘Mo’asher’ in cooperation with Property Finder. DLD recorded a total of 1,440 sales transactions worth AED2.47 billion. This brings the total to 13,590 sales transactions in first five months of 2020 worth AED27.8 billion.

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UAE: Real estate insurance is necessary to protect from potential dangers

Walid Al-Zarouni, a real estate expert in a statement highlighted the necessity of residential building insurance and its content from any damages and losses. Damages caused due to fire, explosion, or theft can be recovered if complied with terms and conditions of the insurance policy. However, Dubizzle's recent survey showed insurance is not one of the priorities for home seekers including 63% of respondents in UAE.

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Demand for villas is rising as people seek more living space: Nakheel

Dubai property developer Nakheel stated that demand for villas has increased, as people look for more space indoor and outdoor, to adapt to changes. Nakheel reported sales worth AED223 million in last three months, selling 70 villas, AED170 million in value. Nakheel Chief Commercial Officer stated that people are rethinking living arrangements as movement restrictions lead to more time spent at home.

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UAE realty turns to tech solutions to address post-pandemic needs

COVID-19 pandemic interrupted growth of UAE’s real estate industry, which will need to collectively implement a new model of facility management services. Technology partners in the real estate industry are rolling out initiatives such as REbuild, a ready-to-deploy operations toolkit. AI-driven analytics can use this data to give building owners and managers instant insights that they can implement.

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UAE’s property sector on track despite COVID-19 outbreak

UAE’s property sector is expected to be on track despite outbreak of Coronavirus pandemic. More than 20,000 units have been completed in the first four months of 2020, despite an economic slowdown noticed globally due to COVID-19. One of the leading real estate developers, Reportage Properties announced total sales of AED 260 million from January till April 2020, with eight projects undergoing in Abu Dhabi & Dubai.

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Dubai Land Department introduces remote property registration system

Dubai Land Department has introduced a new system that allows direct interaction between the property seller and buyer to finalise the procedures through audio-visual communication. Dubai Land Department has successfully completed 550 transactions worth AED600 million through this system. The system also facilitates digital money transfer through an escrow account that protects the rights of all parties.

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Ajman Ruler issues Law regulating real estate development in certain region

HH Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, has issued Law No. 02 of 2020 pertaining to the regulation of real estate development in the Emirate of Ajman. The law is aimed at regulating real estate development projects in the emirate to forge a safe investment environment in the sector. It also focused on achieving a balance between the interests of both the developer and the buyer.

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