Real Estate

Dubai’s famous man-made island Palm Jumeirah is now a hot property thanks to a new wave of launches like Nakheel Mall and a raft of great deals such as Garden Homes and Signature Villas with a lower price tag, says a leading brokerage Appello Real Estate.

Orascom Construction, a leading global engineering and construction contractor, has secured a major contract from Ora Developers, a designer and developer of luxury lifestyle destinations, to build the first phase of ZED Sheikh Zayed in Egypt.

Majid Al Futtaim, a leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa and Asia, has set March next year for the launch of its new mall in Sharjah – the City Centre Al Zahia.

Union Coop, the largest consumer cooperative in the UAE, has announced that work on its new residential and commercial project at Al Salamah – Area 3 in the northern emirate of Umm Al Quwain is progressing as per schedule and will be ready by the end of 2021.

Kleindienst Group, the UAE’s largest European property developer, says work is well advanced on its $5-billion masterplanned leisure tourism island destination - The Heart of Europe - with Phase One, which includes Portofino Hotel, an authentic Italian retreat in Dubai, set for completion by the fourth quarter.

UAE-based Azizi Developments has announced that 21 per cent of the work had been completed on its key project Berton – a 245-unit residential development overlooking scenic vistas of Dubai’s skyline – and is on track for mid-2021 completion.

Diyar Al Muharraq, one of the largest real estate development companies in Bahrain, says work is in full swing on its affordable housing project, Jeewan, being developed as part of the Deerat Al Oyoun affordable housing project.

The Sharjah Airport International Free Zone (SAIF Zone) has announced the completion of development works on U2 Area, a new dedicated district for stores and warehouses. The U2 Area features 70 world-class and mergeable stores with each of which spreads over an area of 600 sq m.

Abu Dhabi’s Q1 real estate deals, mortgage values up 22pc Abu Dhabi’s real estate market has witnessed marginal declines in both values and rents during the first three months of the year. The market, however, saw a 22 per cent increase in transactions and mortgage values which rose to Dh19.2 billion ($5.