Landslides Swallowed Up Houses in California. Owners Still Have to Pay | Kanebridge News
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Landslides Swallowed Up Houses in California. Owners Still Have to Pay

Ongoing slides have caused devastating damage to homes on the Palos Verdes Peninsula, but owners remain on the hook for mortgages and other monthly fees—even if their properties are completely destroyed

By NANCY KEATES
Fri, Sep 27, 2024 10:18amGrey Clock 10 min

When Nic and Alison Grillo bought their home seven years ago in the Seaview neighbourhood of Rancho Palos Verdes, Calif., south of Los Angeles, Nic knew that the wider Palos Verdes Peninsula had multiple landslide zones. He grew up there.

But he had never heard of any issues happening in Seaview itself. An adjacent neighbourhood, called Portuguese Bend, is where there had been slides since the 1950s. Nic studied the geologist’s report he received and hired an inspector before closing on their four-bedroom, 1,800-square-foot, 1956 ranch house for $1.195 million. “I felt comfortable buying,” he says.

Then, in the summer of 2023, his neighbourhood started coming apart.

Today, there are foot-long cracks on the outside and inside of his house. Since June, two houses nearby have partially collapsed due to landslides and have been deemed unsafe; others were abandoned by owners spooked by the constant creaking of their houses as they were pulled apart by the ground crumbling beneath them. Power and gas were cut off in September, and some worry the sewage system will be next, which would mandate evacuation.

Nic, 45, estimates that he and Alison, a 42-year-old health clerk at an elementary school, have spent more than $25,000 over the past few months in an attempt to stay in their home. He bought a Tesla power wall and solar panels a few years ago, in case there were occasional power outages, but he never anticipated having to use them indefinitely. Now he’s added a generator, a propane tank, and a tankless water heater. They are using an REI solar camp stove to cook until they get hooked up to propane. They go days without showers.

Alison says they don’t want to leave, since two of their children are still in local schools. However, she says it has been hard not to get overwhelmed by it all. “This isn’t sustainable,” she says.

Nic, who works in medical-device sales, says he can’t afford to buy another house somewhere else because he doesn’t see any chance of selling the one he already owns, even at a discount, given what’s happening around it. His homeowners insurance doesn’t cover damages caused by land movement, which is standard for policies in the U.S.

“It’s scary. We are just taking it one day at a time,” he says.

Life in a Slide Zone

The roads on the Palos Verdes Peninsula, which juts into the Pacific Ocean south of Los Angeles, have been cracking for decades. A landslide in 1956 damaged over 100 houses in Portuguese Bend and has been moving ever since. In 1980, farther up in the city of Rolling Hills, a section known as the Flying Triangle started sliding. The movement was at a rate of 5 to 7 feet a year.

Now, triggered in part by periods of exceptionally heavy rainfall over the past two years, the rate of land movement has increased significantly. Some areas had reached a velocity of 7 to 13 inches a week and are currently averaging about 8 inches a week, or about 80 times faster than it was moving, on average, in October 2022, according to Mike Phipps, a geologist whose firm was hired by the City of Rancho Palos Verdes.

Geologists discovered a second slide this summer that is about twice as deep as the other tracked slides. That has been pushing out the slide area to almost double its size, from 380 acres to nearly 700 acres, says Phipps. A major concern is that it will continue to expand farther uphill, he says. Movement in another adjacent city, Rolling Hills, led SoCalGas to shut off gas on Sept. 16 to 37 homes, with a warning that power would follow in coming days.

About 44% of the country is at risk for a landslide, according to a new report by the United States Geological Survey. Homeowners in one of the Palos Verdes Peninsula slide areas, as in any of the areas across the U.S. that have been hit by landslides, such as Washington and western Pennsylvania, find themselves in a unique kind of financial hell. Insurance companies don’t write standard homeowner policies that cover landslide losses and surplus landslide policies aren’t available right now in California, according to the Insurance Information Institute. Mortgage companies expect loans to be paid, even if the underlying asset no longer exists or is damaged with no chance of repair; forbearance and forgiveness decisions are up to the individual bank, and they are loath to grant them.

Although some state legislatures, such as in Pennsylvania, are working to address the lack of financial recourse for slide victims, no measures are currently under way in California. If the area were declared a major disaster by President Biden, it would trigger access to emergency funds for individual homeowners via the Federal Emergency Management Agency, but the state of California hasn’t yet requested this declaration, saying the current situation doesn’t meet federal requirements for such action.

As a result, owners who don’t want to declare bankruptcy must still pay their mortgages, property taxes—barring a reassessment, which can sometimes take months—homeowner association and other fees, even if their home, and the land it sat on, no longer exists. For those whose homes are damaged, owners are left with few options except to either walk away or stay put and hope their home doesn’t sustain any further damage. Others believe the landslides will abate at some point in the future and trust that they will be able to sell their home when potential buyers simply forget about the landslide threat.

Wei Yen, 74, a retired finance officer, and his wife, Leesa Yen, 66, a teacher, owned one of eight homes that, in July 2023, slid off a cliff into a canyon in Rolling Hills Estates, in an area that had never had a landslide before. It is completely separate from the Portuguese Bend slide complex. The city has a mixture of townhomes and single-family homes that sell for anywhere from $1 million to $4 million. Five other homes were badly damaged.

The Yens bought their 2,000-square-foot, three-bedroom, three-bathroom townhome on Peartree Lane in Rolling Hills Estates in 2010 for $765,000. In early July 2023, Leesa noticed a skinny, 7-foot-long crack on the tiled patio outside the front door. A few days later, Wei noticed that the crack had expanded. The next day, one of their neighbors called the fire department over similar cracks. The department advised all the homeowners in the surrounding block to pack up essentials just in case. About six hours later, Wei was given 15 minutes to evacuate by the fire chief. By 9 a.m. the next day, the house, and the land on which it sat, started sliding into the adjacent canyon. “I was lucky to get out of there in time,” says Wei.

Now, a year later, the Yens’ home equity is gone. The property had been worth $1.55 million, according to Zillow , just before the slide. Now it is worthless, according to a letter from the city assessor’s office. They have a small mortgage, which they have no plans to ask the bank to modify because they worry their credit rating will be impacted and because they say they can afford it and feel responsible.

They are renting an apartment and had to buy new furniture and clothing, all of which is eating into their retirement savings. They lost what they estimate is around $500,000 worth of items that were precious to them, including antiques and art Wei collected throughout Asia in the 16 years he lived in Hong Kong. They are worried about looters, since the bottom of the slide is right next to a public trail. The danger of the collapsed structure has kept the Yens and public officials from going in.

“Mentally it’s very challenging,” he says. “I’m talking to a therapist for the first time in my life. I’m decimated by this. I see no way out. We asked for help and everyone said they’d do their best, but it’s been empty promises.”

“I didn’t realise I would have to start worrying again about finances in my 70s, ” he says. He says he might have to find a job.

Over in Seaview, Matt Stelwagen, 44, a supply-chain manager for a hospital, and his family moved out of their home in August. He bought his house in June 2022 for $2.5875 million. It was meant to be his forever home, where he and his wife could raise their son, who was 1 year old at the time. The pool cracked in July 2023. Over the next year, the floors started coming apart and the windows and doors would no longer shut. The floors became so uneven he could feel the house tilt, he says. The creaking noises at night from the moving and cracking were terrifying.

“We got to a point where mentally it was better for our stress levels and our son to get out,” he says. They are still paying the mortgage and taxes on the house, along with the rent on the house where they now live, a financial burden he says is staggering: His housing cost is now more than half his income. He’s paying for it through his salary and from savings. “We are stretched,” he says. “You make it work because you’re a parent and you want to provide a stable home life.”

He plans to get the house reassessed so he doesn’t have to pay such high taxes.

“We are exhausted,” says Stelwagen. He says he’s gone through stages, first feeling scared, then really upset and angry, and most recently putting his head down and trying to figure out what to do. “No one will come in with a cape and save me,” he says.

No One With a Cape

Efforts to stabilise the Portuguese Bend slide complex, moving for decades, stepped up in August 2023, when the city of Rancho Palos Verdes received a $23 million federal grant from FEMA. But the discovery this past summer of the deeper slide has made mitigation much more complicated.  The project is being revised because of emergency work and the discovery of the deeper movement. Whether current attempts to slow the movement will be successful is still uncertain, says the geologist Phipps. The landslide velocity has decelerated since July, but it is still moving a foot a week in some areas. That means within a week of drilling a well to dewater the ground, that well could be damaged by the landslide. “It’s a Herculean task,” he says.

Lacking other financial recourse, dozens of residents affected by the slides in Seaview and Portuguese Bend have individually and jointly filed legal claims, alleging myriad failures that have contributed to the slide activity, including insufficient stormwater sewers and drains. Defendants include the city of Rancho Palos Verdes, the city of Rolling Hills, CalWater, Los Angeles County, and the Rolling Hills Community Association of Rancho Palos Verdes, exposing hundreds of homeowners in Rolling Hills to liability.

Rancho Palos Verdes mayor John Cruikshank says he fully understands why people are frustrated. He thinks Southern California Edison should be more open to alternative energy sources, such as power walls and solar; he’s working to get the state to expand its emergency declaration and to request FEMA funding so that both will also support individual homeowners who have been displaced. But suing the city doesn’t make sense, he says. Of its 15,000 homes, about 400 are in the landslide area. “Everyone’s tax dollars are going to help. Why are we being sued by people who we are trying to help?” he says.

These legal fights could take years to resolve and owners are in need of assistance now. Aside from some small local outreach efforts, not much has been forthcoming. One of the biggest supporters after the 2023 Peartree slide in Rolling Hills Estates was a local high-school student named Christian Yoshino, who lives down the street from where the houses collapsed. He went door to door asking for donations, raising about $5,300 that was distributed to affected homeowners, based on need, by the Rotary Club of Palos Verdes Peninsula for necessities such as medicine, clothing and beds.

A lack of help is the norm in many communities affected by landslides, which have been exacerbated in recent years due to extreme weather events such as heavy rainstorms and fires that destabilise soil. Some states are trying. In Pennsylvania, where a landslide outside Pittsburgh last January forced homeowners to evacuate, a bill to create a new state landslide-insurance program for homeowners is up for consideration by the House of Representatives.

After a landslide in the city of Ketchikan, Alaska, damaged homes and killed one person in August 2024, affected residents were allowed to apply for assistance and temporary housing programs. In Washington state, where a mudslide in 2014 east of Oso destroyed dozens of homes and killed more than two dozen people, the governor successfully got President Obama to declare a major disaster, opening up FEMA aid to homeowners and funding a one-time program to buy back properties in the Oso slide.

A Buying Opportunity?

Until the power was cut in September, homes were still selling in Portuguese Bend and Seaview, says Jason Buck, with Re/Max Estate Properties. A 1,834-square-foot house in Seaview sold for $1.78 million in July, not far off its listing price. A four-bedroom, 1,994-square-foot house in the heart of upper Portuguese Bend sold for $800,000 in May, 22% lower than its listing price. But, Buck says, news of the damage and gas and power cuts have started to affect prices on houses in areas near the slide zone.

Buyers are now backing out of deals. Charlie Raine, a real-estate agent for Coastal Legacy, currently has a listing for a four-bedroom, 4,000-square-foot house in Seaview. It first went on the market in June 2024 for $1.95 million. It is currently listed at $1.45 million. Raine says buyers terminated an agreement in August after they saw news-media images of the house in the same shot as a construction project that made it look like a disaster zone. A second buyer, five days into a 12-day escrow, backed out after the power was cut in September.

During showings, Raine uses a cardboard model he made to demonstrate how lifting a house and inserting steel I-beams can, he says, keep it from damage when the earth moves due to fissures. It is a technique his own parents used on their home in 1986 in the Flying Triangle in Rolling Hills and which other homeowners are spending hundreds of thousands of dollars to do now in Portuguese Bend.

The marketing for Raine’s listing now includes a note that warns that the home has been adversely affected by the land movement in Seaview, but assures potential buyers that “there are methods available to retrofit the foundation and isolate the affected portion of the home from the movement.”

Rancho Palos Verdes is currently waiving permit fees for what it calls “temporary solutions” such as placing homes on cargo structures and inserting I-beams. Amy Recenmacher, a professor of civil and environmental engineering practice at the University of Southern California, says even if horizontal beams under the house could stop the house from splitting apart, they wouldn’t stop it from moving in a big slide. Placing a reinforced house atop vertical footings to stop it from moving with the slide is impractical in many cases; to be effective, the footings would have to be set into stationary ground or bedrock below the active slide. The Portuguese Bend slide extends hundreds and hundreds of feet deep.

Alejandro Bustillos, president, AB Structural Design, who drew the plan for Raine, says the design isn’t aimed at big hillside collapses; he says it works when fissures appear under a house causing slow movement because adjustable supports allow the house to “follow the movement without breaking apart.”

The price on a house across the street from Raine’s listing just dropped to $999,000 on Sept. 12 from $1.39 million after an investment group backed out of a contract. The listing, advertised on Zillow as an “enchanting storybook home,” with three bedrooms, 1,800 square feet and a new renovation, now says: “Seller has found replacement home and is ready to move immediately. +Incredible Opportunity + NON CONTINGENT CASH OFFERS ONLY.” The listing also warns that gas and electricity have been disconnected by the city.

In the upper section of Portuguese Bend, an area full of artists and teachers where the damage is particularly bad, residents are thinking long term. Tyson Schilz, 40, an electrical contractor, spent $875,000 in 2014 building a 3,700-square-foot, five-bedroom home in an area called Monks Lots, where landowners won a lawsuit in 2008 to overturn a building moratorium put in place by the city in 1978 over landslide concerns.

In December, Schilz realized his house was ripping in two pieces, so he decided to finish the job, spending several hundred thousand dollars raising it and splitting the roof in two. He cut the utilities and reinstalled them into the two, separated halves, among other measures.

“We’re not crying crocodile tears,” says Schilz. “It was always in the back of my mind that it could slide one day.” He is renting a place in nearby Manhattan Beach for the next year while his son finishes high school. He is hoping that in 10 years or so the land will have settled and everyone will have forgotten what happened, at which time he will either move back or sell. “I’m long landslide,” he says.

Corrections & Amplifications undefined SoCalGas cut gas to 37 homes on Sept. 16. An earlier version of this article incorrectly said it had cut gas to 35 homes. (Corrected on Sept. 20)



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The Application Interface solution, commonly known as an API, is the latest initiative from DIFC that positions Dubai as a global hub for technology and innovation, and the first to be focused on PropTech. The initiative will contribute to the Dubai Real Estate Sector Strategy 2033 which aims to increase transactions, attract international investors, and position Dubai as a top property investment destination. Additionally, the solution supports Dubai’s Digital Strategy that is digitalizing all aspects of life in the city.

Dubai’s pioneering PropTech company, Keyper, has become the first subscriber to the service and is launching a dedicated digital platform that will provide robust data insights on DIFC’s real estate landscape directly to investors, property owners, tenants and the general public. For the first time, potential and existing investors can evaluate real estate opportunities within DIFC with an in-depth and real-time understanding of property values, rental yields, and transaction histories.

The collaboration with Keyper is a strategic move towards a modernized and more efficient property portfolio management model that meets the demands of an increasingly data-driven global investment community. The digital platform will provide updated market metrics, allowing users to view market indicators and property transactions in real time.

Alya Alzarouni, Chief Operating Officer at DIFC Authority

Alya Alzarouni, Chief Operating Officer at DIFC Authority, commented: “DIFC continues to introduce initiatives that further enhance Dubai’s reputation as a global hub for technology and innovation, with an emphasis on financial services and other future-focused industries. This new API solution is available to companies in the fast-growing PropTech sector, allowing them to access DIFC’s comprehensive real estate data and real-time market trends will help investors, property owners, and tenants make better decisions, positioning Dubai as an attractive property investment destination.”

Omar Abu Innab, Co-Founder and CEO of Keyper, said: “This collaboration with DIFC marks a transformative shift in Dubai’s PropTech landscape. We are thrilled to be at the forefront of making DIFC’s property data accessible to all. By increasing transparency, we are supporting investors’ needs to make well-informed decisions and aligning with Dubai’s vision of being a globally recognized, tech-savvy metropolis.”

Key features of the DIFC data platform by Keyper:

  • Real-time transactional data: A comprehensive look at comparable property transactions offers a clearer picture of recent market activity, supporting smarter investment decisions.
  • Transparency in property valuations: The platform offers insights into property values across DIFC, allowing potential investors to compare and analyse valuations.
  • Rental yield analysis: Users can view rental transactions within DIFC, providing crucial insights for those generating or looking to generate rental income.
  • Integrated data on Keyper for DIFC property owners: Property owners who onboard their assets with Keyper gain access to live property valuations and transactions, further promoting a transparent and user-friendly property ownership experience.
Omar Abu Innab, Co-Founder and CEO of Keyper

Keyper is also exploring potential features such as predictive data analytics and enhanced financial modelling tools, bringing new layers of insight to DIFC’s real estate data offerings. By enabling data access and transparency, Keyper and DIFC are setting the stage for a more informed, confident, and engaged investment community in the region’s leading financial hub. Investors, residents, and global stakeholders can look forward to a more accessible, transparent, and tech-enabled property market.

In 2024, Dubai climbed one spot on JLL’s Global Real Estate Transparency Index 2024, retaining its position as the only property market in the Middle East and North Africa (MENA) to feature in the ‘Transparent’ tier. The emirate’s gains in its ranking highlight the effectiveness of government initiatives to enhance market transparency and foster a more robust real estate environment in the region.

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SAR 2.5 Billion Investment to Develop Diverse Real Estate Projects in Saudi Arabia

The agreement, under the patronage of the Egyptian Embassy in Saudi Arabia, aims to foster collaboration between Dubleuse and RIVA Development.

Wed, Feb 12, 2025 3 min

Dubleuse, the leading real estate company, has proudly signed of a joint venture agreement with RIVA Development, the major Saudi Arabian company. The agreement, under the patronage of the Egyptian Embassy in Saudi Arabia, aims to foster collaboration between the two companies to develop diverse real estate projects in the Kingdom, with investments totaling SAR 2.5 billion and it spans 10 years.

The agreement was signed by Eng. Moaaz Wessam Al-Din, the Chairman of Dubleuse, and Eng. Mugbel AL Thukair, the Chairman of RIVA Development. The signing ceremony was attended by Mr. Diaa Hamad, Deputy Egyptian Ambassador to Saudi Arabia, officials from both companies including Mr. Ibrahim Moaaz Wessam Al-Din, Managing Director of Dubleuse, Dr. Jalal Sheikh, Director of Business Development at Dubleuse, and several of well-known Saudi businessmen.

This partnership echoes the long-standing relations between Egypt and Saudi Arabia across various sectors (political, economic, commercial, and social). Both parties expressed their enthusiasm with the fruitful cooperation and their eagerness to strengthen Egyptian-Saudi relations at all levels. This agreement marks a new breakthrough for excellence in the region’s real estate development landscape.

His Excellency the Ambassador Plenipotentiary, Mr. Diaa Hamad, Deputy Egyptian Ambassador to the Saudi Arabia Kingdom, praised the deep Egyptian-Saudi relations at all levels, which enhance joint investment visions and promote investment exchange between the two countries. He assured the continuation of these strong relation, supported by the political leadership of both countries.

Eng. Moaaz Wessam, the Chairman of Dubleuse, stated that: “the company aims to leverage its experiences to develop worthy projects in Saudi Arabia with global specifications and standards, combining Egyptian and Saudi expertise to deliver a top-notch real estate product. This contributes to the Kingdom’s current development and growth plan. That’s why we collaborate with RIVA Development, the leading company in developing distinguished projects. Moaaz highlighted the importance of a strong strategic partner who enhances his company’s expertise, sharing the same investment strength, vision, and ambition to implement flagship projects that will leave a fingerprint on the Saudi market. All market studies have been completed to understand the target projects and the Saudi market, ensuring a suitable real estate product for the target client.

Eng. Moaaz added, “The Egyptian real estate sector is experiencing a period of prosperity and growth, serving as a powerful engine for the Egyptian economy in recent years, following the significant support provided by the Egyptian government to the real estate sector and its sustainable development plan and comprehensive urban renaissance through the development of several new and smart cities, most notably the New Administrative Capital (NAC) and the New Alamein City. This confirms the alignment of vision between Saudi Arabia and Egypt regarding the significant of real estate sector as one of the most important pillars of economic development.”

Eng. Mugbel AL Thukair, the Chairman of RIVA Development, emphasized the importance of the joint cooperation with Dubleuse, stating, “We are pleased with the agreement concluded with one of the distinguished real estate companies in the real estate development field. We strive to work together and exchange expertise to provide diverse real estate projects that reflect the extent of development in the Saudi real estate sector, in line with Vision 2030 to achieve integrated urban development and attract more real estate investments within the Kingdom across various sectors.”

Dr. Galal Sheikh, Director of Business Development at Dubleuse, stated, “The company has strong and ambitious plans to operate in the Saudi market, especially after the partnership agreement with RIVA Development, which has all the factors for success, starting with the development of a portfolio of distinguished projects with significant investments. The investment alliance between the two companies aims to develop many leading and innovative projects in the coming years, ranging from commercial, administrative, residential, and hotel projects. This type of project requires strong expertise, successful previous work portfolio, and financial solvency, which are achieved through strategic partnerships.” Dr. Sheikh pointed to the depth of Egyptian-Saudi relations, which serve as a strong motivator for all real estate companies wishing to enter the Saudi market.

The agreement is part of Dubleuse’s ambitious plan for the upcoming period for increasing its land portfolio to 30,000 sqm and expand its projects inside and outside Egypt, utilizing the company’s expertise gained over more than 12 years in the field of engineering consulting and contracting, and developing various projects that have affirmed its leadership and ability to strongly compete in the local and regional real estate market.

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NBO Provides Financing for Dar Global’s AIDA Development in Oman

The funding marks a significant milestone in the progress of the AIDA project, reinforcing its position as a landmark destination that will redefine luxury living in Oman.

Wed, Feb 12, 2025 2 min

Dar Global, the London-listed luxury real estate developer, has secured financing from the National Bank of Oman (NBO) to support the development of AIDA, one of the most ambitious and transformative real estate projects in the region. The funding marks a significant milestone in the progress of the AIDA project, reinforcing its position as a landmark destination that will redefine luxury living in Oman.

A joint venture with Omran Group, Oman’s leading entity for tourism development, AIDA seamlessly blends luxury golf, residential, and hospitality experiences. With its opulent mansions, limited-edition villas, and sophisticated apartments, the project will further elevate Oman’s global standing as a premier destination for tourism, living, and investment.

Ziad El Chaar, CEO of Dar Global, commented: “As a milestone project AIDA is not only slated to elevate the luxury real estate offering of Oman but also deliver tangible economic growth by attracting investment, creating jobs, strengthening the tourism and related sectors. Designed to blend seamlessly with Muscat’s natural beauty and cultural heritage, the project will further enhance the country’s position as a premium global destination. Securing financing from NBO pronounces strong endorsement of AIDA’s potential, marking a crucial step toward its successful realization.”

Ghadeer Iqbal Al Lawati, Assistant General Manager – Head of Project Finance & Syndication at NBO added: “At NBO, we are committed to supporting transformative projects that drive economic growth and strengthen Oman’s position as a premier destination. We are proud to support Dar Global in bringing the AIDA project to fruition. This development is positioned to become a landmark destination, attracting tourists and investors alike, and contributing significantly to Oman’s Vision 2040 objectives. AIDA reflects our confidence in its vast potential to elevate Oman’s global appeal and contribute to the nation’s long-term prosperity.”

Strategically perched atop cliffs overlooking the Gulf of Oman, AIDA spans 3.5 million square meters, offering a blend of premium residences, world-class hospitality, and exceptional leisure amenities. Among its signature attractions is the USD 500 million Trump International Oman, featuring a 140-key luxury resort and an 18-hole championship golf course designed to global standards. Additionally, the master-planned community includes the Marriott Residences, a USD 100 million development that embodies the hospitality giant’s renowned standards of sophisticated living.

The first phase of the project, set for completion by 2027, involves the design and construction of critical infrastructure, including roads, water and electricity networks, utility installations, drainage, and sewage systems, as well as the development of the surrounding road network within AIDA. The Trump International Oman is scheduled to open in December 2028.

This financing agreement with NBO underscores strong confidence in AIDA’s vision and Dar Global’s expertise in delivering world-class developments that merge innovation, sustainability, and luxury. As the project progresses, AIDA continues to  receive an overwhelming response from  high-net-worth investors and discerning buyers seeking an unparalleled lifestyle in one of the Middle East’s most breathtaking locations.

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Ajman’s Real Estate Market Starts 2025 Strong with Over AED1.5 Billion in Transactions

The latest figures, released by the Department of Land and Real Estate Regulation in Ajman, highlight more than 20% increase in real estate activity.

Wed, Feb 12, 2025 < 1 min

Ajman’s real estate sector has begun the year on a strong note, recording 1,321 transactions in January with a total value of AED1.57 billion. The trading volume reached AED1.26 billion across 1,044 transactions, reflecting growing investor confidence in the emirate’s property market.

The latest figures, released by the Department of Land and Real Estate Regulation in Ajman, highlight more than 20% increase in real estate activity compared to the same period in 2024. This growth underscores the emirate’s appeal as an investment hub, driven by a range of opportunities across its diverse regions.

Among the standout sales, the highest transaction value was recorded in Al Zahia, reaching AED50 million. Meanwhile, mortgage activity remained robust, with 175 transactions totaling AED257.7 million. The highest mortgage value was AED23.8 million in the Ajman Industrial 1 area, indicating continued demand for financing solutions in the market.

In terms of trading hotspots, Al Helio 2 emerged as the most active neighborhood, followed by Al Yasmeen and Al Zahia. On the project level, Emirates City led the list of the most traded developments, ahead of Ajman One and City Towers.

Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation, emphasized that these figures reaffirm the strength of Ajman’s real estate sector. He noted that the consistent market performance signals a promising outlook, with attractive investment opportunities across the emirate continuing to drive interest.

With this positive momentum, Ajman’s real estate market appears well-positioned for sustained growth in 2025, reinforcing its reputation as a thriving destination for investors and homebuyers alike.

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GetProp Debuts in the UAE to Revolutionize Real Estate with AI-Powered Solutions

At the core of the platform is cutting-edge AI technology, making it easy and quick for users to find their ideal property.

Tue, Feb 11, 2025 2 min

GetProp, an innovative real estate marketplace powered by advanced technology and in-depth market expertise, has officially arrived to the UAE’s property sector. Headquartered in the heart of Dubai, the company aims to revolutionize how properties are bought, sold, and rented across the country.

At the core of the platform is cutting-edge AI technology, making it easy and quick for users to find their ideal property. An interactive chat allows home seekers to enter any preference – such as location, price range, views, and number of bedrooms – to generate a tailored list of matching homes in seconds.

The brand is also committed to simplifying operations for real estate agencies through unlimited free standard listings. In a bustling sector where agents’ businesses depend on getting their properties noticed, GetProp offers a favorable outlet with no sign-up restrictions or hidden fees.

Other innovative features include a built-in social media style video showcase called PropTok and its own AI-enhanced home visualization tool, enabling users to take a virtual tour and engage with the listings on a deeper level.

With a projected database of over 5,000 properties by the end of the month, GetProp offers the highest standards of reliability with only verified, authentic listings being admitted into the platform.

“We are very excited to introduce GetProp and help users simplify their property journey,” said co-founder and CEO Zaid Sidat. “While similar solutions are also present in the UAE, we are confident that GetProp will become the number one choice for buyers, tenants, sellers, and real estate agents.”

Saad Sidat, co-founder and Chief Strategy Officer, added: “After extensive research and market studies, our team has combined convenience, forward-thinking technology, and AI-powered features to bring a unique, all-encompassing platform to the sector.”

With visionary expansion plans already lined up, GetProp is poised to be a property search powerhouse in the UAE.

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Vantage Developments and Venere Group Redefine Luxury Living in Dubai with Hypercar-Inspired Residences

The residential tower, designed by Milan-based architects Gandolfi e Mura and developed by Vantage Developments and Vittoria Group, reimagines luxury living through the lens of Venere Group’s hypercar design philosophy.

Tue, Feb 11, 2025 2 min

In a milestone partnership uniting the worlds of luxury automotive design and high-end real estate, Vantage Developments and Vittoria Group announced a strategic alliance with Venere Group, a globally renowned Italian manufacturer. In late April, a milestone event will see Venere Group unveil its prototype Italian supercar while Vantage Developments introduces a new residential tower in Jumeirah Village Circle (JVC), Dubai, featuring exclusive Italian design elements from Venere Group.

The residential tower, designed by Milan-based architects Gandolfi e Mura and developed by Vantage Developments and Vittoria Group, reimagines luxury living through the lens of Venere Group’s hypercar design philosophy. With a Gross Development Value (GDV) of AED 185,000,000, the 140-unit tower draws inspiration from both the Miami skyline and Venere Group’s signature automotive aesthetics, featuring fluid, aerodynamic lines and materials synonymous with high-performance supercars. Each residence—ranging from apartments to penthouses—is fully furnished with Venere Group’s Italian-made furniture, blending avant-garde design with European sophistication. Starting at AED 800,000, the units cater to discerning buyers seeking a turnkey lifestyle underscored by smart home technology, energy efficiency, and a Green Building certification.

Positioned as a first-of-its-kind offering in Dubai’s real estate market, the tower bridges the gap between high-quality design and mid-market accessibility. Its standout amenities include a jogging track, coworking spaces, a private cinema, spa, sauna, dog park, and app-controlled smart home systems. The project also introduces Vantage Developments’ signature 24/7 concierge service, tailored for both long-term residents and short-stay guests.

Attendees at the launch event will witness the global premiere of Venere Group’s prototype supercar—a strategic choice to debut in the UAE, reflecting Dubai’s growing influence as a luxury innovation hub. Simultaneously, the event will showcase the tower’s show apartments, where Venere Group’s furniture line and hypercar-inspired design elements will be displayed for the first time. The partnership also solidifies Vantage Developments as Venere’s exclusive real estate branding partner, with plans to integrate their design ethos across future developments.

Kabir Joshi, Founder & CEO of Vantage Developments, emphasized the collaboration’s visionary scope: “This partnership represents an entirely new frontier in real estate. By integrating Venere’s hypercar vision into our architectural blueprint, we’re creating a lifestyle that’s both high-performance and elegantly livable setting a bold new standard for Dubai’s mid-market luxury segment.”

Stefano Asuni, Managing Partner at Venere Group, added: “Dubai’s ambition aligns perfectly with our brand’s ethos. Launching our supercar here, alongside Vantage Developments’ architectural marvel, symbolizes a new chapter where engineering, art, and lifestyle converge. This is more than a project; it’s a legacy.”

Beyond its design credentials, the tower emphasizes sustainability with energy-efficient systems and eco-conscious construction practices. Coupled with its prime location and investor-focused amenities, the project is poised to attract a niche audience of design-savvy buyers, expatriates, and investors seeking a unique blend of productivity and relaxation.

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Palace Group Celebrates 25 Years of Luxury Real Estate with a AED 36 Billion Portfolio

Palace Group has established itself as a market leader in ultra-luxury residential developments, from bespoke waterfront mansions to high-rise landmarks.

Mon, Feb 10, 2025 2 min

Palace Group, one of the UAE’s leading luxury real estate developers, celebrates its 25th anniversary, revealing a AED 36 billion portfolio spanning over 200 super-prime projects across the country.

Founded in 1999 by Wissam Damaa, Palace Group has played a defining role in shaping the UAE’s luxury real estate sector, delivering some of the most exclusive properties across Abu Dhabi, Dubai, Sharjah, and Ras Al Khaimah. With AED 20 billion in completed projects and AED 16 billion currently under development, the company continues to raise the bar for ultra-luxury living.

A Legacy of Innovation and Excellence

Over the past 25 years, Palace Group has established itself as a market leader in ultra-luxury residential developments, from bespoke waterfront mansions to high-rise landmarks. Notable projects include:

  • 15 iconic beachfront mansions in communities like La Mer and Jumeirah Bay Island, designed to offer unparalleled privacy and exclusivity
  • Aya, a tranquil oasis featuring 70 luxury residences in Dubai Gardens
  • The Cliffs, a wellness-focused development along the Dubai Canal with panoramic skyline views.
  • A landmark multi-billion-dirham project launching in early 2025, set to redefine luxury living in Dubai

“Our 25th anniversary is more than a milestone it reflects our commitment to redefining luxury real estate,” said Wissam Damaa, Founder and CEO of Palace Group. “Our robust portfolio is a testament to our enduring achievements and ongoing commitment to elevating standards in luxury real estate. We take immense pride in the product quality, which is the cornerstone of our business.”

Since 2016, Palace Group has integrated renewable energy solutions, hydrogen technology, and water desalination into its developments, aligning with the UAE’s Vision 2031. With every project managed in-house from concept to completion, the company continues to push boundaries in sustainability and ultra-luxury craftsmanship.

As Palace Group embarks on its next phase, it remains committed to expanding its global footprint, delivering record-breaking developments, and redefining the future of high-end real estate in the UAE.

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Avenue Park Towers a New Luxury Residential Project within the Wasl 1 development

The Project aligns with Dubai 2040 Urban Master Plan for sustainable urban living and supports the growing demand for luxury yet affordable high-rise living.

Mon, Feb 10, 2025 1 min

Wasl, one of the largest real estate management and development companies in the UAE, is launching Avenue Park Towers – a highly-anticipated luxury residential project – within the Wasl 1 development, near Zabeel Park.

Offering a unique balance of city and park living, and a strategic mix of residential, retail, and commercial spaces, Avenue Park Towers will appeal to both investors and end-users. Its proximity to Zabeel Park, ensures access to green spaces within an urban setting. Homeowners and investors can enjoy an address in a prime location, with seamless connectivity to Sheikh Zayed Road, DIFC, Dubai Metro, and other key landmarks.

The 1–3-bedroom luxury apartments and duplexes, and 3–4-bedroom penthouse-level residences at Avenue Park Towers will all be integrated with high-end finishes and modern design.

Mohamed Al Bahar, Director of Business Development, Wasl, said: “With Avenue Park Towers, Wasl continues its commitment to delivering premium residences that combine luxury, convenience, and a connection to nature. This project is a unique opportunity for residents and investors looking for a vibrant yet tranquil living experience in the heart of Dubai”.

He added: “At Wasl, we are continuously looking for ways to address buyer demand, especially the growing interest in sustainable and green urban living, in line with Dubai’s 2040 Urban Master Plan. Dubai’s real estate market insights highlight the demand for luxury mixed-use developments at an affordable price point. Avenue Park Towers will address the gap, as well as support growing foreign investor demand for spaces that prioritize residents’ well-being and foster community engagement.

All units will come equipped with the latest technology, including district cooling systems for energy efficiency, advanced security and access control, EV charging stations and e-bike facilities. With access to premium retail, F&B, and wellness facilities, Avenue Park Towers is a promising investment opportunity with high ROI potential.

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Expo City Dubai Secures Pre-Certification in Two Global Sustainability Standards

Expo City Dubai is the only urban center in the Middle East and North Africa (MENA) region to achieve this combination of pre-certifications and first in the region to achieve WELL Community pre-certification.

Fri, Feb 7, 2025 3 min

The Expo City Dubai master plan has attained two pre-certifications of globally recognized social and environmental sustainability systems, testament to its commitment to developing an innovation-driven, people-centric community, maximizing social, environmental and economic impact, and advancing international best practice in the region.

Expo City Dubai is now pre-certified Platinum – the highest possible rating – in LEED Cities and Communities standard, which focuses on inclusivity, economic development and environmental preservation. LEED is the most widely used ‘green’ rating system in the world for real estate and the urban environment. The city also achieved pre-certification for WELL Community – a standard that emphasizes health and wellbeing and the leading international standard for a healthy built environment – and is targeting WELL Gold for its anticipated certification.

Expo City Dubai is the only urban center in the Middle East and North Africa (MENA) region to achieve this combination of pre-certifications and first in the region to achieve WELL Community pre-certification. The achievements, announced at the Cities in Action Forum taking place from 6-7 February, exemplify the city’s commitment to creating a healthier, more sustainable and equitable community for tenants, visitors and future residents and enhance its appeal to investors and developers.

Ahmed Al Khatib, Chief Development and Delivery Officer, Expo City Dubai, said: “Expo City’s master plan is rooted in the principles of sustainable development, and we are proud to have this commitment globally recognized as we push forward on the master plan’s delivery. Our pre-certification in LEED and WELL community standards shows we are on track to meet our ambitious targets and reinforces our city’s robust position as a new urban center at the heart of Dubai’s growth corridor.

“The unique offering of our city – a vibrant, nurturing community where people connect, thrive and live in harmony with nature – is reflected in the incredible demand for every Expo City Dubai real estate project launched, including commercial leasing, residential developments and plots for sale.”

The pre-certifications underscore the unparalleled opportunity offered by Expo City’s forward-thinking, people- and environment-focused master plan that takes advantage of its prime location and world-class connectivity. The lynchpin of Dubai’s growth located in the rapidly expanding Dubai South area, Expo City Dubai is close to Al Maktoum International Airport, Jebel Ali Port and Dubai Exhibition Centre.

The master plan features five districts designed as an efficient grid system to ensure navigation, circulation and accessibility, while a network of green and blue spaces – from parks and fields, to small sikkas and urban water features – will permeate throughout.

It contains specific targets across areas including protecting and increasing biodiversity; reducing energy consumption and increasing the use of clean energy; reducing water consumption and increasing the use of alternative water sources; increasing the use of sustainable, lower carbon public transport options and creating spaces that encourage walking, cycling and micromobility; and facilitating economic opportunity and creating a quality work environment.

LEED Cities and Communities, managed by the US Green Building Council, addresses various factors that contribute to quality of life, including natural systems, energy, water, waste and transportation, as well as optimizing the operational aspects of a city through its design. Pre-certification is granted based on Expo City’s master plan information and associated data. Expo City Dubai, including Dubai Exhibition Centre and Expo Village, is already home to 123 LEED-certified buildings, and the master plan further sets the target of LEED Gold as a minimum requirement for all buildings.

Meanwhile, the WELL Community standard, created by the International WELL Building Institute (IWBI) gives pre-certification to real estate projects that demonstrate a commitment to health and wellbeing across 10 areas: air, water, nourishment, light, movement, thermal comfort, sound, materials, mind and community.

Reaffirming its role as a focal point on the 2040 Urban Master Plan as it becomes a hub for key sectors driving the delivery of the Dubai Economic Agenda (D33), Expo City will cover a total of 3.5sqkm, embracing a gradual phased development that will adapt to evolving needs and eventually welcome around 35,000 residents and 40,000 professionals.

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Strong Demand and Economic Growth Drive Riyadh’s Office Market Surge in 2024

Savills latest research highlights key trends shaping the market, including record occupancy rates and a surge in international interest.

Fri, Feb 7, 2025 2 min

Riyadh’s office market continued its upward trajectory in 2024, supported by Saudi Arabia’s ongoing economic diversification and strong demand for space from multinational companies. Savills latest research highlights key trends shaping the market, including record occupancy rates and a surge in international interest.

Riyadh’s resilience is underpinned by Saudi Arabia’s non-oil sector expansion, which grew by 4.5% in 2024 and is projected to rise by 5.8% in 2025. Strategic initiatives under Vision 2030, regulatory enhancements, and competitive tax incentives have cemented Riyadh’s position as a business-friendly city. Foreign direct investment (FDI) inflows reached SAR 16 billion in Q3 2024, while the Purchasing Managers’ Index (PMI) in November recorded its 50th consecutive month of readings above 50 signaling expansion – it came in at 59, underpinned by robust domestic demand and favorable policies.

By mid-2024, the Saudi Ministry of Finance announced that 517 multinational companies had established regional headquarters in Riyadh, exceeding the Vision 2030 target six years ahead of schedule. New entrants in Q4 included PMG, Snowflake, and CRU, reinforcing Riyadh’s growing status as a global business hub.

Ramzi Darwish, Head of Savills Saudi Arabia, commented: “Riyadh has firmly established itself as a key destination for global businesses looking to expand in the region. The combination of a proactive government approach, strategic investments, and a strong non-oil economy has created a vibrant and dynamic office market. With rising demand for Grade A spaces and new developments on the horizon, Riyadh is well-positioned to continue its impressive growth trajectory.”

Savills reported a surge in inquiries during Q4, with nearly half originating from US and UK companies. Demand was focused on flexible office spaces under 1,000 sqm, reflecting an increasing preference for adaptable workplace solutions. The Technology, Media, and Telecommunications (TMT) sector dominated leasing activity in Q4, contributing 37.5% of completed transactions. Other active industries included Banking, Financial Services, and Insurance (BFSI), Consulting and Legal Services, and IT/ IT Enabled Services. Notably, 62.5% of transactions involved businesses entering the Riyadh market for the first time.

Grade A occupancy rates reached an impressive 98% in Q4 2024, driven by a shortage of prime office spaces and sustained business confidence. Rental rates continued to climb with year-on-year growth of 10%. Zones A, which contains developments such as Business Lane Project, Nawafeth, and Zone B, home to Riyadh Business Gate and Granada Business Park, saw even sharper increases of 21% and 14%, respectively.

Over 550,000 sqm of new Grade A office space is expected to be delivered by the end of 2025, with flagship developments such as Diriyah Gate and Prince Mohammed Bin Salman Nonprofit City set to broaden tenant options. While this increase in supply may moderate rental price growth, demand for high-quality, ESG-compliant spaces is expected to remain strong, reflecting the priorities of businesses seeking sustainable and premium workplaces.

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