MyBayut is back again with another round-up of all the Dubai real estate news updates and announcements that took place in the previous month. Even though it was Ramadan, there have been some major Dubai property news updates of handovers and launches and we are here to give you the highlights. So without further ado, let’s take a look at all the property news in Dubai for May 2019.
Top Dubai real estate news updates for May 2019
Here are all the Dubai real estate news updates and announcements that happened in May 2019.
Bayut.com expands to the Saudi real estate market with bayut.sa
The biggest property news in Dubai for May 2019 comes from Bayut.com, the UAE’s leading property portal. We have launched our new domain in Saudi Arabia, Bayut.sa, which is the first step towards a GCC wide expansion. The new Bayut domain in Saudi Arabia will cater to tenants and investors looking to rent, buy or sell real estate in Saudi Arabia.
“The launch of Bayut.sa is a very exciting moment for us. Saudi Arabia is a formidable player in the GCC real estate market and taking our expertise to this market is not only a testament to our tremendous growth but also an opportunity for us to show the region how valuable technology can be in simplifying experiences for property seekers. We want to provide the same level of support to real estate agents in Saudi Arabia and end-users and improve their overall experience when it comes to buying, selling or renting homes in Saudi Arabia.” said Haider Ali Khan, CEO of Bayut.
This move follows the recent announcement of the acquisition of Lamudi Middle East which falls in line with the company’s goal to provide comprehensive real estate solutions to people across the GCC region. To know more about this Dubai property news update, check out the detailed feature of Bayut’s expansion into Saudi Arabia.
Emaar and DP partner to launch $7B Mina Rashid Development
Next, on the list of Dubai real estate market news is the launch of the Mina Rashid – a waterfront development being developed in collaboration by two of Dubai’s leading developers, Emaar and Dubai Properties (DP). The project is said to be inspired by the likes of Portofino and Monte Carlo.
The Rivera style destination is said to feature over 430 wet berths which can house the largest yachts in the world as well as plenty of retail and F&B outlets, a selection of exclusive hotels, parks and more. It will also feature promenades and canals which will house art galleries, a theatre and museum.
The first collection of properties for sale in Mina Rashid are the apartments in Sirdhana which come in configurations of 1, 2 and 3-bedroom units. Find out the prices for apartments for sale in Sirdhana on Bayut.com
70% of Sparkle Towers in Dubai Marina sold to investors
Another major Dubai property market news update is that the Dubai Marina community will soon be having a new development as Sparkle Towers developer Tebyan announced that a total of 265 apartments have been sold to investors, accounting for over 70% of sales.
“The profile of our investors and end users has been incredibly diverse, coming from as far afield as Sweden, Russia, US, South Africa, Italy and the UK as well as Saudi Arabia and the UAE,” said Mohamed Faraj, Managing Director, Tebyan Real Estate Development.
The Sparkle Towers is an upscale residential development that is being built by Dubai-based development company Tebyan in partnership with crystal giant, Swarovski. The project will comprise of two towers standing tall at 29 and 14 storeys.
The property units here will include luxury flats ranging from studios to three-bedroom apartments as well as two penthouses, with accompanying world-class amenities like temperature-controlled swimming pools and more. Interiors of the lobby and residences are set to be studded with the brilliance of Swarovski crystals.
There are still over 100 apartments available for sale in this tower, so if you’d like to invest in this project, browse through Bayut’s listing for apartments for sale in Sparkle Towers.
DLD signs licence agreement with Mashreq Bank for e-mortgage system
In other real estate news in Dubai, the Dubai Land Department (DLD) has signed an agreement with UAE-based Mashreq Bank for the use of the e-mortgage system. This falls in line with the government’s initiative to automate of real estate transactions with smart solutions.
The new e-mortgage system, developed by DLD will be used to record and modify mortgages as well as procedures for their liquidation. With this agreement, Mashreq Bank will be preparing to use the new system for registration of mortgage contracts.
Upon signing the contract Sultan Butti bin Mejren, the Director General of DLD, said, “We expect that applying blockchain technologies will contribute to reducing the number of visits, in line with the ratios set by the Government of Dubai for government entities. At DLD, we are keen to support the directives of our wise leadership and the strategies to make Dubai the smartest city in the world.”
Danube announces the handover of Starz and Glamz residential projects
Another important update for Dubai real estate news 2019 comes from the developer Danube Properties. They announced that a total of 880 residential homes have been completed in two their residential projects Starz and Glamz.
Starz and Glamz are two of the newest apartment complexes by Danube in the Al Furjan community that offer varying configurations of apartment units and accompanying high-class amenities such as a swimming pool, gym, health club facilities, community areas, and car parking.
A total of 454 units were completed in Starz, while 426 residences in Glamz have also been launched. If you’d like to invest in these two projects, as per Bayut’s latest listings, the lowest sales price for apartments in Starz by Danube is AED 420k for a studio while lowest prices for the apartments for sale in Glamz by Danube is AED 450k for a studio.
As you can see there have been some significant property updates in the UAE with Dubai leading the way in property handovers and launches. Recently Dubai also saw the sale of the second most expensive penthouse in Dubai valued at AED 73M.
Apart from these Dubai real estate updates, it’s been an exciting month for global property investors considering the UAE real estate market. The government announced the launch of the Golden Card, which grants permanent residency in the UAE on the heels of the Abu Dhabi government opening up freehold ownership of properties. Both of these announcements are expected to strengthen the UAE property market and invite investments from across the globe.
This concludes our roundup of UAE property news updates in May 2019. Stay tuned to MyBayut for the next Dubai real estate news round up and other interesting information about the property market in the UAE.