Every week, Bayut brings you a quick recap of the biggest real estate news stories of the past week. Here’s what people in the UAE property market have been talking about this week:
- The Dubai Land Department has become the world’s first government entity to utilise the Blockchain network for all its transactions. According to the Dubai Media Office, “DLD has created the Blockchain system using a smart and secure database that records all real estate contracts, including lease registrations, and links them with the Dubai Electricity & Water Authority (DEWA), the telecommunications system, and various property related bills. Blockchain’s secure, electronic real estate platform incorporates personal tenant databases, including Emirates Identity Cards and the validity of residency visas, and allows tenants to make payments electronically without the need to write cheques or print any papers.”
- For the third year running, the DMCC (Dubai Multi Commodities Centre Authority) has been named the Global and Middle East Free Zone of the Year 2017 by the Financial Times’ fDi Magazine.
- Listed in Dubai, Union Properties announced it’s first real estate venture in Abu Dhabi, in the Al Dhafra region. The mixed-use Al Dhafra Beach project will have a total area of around 3M sq.m and include a luxurious resort, villas, towers, entertainment facilities, a canal as well as several parks and green spaces.
- Abu Dhabi based Aldar is gearing up to hand over its Ansam and Al Hadeel developments in December 2017. The developer revealed that internal fit-outs were close to being finished and landscaping is set to begin this month.
- The shortlist for the MEP Middle East Awards 2017 have been announced, honouring the best individuals, companies and initiatives in the field of mechanical, electrical and plumbing construction. Some of the projects that have been nominated include Nation Tower and the DEWA Solar Innovation Center for Sustainable Project of the Year while GCC Project of the Year nominees includes Bluewater Wharf Retail and Polo Residence.
- Meraas has announced that it will open phase 1 of La Mer on 15 October. This new lifestyle destination is Meraas’ seventh project and will open in Jumeirah 1.
- The organisers of Cityscape Dubai 2017 announced that the three-day long exhibition saw AED 870M worth of transactions conducted onsite. They also revealed that visitor numbers had gone up by 20%, compared to the event in 2016.
If you’re still in the mood for some more UAE property news and insights, check out Bayut’s exclusive Q3 report on UAE property prices. Or, if you’re looking for something to do this weekend, why don’t you read our recent post on upcycling furniture with Muby Astruc, and get inspired.