As the entire country revels in the spirit of Ramadan, let’s look at all the exciting UAE property news from last week that captured our attention and played a big role in transforming the landscape of the UAE real estate market.
The new Laws in the UAE – residency and 100% company ownership
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai announced the two new laws in the UAE during a cabinet meeting. The new residency laws in the UAE permits top contributing professionals including doctors, engineers, investors and “exceptional students” to get residency visas for up to 10 years, which is a significant change from the current scenario. Expats and foreign companies can now own 100% stake in a business in the UAE now, which was only previously possible in free zones. Those wanting to start their own business in Dubai now don’t need to worry about local sponsorship. Both these new laws in the UAE will have a definite impact on the property market in the UAE.
The longer residency visas ensure that people will stop looking at the UAE as a short-term destination, and make serious plans about settling down and building roots in the country. The 100% ownership also will attract more investors who might be open to the real estate market in the UAE. Having a less transient workforce will bolster the property market, and analysts of UAE property news have welcomed the new laws as a symbol of a positive turn for the Dubai real estate market. Early reports from pundits following the announcement of the new laws in the UAE suggest that stocks are on the rise for both Emaar and Aldar, two of the largest developers in the country.
AED 1B multi-tower project announced in Jumeirah Lake Towers (JLT)
Dubai based real estate developers, Seven Tides, responsible for several high profile luxury projects including the Anantara Residences in Palm Jumeirah and Mövenpick Hotel at Ibn Battuta Gate have announced their brand new project in JLT. The tower cluster branded as “Se7en City” will be a mixed-use project comprised of 2,635 units in Cluster Z of JLT, opposite the Montgomery and Emirates golf courses. The project, which has already completed 15% of construction, is scheduled for a 2021 launch and will be a welcome addition to the high rise apartments in JLT.
“Se7en City JLT is designed to provide everything a resident might possibly want, with retail, entertainment, food and beverage outlets, a nursery, gym and a health club. However, when residents do venture outside, they’ll still be able to enjoy the urban vibe, with the excitement and fast-paced, hustle and bustle of city life, right on their doorstep. In complete contrast, residents will also have the best of both worlds, with stunning panoramic views of Jumeirah Islands, the Montgomerie and Emirates Golf Courses, the Palm Jumeirah, Dubai Marina and Jumeirah Beach Residences,” said Abdulla Bin Sulayem, CEO, Seven Tides, in an official announcement to UAE property news outlets.
Construction progressing on schedule for Mina by Azizi on the Palm Jumeirah
Azizi Developments has announced that construction is progressing on schedule for the Mina by Azizi project in Palm Jumeirah. The AED 780M waterfront development is located on the crescent of the Palm offering panoramic views of the water. There will be 174 apartments, four luxury penthouses and six retail outlets once the project is completed. This will be an interesting new addition to the properties on Palm Jumeirah and is sure to become a sought-after development for both commercial and residential use.
Commenting on the update, Mirwais Azizi, chairman of Azizi Developments, said: “The market is witnessing a demand for projects in iconic waterfront locations and Mina by Azizi on the Palm Jumeirah was conceptualised to address this need. The project will offer community amenities and beach access, which will transform residential living on the Palm.”
Authorities confirm that all major elements of Expo 2020 site are nearing completion
The highly anticipated Expo 2020 is less than 900 days away, and authorities from the construction site have released footage of the updates so far. Construction of the foundation on the three theme districts, which form the core of the site, is already complete. They are all being developed by Al Futtaim Carillion and are on schedule for the Expo 2020.
In its statement, Expo 2020 Dubai added: “All major design elements for the project are complete – the last being the iconic Al Wasl Plaza, a 150m wide and 67.5-m tall domed space. Laing-O’Rourke will develop Al Wasl and two surrounding buildings. The development of Al Wasl Plaza will be managed by Meraas, with the steelwork for the dome trellis provided by Cimolai-Rimond ME. ”
It has been quite the exciting week for UAE real estate news enthusiasts, especially with the announcement of the new visa laws in the UAE. How do you think this news will impact the Dubai real estate market? Let us know your thoughts in the comments section and don’t forget to check out some of these awesome iftar tents in Dubai with your family this weekend!