There are very few real estate markets in the world getting as much global attention as the property industry in the UAE. As yet another month passes by, let’s look at the noteworthy UAE real estate news from March 2018.
DLD Awarded Membership to the Prestigious Global Alliance for Building and Construction Assembly
The Dubai Land Development (DLD) became members of the esteemed Global Alliance for Building and Construction Assembly (GABC), an initiative which is part of the United Nations Paris Agreement. The GABC includes authorised real estate entities from 50 countries focusing on energy, buildings and real estate. The move highlights the emphasis on on sustainability and green building concepts in the UAE property market.
On the GABC membership, Sultan Butti bin Mejren, Director General of DLD said: “DLD is considered a UAE founding member of the GABC alliance, which was first signed in cooperation and coordination with the Ministry of Climate Change and Environment and the French Government during the Paris World Climate Change Conference in December 2015.”
“This is part of a bilateral cooperation between France and the UAE, and represents a global achievement that highlights the ongoing efforts of our national institutions to conserve the environment and adapt and develop the latest standards to achieve green and sustainable building,” he stated.
Aldar Announces Reflections Project in Al Reem Island
Immediately after making one of the biggest announcements in the UAE real estate news segments about the collaboration between Emaar and Aldar, the Abu Dhabi master-developer announced their latest boutique properties in Al Reem Island. The project will include studios, 1,2 and 3-bedroom apartments, in a freehold development open to expat investments. The AED 440 million project by master-developer Aldar is aimed at investors in the UAE property market looking for the ideal mix of community and city living. Al Reem Island has been one of the steady areas in terms of both buying and renting properties in Abu Dhabi, and the twin towers of the Reflections project will only enhance the investment potential in the area.
Talal Al Dhiyebi, CEO, Aldar, said: “We are delighted to bring Reflection to the market. We have witnessed sustained demand for this type of product – led by high-end amenities, in prime locations, and affordable for a wide range of customers. Reflection represents Aldar’s continuous evolution in this boutique segment, and we look forward to sales starting on 31st March.”
Avani Hotels & Resorts Announce Third Property in Dubai
Making their mark in the residential segment in the Dubai property market, Avani Hotels & Resorts have unveiled their brand new project, Avani Hotel Suites & Branded Residences in Palm Jumeirah. The project, being developed by the Al Fahim Group is scheduled to be completed by 2020. It will feature over 500 properties spread across the Avani Residences and Avani Serviced Apartments. The property configurations range from studios to 3-bedroom units boasting modern amenities and facilities.
“When it opens in 2020, the impressive Avani Hotel Suites & Branded Residences will be our third property in Dubai, signalling the brand’s steady growth in the region as well as around the world. Residence owners and guests will be able to enjoy Avani and it’s full range of amenities,” said Alejandro Bernabe, Vice President Avani Hotels & Resorts.
Meraas starts the handover of Nikki Beach Residences
One of the most exciting pieces of Dubai property news this week was the handover of Pearl Jumeirah’s upscale properties in the Nikki Beach Residences by Meraas. The 63 waterfront properties include 1 – 4 bedroom homes with a range of luxury amenities. This is a spectacular new addition to coveted beachfront properties in Dubai and is sure to be a sought-after location for both leasing and buying.
“Nikki Beach Residences is one of the most exclusive neighbourhoods in Dubai, and is home to the very first freehold beachfront properties in the city’s prestigious Jumeirah 1 district,” said Rashid Al-Sharif, Chief Sales Officer.
Azizi Group Announces Brand New Skyscraper Project in Dubai
There seems to be no stopping Dubai when it comes to winning the skyscraper race in the world. Already home to some of the tallest buildings in the world, this new mammoth project by Azizi will be a worthy addition to city’s spectacular skyline. The AED 3 billion project has caught the attention of UAE real estate news aficionados, as the tower, estimated to be 570 metres tall upon completion, is expected to knock South Korea’s 554.5m-tall Lotte World Tower out of the top five tallest buildings. The first 100 floors are intended to be residential, and the top 22 floors will be dedicated to a brand new hotel. It will be yet another iconic building for those looking to invest in real estate in Dubai when this project is complete.
“The tower will be a stunning new addition to Shaikh Zayed Road — the main artery of the city — and will rival the world’s most well-known skyscrapers in terms of both scale and quality of design,” said Azizi chairman, Mirwais Azizi.
There’s always something new happening in real estate in the UAE, whether it is with respect to residential or commercial properties. Prices fluctuate, popular areas change and market trends evolve. To stay informed about all the latest UAE real estate news, don’t forget to bookmark your favourite UAE property blog and stay tuned for our updates. Now that you are all caught up on the news, why not indulge in some adventurous activities in the UAE this weekend?