Another week has gone by and its time to bring you a roundup of the top UAE real estate market news. The UAE real estate market continues to be an attractive avenue for property investments, and its popularity is growing rapidly, both locally and internationally. With just another week for July to come to a close, here are some of the highlights of this week’s real estate news in the UAE.
ABU DHABI’s ALDAR PROJECTS WITNESS REMARKABLE PROGRESS
First on our roundup of UAE real estate market news is an announcement from Abu Dhabi’s Aldar Properties. According to this UAE property news update, Aldar has made remarkable headway on many of their high-profile projects on Yas Island, Al Reem Island, Mamsha Al Saadiyat and Jawaher Saadiyat. Aldar also conveyed that major progress had been made on the renovation work at Al Jimi Mall in Al Ain.
On Yas Island, Aldar has begun delivery of the first 300 homes on the island’s premier villa complex, West Yas. The retail plaza in the community, which features the first-ever Spinneys supermarket on Yas Island, was also opened to the public. The report also noted that major construction work is underway in Yas Island’s two waterfront residential complexes, named Water’s Edge and Yas Acres.
On Al Reem Island, the Meera project, which comprises of two 25 storey towers that will have over 400 apartments featuring one, two and three bedroom units, is nearing completion and hand over is expected to happen before the planned delivery date later this year.
The 1.4km mixed-use project, Mamsha Al Saadiyat aka Saadiyat Walk, which will offer luxurious beach-front residences and a diverse mix of retail, dining and entertainment facilities, is on track for completion and will be handed over next year. The Saadiyat Walk is located at the Saadiyat Cultural District in Abu Dhabi.
The Jawaher Saadiyat project, which is an exclusive gated community on Saadiyat Island, has made substantial progress in the engineering and structural work. Upon completion renters and buyers can choose between 83 luxury four-bedroom townhouses and four to six-bedroom villas, which will overlook the Saadiyat Beach Golf Club – the region’s first championship beachfront golf course,
The renovation of the Al Jimi Mall has reached its final stages and the opening is expected to be later this year. The mall will have various retail outlets, restaurants, and an eight-screen VOX cinema.
EMAAR TO DEVELOP THE LARGEST CHINatown IN THE MIDDLE EAST
Property developers in Dubai will always have something to contribute to UAE real estate market news. This week, Emaar Properties announced that they will be constructing the largest Chinese neighbourhood in the Middle East, with the objective to strengthen ties between the UAE and China. The move is in conjunction with the historic visit of Chinese President Xi Jinping to the UAE.
The property developers announced that the ‘Chinatown’ will be developed within the commercial zone of Dubai Creek Harbour. Emaar also announced that three specialised pavilions will be built in Beijing, Shanghai and Guangzhou to further promote tourism, education, trade and investment between the UAE and China.
Emaar will also expand the luxury brand of Address Hotels & Resorts to China and is currently discussing operating more hotels under the umbrella of the Address brand in China’s key cities.
Royal Central Hotel opens on the palm
Next up on our roundup of UAE real estate market news is the opening of the new Royal Central Hotel on The Palm. The 207-room hotel is located on the East Crescent of the Palm Jumeirah and offers guests stunning views of the Atlantis The Palm and the Burj Al Arab.
Guests will have the option to choose from three room categories – premium, superior and palm suites. There are five dining options that have everything from casual food to fine-dining. The hotel also has its own private beach, an outdoor infinity pool, gym and health spa. The Royal Central Hotel on the Palm is a must visit for anyone looking for new hotels in Dubai. At the opening, Ahmad Al Abdulla, Chairman of Central Hotels said: “We are very excited to announce the soft opening of the Royal Central Hotel. The hotel has been designed to make travel seamless and enjoyable with our unique ‘Stay Fresh’ concept.”
Emaar to operate new Rove Hotel in RAK
The last of our real estate updates in the UAE is once again from Emaar. The Emaar Hospitality Group has signed an agreement with Ras Al Khaimah(RAK) based real estate developer and investment company, Al Hamra, to operate the new Rove Hotel at its Manar Mall.
According to the real estate developer, the agreement is aimed at attracting a new generation of visitors to the 250-room, Rove Hotel. The hotel will serve families and individual travellers and feature an outdoor pool, sundecks and a wellness centre. Commenting on this announcement, President of Al Hamra, Frederic Savoye, said: “We own 20% of all hotel rooms in Ras Al Khaimah and are committed to increasing capacity in line with the burgeoning tourism market which has seen incredible visitor number growth in recent years.”
Al Hamra has a current portfolio of four luxury hotels and resorts which include The Ritz Carlton, Waldorf Astoria Ras Al Khaimah, Hilton Al Hamra Beach & Golf Resort and The Al Hamra Residence and Village.
That was our round-up of all the UAE real estate market news. Now that you’re caught up with all the real estate updates from the property market in the UAE, why not try out our fun quiz and find out what is your avenger alter-ego based on your real estate choices. For more real estate news in the UAE, stay tuned to MyBayut – the UAE’s number one real estate blog.