- Bayut Releases Quarterly Reports
- Arada Completes the First Residential Phase of Aljada
- DLD Reports the Highest Number of Transactions
- DAMAC Plans to Make Its Debut In Metaverse
- Q Properties Announces A Mega Villa Project
As we roll into May 2022, it’s time to learn about the major property updates and developments from April. From the latest project launches to record-breaking transactions, the month of April has brought many welcome surprises to the UAE’s property sector. Let’s find out about the top UAE real estate news from April 2022.
TOP REAL ESTATE NEWS FOR APRIL 2022 IN THE UAE
BAYUT & DUBIZZLE ROLL OUT THE QUARTERLY MARKET REPORTS FOR Q1 2022
In April 2022, Bayut & dubizzle released their quarterly reports for Dubai, Abu Dhabi, Sharjah and Ajman to show how real estate markets fared in each emirate during the first quarter of the year.
As per Bayut & dubizzle’s Q1 2022 Dubai sales market report, the property prices for villas and apartments have demonstrated a general uptrend across both luxury and affordable sectors. Similarly, our Dubai property rental market has also shown an upward trend across both segments in the first three months of 2022.
As per Abu Dhabi’s Q1 sales market report 2022, the Abu Dhabi property market has recorded an uptick by up to 4% in the prices for villas and apartments in the luxury sector. In the affordable segment, however, the prices have stayed more competitive, with listed sales prices declining by 1% to 8% during the first three months of 2022.
When it comes to Abu Dhabi’s rental market, it has remained largely tenant-friendly. As per Q1 Abu Dhabi rental market report 2022, the market has experienced decreases of up to 13% for apartments and villas in the affordable segment, whereas the luxury sector has exhibited increases of up to 26% in the first quarter of the year.
ARADA FINISHES MISK APARTMENTS AT ALJADA
In other UAE real estate news, one of the leading property developers in the UAE, Arada has completed the first phase of Aljada residential project – with the delivery of flats in the Misk Apartments’ buildings.
Located on the tree-lined boulevard, the Misk Apartments consist of 1 to 3-bedroom luxury flats and stunning 4-bedroom duplex penthouses spanning nearly 5,000 sq. ft. These flats come with modern interiors, smart home features and white goods.
Residents can enjoy impressive views and easy access to retail, F&B and a variety of entertainment outlets – including the popular leisure spot, Madar.
Upon achieving this major milestone, Ahmed Alkhoshaibi, Group CEO of Arada, said:
“We are pleased to conclude construction work on the first phase at Aljada, where a vibrant community is now taking shape, supported by a wealth of amenities, including extensive retail, F&B and entertainment outlets, all set in lush green landscaping.
Mr Ahmad also elaborated that, with the completion of these homes, they’ve got one step closer to their ultimate goal, i.e. to finish the construction of around 4,000 homes in Aljada in 2022. He also hinted at Arada’s plans to launch new residential projects throughout the year to meet the growing demand for properties in Sharjah.
DLD REPORTS THE HIGHEST NUMBER OF RECORDED TRANSACTIONS IN THE FIRST QUARTER SINCE 2010
Possibly one of the most prominent pieces of UAE real estate news on our list is the record number of quarterly transactions recorded in Dubai. On 26th April 2022, Dubai Land Department released a press release to report transactional data for Q1 2022.
As per Mo’asher, Dubai’s official sales and rental performance index, the city has recorded over 25,972 real estate transactions in the first quarter of 2022. This marks the highest number of transactions ever reported in the first quarter since 2010. The increase in the number of transactions exhibits the market’s significant growth and uptrend.
In Q1 2022, Dubai’s property sale market recorded around 20,539 transactions worth approximately AED 55 billion (AED 55.51). Amongst these transactions, the secondary market represents 58% of sales, whereas the remaining 41.95% has resulted from the sale of off-plan properties.
Aside from transactions, Q1 2022 has also reported the highest number of rental contracts in Dubai. Around 160,530 contracts have been reported in the city in the first quarter, out of which approximately 48% are renewals and 51.8% are new undertakings.
DAMAC PLANS TO BUILD METAVERSE CITIES
The most exciting Dubai real estate news in April 2022 comes from the frontier of Dubai-based conglomerate, DAMAC Properties. The popular real estate development company is making its entry into the metaverse with the goal to build digital cities. They plan to invest $100 million to launch digital assets to offer people a unique experience.
Virtual properties and homes are indeed a major part of their plan, but these are not the only components they want to work on in the metaverse. They also want to make wearables and jewellery in collaboration with Italian fashion brand Roberto Cavalli and the DAMAC’s recently-acquired company Swiss jewellers de Grisogono.
Talking about their debut in the metaverse, Hussain Sajwani, the founder of DAMAC, said:
“We are keen to pioneer the possibilities that the metaverse offers in ways which allow us to be more connected and involved with our customers and their interests.”
For those who don’t know, the metaverse is a portmanteau of two words: ”meta” and ”universe”. This is a broad term that refers to a network of 3D virtual worlds accessible only via the internet.
Q PROPERTIES LAUNCH A MEGAPROJECT IN ABU DHABI
More UAE real estate news comes in from Abu Dhabi where Q Properties has launched a villa project – Reem Hills to elevate the stature of Al Reem Island.
The mega-development will be located approximately three minutes away from the exciting Reem Mall development and nine minutes from the Abu Dhabi city centre.
Abu Dhabi’s verdant urban oasis will include an array of leisure attractions, including beaches, pools, parks, hills, restaurants, jogging and cycling tracks and a canal. In addition, amenities like mosques, shops and community spaces will also be part of this project.
When it comes to the villas, Reem Hills will include hyper-modern residences, ranging from five to seven bedrooms in four distinct designs. The Zen Design will incorporate major elements of Asian architecture, whereas the Minimal Design will focus on simple, minimal features like glass windows that let in natural light. The Frame Design will offer wide-open spaces; whereas the Cubic Design will create harmony with symmetry.
The most exciting feature of this project will be the 360-degree views of the neighbouring area, from a standpoint on the engineered hills.
As far as its release date is concerned, Emirates Stallions Group PJSC (ESG) has recently issued a statement, mentioning that Q Properties has been collaborating with Royal Development Company (a subsidiary of ESG) to deliver phase one by December 2024. Let’s look forward to this highly anticipated project in Abu Dhabi.
WHAT IS THE COST OF BUYING A PROPERTY IN DUBAI?
The cost of buying a property in Dubai depends upon various factors, ranging from area location to the type of property. You can check our portal to know the prevailing prices of villas or apartments in Dubai.
DO YOU GET A VISA IF YOU BUY A PROPERTY IN DUBAI?
Those investing in a property in Dubai/UAE can apply for Golden Visas – long-term residency visas in the country, if eligible.
That brings an end to our guide on the list of top UAE real estate news in April 2022. As evident from the updates, the UAE property market is on its way to adopting more progressive trends to strengthen the country’s infrastructure and economy.
If you want to know what milestones have been achieved by the UAE property market during the last few months, check out UAE property news in March 2022 or read up on the latest updates on real estate from February.
For more information and updates about the real estate market of the UAE, subscribe to MyBayut.