- Danube Properties to Launch New Projects Worth AED 1B
- Aldar Releases Final Phase of Yas Acres Project
- Arada Announces to Launch Five New Projects
- DLD Reports Sales Transactions Worth AED 13.1 Billion
- Lootah Real Estate Rolls Out a New Residential Project in Dubai
- DLD Initiates Building Classification Survey Project
We’re into the final throes of 2021 and the real estate sector has, as usual, been spilling over with intriguing news. Many exciting projects and ambitious ventures graced the country’s ever-growing market portfolio during the last month. In this article we bring you all the big UAE real estate news from November 2021.
TOP REAL ESTATE NEWS IN THE UAE FROM NOVEMBER 2021
DANUBE PROPERTIES PLANS TO ROLL OUT PROJECTS WORTH AED 1B IN THE NEXT FIVE YEARS
One of Dubai’s leading developers, Danube Properties, has recently announced that they will launch two to three projects annually until 2026. The cost of these projects is estimated to be approximately AED 1 billion (USD 272M) but it could increase, given that Dubai’s real estate market continues to recover from the impact of COVID-19.
Danube Properties launched the AED 475M Skyz Tower last month and now they are planning to take things up a notch. Rizwan Sajan, Chairman & Founder of Danube Properties, shared their plans of launching the next project within the first quarter of 2022.
Although Mr Sajan hasn’t spilled the beans on the area of interest for this new project, it is safe to say they are going to expand the company’s portfolio within the next couple of years.
The main aim of this initiative is to balance the cycle of demand and supply in the region’s affordable residential segment.
ALDAR RELEASES FINAL PHASE OF YAS ACRES PROJECT
Much to the anticipation of real estate investors in the UAE, Abu Dhabi’s biggest developer, Aldar Properties makes news with the release of the last phase of the Yas Acres project – Dahlias. The construction of Dahlias will begin during the second quarter of 2022, with handovers due to commence during the last three months of 2024.
Dahlias community on Yas Acres will include 120 houses, duplexes and townhouses. When it comes to amenities, Dahlias will feature community pools, mosques, a school, a cycle track, solar-powered water heating systems, LED light fixtures and smart metres.
As far as the prices are concerned, the cost of villas in Dahlias start from AED 5.6 million, while townhouses are priced at AED 2.49 million.
Investors can choose from three to four-bedroom duplexes, four to six-bedroom villas and two-bedroom townhouses to secure an off-plan investment in Dahlias.
SHARJAH DEVELOPER ARADA ANNOUNCES THE LAUNCH OF FIVE PROJECTS
Sharjah’s most popular developer, Arada is known for its innovative concepts. Last month, Arada emerged at the forefront of property development in the UAE when they unveiled plans to launch a series of five projects in Sharjah within the next year.
The new projects will include serviced apartments and other types of residential units in Arada’s master development, Aljada.
Amongst these five projects, the construction of one project called Boulevard 3 is currently underway; work on the remaining four projects will start in 2022.
Through these upcoming projects, Arada plans to achieve its sales target of AED 3 billion in 2022 and expand its reach to UAE’s other property markets such as Dubai and Abu Dhabi.
DLD REPORTS SALES TRANSACTIONS WORTH AED 13.1 BILLION
On 24th November 2021, Dubai Land Department released a monthly report to reveal transactional data for October 2021. As per Mo’asher, Dubai’s official sales price index, Dubai has recorded real estate transactions worth AED 13.12 billion in October 2021.
To assess the growth of transactions in Dubai’s property market, Mo’asher compared the data with that of January 2012’s monthly index. The data recorded an overall monthly price index of AED 1M (AED 1,086,969) in October 2021.
If we take specific property types into consideration, the apartment monthly index price has been AED 974k (AED 974,621) whereas villas and/or townhouses had an index price of AED 1.9M (AED 1,962,448).
The overall index of October 2021 surpassed that of June 2019’s and was valued the highest since March 2019. Similarly, index numbers and valuation of individual property types have also excelled compared to August and September 2020 respectively.
The growth in October’s transactions could be easily attributed to the launch of the world’s largest global fair taking place in Dubai – the Expo 2020.
LOOTAH REAL ESTATE ROLLS OUT A RESIDENTIAL PROJECT IN DUBAI
In other UAE real estate news, Lootah Real Estate Development (LRED) has announced a new project – LOCI – in the city. The USD 19M residential project will span 3,079 sq.m, comprising 114 units themed around New York Lofts, London Docks and Miami Minimalist.
The project will be nestled close to Dubai’s popular shopping destinations and will offer easy access to landscaped parks, shops, hotels and restaurants.
When it comes to its infrastructure, each floor of the building will be designed to ensure the natural flow of sunlight. The building will also include a gym facility, rooftop pool, yoga and meditation space.
The residential units in the building will range from studios to two-bedroom apartments, offering several facilities and magnificent park views.
When asked about the project, Raja Alameddine, CEO of Lootah Real Estate Development said,
“LOCI not only allows our target market to choose and customise their living space according to their needs and desires by offering them options to pick styles and layouts but also offers them a user-friendly, modern and high-quality accommodation to relax, taking a breath of fresh air from the mundane and breaking the mould of apartment living.”
DLD UNVEILS BUILDING CLASSIFICATION PROJECT
Another piece of hot news that dropped in November 2021 came from DLD. In November 2021, DLD initiated the Building Classification Survey (BCS) project amidst a hybrid real estate summit and exhibition in Dubai, Cityscape Global 2021.
After a comprehensive survey of 28,835 buildings, 61,321 empty plots, 102,523 villas, 6,943 under-development plots and 773 parking lands, as many as 150,000 land plots have made it to the DLD’s database. The list of these plots includes residential, industrial, commercial as well as mixed-use land.
To avoid any discrepancies, the units have been rated on the basis of five parameters such as sustainability, health and safety, documentation, technical criteria, administration and finance. Each of these parameters had a set of questions based on which DLD evaluated the properties.
Dubai Land Department used its standard 1-to 4-star rating system to classify property into a particular category. There was even a special category known as 4 Plus to classify buildings that focus on sustainability.
The project serves a large clientele across different categories in Dubai’s property sector, ranging from investors to private sector firms.
FAQs ABOUT DUBAI REAL ESTATE NEWS AND MORE
WHAT ARE THE BENEFITS OF BUYING A PROPERTY IN DUBAI?
Dubai has a stable property market that promises competitive prices and good rental yields. Aside from this, the city offers a high standard of living and modern infrastructure.
CAN FOREIGNERS BUY A PROPERTY IN DUBAI?
As per the UAE government’s official website, foreigners can buy properties in Dubai only in areas designated as freehold. They can enjoy ownership or leasehold rights over freehold properties for up to 99 years. However, foreigners willing to secure investments in the region must know the ins and outs of freehold and leasehold ownership in Dubai.
That brings an end to the list of top UAE real estate news for November 2021.
If you’re planning to invest in the UAE’s real estate, consider buying a property in Dubai. Here are some legal steps for buying a property in Dubai. While you’re at it, you might also want to know the cost to purchase a property in Dubai.
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