- DLD Reports a Hike in Real Estate Transactions Close to Expo 2020
- Arada Awarded a Contract to Design a Forested Community in Sharjah
- The Ministry of Finance and Ajman Land Come to an Agreement
- Serenia Residences Plans to Develop a Beachfront Residence at Palm
- Pre-approval Required from Abu Dhabi Municipality for Service Fee
As we bid adieu to September 2021, it’s time to take a look at the real estate developments that took place during the last month. From significant property transactions to project launches, the month saw a fair share of growth and an increased interest towards investment. So, without further ado, let’s delve into the biggest real estate news in the UAE from September 2021.
UAE REAL ESTATE NEWS FOR SEPTEMBER 2021
DUBAI LAND DEPARTMENTS REPORTS HIGHEST TRANSACTIONS IN AUGUST 2021
On 22nd September 2021, Dubai Land Department (DLD) rolled out a report to reveal the transactions of August 2021. As per the Mo’asher, Dubai’s official sales price index, Dubai’s real estate recorded 5,780 transactions worth AED 14.9 billion in August 2021. The figure surpassed the number of transactions made in August for the past 12 years, making August 2021 the second-highest month on record since December 2013. The rise in property investments shows the increased international interest in the city’s real estate on the cusp of Expo 2020.
As per the index, 55% of property transactions were made for ready properties while the remaining 45% were reserved for off-plan properties. The top five areas that have garnered a maximum number of transactions for apartments were Jumeirah Village Circle, Business Bay, Mohammed bin Rashid City, Downtown Dubai and Dubai Harbour.
ARADA CLINCHES A DESIGN AND SERVICES CONTRACT FOR SHARJAH’S NATURE-INSPIRED COMMUNITY
In September 2021, a popular UAE-based developer, Arada received a design and services contract for Sendian District, Masaar. Masaar is a new forested community in Suyoh Sharjah with Senidian District constituting the first phase of this AED 8B project. Arada will work in collaboration with Dubai-based Dewan Architects + Engineers to ensure a top-notch design for the construction of over 400 townhouses and villas at Masaar.
The community was launched in January 2021 with the aim to offer residents a healthy lifestyle in harmony with nature. It features around 4,000 villas and townhouses divided across eight gated districts. However, its most alluring feature is a beautifully landscaped, walkable ‘green spine’ which is expected to have cycle tracks, footpaths, sporting facilities and passive zones.
This is not the first contract awarded for this project. In May, a contract for infrastructure design and supervision services was awarded to a US-based engineering consultancy, Parsons Overseas. Similarly, ASGC was chosen for the development of the Masaar Experience Centre and a show villa in the emirate.
As per the latest updates given by Arada, the first phase of the project is 90% sold. However, the houses will be ready for handovers by the end of 2023.
A MEMORANDUM OF UNDERSTANDING SIGNED BETWEEN AJMAN LAND AND THE MINISTRY OF FINANCE TO DRAW FOREIGN INVESTORS
In other real estate news, Ajman’s Department of Land and Real Estate Regulation and The Ministry of Finance signed a Memorandum of Understanding (MOU) to exchange tax data as per bilateral agreements signed between the UAE and other countries. These agreements include model contracts for the effective transfer of information and neutralising harmful tax practices.
The primary reason for signing this memorandum is to ensure the application of international agreements and strengthen the UAE’s financial position to attract global investors to the country. The contract was signed by His Excellency Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation in Ajman and His Excellency Younis Haji Al Khouri, Undersecretary of the Ministry of Finance.
SERENIA RESIDENCES LTD BUYS THE MOST EXPENSIVE PLOT IN PALM JUMEIRAH TO DEVELOP A BEACHFRONT ARENA
Serenia Residences’ recent purchase have been making waves in the property sector of Dubai. Serenia Residences bought, what is billed as ‘Dubai’s most expensive plot’, worth AED 508M in Palm Jumeirah in September 2021.
The plot is located at the crescent of the Palm and will soon be turned into a beachfront residence. The project will spread over 1.2 million sq. ft, with costs expected up to AED 2.5B to build. It will be built by Palma Holding, popularly known for projects such as Serenia Residences, Olivara Residences and Silverene Towers. The project will be launched in 2022.
Here is what Hassan H. Nia, founder and CEO of Banian, Owner of Serenia Residences had to say when asked about the development,
“Following the completion and near sell-out of Serenia Residences, we are excited to purchase this landmark plot to build another masterpiece on one of the most unique locations in Dubai – The Palm.”
PRE-APPROVAL REQUIRED FROM ABU DHABI MUNICIPALITY TO INCREASE PROPERTY SERVICE FEES
As per the new rules and regulations, developers will require prior approval from Abu Dhabi Municipalities and Transport to increase property maintenance fees. The primary purpose of this new regulation is to preserve the rights of property owners and investors who intend to buy a residence or make a viable investment in the emirate.
This decision will also lay the groundwork for the open economy in Abu Dhabi and help owners become more aware of the utility of service costs they pay. Before the introduction of this rule, the developer or the property management company used to decide the service fee.
IS UAE WORTH INVESTING IN?
If you are wondering, ‘Is UAE good for real estate?’, the answer is a resounding yes. All the property markets in the UAE are largely stable, setting the ideal conditions for buyers and investors. Another factor that makes UAE a viable country to invest in is that properties are in abundance and are available at highly competitive prices.
WHAT IS THE PROCEDURE TO BUY A PROPERTY IN DUBAI?
The process of buying a property in Dubai depends upon four steps that range from negotiating the cost to initiating the transference of the property.
That brings an end to the list of top UAE real estate news in September 2021. These new projects and initiatives will help bolster UAE’s economy and enhance the country’s competitiveness on the economic map of the world.
If you want to know about the latest developments or new projects introduced in the UAE’s real estate market during the last few months, read up on property news from August 2021. Alternatively, you can check out updates on new real estate projects from July 2021.
Besides these projects, several new developments are expected to launch in the UAE. For starters, here is a list of all upcoming projects in Dubai.
To get more insights, updates and news on UAE real estate, stay tuned to MyBayut.