- DLD launches the virtual version of the International Property Show
- The Rental Disputes Settlement Centre announces mandatory rule for utility payments
- A new eco-friendly school coming up in Tilal Al Ghaf
- DLD’s 2019 annual report reveals that real estate contributes to 7.2% of Dubai’s GDP in 2018
- Construction on Abu Dhabi’s Al Qana reaches 90% completion
- Emaar, Arada inaugurate off-plan sales at Vida Residences Aljada
As we enter the month of December, it’s time to take a look at the latest developments in the UAE real estate market. For those of you wanting to stay abreast of the latest information from the country’s evolving property sector, keep reading for some of top UAE real estate news updates that captured the attention of investors, landlords, tenants, sellers and agents in November 2020.
TOP UAE REAL ESTATE UPDATES FOR NOVEMBER 2020
November has turned out to be an exciting month in the UAE real estate market, with the launch of some stunningly innovative projects!
Without further ado, let’s take a look at the top November 2020 highlights from the real estate market in the UAE:
Dubai Land Department (DLD) announces the launch of the virtual version of the International Property Show
In collaboration with Invest in Dubai Real Estate, Dubai Land Department (DLD) has rolled out a virtual edition of the popular International Property Show (IPS) to pique the interest of the global real estate community. The show will include various activities for the world’s top investors, real estate developers, financial institutions, and industry experts.
The event will also feature the launch of the Property Network Partnership (PNP), a global virtual platform aimed towards strengthening the bond between individuals and property institutions.
Participants can also expect training sessions by the Dubai Real Estate Institute (DREI). Other exciting sessions include ‘Facts and Figures on the Real Estate Sector’ with Dana Salbak and ‘Innovation in Real Estate’ by Tim Shelton.
The highly-anticipated IPS’ virtual exhibition will showcase the latest real estate projects, offering an insight into the special offers and deals by local and international brokers and other financial institutions. This 10-day event will be conducted through Event 10x.com, promising utmost safety and convenience.
Recently, the inaugural ceremony of the event was held and was attended by HE Eng Marwan bin Ghalita, CEO of the Real Estate Regulatory Agency (RERA), Majda Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at DLD, HE Sultan Butti bin Mejren, Director General of DLD and many others.
The Rental Disputes Settlement Centre announces mandatory rule for tenants
Another major piece of UAE real estate news that was of particular interest for landlords came in the form of an announcement from the Dubai Rental Disputes Centre (RDC). The Dispute Resolution Department announced that tenants are responsible for utility bills during the term of their occupancy, if any statement to the contrary is not specified within the tenancy contract.
The RDC also added that the tenant will have to prove that the property has been vacated by handing the owner a clearance certificate for utilities’ on the final date of leaving the property.
The RDC further urged all parties involved in leasehold contractual relationships to familiarise themselves with the new procedures for evictions. Furthermore, the Centre requested all parties to thoroughly study tenancy documents before signing them.
The RDC deemed it necessary for tenants to be aware of the basic aspects of tenancy agreements. These include:
- Non-entitlement of subletting without landlord’s prior consent
- Hand over of keys after vacating
- Producing clearance certificates from all associated utilities used at the property to the landlord
An eco-friendly school to be built in Tilal Al Ghaf
According to popular UAE real estate news outlets, a new eco-friendly school is set to open its doors in Tilal Al Ghaf on 21st September 2021.
Designed by Bogle Architects and constructed by Multiplex, Dubai’s campus of the popular UK Royal Grammar School Guilford will feature eco-friendly and sustainable design modifications.
The campus will occupy a 40,000 sq.m area and will be able to accommodate 2,100 students. Key design aspects of the institute include biophilic walls, a central green atrium, a 500+ seat multi-purpose auditorium, a double-storey library, and a multi-functional sports facility.
The school which is already making quite an impression in Dubai property news segments, will be powered with solar energy and feature an 868 kWp rooftop solar installation and a car park which is predicted to produce 1.4GWh per year whilst reducing approximately 629 metric tonnes of carbon emissions.
DLD’s 2019 annual report reveals that the real estate sector contributed to 7.2% of Dubai’s GDP in 2018
An annual report published by the Dubai Land Department revealed that the real estate sector has significantly contributed to the positive economic growth of the emirate. The property sectors’ contribution to GDP in 2018 rose to 7.2%, compared to the 6.9% average in 2017. To help all the stakeholders get an accurate idea of the real estate news updates from the region, the report also discussed how the UAE has reached the 11th rank out of 190 countries in the Ease of Doing Business Report 2019, rising up 10 positions within a year.
Construction on Abu Dhabi’s Al Qana is 90% complete
During an interview, Fouad Mashal, the CEO of Al Barakah International Investment, revealed that progress for the iconic leisure and waterfront dining destination, Al Qana is 90% complete.
The project features 11 waterfront buildings in the prime canal area surrounding Khor Al Maqta in the heart of Abu Dhabi.
Key landmarks under development in Al Qana include the National Aquarium which is set to become one of the largest aquariums in the Middle East, featuring 45,000 marine specimens from around the world. Al Qana will also feature a 15 screen stand-alone cinema and a lifestyle fitness and wellness hub called ‘The Bridge’, which will cover an area of 8000 sq.m.
The cinema called Cinemacity “CityMax” will include UAE’s largest 26m-wide PLF screen and will have a simultaneous seating capacity of over 2000 people.
According to Mr Mashal, all 11 blocks are fully under construction and the overall project completion is at 90%. The project will start deploying utility connections to facilities by December and a formal soft-launch is expected by January 2021.
Emaar, Arada inaugurate off-plan sales at Vida Residences Aljada
Another UAE property news highlight is that Emaar Properties’ hospitality wing, Emaar Hospitality and Arada, one of the region’s top real estate developers, have launched the initial phase of off-plan sales for Vida Residences Aljada. The first phase of this sales cycle will consist of 168 off-plan apartments in the first building of Vida Residences. The accompanying housing complex will feature over 250 one, two and three-bedroom apartments.
The apartments will have minimalist interiors and will offer access to a rooftop infinity pool, gym, kid’s play area, and a dedicated family pool.
The Aljada project will be Sharjah’s largest mixed-use destination and is set to be completed by the end of Q2 2020.
That brings an end to the highlights from UAE real estate news for November 2020. You can also learn more about upcoming developments in Dubai such as Suncity Homes by Sun and Sand Developers and Banyan Tree Residences.
Want to invest in property in Dubai? Check our guide to the legal steps of buying property in Dubai.
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