Last month in real estate: Dubai real estate news for January 2020
As we wrap up the first month of 2020, it’s time to take a look at the most notable Dubai property news updates from the past month. The city has been gearing up for the upcoming Expo 2020 and there have been some interesting developments in the Dubai real estate market. Let’s take a look at the most important Dubai real estate news announcements for January 2020.
TOP DUBAI REAL ESTATE NEWS UPDATES IN JANUARY 2020
Here are all the Dubai real estate news updates from the month of January 2020.
A new law on property leasing announced in the DIFC area
The first property news in Dubai for January 2020 was the new DIFC law on property leasing, enacted by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai. The legislations of this new leasing law in DIFC will regulate all leasing contracts between lessors and lessees in the DIFC area in hopes to promote more real estate transactions.
“Enacting the new DIFC leasing law will not only provide clearer guidance for thousands of landlords and tenants in DIFC but advancing our legislation also represents a key step for delivering on our landmark expansion plan that will transform the future of finance,” said Essa Kazim, Governor of DIFC.
The new DIFC law (Law No. 1 of 2020 aka the Leasing Law 2020) will come into effect in the Dubai property market on the fifth business day after enactment, excluding the day of enactment.
Azizi Development completes construction works in the Samia project
The next Dubai real estate news update comes from famed Dubai developers, Azizi Developments. They’ve completed construction works on their tower called Samia and are soon to begin handover.
“As we mark the completion of an impressive residential tower in the budding community of Al Furjan, we thank the thousands of dedicated, diligent individuals who have contributed in turning what was once just a project into homes for hundreds of happy families,” said CEO Farhad Azizi.
The tower which is located in Al Furjan will span over a floor area of 18,354 sq.m, out of which 7,000 sq.m will be dedicated for retail outlets and amenities like swimming pools, a gymnasium, a sauna and a steam room. The rest will be residential and include 276 apartments in studio, 1 and 2-bedroom units as well as eight penthouses. Azizi also stated that handovers for these residential units will begin soon. If you are interested to purchase, check out Bayut’s listings for apartments for sale in Samia Azizi.
Emaar unveils plan to create a new luxury residential tower – the Burj Crown
Emaar has announced one of the most interesting pieces of property news in Dubai for Jan 2019. They will be constructing a new landmark in the city called the Burj Crown, a 44-storey luxury residential tower located on Sheikh Mohammed bin Rashid Boulevard. It is one of the latest off-plan projects to enter the Dubai real estate market and is being designed by Hong-Kong based architecture firm LWK Partners.
“We are delighted with the contribution of LWK Partners, who have designed an exceptional addition to the ever-evolving skyline in the heart of Downtown Dubai. With exceptional amenities and direct views to Dubai Opera district, Burj Crown presents an unmissable investment opportunity,” said Mohamed Alabbar, Chairman of Emaar.
Emaar stated that the residential tower will have a total of 440 units which offer stunning views of attractions such as Burj Khalifa, The Dubai Mall, Dubai Fountains, Burj Park and Dubai Opera. It is also said to feature an outdoor area with green spaces with a wide range of amenities.
Browse through Bayut’s latest listings for the apartments for sale in Burj Crown if you are interested to own an apartment in the city’s newest landmark.
Construction of the Luxembourg Pavilion reaches 45% completion milestone
The final feature on our roundup of Dubai real estate news updates comes from the heart of the Opportunity District at the Expo 2020 site. The Luxembourg Pavilion, which is valued at $32m, has completed 45% of its construction. According to Maggy Nagel, Commissioner-General of the Luxembourg Pavilion at Expo 2020 Dubai, the Luxembourg Pavilion was the first Expo 2020 pavilion to receive a building permit.
The Luxembourg Pavilion is being designed with a unique concept – the Möbius strip, which will represent the infinite form of a circular economy.
“The idea for the design of the pavilion comes from our architect – METAFORM Architects. It reflects the opportunities, openness, and dynamism of the Luxembourg pavilion,” Nagel adds.
To find out more about this and other country pavilions at the Expo 2020 site, check out our detailed feature on the different Expo 2020 pavilions.
That wraps up this month’s round-up of latest property news in Dubai. To receive these Dubai real estate news updates like this straight to your email, subscribe to MyBayut.
Now that you’ve caught up with all the real estate news in Dubai for the last month, check out all the fun events happening around the city with our awesome roundup of the upcoming events in Dubai.
