Last Month in Real Estate – August 2020
- Dubai South launches rent-to-own scheme
- New procedure for jointly-owned properties
- Online summer promotion by wasl Properties
- Arada launches new villa community in Aljada
- Aldar introduces rent payment by credit card
- Deyaar announces AED 8.5M net profit in H1 2020
It’s been a busy month for the real estate market in the UAE! Many interesting developments have happened over the last month including new project launches as well as the introduction of new real estate schemes and offers. Stay updated on the latest Dubai real estate news with our highlights for August 2020.
Top real estate news in the UAE for August 2020
Keep reading to discover highlights of the top real estate news in Dubai and other emirates for August 2020.
Dubai South launches rent-to-own schemes for tenants
One of the major highlights of Dubai real estate news for August 2020 is the launch of rent-to-own schemes by Dubai South! One of the most popular communities near the Expo 2020 site, Dubai South is offering a 10-year rent-to-own plan for properties in The Pulse, which features apartments and townhouses.
As per this new scheme, tenants will not be required to make a down payment, but will instead make quarterly payments towards the property while occupying it. These contribute towards ownership of the property after a period of 10 years.
The Pulse is a stylish community within Dubai South, featuring apartments and townhouses, along with leisure facilities such as cycling trails, walking paths, swimming pools, parks and gyms. The prices to invest in apartments in The Pulse starts from AED 310k while The Pulse townhouses for sale start from AED 719k.
Dubai Land Department introduces new complaint procedure for jointly owned properties
According to the latest Dubai property news 2020, Dubai Land Department has updated its procedure to file complaints for jointly-owned properties.
Now, owners of jointly-owned properties must first contact the relevant management company in writing, before reaching out to RERA. If they do not receive a response within two working days or receive an inadequate reply, they can then proceed to file a complaint through the Dubai REST application, as per the latest Dubai real estate news
When filing a complaint on the Dubai REST app, owners must attach a copy of the written complaint to the management company and the company’s response, if they have received it. They can also attach additional documents regarding their complaint.
wasl Properties leases out 126 homes in six hours for online summer promotion
The Dubai real estate market is dynamic, regularly introducing attractive schemes and offers for prospective buyers and renters. In August 2020, wasl Properties launched its online Summer Deals campaign, garnering attention in Dubai real estate news. With this new promotion, tenants could reserve their preferred units by submitting their details online and settle their rental contracts within a few minutes!
In addition to taking the leasing process online, wasl Properties also offered tenants 5% to 10% discount on its rental properties, depending on the size and location, as well as the option to pay rent with 12 monthly cheques. With this unique offer, wasl Properties successfully leased out 126 units in Dubai within six hours, as per Dubai property news.
Keen on renting apartments by wasl Properties? The rental flats in wasl 51, a mixed-use development in Jumeirah, start from AED 85k. Meanwhile, apartments for rent in wasl Port Views start from AED 54k.
New villa community launched in Aljada by Sharjah-based Arada
Also highlighted in UAE real estate news for 2020 is Arada’s launch of a new villa and townhouse community in Aljada, one of the most popular upcoming mixed-use developments in Sharjah. Aljada is located near the Sharjah International Airport and is a short distance from the emirate’s University City.
Arada’s latest launch is Sarab 2, which follows the successful sell-out of the first phase of the Sarab community. Sarab 2 will be home to townhouses, semi-detached and detached villas, along with state-of-the-art facilities such as gyms, pools, adventure playgrounds, parks and other sports courts.
If you’re looking to buy off-plan villas in Sarab Aljada, sales prices start from an affordable AED 1.2M.
Aldar Properties introduces facility to make rental payments by credit card
Amongst the highlights of Abu Dhabi real estate news for August 2020 is Aldar Properties’ latest solution for tenants residing in its communities. This leading Abu Dhabi-based developer is now offering tenants the option to make their rental payments by credit card, thus providing them more flexibility and convenience.
According to the developer, tenants will initially be able to make rental payments by credit card at Provis, which is the real estate management company of Aldar. This is expected to be followed by online and mobile payment facilities, too.
This is one of the latest solutions by Aldar to increase convenience for its customers, from virtual tours to rent-to-own schemes, which have been making waves in the Abu Dhabi property market.
Interested in renting in one of Aldar’s communities? You can consider the rental apartments in Al Raha Beach, which start from AED 45K or the villas for rent in Yas Island, which have a starting price of AED 165k.
Deyaar Development announces AED 8.5M worth of net profit in H1 2020
Our final mention in Dubai real estate news for 2020 concerns Deyaar, a Dubai-based developer that is responsible for residential and commercial projects across the emirate. In August 2020, Deyaar revealed that it had brought in AED 8.5M ($2.3M) in net profit and AED 174.5M ($47.5M) in revenue.
Deyaar has attributed its positive financial results to successful projects such as Midtown in Dubai Production City and Bella Rose in Dubai Science Park. Aside from these, Deyaar has also developed Al Seef Tower in Dubai Marina, Central Park in DIFC and Fairview Residence in Business Bay.
Keen on investing in these residential towers? Prices to purchase apartments in Midtown start from AED 300k while Bella Rose apartments start from AED 455k.
Those are our highlights from UAE property news for August 2020! As you can see, it’s been an exciting month with various launches, offers and schemes to further increase the appeal of the UAE real estate market.
You can also learn more about the upcoming luxury development of Emaar Beachfront in Dubai Harbour, which is set to be a stylish cruise terminal and marina.
Find out more about the Dubai housing fee, which is payable by all expatriates residing in the emirate.
Stay tuned to MyBayut for more of the latest property news in Dubai for 2020!
