Last Month in Real Estate – September 2020
- DLD integrates AI in real estate valuation
- New retirement visa in Dubai
- Completion of The Edge in DIP
- One at Palm Jumeirah to be completed in December
- Tilal Al Ghaf sells third phase in two days
- New dispute resolution centre in Abu Dhabi
- Rukan Tower launched in Dubiland
As we move into the final quarter of 2020, it’s time to take a look at the previous month in the property market. We’ve rounded up the most interesting highlights from Dubai real estate news in September 2020. These include the biggest project launches and completions, new real estate procedures and the latest updates on upcoming projects.
Top Dubai real estate news for September 2020
Keep reading for highlights from Dubai property news for September 2020:
Dubai Land Department integrates AI in its real estate valuation process
As per the latest Dubai real estate news 2020, the Dubai Land Department (DLD) announced that it has completed the integration of Artificial Intelligence for its real estate valuation processes. This is another step in the Dubai Government’s strategy to provide smart, paperless services to customers.
Through the integration of AI, DLD will be able to provide accurate and quick valuation data to customers using smart technology.
This valuation service will be offered to customers through the Dubai REST application, according to property news in Dubai. The valuation of properties can be done without the necessary documents, while the service time is reduced to 15 seconds. Moreover, this smart service will also help to reduce costs and increase customer happiness.
Dubai launches retirement visa scheme for expats over 55 years
In September 2020, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, announced the launch of the ‘Retire in Dubai’ programme for retired expats over the age of 55 years.
‘Retire in Dubai’ was launched by the Dubai Tourism and Commerce Marketing (DTCM), which collaborated with the General Directorate of Residency and Foreigners Affairs (GDRFA) to introduce this first-of-its-kind scheme.
With this new retirement visa scheme, eligible applicants will receive a five-year renewable residence visa in Dubai, allowing retirees to enjoy the city’s unique and world-class lifestyle. To be eligible, applicants must be above the age of 55 years and meet certain financial requirements, such as owning property worth at least AED 2M or having savings worth AED 1M.
The new retirement visa scheme is expected to further increase the appeal of the Dubai property market, and attract investors from around the globe to make the emirate their long-term home.
Lootah announces completion of The Edge in Dubai Investment Park
Another one of the major highlights of UAE property news is that Dubai-based developer, Lootah has announced the completion of its latest residential project, The Edge in Dubai Investment Park.
Located in the gated community of Ewan Residence, The Edge offers studio, 1 and 2-bedroom apartments for rent. Other amenities available to residents of The Edge include basketball and tennis courts, BBQ areas, parks and a gym, offering a comfortable yet affordable lifestyle.
Ewan Residence is also close to schools, supermarkets and other residential areas such as The Green Community. Tenants looking to rent apartments in Ewan Residence can expect to pay a starting price of AED 33k.
One at Palm Jumeirah set for completion by the end of 2020
Our next highlight of Dubai real estate news is regarding One at Palm Jumeirah, which is one of the island’s unparalleled luxury projects, offering the best of architecture, amenities and lifestyle. As per the latest real estate news in the Dubai, this luxury project by Omniyat is slated for completion in December 2020, with construction having reached the 91% mark so far.
One at Palm Jumeirah will be managed by The Dorchester Collection, which is known for its luxury properties worldwide. Once complete, this iconic tower will offer personalised services for residents, such as butler services, 24-hour concierge facility, housekeeping and private chefs. It will also have gardens, beachfront promenades, swimming pools, spa facilities and an indoor cinema.
This luxurious tower’s penthouses have already made waves in the Dubai property market, for being some of the emirate’s most expensive properties to be sold.
Keen to purchase one of these exclusive residences? You can view the floor plans for One at Palm Jumeirah to discover your perfect luxury home. Buyers can expect to pay a minimum of AED 12M for One at Palm Jumeirah’s apartments for sale.
Tilal Al Ghaf sells out its latest phase of homes in two days
In September 2020, Majid Al Futtaim announced that it had successfully sold out the third phase of its Elan community in Tilal Al Ghaf in just 48 hours, surpassing its previous record of seven days for its first and second phases.
Elan in Tilal Al Ghaf offers spacious 3 and 4-bedroom houses situated around a man-made lagoon and beaches, along with premium facilities such as lush parks, cycling and jogging trails, play areas and more.
According to Dubai real estate news, infrastructure work has already begun at Tilal Al Ghaf. Located behind Dubai Sports City, Tilal Al Ghaf is rapidly gaining popularity in the Dubai property market for its stunning facilities, including schools, retail outlets and fitness centres. The handover for homes in Tilal Al Ghaf is expected to start in December 2022.
For those interested in purchasing a home here, the houses for sale in Elan have a starting sales price of AED 1.15M.
Abu Dhabi to introduce a new real estate dispute resolution centre
One of the highlights of Abu Dhabi real estate news 2020 is the announcement to set up a new dispute resolution centre to handle rental and real estate disputes. An agreement was signed between the Abu Dhabi Judicial Department (ADJD) and the Department of Municipalities and Transport (DMT) to establish the new resolution centre.
Previously, the ADJD handled rental and real estate disputes in Abu Dhabi. However, the new centre will have qualified and trained real estate conciliators, who will aim for reconciliation and amicable settlement while protecting the rights of all parties. This move will further enhance Abu Dhabi’s real estate and investment sector and also ensure that fewer real estate dispute cases arise in the emirate.
Reportage Properties launches Rukan Tower in Dubailand
To conclude our highlights of real estate news in Dubai, the notable UAE-based developer, Reportage Properties has launched its brand-new Rukan Tower! Once complete, Rukan Tower will offer competitively-priced studio, 1, 2 and 3-bedroom apartments in the suburban development of Dubailand.
The launch of Rukan Tower follows the development of the second phase of Rukan Lofts, which offers spacious townhouses and villas. The apartments in Rukan Tower are expected to be delivered by Q4 2022, with construction already underway for the project.
Residents will enjoy state-of-the-art amenities such as parks, swimming pools, retail outlets and cycling trails. For those keen to invest in this up-and-coming neighbourhood, the apartments for sale in Rukan start from AED 229k, as per current listings. Rukan is also one of the city’s most sought-after off-plan projects, offering a lucrative opportunity for buyers.
Those are our highlights from property news in Dubai for September 2020! There have been several developments in the property sector, which will enhance the attractiveness of the UAE’s real estate market and add more options for property seekers.
You can also learn more about our Development of the Month, Banyan Tree Residences, located in the heart of New Dubai. This high-end residential tower boasts a range of property types including apartments, penthouses and garden homes.
Watch our latest episode of Bayut Real Estate Bytes, where industry leaders and experts discuss buying property in Dubai post the COVID-19 lockdown. Alternatively, you can watch the Bayut’s eighth webinar, where we discuss the commercial property market and its future post-COVID-19.
Stay tuned to MyBayut for more updates on the UAE’s property market!
