Last Month in Real Estate: April 2019
Another month has arrived and it’s time for Bayut’s highlights from Dubai property news and the UAE real estate market! There have been major developments in the UAE property market last month, including game-changing amendments to Abu Dhabi property laws and unveiling of key residential projects in Dubai. Read on to find out the complete recap of top UAE property news from April 2019!
TOP DUBAI PROPERTY NEWS AND UAE REAL ESTATE UPDATES
ABU DHABI GOVERNMENT AMENDS FREEHOLD OWNERSHIP LAWS
One of the top UAE real estate news from Abu Dhabi last month was the amendment of freehold property laws, which now allows foreign investors to buy property in Abu Dhabi on a freehold basis.
On 17 April 2019, His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, issued a law that amended Law No. 19 of 2005, which concerns the Abu Dhabi real estate sector. The new amendment now allows expats and foreign investors to buy freehold property in specially designated investment zones, with ownership deeds issued to investors. The change to the freehold laws made waves in Abu Dhabi real estate news, as foreign investors were previously limited to leasehold purchases. This new move opens up the Abu Dhabi real estate market to increased foreign investment. Read up more on how the new Abu Dhabi freehold property laws will impact the real estate market.
Want to buy freehold property in Abu Dhabi? Take a look at the top freehold areas in Abu Dhabi where freehold purchase for foreign nationals is allowed.
EMAAR TO OPEN FIVE NEW HOTELS IN DUBAI IN 2019
Also featuring in recent Dubai property news is Emaar Hospitality Group’s recent announcement to open five new hotels in Dubai in 2019. The hospitality arm of leading Dubai developer Emaar has said that it will launch two hotels under the Address Hotel + Resorts brand: Address Fountain Views, which will consist of three towers and Address Sky View, which will have two towers connected at the top with a sky bridge. Both of these hotels will be located in Downtown Dubai.
Other hotels that Emaar will open this year include Vida The Hills, which will be located in Emirates Hills, only 10 minutes from the Emirates Golf Club and Address Montgomerie. Vida Harbour Point and Rove at the Park will be operated under the Rove Hotels brand. Emaar has announced that all five hotels have begun online booking for guests and response has been strong so far.
This Dubai real estate news by Emaar comes only a few months after the group sold five Dubai hotels in 2018 to Abu Dhabi Nationals Hotels, including Address Dubai Mall and Address Boulevard.
DUBAI CREEK HARBOUR UNVEILS WATERFRONT RESIDENCES
Another major Dubai real estate news update from last month is the unveiling of Creek Edge residences at Dubai Creek Harbour. The northern tip of this waterfront destination will now be home to Creek Edge, which will consist of two towers of 40 and 20 storeys, connected by a shared podium. These luxury residences will be located near the Address Harbour Point hotel.
The Creek Edge residences will feature 1, 2 and 3-bedroom apartments as well as an exclusive collection of townhouses on the podium. Apart from having sleek and contemporary homes, the Creek Edge development will also boast state-of-the-art amenities on the podium, including swimming pools, gymnasium, play areas, BBQ pits, zen areas and cabanas. These apartments will also be located close to the Creek Marina and Creek Central Park.
The Dubai Creek Harbour mega-development will also be home to Dubai Creek Tower, expected to be the tallest building in the world upon completion and Dubai Square, an upcoming retail and entertainment destination. If you’re looking to invest in the Dubai real estate market in 2019, take a look at the apartments in Creek Edge.
AED 5B MEGA PROJECT ON JUBAIL ISLAND TO BE COMPLETED BY 2022
A massive 400-hectare mixed-use mega project worth AED 5B ($1.36B) has been launched on Abu Dhabi’s Jubail Island. Located between Yas Island and Saadiyat Island, the project is set to be Abu Dhabi’s hottest residential development.
The Jubail Island project, which dominated Abu Dhabi real estate news, will also boast six investment zones and will consist of luxury and mid-range properties, as well as serviced plots. It will have both single-family and multi-family homes. The expected completion date for the AED 5B development is Q4 2022 and will eventually house 6,000 residents.
Jubail Island’s strategic location places it close to attractions on Saadiyat and Yas Island, including Louvre Abu Dhabi, Yas Mall and various theme parks. The properties on Jubail Island will also be located 15 minutes away from the Abu Dhabi main island.
AL GHURAIR PROPERTIES TO DELIVER THREE NEW PROJECTS IN DEIRA
Al Ghurair Properties has announced that progress is steady for three key residential buildings in Deira, with completion expected in May 2019. The three building projects include Muteena 226, 658 and Muraqabbat 131, which will add 462 residential units to the Dubai real estate market in the prime location of Deira.
This Dubai property news garnered interest as these buildings are part of a larger 46-building project worth AED 5B by Al Ghurair Properties. These projects will be spread across strategic locations in Al Barsha, Deira, Bur Dubai, Al Qusais and Al Warqa, and will comprise of residential units as well as retail space.
The three new buildings in Deira will provide a comprehensive lifestyle for residents, providing easy access to metro stations and other public transport, landmarks and tourist attractions.
MIRDIF HILLS ANNOUNCES 93.5% COMPLETION OF THE FIRST PHASE
Another project that has recently featured in Dubai property market news 2019 is Mirdif Hills. Located next to Mushrif Park and close to Dubai International Airport, Mirdif Hills is one of the two freehold projects in the suburban community of Mirdif. The mixed-use project is being developed by Dubai Investments and will feature high and mid-range residential properties, along with commercial and retail projects.
In April 2019, Dubai Investments announced that the first phase of Mirdif Hills was 93.5% complete. They also announced the release of 279 residential units at Multaqa Avenue, the latest project in the Mirdif Hills development. Multaqa Avenue boasts affordable apartments and duplexes and will also have the upcoming Millennium Hotel as the centre point of the community. It will also have direct access to the sprawling Mushrif Park through the hotel. Multaqa Avenue will be home to NMC Hospital, giving residents easy access to healthcare options. Other projects within the Mirdif Hills development will include Nasayem and Janayen, which will offer investors luxury residences.
As the only freehold project in the area, apart from Mirdif Tulip, Mirdif Hills has been a highlight in Dubai real estate news. If you’re eager to invest in this upcoming development, take a look at the apartments in Mirdif Hills for sale.
EMAAR LAUNCHES NEW PHASE OF EXPO GOLF VILLAS
The final feature of UAE property news for April 2019 is the launch of the fourth phase of Emaar’s Expo Golf Villas in Emaar South. Located only 10 minutes away from the Expo 2020 site, this new phase of the premium residential development will consist of 3 and 4-bedroom villas. These luxurious properties will be set against the backdrop of the verdant 18-hole golf course. The launch of the fourth phase follows the successful sell-out of the first three phases of Expo Golf Villas, situated close to Al Maktoum International Airport.
Located toward the northern side of Emaar South, the villas in the new phase will come with luxurious amenities. These will include swimming pools, gymnasium, play areas, parks and community centres. Its prime location close to business hubs and Expo 2020 has caught the attention of the Dubai real estate market. Those keen to buy property in Dubai can take a look at the off-plan homes in Expo Golf Villas.
And that wraps up MyBayut’s recap of Dubai property news for April 2019! Want an in-depth Dubai real estate report? You’ll be interested in Bayut’s Q1 2019 Dubai market report. Discover how property prices have fared and where to invest or rent in Dubai.
Now that you’re updated on the latest real estate news, find out the best May events happening in Dubai. Also, take a look at our guide of things to do in Dubai during Ramadan. With the Holy Month approaching fast, discover all you can do during this special time in Dubai. And stay tuned to MyBayut for more articles on Dubai real estate news.
