Last Month in Real Estate: UAE property market updates for June 2021

• RERA Launches Technical Workshops
• DLD Adopts Safety Rating
• SRERD Signs MoU with Municipal Council
• Phase 1 of Al Mamsha Project Reaches Completion
• Construction Begins on Jubail Island Project
• FAQs

As we move into the second half of the year, it’s time to recap how the UAE property market fared during the last month of Q2 2021. From the launch of technical workshops by RERA to the construction of the Al Mamsha walkway project in Sharjah, here are the highlights of real estate news in the UAE from June 2021!

Top real estate news in the UAE for June 2021

Let’s take a look at recent highlights from the UAE’s property sector during the past month.

RERA Launches Technical Workshops

The Real Estate Regulatory Authority (RERA) recently launched a series of workshops, in a bid to ensure the sustainability of services for common areas in Dubai and maximising functionalities in related buildings.

According to RERA CEO, His Excellency Marwan bin Ghalita, “RERA attaches great importance to developing the work system for the common areas in the emirate, given the growing importance of this sector. To this end, RERA’s work teams seek to cooperate with various strategic partners and stakeholders from the public and private sectors to work together on establishing innovative and sustainable solutions that would contribute to the improvement of the management of common areas and lead to the creation of comprehensive governance of service fees for those areas.”

His Excellency further adds that the month-long technical workshops will feature meetings with entities such as jointly owned real estate management companies, owner committees and property developers.

At completion, the results from the workshops will be applied to certain structures and complexes across Dubai — the purpose of which is to record the effect in the management of the targeted common areas.

The DLD introduces a health and safety rating for Dubai-based JOPs

In other UAE real estate news, the Dubai Land Department (DLD) has adopted the WELL Health Safety Rating. The DLD, as well as its regulatory arm RERA and the International WELL Building Institute (IWBI), will work together to promote the rating in different organisations.

The rating is influenced by the WELL Building Standard and will ensure the health of staff, employees and guests in Jointly Owned Properties (JOPs) in the emirate. The move is in line with the government’s efforts to curb the spread of the COVID-19 pandemic.

According to His Excellency Marwan bin Ghalita, the move will enhance Dubai’s status as a prominent leader in real estate. He further adds, “Based on this principle, DLD has officially approved the WELL Health-Safety Rating, issued by IWBI, to enhance investor confidence in indoor environments and support health and safety systems in the emirate’s JOPs. The adoption of this classification would also contribute to raising the happiness of residents, visitors, customers and investors alike by providing a safe and healthy environment for all, especially during COVID-19.”

SRERD signs MoU with the Sharjah Municipal Council

The Sharjah Municipal Council and the Sharjah Real Estate Registration Department (SRERD) signed a Memorandum of Cooperation (MoU) to facilitate electronic correspondence between the two departments. It was signed by the Director General of SRERD, His Excellency Abdul Aziz Ahmed Al Shamsi and the Chairman of the Sharjah Municipal Council, Salem bin Ali Al Muhairi.

Under the agreement, the SRERD will allow the Sharjah Municipal Council to provide digital services to review essential real estate data. The joint move is meant to serve customers’ best interests in all categories by maximising the impact of rendered services.

Sharjah developer completes the first phase of Al Mamsha walkway project

When it comes to Sharjah real estate news for June 2021, the Alef Real Estate Group has announced the completion of the first phase of the Al Mamsha project. Handovers of retail stores and residential units in the development began in June 2021. The first phase of the development includes seven units, which offer 41 retail stores and over 693 residential properties.

The second phase has eight buildings with more than 900 housing units, while construction on the third phase was announced earlier in March.

Al Mamsha is the emirate’s first walkable community. All of the neighbourhood’s 15 buildings are connected with walkways and sidewalks.

Those interested in investing in the area can consider the apartments for sale in Al Mamsha, which start from AED 325k as per Bayut’s current listings.

Construction begins on Phase One of Jubail Island in Abu Dhabi

There were some interesting developments in the Abu Dhabi property market last month, as well. Construction on the first phase of the Abu Dhabi-based Jubail Island project began earlier this June. The news comes a month after the Jubail Island Investment Company (JIIC) awarded the contract for Phase 1 of the project to the Arabian Construction Company (ACC).

The initial phase of the project will feature 300 villas, ranging from 3 to 6-bedroom properties. As per the JIIC, more than 50% of the infrastructure and roads have been completed so far.

The AED 5 billion mega-project is being built as a sustainable community among the mangroves, and will be located between Yas Island and Saadiyat Island. Once completed, the development will offer villas with Spanish and Mediterranean-style architecture.

Frequently Asked Questions

Is it a good time to invest in Dubai real estate?

It’s certainly a good time to buy real estate in Dubai. The property sector has seen significant growth in the first half of 2021, as per Bayut & dubizzle’s property sales report for Q1 2021. There are also many payment plans available in the off-plan sector, for those who prefer greater flexibility when paying for their property. As per the Q1 2021 report, areas such as Jumeirah Village Circle (JVC) and Jumeirah Lake Towers (JLT) have been popular with investors during the first quarter of 2021. If you’re looking for more budget-friendly options, take a look at these areas with the most affordable properties in Dubai.

What are the best areas to rent in Dubai?

Are you looking for a spacious apartment for rent in Dubai? Narrow your search by determining your budget and preferred location. Our guide to the best areas to rent apartments in Dubai provides a detailed breakdown of both luxury and affordable communities preferred by tenants in the city.

Additionally, you can review the average prices of apartments and villas in popular communities with Bayut and dubizzle’s property rental report for Q1 2021.

What is the Abu Dhabi real estate news regarding the emirate’s property sector?

Like Dubai, the first quarter of the real estate market in the capital has also experienced growth — with areas such as Yas Island, Masdar City and Reem Island emerging as the preferred options for investors. Learn more about how the capital city’s real estate sector fared in Bayut and dubizzle’s Abu Dhabi property market trends for sales in Q1 2021.

Can expats buy property in Dubai?

As long as the location is designated as a freehold area, it can be bought by a foreign investor. Having residency in the UAE is also not a requirement for international buyers looking to profit from the emirate’s booming property market. Interested buyers can look into freehold areas in Dubai like Business Bay, Arabian Ranches and DAMAC Hills for their next property investment.

As an alternative, expat buyers can also consider the best areas to invest in properties in Sharjah, which allow foreign investors to own property on a leasehold basis.

That concludes our review of real estate news in the UAE for June 2021. For more updates on Dubai property news and highlights from other emirates, stay tuned to MyBayut!