Last Month in Real Estate – Dubai real estate news for July 2021

• Azizi Development Releases More Retail Units in MBR City
• Sobha Hartland Reaches 50% Completion Mark
• Deyaar Launches AED 1B Luxury Smart Skyscraper in Business Bay
• Aldar Launches Exclusive Land Plots at Al Gurm
• Abu Dhabi Property Prices Rise by up to 9% in 2021
• AED 5.7 Billion Real Estate Transactions in Ajman During H1 2021

The real estate market in the UAE has been abuzz in recent months, thanks to the growing appetite for properties in the country. In July 2021, the UAE property market has seen positive sales and rental trends in various emirates, as well as notable project launches and updates. Let’s take a closer look at the top real estate news in the UAE from July 2021.

TOP REAL ESTATE NEWS IN THE UAE FROM JULY 2021

Here are the recent highlights from the UAE’s property sector during the first month of Q3 2021.

AZIZI DEVELOPMENTS RELEASES MORE RETAIL UNITS AT ITS RIVIERA PROJECT

One of the leading UAE real estate news from July 2021 is Azizi Development’s release of its last commercial and retail units in Riviera’s first and second phases, a French Mediterranean-inspired waterfront community in MBR City. This follows the announcement of a new, 2.7-kilometre beach-like lagoon at Riviera in June 2021; Azizi sold out its existing released inventory of lagoon-facing units within days of the announcement.

Mr Mohamed Ragheb Hussein, Chief Development Officer at Azizi Developments, explains, “Adding the lagoon to this already outstanding master-planned community enriches the lives of Riviera residents immeasurably. This, needless to say, is very well reflected in the number of inquiries we are receiving for – and sales volumes of – units that are adjacent to it. Not only our residential units are flying off the shelves, but also our retail units, which, evidently, now hold a much higher potential for investors.

“Our overarching mission to build world-class, master-planned communities that foster a true sense of belonging, offer growth-inclined ROIs and enhance lifestyles is underpinned by initiatives such as this stunning lagoon. It is a win-win situation in which our tenants and investors benefit from recreational and convenience options. At the same time, commercial organisations will have a vibrant, lively atmosphere to conduct businesses successfully”.

Azizi’s highly anticipated lagoon will allow residents to enjoy strolls, sunbathe and cool off. Those looking to buy apartments in AZIZI Riviera can expect to pay a starting price of AED 370k, as per current listings on Bayut.

Sobha Hartland in MBR City reaches 50% completion mark

The latest announcement from Sobha Realty has also made waves in the Dubai real estate market in July 2021. The leading developer reported that the iconic Sobha Hartland MBR City is 50% complete and is expected to be handed over in 2025. The mega project includes the construction of nearly 1,100 units, comprising apartments and villas in various phases.

The master developer also announced that nearly 30% of the eight million square feet freehold development has been sold. A large portion of the customer base includes UAE-based customers, while overseas buyers from China, India, Africa, Europe and other Gulf countries make up the remainder.

Some of the notable projects within the community include Greens, Creek Vistas, Creek Vistas Reservé, Gardenia Villas, Garden Houses, One Park Avenue and Forest Villas. Sobha Hartland stands apart from other residential developments for its family-oriented community vibe, central location off Al Khail Road and vast swathes of dedicated green spaces.

Interested in buying property in Sobha Hartland? The prices to buy apartments in Sobha Hartland start from AED 630k, while villas for sale in Sobha Hartland start from AED 5M.

Luxury skyscraper worth AED 1B launched in Business Bay

Other highlights from UAE real estate news for July 2021 is the launch of AED 1B luxury smart skyscraper Regalia, which is poised to offer an plush and urban lifestyle in Business Bay.

The upcoming 70-storey skyscraper by Deyaar Development is sure to be another exciting addition to Dubai’s impressive skyline. The construction of the new residential tower is scheduled to start in August 2021; the project is expected to reach completion in 2024.

“We are tremendously excited about the release of Regalia. The upscale development is expected to be completed in December 2024,” said Nasser Amer, vice-president – sales at Deyaar.

Regalia will be the tallest tower Deyaar has ever built. The skyscraper will feature stylish apartments with smart home features, as well as range of recreational amenities. This will include an Olympic-size infinity pool, private cabanas, Jacuzzis, a gymnasium, a yoga pavilion and an outdoor winter cinema.

Besides these impressive amenities, Regalia in Business Bay will also feature private dining areas, BBQ spots, a lounge and business centre. Investors can buy apartments in Regalia for a starting price of AED 550k, as per current listings on Bayut.

Aldar launches exclusive land plots at Al Gurm in Abu Dhabi

Looking for more real estate news from Abu Dhabi? In July 2021, Abu Dhabi’s Aldar Properties announced the launch of plots in the second phase of the Al Gurm development, a luxurious beachfront community on the emirate’s main island.

The project introduced 71 plots exclusively available to UAE nationals each ranging from 900 to 4,400 sqm, according to a statement released by Aldar. As per the latest updates from Aldar Properties, all 71 land plots have been sold.

Rashed Al Omaira, Chief Commercial Officer at Aldar Development, said: “We continue to see demand for a wide range of real estate investment opportunities in Abu Dhabi, as evidenced by multiple sell-out launches of turnkey developments on Yas Island and Saadiyat Island in recent months, and now the completion of land plot sales at Al Gurm”.

The first phase of Al Gurm, which is located in the mangroves in the capital, was completed in 2010, while construction of the second phase is due to begin in September 2021.

Abu Dhabi property prices rise by up to 9% in the first half of 2021

Bayut & dubizzle’s Abu Dhabi sales property market report for H1 2021 shows that the UAE capital’s strong COVID-19 response has spurred demand for properties in the emirate.

Consumers keen on smaller ticket properties have preferred areas such as Masdar City, Al Reef, Al Ghadeer, Shakhbout City and Hydra Village. Meanwhile, high-net-worth investors have focused on communities such as Al Reem Island, Yas Island and Saadiyat Island for luxury apartments and villas.

As per the half-yearly report released by Bayut & dubizzle, luxury apartment communities in Abu Dhabi have seen sales prices rise between 1% to 4%, while villa communities have seen price increases of up to 9% in H1 2021.

According to data released by the Department of Municipality and Transport, Abu Dhabi recorded real estate transactions worth AED 11.5 billion in the first quarter of 2021, with the value of mortgages exceeding AED 6.5 billion.

Haider Ali Khan, CEO of Bayut and dubizzle and the head of EMPG MENA, said: “Over the last year, Abu Dhabi has sent a strong message to the global community with the way it has handled the public health implications of the pandemic, highlighting its appeal as a well-integrated family-friendly city where you can build roots and be secure.

“This has also played a part in creating more demand for the residential property market and particularly family-friendly villas in Abu Dhabi, both among tenants and prospective homeowners.”

Ajman’s real estate sector sees steady growth in H1 2021

Our final update for UAE real estate news in July 2021 comes from the country’s smallest emirate, Ajman. According to the real estate statistics disclosed by the Department of Land and Real Estate Regulatory in Ajman, the total value of real estate transactions in the emirate reached AED 5.7 billion in the first half of 2021. The department recorded 10,423 transactions in H1 2021, with a growth rate of 72%, when compared to 6,045 transactions registered during the same period in 2020.

Bayut & dubizzle’s Ajman real estate market report for H1 2021 also reveals that properties in the emirate have continued offer healthy rental returns of up to 9.8%, increasing their appeal among investors.

Those are our highlights from the real estate sector in the UAE in July 2021. These developments in the real estate sector will enhance the attractiveness of the UAE’s real estate market and add more options for property seekers.

You can also read up on the highlights of the UAE real estate news from June 2021. Alternatively, take a look at the Development of the Month for July 2021 to learn more about the UAE’s latest real estate projects. Discover more upcoming projects in Dubai in the retail, hospitality and entertainment sectors, which are set to enhance the emirate’s global appeal even further!

If you’re looking to invest in Dubai real estate, we recommend taking a look at our Dubai H1 2021 Sales Property Market Report, which reveals the most popular locations to buy apartments and villas.