Last Week in Real Estate: September 15th-22nd News Roundup
It’s no secret that in Dubai, real estate news is always hot. Rather than sifting through dozens of articles, Bayut is bringing you the headlines. Here is a news roundup of UAE real estate news for the period of September 15th-22nd.
- Work has started on the massive and suitably spectacular One Za’abeel in Dubai. The project consists of two towers (67 and 57 stories), connected by what is being touted as the ‘world’s largest cantilever’.
- In an interview with ConstructionWeek, Yousuf Kazim (CEO of Jumeirah Golf Estates) revealed that they have future plans to enter the low-income housing market.
- Dubai based Azizi Developments recorded AED 1.3B worth of sales at the recent Cityscape Dubai, while Abu Dhabi’s Aldar sold out Phase 1 of its Yas Island project during the three-day event.
- Speaking of Cityscape, the 2017 edition in Dubai drew a record number of visitors – the most to date.
- Five Holdings announced that they have repaid their AED 1.3B syndicated finance package a full 13 months ahead of schedule.
- DEWA has opened its first smart service centre in Ibn Battuta Mall. The Future Happiness Centre uses artificial intelligence and robotics to help achieve the Dubai 10X initiative, which aims to make Dubai 10 years ahead of other cities in the world.
- The Dubai Municipality will work with real estate developers in clearing out abandoned cars that are hindering efforts to clean the city’s streets.
- Developer Nakheel disclosed that the lowest bid it received for the construction of its new, 800-room RIU beachfront resort (on Deira Islands) is AED 363M.
- The Dubai Land Department (DLD) has signed an agreement with Mashreq regarding solutions for transactions of Tarweej. The Tarweej initiative seeks to promote real estate projects in Dubai.
- As of October 1, 2017, some landlords and property brokers across the city will start accepting rent payments in Bitcoin. Leading the pack will be the landlords in Meraas’ City Walk.
For even more insight into the UAE’s real estate market, visit Bayut for property trends and our property index.
Happy Friday!
