Last Week In Real Estate: 9 December To 15 December
We’re well into the middle of December and while people’s minds may be on festive holidays, the real estate market isn’t taking a break!
So, here are some of the most significant happenings from last week in Dubai real estate news:
First Roberto Cavalli Real Estate Project to launch in Dubai
Saudi-based developer Dar Al Arkan will be launching their first-ever international project in Dubai, I Love Florence. This 34-storey highrise will have one to four-bedroom apartments and, in a double first, will also be Roberto Cavalli’s debut in the real estate game. Each apartment will be completely fitted out by the fashion house and feature signature designs. The penthouses in the tower will have direct elevators, while all residents will be able to enjoy amenities such as a swimming pool, yoga area and outdoor training spaces.
Located in Business Bay, the entire project will cost AED 800M and is due for completion in June 2021.
21% of Dubai’s largest yearly budget allocated to infrastructure
Dubai’s 2018 public budget will be the largest the emirate has ever had, with expenditure totalling AED 56.6B. Of the budget, 21% has been allocated for infrastructure, a whopping 46.5% increase from 2017.
One of the reasons attributed to the increased budget is to ensure that Dubai’s Expo2020 projects are completed according to schedule, from the actual main building of the site to all related services such as transport. The budget also takes into consideration preparing the site for events and other activities once the Expo is over.
HH Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Vice President and Prime Minister of the UAE has approved the budget.
Gate Avenue at DIFC is on track
According to Nabil AlKindi, the Chief Real Estate Officer at DIFC Authority, the first phase of DIFC’s Gate Avenue is on track to open in the first half of 2018.
This chic retail and leisure destination has already seen several commercial units handed over to tenants while blockwork installation is 80% complete. The project will link the podium levels of buildings located in DIFC.
Located in the middle of DIFC, Gate Avenue will also have plenty of open areas that focus on fostering connectivity.
We hope you have a wonderful Friday! If you’re travelling soon, have a look at what to do with your pet while you’re away. For more insights and news about UAE real estate, check out MyBayut.
