Monthly UAE Real Estate News & Updates For June 2018

As we wrap up one more month in 2018, let’s look back on this eventful month of June and recap all the exciting UAE real estate news and brush up on all the exciting announcements in the UAE property market.

Land department’s blockchain platform for real estate transactions

One of the most talked about aspects of the Dubai real estate news this month was the introduction of the real estate portal by the Land Department. The new online platform is a smart digitised Real Estate Self Transaction, or ‘REST’, and is part of the Dubai 10x initiative launched by His Highness Shaikh Hamdan bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Future Foundation. Using blockchain technology, the department hopes to create a digital ledger of all property related transactions in the Dubai real estate market.

REST, DLD platform for real estate transactions — With the launch of the new DLD platform, real estate transactions are expected to become paperless.

With the expected launch of the platform in 2020, real estate transaction could go the paperless route. Landlords and tenants can easily interface with each other and there will be greater transparency in all real estate transactions in the city, including property management. Although it is unclear how this will affect real estate agencies and property management companies, experts believe that the expertise of agents and brokers will be required even after the launch of the platform.

iPod inspired ‘Cybertecture’ building nearing completion

Futuristic technology is once again making headlines in the UAE real estate news segments this month as the iPod shaped marvel, aptly monikered The Pad, nears completion in Business Bay. The 26 storey building by Omniyat has been designed by Hong Kong based architect James Law using a technology called cybertecture. The design incorporates the look of the iPod and even features an inclined style to match the look of the iPod in the charging dock.

The Pad is nearing completion in Business Bay — The iPod inspired design of the building is based on ‘Cybertecture’, where traditional architecture is merged with technology to create smart homes. Image Credit: Omniyat

‘Cybertecture’ is the combination of technology and architecture to create smart homes of the future. Once launched the project will add some new apartments in Business Bay including 1,2 and 3-bedroom units. The interiors feature a range of technologies allowing you to ‘program your house’ including biometric locks, mood lighting, voice control and mirrors that can monitor your health.

Handover starts for ‘Bvlgari Homes’ in Dubai

Luxury real estate in Dubai got a boost at the end of the month with the handover of the Bvlgari Residences on Jumeirah Bay. The announcement comes a few months after the uber-luxurious Bvlgari Hotels & Resorts made waves in the UAE real estate news circles. The residential properties will also be managed by the same group and feature 1-3 bedroom apartments, luxury penthouses, and palatial mansions with 3-6 bedrooms.

Bvlgari residences in Jumeirah Bay islands — These luxury properties on the Jumeirah Bay Islands are selling out fast! Image Credit: Bvlgari Residences

Pep Lozano, General Manager of Bvlgari Resort & Residences said, “We are thrilled to welcome our first residents. Everything is set for their arrival and the Bvlgari Resort Dubai is ready to create for them a remarkable experience defined by comfort and convenience and to ensure that their every need will be catered to.”

Municipality fee for properties in Abu Dhabi to be set at 5%

The municipality fee for those renting villas and apartments in Abu Dhabi has been set to 5%, which is significantly higher than the 3% it was, but lower than the 7.5% that was being proposed for villas. In the initial discussions, the Abu Dhabi Distribution Company (ADDC), had outlined a charge of 5% for apartments and 7.5% for villas. This latest announcement in the UAE real estate news segments will be particularly advantageous for those renting villas in Abu Dhabi.

Property fees by ADDC — The municipality fees will be uniform across both property types in Abu Dhabi.

Abu Dhabi’s Eshraq properties drop merger plans with Al Reem Investments

The discourse between Eshraq Properties and Reem Investments which started in early August 2017, for the latter to step into the role of a strategic shareholder appears to have ended in a mutual decision to drop merger plans. The update was released as an official statement and has become a highly discussed topic in the property news in the UAE.

“The strategic investment of Reem Investments in Eshraq Properties will not be completed,” Eshraq board said in an official statement issued to Abu Dhabi Securities Exchange, where its shares are traded. “Further to discussions and deliberations, the parties have not been able to agree on major commercial matters underpinning the deal,” the company said in an official statement.

These are some of the main highlights from UAE property news of note from this month. If you are planning to rent properties in Dubai or the rest of the UAE don’t forget to check out the most searched for properties in Dubai to get an idea about the most popular locations to live in Dubai. Now that you are all caught up with the real estate news in the UAE, why not make the most of the weekend and explore the sales at the Dubai Summer Surprises.