Last month in real estate: September 2019
Another month has gone by and it’s now time to round up all the property news in Dubai and the other emirates. September 2019 has been a positive month for the UAE real estate market with plenty of handovers and new sales campaigns. Many new real estate laws were also introduced to streamline transactions between developers and property investors.
With so many great real estate announcements in Dubai and the other emirates, the market is expected to see positive growth in the final quarter of 2019. With that being said, let’s first take a closer look at all the property news updates in Dubai for September 2019.
ROUND-UP OF PROPERTY NEWS IN DUBAI FOR SEPTEMBER 2019
Here is a round-up of all the real estate news in Dubai for September 2019.
New real estate committee introduced to balance property supply and demand
A major piece of property news in Dubai for September 2019 was the introduction of the new real estate committee by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The committee’s main focus will be to balance the supply and demand for properties in the Dubai real estate market and ensure property projects add real value to the national economy. Some of the provisions of this committee will include regulating all property projects to avoid duplication in the market, as well as introducing comprehensive plans so that semi-governmental real estate companies do not compete with the private sector. The committee which will be headed by Sheikh Mohammed’s son and deputy ruler of Dubai, Maktoum bin Mohammed Al Maktoum will be made up of representatives of top property developers in Dubai.
The introduction of this real estate committee was one of the first Dubai real estate laws issued after Sheikh Mohammed’s letter.
New law issued to regulate joint ownership of the real estate in Dubai
In September the Dubai real estate news sector was dominated by many new real estate laws to streamline transactions between developers and property investors. The new laws for joint ownership of the property in Dubai made waves in the Dubai property market.
According to Law No. (6) of 2019, the Land Department will prepare a register for jointly owned real estate properties which will include all the information related to the land owned by developers and real estate units meant for independent ownership. The register will also feature names of owners, members of the committee of owners and the building management chart outlining maintenance procedures in common areas created according to the laws and regulations of the Land Department.
In accordance to this new law for joint ownership of the real estate in Dubai, all developers in Dubai must submit necessary documents of jointly owned real estate projects to the DLD within 60 days of the completion date and receipt of completion certificate. The deadline of 60 days can be extended by another 30 days. Facility management service providers will also need to submit reports every six months to RERA on the management of the property and common areas.
Those who fail to produce the documents can be subject to financial penalties going up to AED 1M, which can be doubled to AED 2M in case of repeat violations within a year.
Creek Vista Reservé Tower launched by Sobha Realty
Another important update for Dubai real estate news was the unveiling of Sobha Hartland’s newest residential tower – the Creek Vista Reservé, at Cityscape Global 2019.
Slated for completion by the first quarter of 2023, the Creek Vista Reservé will be the tallest tower in Dubai’s Mohammed Bin Rashid City. It will comprise of more than 750 units in one and two-bedroom configurations. Residents of this tower will also have access to amenities such as a pool, gym, yoga centre, meditation room, lawn, kids’ play area, multi-purpose hall and space for indoor games.
PNC Menon, founder and chairman of Sobha Group, said: “The launch of Creek Vista Reservé at Cityscape Global 2019 is a testimony to the favourable response Sobha Hartland has received from local and international buyers and reflects the robust investor confidence in our brand and the overall real estate market in Dubai.”
Cityscape Global closes another successful edition
September 2019 saw another successful edition of Cityscape Global. The event which took place from 25 to 27 September, saw foreign investors, property developers and government officials come together to discuss and showcase the progress of the Dubai real estate market.
The Dubai Land Department (DLD) also showcased their presence at the event through its different sectors and departments and signed nine agreements and memoranda of understanding (MoU)with a number of entities from the UAE and around the world. These MoUs were signed with leading companies from the banking and technology industries.
Damac Properties offers crazy deals for investors in their new sales campaign ‘DAMAC Fall Fest’
Dubai-based developer, DAMAC Properties’s unbeatable sales campaign was one of the most talked-about Dubai real estate news announcements in September.
The campaign which was known as the ‘DAMAC Fall Fest’ saw the developer offer discounts of up to 50% on many of their select properties as well as the opportunity to win a new Mercedes Benz when investing in their properties in the areas of Business Bay, Damac Hills and Akoya. Other offers that were running during the DAMAC Fall Fes included up to 30% guaranteed returns, 10% savings on luxury villas with flexible payment plans of up to three years and instant income on pre-leased homes.
OTHER UAE PROPERTY NEWS ANNOUNCEMENTS IN SEPTEMBER 2019
Here are the major UAE real estate news updates from the other emirates.
First residential villa plot community on Saadiyat Island launched by Aldar
Taking a look at the Abu Dhabi property market, master developer Aldar announced the launch of Saadiyat Reserve – the first residential plot community on the prestigious Saadiyat Island. It is one of the first plot development to be launched on Saadiyat Island after the amendment of the freehold property laws in Abu Dhabi. Investors of all nationalities will be able to choose from over 300 villa plots of various sizes, accommodate homes of four to six bedrooms.
Talal Al Dhiyebi who is the CEO at Aldar, said: “We believe that this project offers an exciting opportunity for potential buyers who are looking to own freehold land and design bespoke homes minutes away from some of the capital’s most inspiring cultural and educational landmarks.”
The Saadiyat Reserve community will be a fully integrated community with amenities such as community centres, parks, schools, mosques and a host of retail shops. Residents will also enjoy the community’s close proximity to the New York University Campus and to several landmarks including Louvre Abu Dhabi, Cranleigh School and Saadiyat Beach Resorts as well as other leisure and retail destinations.
‘The Boulevard’ residential community unveiled at Aljada
Completing this roundup of UAE property news updates, we have a launch in the Sharjah real estate market by developer Arada. They have unveiled the ‘The Boulevard’ which is a new residential community in the Aljada district in Sharjah.
“The Boulevard represents one of the last opportunities to buy homes in this modern and progressive district. Located close to the Central Hub, a new entertainment and leisure district for the UAE, as well as Aljada’s upcoming business park, we are confident that The Boulevard’s impressive design and amenities will be appreciated by its future residents,” said HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada.
Located in the East Village district in Sharjah ‘The Boulevard’ will feature 600 units split between three apartment blocks that are surrounded by amenities and green landscaping. Each building will be nine-storeys tall and comprise of one, two and three-bedroom apartments units. Amenities that will be part of this complex include a health club and a shared swimming pool, as well as cafes and retail outlets at ground-floor level. Investors can expect the handover the first homes by the end of 2022.
That concludes this round up of all the real estate news in Dubai for September 2019. Now that you’re caught up with the latest Dubai real estate news, why not browse through the Rules and Regulations section of our blog, to get updated with the latest laws and regulations in Dubai. Or, if you’d prefer these updates straight to your email, subscribe to MyBayut!
