Last week in real estate: 21-27 July 2018
Another week has passed by bringing with it the spectacular hues of red to the bustling metropolis of Dubai, thanks to the Chinese President Xi Jinping’s visit. As the city celebrates the iconic visit by literally painting the town red, let’s look at all the exciting updates from the UAE property market and find out all notable the real estate news in the UAE.
Deyaar announces the completion of The Atria Residential tower
A few months after the handover of the Mont Rose Residences in Dubai Science Park, Deyaar is now preparing to hand over their next project, The Atria, a brand new residential complex in Business Bay. The Atria is comprised of two towers: a 30 storey residential apartment building and a 31 storey hotel apartment tower. The residential complex features 219 units and boasts premium amenities including a pool and gym, while the hotel apartment building is composed of 347 units and comes with fine dining restaurants, conference rooms and many more luxury facilities.
Saeed Al Qatami, CEO of Deyaar said to leading media outlets covering real estate news in the UAE: “The Atria is poised to become an iconic building, taking its place amongst the prestigious towers that Dubai’s skyline is composed of.
“With exquisite detailing to set it apart, The Atria is a stunning addition to Deyaar’s portfolio, and we are thrilled to announce the completion of the residential tower as the second project to be handed over this year. Deyaar is committed to delivering quality homes that go above and beyond our residents’ expectations.”
Emaar and Dubai Holding Announce launch of Dubai Square in Dubai Creek Harbour
Emaar has been at the centre of a lot of exciting announcements in Dubai property news in the last couple of weeks. Their mammoth project at the Dubai Creek Harbour is proceeding beautifully and the recent update about the launch of ‘Dubai Square’ has been welcomed by UAE real estate news aficionados.
HE Abdulla Al Habbai, Chairman of Dubai Holding, said: “Dubai is experiencing tremendous tourist inflow and continues to rank highly as a holiday destination for people from many different parts of the world.
Dubai Square is our new retail and leisure destination, and with this, we aim to actually redefine the shopping experience by introducing a variety of innovative concepts. This is our latest endeavour to bring the best to Dubai, as part of Dubai Holding’s promise, ‘for the good of tomorrow’.”
The project, which is estimated to cost a cool AED 10B, will introduce the UAE to ‘omnichannel retailing’ allowing shoppers to use technology to complete their purchases. The retail and hospitality hub will feature direct links to the Dubai Creek Tower through an underground extension. This brand new mall in Dubai is also set to have more than twice the gross leasable area of The Dubai Mall. With ambitious artistic goals, the signature Art District in the mall will showcase the work of prolific artists including Janet Echelman, Mark Quinn, and Emmanuel Moreaux, among others.
Azizi Farishta scheduled to be completed by the end of 2018
No weekly update of real estate news in the UAE is complete without a mention of one of the projects by Azizi Developments. This week the builders have announced that their Azizi Farishta project in Al Furjan will be completed by the end of this year. The residential project which was launched in 2016, will add 284 new apartments in Al Furjan including studios, 1 and 2-bedroom apartments along with communal areas and retail outlets.
Mirwais Azizi, Chairman of Azizi Group, said: “Many of our completed and handed over projects are located in the vibrant community of Al Furjan. With this project, we are looking to deliver a fantastic design, convenient access to public transport and a range of amenities, as well as a high return on investment for our home buyers and investors.”
Abu Dhabi municipality signs agreements with Aldar to build 1,500 residential units on Saadiyat Island
Abu Dhabi Municipality has signed five Real Estate Escrow Account agreements, to cover several areas on one of the most upscale waterfront projects in Abu Dhabi including Al Saadiyat Walk, Jawaher Saadiyat, Leilak, Azur, and Turquoise.
These agreements aim to protect investor interest and propel the Abu Dhabi real estate market into a global favourite for property investments. According to the agreements, the developer, in this case, Aldar, cannot withdraw any amounts paid by investors before at least 20% of the project is complete, safeguarding the money of investors and ensuring the successful completion of more real estate developments.
Mohammed Bin Rashid City, District One strikes a strategic deal with Dubai Islamic Bank
Dubai Islamic Bank is now offering attractive extended payment plans for those opting to buy properties in District One, after signing an agreement with the Meydan Group, developers of the Mohammed bin Rashid City project. Under the flexible payment plan offered by the bank, customers buying apartments and villas in District One can now get up to 80% financing for ready and off-plan units. This announcement in the UAE property news segments is seen as a great opportunity for more people to invest in the centrally located properties of MBR City.
Saeed Humaid Al Tayer, the Chairman and CEO of Meydan Group, said: “We are proud of our partnership with Dubai Islamic Bank in this specific project and we look forward to future tie-ups as well. We have already delivered 300 villas and we are very pleased with the interest that potential homeowners and investors have shown in it so far.”
Which of these announcements about real estate news in the UAE are you most excited about? Let us know in the comments section below and don’t forget to check out the deals and discounts for the last two weeks of the Dubai Summer Surprises this weekend!
