Last Month in Real Estate – UAE real estate updates for October 2020
- One Za’abeel aims for the world record
- DLD introduces a real estate bulletin
- Sharjah Khor beach development nears completion
- Dubai developers introduce ‘co-living’ and ‘co-working’
- Uptick in real estate sales transactions in Dubai
As we enter November, it’s time to look back at the major developments in the UAE property market during the previous month. MyBayut brings you some of the most exciting real estate updates for October 2020.
TOP UAE REAL ESTATE UPDATES FOR OCTOBER 2020
October has turned out to be a month of innovation in the UAE real estate market, with significant progress being made on some exciting projects!
Without a further ado, let’s look at the top highlights from the real estate market in the UAE.
One Za’abeel aims to break the Guinness World Record with ‘The Link’
One major real estate news is the completion of The Link. Now One Za’abeel in Dubai can set a new world record as the ‘longest cantilevered building’. In October 2020, Ithra Dubai, a Dubai-based developer, announced the final lift and completion of The Link’s structure.
Connecting the two towers of One Za’abeel, this panoramic sky concourse combines the best of design and engineering.
The Link rises 100 metres above the ground, is 230 metres wide and weighs an unbelievable 16,500 tonnes upon completion. Offering 360-degree views of the city, it promises to be an exciting attraction.
Dubai’s latest engineering marvel will also feature an observation deck, a well-equipped gym, a spa, a pool, a banquet hall and an array of restaurants and bars.
DLD issues its first ‘Real Estate Updates’ bulletin
The Dubai Land Department (DLD) has recently launched a bulletin for ‘Real Estate Updates’ in Dubai. The bulletin provides an insight into the current state of the Dubai real estate for local and international investors.
According to the bulletin, the Dubai property market has continued to garner significant attention from investors and tenants. As per the data cited in the bulletin, more than 10,000 new investors entered the market and 369k Ejari contracts were registered in the first nine months of 2020.
The bulletin also mentioned the top five areas that have surpassed other communities in terms of interest from investors. Al Hebiah Fourth, Al Yelayiss 2, Wadi Al Safa 5, Wadi Al Safa, Madinat Al Matar 7 are popular for villa sales, while Burj Khalifa, Al Hebiah First, Nadd Hessa, Hadaeq Sheikh Mohammed Bin Rashid and Al Barsha South Fourth are the top picks for buying apartments in Dubai, as per the new bulletin by DLD.
Sharjah Khor beach development project is near completion
His Excellency Eng Yousef Saleh Al Suwaiji, Chairman of the Sharjah Roads and Transport Authority (SRTA) has recently revealed that the Khor beach development in Sharjah – from Al Mureija Square to Souq Al Jubail – is almost complete.
This development is a part of Sharjah Beach Development Project, spearheaded by His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah.
Discussing the scope of the project, Eng. Fatima Al Ketbi, Director of Roads Projects Department mentioned that the development includes more than the pedestrian paths along the beach.
The installation of seats for the visitors on the beach, modern caravans in Abu Musa Island Marina, construction of small rooms for male and females with administrative offices and toilets, in addition to lighting and landscaping are also a part of this project.
Keen on living near the new Khor beach development? You can take a look at some of the apartments for rent in Al Jubail, which start from AED 13k, as per current listings on Bayut.
Dubai developers are introducing ‘co-living’ and ‘co-working’ concepts
Another one of the major highlights from Dubai real estate news is that developers are exploring co-living and co-working concepts in Dubai. Targeted towards the millenials, these spaces are designed for residents to live, work and play.
Recently, Nshama, a top developer in Dubai, experimented with this concept in its project, UNA at Town Square. The project features sleek, state-of-the-art facilities, providing a comprehensive community for residents. The lobby of UNA Apartments features an arcade gaming section as well as a comfortable seating area to unwind or brainstorm ideas in a creative space.
Interested in purchasing these unique residences? These apartments for sale in UNA Town Square are available in studio, 1, 2 and 3-bedroom layouts. Buyers can expect to pay a starting price of AED 435k for UNA Apartments.
Other leading developers such as Emaar Properties are also introducing co-living spaces to adapt to the changing needs of residents, as per property news in Dubai.
Dubai property market reports increase in real estate transactions in Q3 2020
The Dubai property market witnessed a surge in sales activity in the third quarter of 2020. As per DLD’s REST application, 8,137 transactions were recorded during Q3 2020, amounting to a total value of AED 17B. This is a significant uptick in transactions compared to the 5,557 sales registered in Q2 2020.
The increase in transactions indicates continued interest and confidence in the Dubai real estate market, and can be attributed to the reasonable property prices, rent-to-own schemes and recent reductions on service charges. To know more about property sector during the third quarter of 2020, have a look at our Dubai Market Report for Q3 2020.
That brings an end to the highlights from UAE real estate news for October 2020. You can also learn more about upcoming developments in Dubai such as Banyan Tree Residences near the Emirates Living Development and Emaar Beachfront at Dubai Harbour.
You can also find out more about buying and renting in Dubai post the lockdown in our recent episode of Bayut Real Estate Bytes. Read up on the highlights of Real Estate Bytes to learn more about the Dubai property market post the COVID-19 lockdown.
Stay tuned to MyBayut for more updates on the UAE real estate market!
