Last Month in Real Estate – June 2019
MyBayut returns to share the top highlights from Dubai real estate news, and Abu Dhabi property updates from June 2019. Post Ramadan, the UAE real estate market has been thriving with several project launches and handovers taking place in Dubai and Abu Dhabi. Prominent locations like Business Bay and Mohammed Bin Rashid City have seen launches of new promising projects, while Dubai Land Department has reported figures that reflect the booming nature of the Dubai property market. Meanwhile, in the Abu Dhabi real estate market, exclusive residential communities for UAE Nationals are proving to be a major success.
Read on for more details on the top stories from UAE property market news 2019 from the month of June.
TOP ABU DHABI AND DUBAI REAL ESTATE NEWS FOR JUNE 2019
DLD REPORTS THAT REAL ESTATE TRANSACTIONS IN DUBAI REACHED MORE THAN AED 34B IN THE FIRST FIVE MONTHS OF 2019
Amongst the biggest highlights of Dubai property news this month is the Dubai Land Department report on the value of Dubai real estate transactions from January to May 2019. According to the DLD, Dubai real estate transactions reached more than $9.25B (AED 34B) in the five-month period. This is a 33% increase from the figure recorded last year, which was $6.53B (AED 24B).
The Dubai Land Department reported that transactions for both residential and commercial apartments had the highest value, reaching $4.6B (AED 17B), while land transactions came in second at $3.8B (AED 14B). The value of dealings for villas in Dubai stood at $816.8M (AED 3B).
The increase in real estate transactions has been credited to the recent policy changes by the UAE Government. These include the long-term UAE visas for real estate investors, 5-year retiree visas and 100% foreign ownership of businesses, which are expected to boost the Dubai property market. If you are interested in investing in Dubai, take a look at some of the amazing apartments in Dubai on Bayut.com.
DAMAC PROPERTIES TO LAUNCH NEW RESIDENTIAL PROJECT IN BUSINESS BAY
The next feature of Bayut’s Dubai real estate market report is Dubai-based developer DAMAC Properties’ announcement that it will soon launch Zada, a new residential project in the Business Bay area. Overlooking the Dubai Water Canal, Zada will be home to 1-bedroom luxury apartments. The development will also feature high-end amenities for residents, like swimming pools and kids’ play areas.
These sleek residences will have starting prices of AED 699k while instalment options would start from AED 6,999. The Zada apartments will be launched on June 29, and according to DAMAC’s senior VP, Niall Mc Loughlin, meet the demand for affordable luxury homes in Dubai.
WASL PROPERTIES RELEASES FIRST HOMES FROM PORT VIEWS PROJECT
Another major highlight from the Dubai property market news is the release of the first residences of the Wasl Port Views development, by Wasl Properties.
Located in Bur Dubai and overlooking Port Rashid, Wasl Port Views is a mixed-use development that adds residential, commercial and hospitality units to the Dubai real estate market. The mid-rise apartment buildings offer elegant homes for rent in 1, 2 and 3-bedroom layouts. Currently, building number 5 in the development is leasing apartments. The rental prices for the first apartments in Wasl Port Views start at AED 67k for 1-bedroom units, AED 90k for 2-bedroom units, AED 95k for bigger 2-bedroom units and AED 121k for 3-bedroom flats.
Aside from 1,465 residential units across 10 buildings, Wasl Port Views will also comprise of two hotels, retail outlets and restaurants. Residents living in these rental apartments in Dubai will benefit from amenities like gyms, pools and parks. This addition to the real estate market in Dubai is expected to be complete by 2020 and will be released in phases.
PHASE 1 OF MIRDIF HILLS TO START HANDOVER IN JULY 2019
Another project that has been making waves in UAE real estate news 2019 is Mirdif Hills, a mixed-use freehold development. According to developer Dubai Investments Real Estate Company, Phase 1 of Mirdif Hills will be ready for handover in July 2019. Janayen Avenue is currently 98% complete, while Multaqa and Nasayem Avenues are 55% and 96% ready, respectively.
Mirdif Hills has been a significant addition to the Dubai property market, being the only freehold development aside from Mirdif Tulip. It’s received a positive response from investors and homebuyers, especially in the wake of the new policies by the UAE Government, and with attractive financing options.
Complete with retail stores, leisure amenities, luxury hotels and hospitals, Mirdif Hills is a lucrative option for investors that’s popular in the Dubai real estate news. Looking to invest in the Dubai real estate market in 2019? The apartments in Mirdif Hills come in studio to 4-bedroom layouts and buying prices start from AED 468k.
SOBHA REALTY LAUNCHES NEW PROJECT IN MOHAMMED BIN RASHID CITY
Another notable update from Dubai real estate market news is the launch of One Park Avenue, the newest residential tower project in Sobha Hartland in Mohammed Bin Rashid (MBR) City.
One Park Avenue’s chic and contemporary apartments for sale in Dubai will come in 1 to 4-bedroom layouts. The apartments in One Park Avenue will also boast smart home features like fully-automated lights and air-conditioning, along with security measures using face and biometric recognition.
Located only five minutes from Dubai Mall and 20 minutes from the Dubai International Airport, the One Park Avenue apartments is an excellent opportunity for those looking to invest in the Dubai property market. According to developers Sobha Realty, One Park Avenue is slated for completion in April 2023 while sales prices for apartments start at AED 1.09M.
ALDAR PROPERTIES’ Al REEMAN II GENERATES SALES WORTH AED 420M ON DAY ONE
Our final feature for UAE real estate market news 2019 comes from the Abu Dhabi property market. Following on the heels of the success of the Al Reeman project, Abu Dhabi-based developers ALDAR Properties have launched Al Reeman II, which generated sales worth AED 420M on the first day.
Located in the Al Shamkha area, it is a master-planned residential development that will be spread across 2.4 million sqm. The development feature plots of land for sale that range between 500 to 1000 sqm in size, available for purchase only by UAE nationals. Aside from residential plots, the community will boast state-of-the-art amenities like schools, retail outlets, mosques, parks and walking paths for residents to enjoy.
The Al Reeman II project has been a major success in the Abu Dhabi property market, with 75% of the land plots already being sold. It follows the positive response to the Al Reeman project, which launched in January 2019 and generated AED 1.6B in sales, headlining Abu Dhabi real estate news. According to ALDAR Properties, construction for Al Reeman II will begin at the end of 2019 while handovers will start from the end of 2021.
Al Reeman and Al Reeman II are located close to the Abu Dhabi International Airport, with easy access to the Abu Dhabi – Ghweifat Highway. It’s also in proximity to other residential developments like Yas Island, MBZ City and Masdar City. UAE Nationals looking to invest in the booming Abu Dhabi property market should consider the residential plots in Al Reeman.
That brings an end to MyBayut’s recap of Abu Dhabi and Dubai real estate news for June 2019! Stay tuned for the upcoming H1 2019 property market reports for Abu Dhabi, Dubai and other emirates.
Now that you’re updated on the latest UAE property market news, take a look at all that’s happening around the city for Dubai Summer Surprises 2019. Enjoy all the sales, events and offers taking place this summer as part of the city-wide celebration!
