Last month in real estate – September 2018
As the temperatures are starting drop down just a bit around the country, things have remained hot and happening with the UAE real estate market. There have been several major developments and numerous announcements made in the last month. Let’s take a quick recap on all the UAE property news which made the biggest headlines for September 2018.
Top UAE property news stories in September
Here are the property news updates from the real estate market in the UAE.
5-year retiree visa to boost UAE real estate
One of the most talked about UAE property news update this month has been the effect of the five-year residency visa for retired expatriates. The new law which states that expatriates over the age of 55 will be eligible to apply for a five-year retirement visa if they meet certain terms, has sparked a lot of interest amongst the real estate industry in the UAE due to the clause of having invested in properties worth at least AED 2M. This clause, in particular, is predicted to boost sales for properties in the UAE in the coming years as it has opened the pathway for long-term residents in the UAE and people all over the world to see the UAE as a long-term investment option rather than a short-term one.
Commenting on the topic Bayut’s CEO Haider Ali Khan said: “The latest announcement from the UAE government is certainly a welcome step and should be applauded. The announced regulations will encourage the large expat community here to adopt a more long-term perspective and build lasting roots in the UAE, which in turn will benefit the economy at large. As far as the property market is concerned, it removes a mental barrier for those looking at life post-retirement and should generate a stronger interest in buying property over renting one. This also would open up the market to retirees from across the world and should bring in new buyers to the market. This is truly a step in making the UAE a home for all.”
Overall, this announcement of the new residency visa rule is said to shift the dynamics and work as a step towards promoting the growth and sustainability of the UAE.
Sarab Community at Aljada announced by arada
The second property news announcements we have for you is ARADA’s unveiling of the Sarab Community in Aljada Sharjah. The Sarab Community which is part of the Aljada by ARADA will be a luxury garden community that consists of 109 townhouses and semi-detached villas. The area which is surrounded by trees and built below ground level, will offer its residents a quiet life away from the hustle of the city and have amenities such as members-only gyms and swimming pools.
“Sarab Community is a stunning addition to the portfolio of homes available at Aljada, Sharjah’s new lifestyle destination. These tranquil garden homes are perfect for modern families who want to enjoy their privacy while still feeling connected to the pace of city life,” said His Highness Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada while providing these details in a key UAE property market update.
Aljada is one of the two record-breaking communities under ARADA’s wing, the other one being Nasma. ARADA which is one of the UAE’s newest real estate developers is already ahead of the game with the development of these communities, with a focus on long-term partnerships and sustainable projects.
Falconcity of Wonders launches villa units
Another UAE real estate news update is the announcement of the delivery date for the 5 and 6-bedroom villas in Eastern Residences within the Falconcity of Wonders (FCW)development. The villas which are scheduled to be delivered by September 2021 come with all possible facilities such as three shaded car park spaces, solar water heaters, and large backyards with space for building a swimming pool or landscaping.
Chairman and General Manager of FCW LLC, Salem Almoosa said: “The design and layout of Eastern Residence villas are not defined or limited by commercial boundaries and are much closer to the actual needs and requirements of the future residents. We considered various actual living scenarios of families that will reside in these units and the value proposition is reflected in all aspects. Thanks to a range of unique features and engineering excellence, Eastern Residences offers a superior value proposition and we believe that these are the factors that make them truly ‘luxurious homes built to last, at unbeatable prices.”
Falconcity of Wonders, a mixed-use project residential development in Dubai that is built with a theme of replicating iconic landmarks from across the globe. The landmarks that have inspired the designs for the homes include the Pyramids of Egypt, the Great Wall of China, the Taj Mahal in India and the Eiffel Tower in Paris. One of the key factors to note for these villas on sale is that they come with a guarantee of AED 150k, that will be paid to buyers annually if there is a delay.
The FCW development will also feature a theme park, shops, restaurants, and leisure amenities, alongside the 30,000 residential units.
Aldar fully acquires property services firm Khidmah
Next up on our list of UAE property news updates is from Abu Dhabi’s Aldar Properties who said in a statement on Wednesday that it has acquired the remaining 40% of property services firm Khidmah. Aldar now has full ownership of Khidmah and is said to be working on initiatives to continue to provide quality services to their customers which include landlords and government entities. The move is said to add value to their recently launched subsidiary, Aldar Investments.
Talal Al Dhiyebi, CEO of Aldar has this to say about the acquisition: “Aldar has long been committed to the ongoing success of this business, and this acquisition reinforces that commitment to Khidmah, and most importantly to our valued real estate clients across the UAE and Saudi Arabia. From an Aldar perspective, customers have long viewed Khidmah as an extension of our brand and values, and this ensures that we now have complete control over that process.”
Khidmah is a property solutions provider whose services across property management, facilities management, and consultancy for developers, landlords and corporate or government entities.
nakheel announces two major projects to be unveiled at cityscape
2018
The final feature for our roundup of real estate news in the UAE is an announcement from Nakheel which says they have launched two major projects – a beachfront development at the Deira Islands and townhouses at Jumeirah Park.
Master developers Nakheel currently has AED 58B in the pipeline and is set to expand it further by launching these two new projects. Currently, we know that the townhouses at Jumeirah Park will be part of a cluster with each having its own private pool. Nakheel is yet to reveal the names and details of these projects so this is definitely one to look out for at Cityscape which is held between 2 and 4 October at Dubai World Trade Center.
PROPERTY ZONES REAL EState wins bayut strikers cup 2018
After an exciting series of cricket matches that were held on 13 and 20 September, between real estate agencies in Dubai, Property Zone Real Estate emerged as the champions of the Bayut Strikers Cup, a highly anticipated corporate cricket tournament. If you’d like to know about the event and its highlights check out our detailed post on the Bayut Strikers Cup.
There have been some major updates and announcements in the UAE property news sector that may change the dynamic of the UAE real estate market in the next few years. Let us know in the comments below which one of these updates from the UAE real estate market did you find most interesting.
Now that you’ve caught up with all the property news in the UAE, why not ring in the weekend by taking advantage of these Oktoberfest 2018 deals and offers in Dubai.
