Last week in real estate: 11 – 17 August 2018
The long Eid weekend is upon us and residents across the UAE are taking the time off to relax and rejuvenate. But there is one thing we can always count on to never take a break, and that is the UAE real estate market. This is why we do weekly round-up of all the UAE real estate news updates that were announced from the previous week. So without further ado, let’s get into all the announcements and news updates in the UAE real estate market from the 11th – 17th August 2018.
Top UAE real estate news headline in the UAE
Here are the top highlights from the UAE property news sector.
RADISSON HOTEL LAUNCHED IN DUBAI DAMAC HILLS
First up on our roundup of all the UAE real estate news headlines is an announcement that DAMAC Properties, one of the UAE’s leading real estate developer, has signed a cooperation agreement with Radisson Hotels to develop and launch the Radisson DAMAC Hills Hotel in Dubai. The hotel will be the first Radisson-branded property in the world and will sit on the Trump International Golf Club Dubai at DAMAC Hills. The hotel is already under construction and is set to open in Q4 of 2019.
Commenting on this Hussain Sajwani, Chairman of DAMAC said “Our partnership with Radisson Hotel Group presents unique opportunities for those looking to invest in Dubai’s lucrative hospitality industry. Dubai is one of the most visited cities in the world, with visitors occupying 29.2 million room nights last year, up more than one million from the year before. This exclusive property aims to support the sector’s growth, as Dubai prepares to welcome 20 million visitors leading up to Expo 2020 Dubai.”
The hotel which comprises of 481 rooms, 1 and 2-bedroom suites, is the latest addition to the portfolio of international hotels for the Radisson brand. This hotel will provide investors with the opportunity to buy residential units in DAMAC hills is expected to return on investment of 6% during the first three years of operation.
Dubai Property Show to take place in Shanghai
Our next UAE real estate news headline is the announcement of the eight edition of the Dubai Property Show has been renewed for another edition and is set to take place in Shanghai City, China’s biggest city and a global financial hub, following the phenomenal response in Mumbai and London. The exhibition will be hosted at the Shanghai Everbright Convention & Exhibition Centre and run from 31st August to 2nd September 2018. Dubai Land Department (DLD) and Sumansa Exhibitions will be collaborating to bring this exhibition to life.
The aim of the Dubai Property Show is to provide an opportunity for property developers from all over the UAE real estate market to come together and collaborate on the hundreds of residential and commercial projects that will be on display at the exhibition. The exhibition will feature free seminars offered by qualified professionals and cover a range of topics that include advice on UAE property investments, information about upcoming developments in Dubai. It will also feature benefits investors can receive when investing in the UAE real estate market that has arisen from the announcement of the 100% ownership law.
Azizi Riviera reaches 20% completion
No updates from the UAE real estate market is complete without an announcement from property developers Azizi Developments. This week Azizi has announced that the construction of the Azizi Riviera project which is a waterfront development in Meydan One, has hit the 20% completion mark for its construction. The ground floor works have completed and construction for the first floor has now begun. The structural work on the second and third floors is set to begin later this month.
“Azizi Riviera continues to be a unique waterfront residential development in Dubai. It stands to offer residents and investors high ROI (returns on investment) via an appreciation in property value in the build-up to Expo 2020 and beyond. It features a stunning French-Mediterranean approach to design, plenty of amenities, a community-oriented lifestyle and views of the Dubai Canal and Dubai skyline,” said Group Chairman Mirwais Azizi of Azizi Developments.
This unique project is valued at AED 12B and will have 16k units, of medium-rise buildings ranging from 7 to 10 floors and feature an integrated retail complex that has a mix of high-street shops, leisure and entertainment amenities. If you are thinking about investing here, check out Bayut’s listings for properties for sale in Azizi Riviera
hotel occupancy rates increases due to eid holidays
Our final feature for property news in the UAE comes from the hospitality sector in the UAE. The Eid Al Adha holiday has resulted in a rise occupancy rate in all hotels and resorts all across the UAE, to over 90%. It was noted that local and Gulf families held the largest share of bookings for hotel stays in the UAE. With all the amazing staycation deals in the UAE, which are offering discounts ranging from 20 – 30% on room prices and packages which include theme park tickets to the newly opened Warner Bros in Abu Dhabi, it is likely for the UAE hotel industry to experience such a boost.
That was this week’s round-up of all the UAE real estate news stories making waves in the property market in the UAE. We hope you enjoy your Eid weekend and if you still figured out what to do, check out some these fun plans for Eid Al Adha 2018. If you already have some fun things planned, do let us know in the comments below, and as always, stay tuned to MyBayut to get to know all about the trending property news topics in the UAE.
Happy weekend!
