Last Month in Real Estate – UAE property news from August 2022
- Azizi Launches Fourth Phase of Riverfront Project in Dubai
- Ellington Rolls Out New Residential Project in Dubai
- Aldar Launches AED 1.15 Billion Project in Abu Dhabi
- Blooms Awards Contract for Abu Dhabi Residential Community
- Al Hamra Announces Marina Residences Phase III in RAK
As we bid farewell to August 2022, it’s time to take a look at all the latest news from the UAE real estate market. From new project launches to major contractual awards, there has been a whole lot going on in the property sector during the last month. Want to stay in the know? MyBayut brings you the biggest UAE real estate news for August 2022.
TOP UAE REAL ESTATE NEWS FOR AUGUST 2022
AZIZI LAUNCHES THE FOURTH PHASE OF A PREMIUM RIVERFRONT PROJECT IN DUBAI
Some of the hottest UAE real estate news in August 2022 comes from Dubai. The UAE-based property developer, Azizi Developments, has rolled out Riviera Rêve, which is the fourth phase of its premium, riverfront project in Mohammed Bin Rashid City (also known as MBR City).
The French Mediterranean-inspired area will consist of 24 ultra-luxury buildings featuring two swimming pools, steam rooms, saunas, fully equipped gyms, panoramic lifts, valet and carwash services and various other features.
The buildings will feature over 2,600 studios, 1,579 one-bed and 876 two-bedroom apartments, which will have Calacatta Sponda marble flooring, over-counter washbasins, sleek slab porcelain walls, floor-to-ceiling windows, premium appliances and smart home automation systems.
The development will be nestled on a 2.7 km long crystal-clear lagoon, stretching across an area of over 130,026 sq. m. The lagoon will be filled with over 51.5 million gallons of water and will have a bustling space replete with artisan eateries and boutiques.
Shedding some light on the unique concept of this project during the launch ceremony, Mr Farhad Azizi, CEO of Azizi Developments, said:
“Riviera Rêvetruly distinguishes itself through its opulence. While all of Riviera is upscale, Rêve will take Riviera’s extravagance and prestige to new heights. Conceptualised to redefine and lead the luxury property segment, this newest phase of Riviera is our response to local and international investors’ growing demand for the most high-end of living spaces.”
Construction is expected to begin shortly.
ELLINGTON PROPERTIES ANNOUNCE THE LAUNCH OF A NEW RESIDENTIAL PROJECT IN DUBAI
In other Dubai real estate news, one of the leading boutique developers in the UAE, Ellington Properties, and Bhatia Group’s real estate division, Sol Properties, have collaborated to launch a new residential project in the city. Known as “Oakley Square Residences”, the joint venture will be based in Jumeirah Village Circle (JVC).
Oakley Square Residences will be spread over four floors, in addition to a basement and the ground floor. The project will comprise 269 units, including 67 studios, 146 one-bedroom apartments and 56 two-bedroom units.
Oakley Square Residences will have two lobbies with lounge areas, a lushly landscaped courtyard, a cinema room and a pool deck with a Baja shelf, spa, cabanas, sun loungers and Ellington’s signature amenities.
There will also be a dedicated play area for kids complete with a fun zone and a shaded pool. Other amenities will include a Padel tennis court, a shaded barbeque space, a dining area, a game zone, an outdoor terrace, lounges, a bicycle storage area, EV charging stations and an indoor/outdoor fitness centre.
Sharing his joy upon the launch of the project, Mr Joseph Thomas, Co-Founder and Managing Director of Ellington Properties, said:
“Oakley Square Residences adds to our strong portfolio of developments in the Jumeriah Village Circle area. We are excited to be partnering with Sol Properties on this new project, leveraging their decades of experience to support our vision to craft beautiful homes to elevate the lifestyles of our communities.”
The developers have yet to provide construction updates about the project.
ALDAR LAUNCHES AED 1.15 BILLION PROJECT IN ABU DHABI
Consistent with the upturn in the Abu Dhabi real estate market, Aldar Properties have sparked interest among investors and homeowners with the announcement of a new project. The UAE-based developer has launched Yas Park Gate — a gated community to be located in front of the popular Yas Park, Abu Dhabi.
The AED 1.14 billion-residential project will comprise 508 homes stretching across an area of 255,000 sq.m. Units will range from two to three-bedroom townhouses and four-bedroom villas costing upwards of AED 1.74 million and AED 3.20 million respectively.
Sustainability will be at the heart of the project, with Yas Park Gate including water fixtures and fittings that will decrease consumption by 18%. Similarly, efficient cooling systems and other smart features will help decrease energy by 25%. Homes will also feature stylish Mediterranean architecture, giving buyers an option to choose from two interior colours.
Sharing his vision for the project, Mr Rashed Al Omaira, Chief Commercial Officer at Aldar Development said:
“Yas Park Gate represents the next stage of the broader North Yas masterplan, which will further solidify the island as one of Abu Dhabi’s most sought-after destinations. Our research has shown growing customer demand for amenity-driven communities, so that has been a core focus for this development. As such, we expect to see strong demand from both homeowners and international and local investors seeking an attractive investment opportunity,”
Construction of the project will begin in the first quarter of 2023, with handovers starting from Q1 2026.
BLOOM AWARDS CONTRACT FOR A 4000-UNIT FULLY INTEGRAL RESIDENTIAL COMMUNITY IN ABU DHABI
In other Abu Dhabi real estate news, one of the most popular real estate developers in the UAE, Bloom Holding, has awarded the contract for its residential project “Bloom Living” to Edra.
Edra will begin enabling works in the coming month ahead of the launch of the community’s second phase. The community will span 2.2 million sq.m and have over 4,000 residences including apartments, villas and townhouses to cater to the needs of every resident.
Once fully completed, the development will undoubtedly be aesthetically pleasing, with architecture inspired by Mediterranean and Spanish design and modern finishings. The community will be situated in Zayed City and offer easy access to Abu Dhabi International Airport.
When asked about the project, Mr Carlos Wakim, CEO, Bloom Holding said:
“The appointment of Edra for Emirates reinforces our commitment to working with best-in-class partners, assuring timely delivery of our iconic community, Bloom Living. At Bloom, we are dedicated to providing UAE residents and citizens alike with a diversity of real estate services that directly address their evolving needs, whilst adhering to the high standards of quality that are synonymous with the Bloom brand.”
Bloom Living will soon be a hotbed of investment, allowing buyers of all cultures, ages, nationalities and ethnicities to purchase residential units in the area.
AL HAMRA ROLLS OUT MARINA RESIDENCES PHASE 3 IN AL HAMRA VILLAGE, RAS AL KHAIMAH
Following the success of Phase II, Ras Al Khaimah’s leading lifestyle developer, Al Hamra, has announced the launch of the third phase of Marina Residences in Al Hamra Village.
This will be a new, mid-rise apartment building featuring as many as 318 waterfront apartments in multiple configurations. There apartment building will comprise studios, one-bedroom and two-bedroom units.
Once fully completed, Marina Residences Phase III will become the “first off-plan residential project” to come out of Al Hamra’s “Live & Work” package.
When asked about the project, Mr Benoy Kurien, CEO, Al Hamra Group, said:
“….With the launch of Marina Phase 3, we are offering affordable options for those wanting to enjoy waterfront community living while having access to world-class amenities. Topping it with ‘Live & Work’ package gives them a freedom of choice to effortlessly start their own business while cutting heavily on the overheads.”
FAQS ABOUT UAE REAL ESTATE NEWS & MORE
WHAT IS THE COST OF A HOUSE IN DUBAI?
The cost of a house in Dubai varies based on different factors such as location, property type, amenities and the current standing of the city’s real estate market. As per our current listings, you can buy a small studio apartment in Dubai at a price starting from AED 165k.
- 1 BED
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- 2 BATHS
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- 999 SQFT
- 1 BED
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- 2 BATHS
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- 639 SQFT
HAVE ANY NEW PROJECTS BEEN LAUNCHED IN DUBAI RECENTLY?
Yes, many new projects have been launched in Dubai during the last month. Elie Saab Vie at The Fields in Meydan City, Hills Park in Dubai Hills Estate and Hamilton House in JVC were amongst the hottest project launches in August 2022.
ARE THERE ANY PET-FRIENDLY AREAS IN DUBAI?
Jumeirah Village Circle (JVC), Downtown Dubai and Jumeirah Lake Towers (JLT) are some of the most popular pet-friendly communities in Dubai to buy or rent apartments or villas.
That brings an end to our round-up of the top real estate news for August 2022 in the UAE.
Now that you’re aware of the top property developments of the last month, you can check out the top UAE property news in July 2022 or the big stories from June 2022’s real estate news for more in-depth info.
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