Last Month in Real Estate – UAE property news from April 2023
- Bayut Released Quarterly Market Reports
- Sobha Realty Launches a $763M Project in Dubailand
- DLD Takes an Innovative Initiative for Dubai Real Estate Developers
- Samana Developers Launches A Residential Project in Dubai
- OMNIYAT Releases Its 13th Real Estate Development
If we were to refer to April 2023 as the ‘month of massive real estate development’, it wouldn’t be an overstatement! The last month witnessed the launches of a whole host of new initiatives and residential projects across the country. Want to stay in the know? Our comprehensive round-up of the top UAE real estate news from April 2023 has you covered.
TOP UAE REAL ESTATE NEWS FOR APRIL 2023
BAYUT ROLLED OUT QUARTERLY MARKET REPORTS IN APRIL
In April 2023, Bayut rolled out its Q3 market reports for Dubai and Abu Dhabi to offer you key insights into the consumer trends observed during the last three months:
- As per Bayut’s Q1 Dubai sales market report 2023, the property prices of apartments and villas have shown an uptrend across both luxury and affordable segments. The average sales price-per-square-foot for affordable properties has increased by up to 12%, whereas prices for affluent areas have witnessed an appreciation of up to 24%.
- According to Bayut’s Q1 Dubai rental market report, housing costs of most rental properties in Dubai have experienced upticks of up to 59%% in the affordable segment. Rental prices for luxury properties have recorded upticks of up to 88% in Q1 2023.
- Our Abu Dhabi sales market report for Q1 2023 showed property prices decline by up to 16% in the affordable segment. However, the average price-per-square-foot for upscale properties in Abu Dhabi experienced upticks of up to 13%.
- If you look at the statistics presented in Bayut Abu Dhabi rental market report for Q1 2023, you will see that the rental prices have decreased by up to 8% for apartments, whereas villa rentals have experienced moderate increases of up to 13% in the affordable segment. The average rents for luxury properties have declined by up to 15%, in most cases, with a few exceptions for certain villas.
DLD LAUNCHES AN ENDOWMENT INITIATIVE FOR PROPERTY DEVELOPERS
- The second-biggest UAE real estate news in April 2023 came from Dubai, with The Endowments and Minors’ Trust Foundation (also known as Mohammed bin Rashid Global Centre for Awqaf and Endowment) has announced their first endowment policy for property developers.
- This initiative is in line with the vision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.
- Launched under the tutelage of Dubai Land Department (DLD), this innovative scheme encourages developers to dedicate one unit from a property for a charitable cause, education or societal needs.
- The scheme also aims to support indigent patients, orphans, people of determination and under-privileged communities.
As per Zainab Al Tamimi, the director of the Mohammed bin Rashid Global Centre for Awqaf and Endowment:
“We are keen to launch innovative endowment projects with the participation of community institutions to enhance endowment and charity in Dubai.”
SAMANA DEVELOPERS LAUNCHES A NEW RESIDENTIAL PROJECT IN DUBAI
- Samana Developers brought a welcoming surprise for budget-conscious investors with the launch of a new mid-luxury residential project in Arjan.
- Known as the Samana Mykonos Signature, the $87.1M project will feature 24 retail shops and 276 units set to be completed in October 2025.
- Inspired by a resort concept, the new residential project will have a host of amenities, including pools, lushly landscaped areas, a kids play area, jacuzzi, BBQ area, valet parking and a health club.
SOBHA REALTY LAUNCHES A NEW REAL ESTATE PROJECT
- In other UAE real estate news, Sobha Realty inaugurated an AED 2.8B ($763M) villa project, situated in Wadi Al Safa 2, Dubailand.
- Known as Sobha Reserve, the project will span 3.47 million sq. ft., boasting over 300 four and five-bedroom houses, with a separate pool-adjoining garden.
- Spread over 4,900 sq. ft., the houses will feature modern architecture, superior finishes and high-end amenities.
As per Francis Alfred, Managing Director of Sobha Realty:
“Sobha Realty operates with quality and luxury at the core of its operations, and our projects have the capability to change perceptions, lifestyles, and skylines.”
OMNIYAT LAUNCHES ITS 13TH DEVELOPMENT IN DUBAI
- In other UAE real estate news, UAE’s popular property developer, OMNIYAT announced three exceptionally-designed sky places and one of the biggest private mansions on Palm Jumeirah.
- Located in ORLA, Dorchester Collection, the development will boast high-end facilities, such as an outdoor pool, a private cinema, a fully equipped gym, a business centre, a library and more.
As per OMNIYAT’s founder and executive chairman, Mahdi Amjad:
“Following the phenomenal success of last year’s launch of Orla, Dorchester Collection, Dubai, we are excited to watch the rise of this highly anticipated property, which is the creative culmination of three leaders in their respective fields – Dorchester Collection, Foster + Partners, and OMNIYAT.”
FAQs ABOUT UAE REAL ESTATE NEWS AND MORE
WHAT ARE THE MOST POPULAR AREAS TO RENT FOR COUPLES IN DUBAI?
While there are many areas that you can consider, Jumeirah Village Circle, Bur Dubai and Dubai Marina are some of the couple-friendly communities in Dubai.
WHERE CAN FOREIGNERS INVEST IN SHARJAH?
You can count on Aljada, Al Mamsha and Tilal City, which are considered ideal areas for investment in Sharjah.
Prospective investors can also find lucrative opportunities in other emirates, particularly in Dubai and Abu Dhabi.
Start with newly-launched projects such as Azizi Amber in Al Furjan and Mama Residences in Business Bay, Dubai! On that note, we conclude our list of top UAE real estate news for April 2023.
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