Last month in real estate – August 2018
2018 is flying by so quickly, it’s already August! As we wrap up another month this year, let’s take a look at all the updates that made headlines in the UAE property news segments this past month.
EMPG raises $50M prompting Major Expansion in the UAE Property Market with Bayut
The first major announcement that took place this month for the UAE property news sector was that the parent company of UAE-based real estate portal Bayut.com, Emerging Markets Property Group (EMPG), closed in on $50M in investments, of which $25M will be used for the expansion of Bayut and its operations across the UAE and the Middle East.
EMPG also owns and operates Zameen.com in Pakistan, Bproperty.com in Bangladesh, and recently announced the acquisition of Mubawab in Morocco. Commenting on this investment round Group CEO Imran Ali Khan said: “EMPG’s growth has been comprehensive across all metrics, on the back of some of the world’s most advanced digital real estate platforms developed by our R&D teams. With a compounded annual revenue growth rate of over 100% in the last five years, more than 15,000 real estate agencies, and 8 million-plus monthly visits across our portals, EMPG is ideally positioned for regional dominance.”
Following the same vision of regional dominance, Bayut has already established a strong presence in the UAE real estate market as the most reliable and leading property portals in the UAE. Bayut’s CEO, Haidar Al Khan said that the $25M would be used to strengthen the brand’s presence in the UAE property market, as a key player in the market and rank as the best across all UAE property news sectors and the remaining funds would be used to further strengthen EMPG’s leading position in its other markets.
Majid Al Futtaim signs Net Zero Carbon Buildings Commitment
The next UAE property news story that made it to the headlines in August is that master-developer Majid Al Futtaim becomes one of the first three real estate companies to sign up to the ‘Net Zero Carbon Buildings Commitment’. The ‘Net Zero Carbon Buildings Commitment’ is an initiative started by the World Green Building Council (WorldGBC) with aims to build a world with eco-friendly and sustainable buildings.
Commenting on this Saeed Al Abbar, Chairman, Emirates Green Building Council said: “I am very proud that Majid Al Futtaim, who are active Board Members of EmiratesGBC, are among the first three organisations globally to sign up the commitment, thus demonstrating the UAE’s leadership in sustainable development. I encourage the private sector to follow this lead and position their organisations as global leaders in sustainability.”
The objective of this initiative is to eliminate operational carbon emissions from buildings by 2030 ultimately having all buildings are Net Zero in operation by 2050. The targets set are to meet the Paris Agreement ambition of below 2 degrees of global warming.
Dubai Creek Residences reaches 90% completion
Another exciting real estate news in the UAE is that residential units of the Dubai Creek Residences in Dubai Creek Harbour has nearly reached the 90% completion milestone and will be handed over in the first quarter of 2019. This also includes the Creek Marina, which will have a 286-room upscale lifestyle hotel, Vida Harbour Point.
The apartments in Dubai Creek Harbour will be spread over six residential towers, that is located in the Creek Island Dubai community and will be home to over 4,000 residents next year and 33,500 residents upon completion. The statement also stated that work on the other residential developments launched in Creek Island Dubai is progressing as per schedule. These include the Creekside 18 which is 40% complete, Harbour Views which is 36% complete and Creek Horizon and which is 20% complete – all of which is scheduled for completion in the first half of 2020, right in time for the Expo 2020. Other upcoming residential developments in Creek Island Dubai include The Cove, Creek Gate, Creek Rise and Harbour Gate which are about 15 % complete, with handover to take place throughout 2020.
Featuring a combination of residential, commercial, retail and leisure, The Dubai Creek Harbour embodies the concept of a mix-use development. It will also be home to the Dubai Creek Tower which will be the tallest tower in Dubai upon completion and also the Dubai Square which is a mega ‘tech-driven’ retail project.
$93m project in Dubai Healthcare City launched by Azizi
Once again, Azizi Group is on our list of the top UAE property news updates in August. Azizi announced the launch their third residential real estate project in Dubai Healthcare City, Fawad Azizi Residence which is valued at AED 342M ($93M). The Fawad Azizi Residence will be a residential building comprising of 201 studios, 165 one-bedroom apartments and 30 two-bedroom apartments. The building will also allow its residents to enjoy world-class amenities such as a gym, swimming pool and covered parking. Additionally, this project will also feature a landscaped garden and retail areas to explore. The other two projects by Azizi Developments in DHCC include Azizi Aliyah Residences and Farhad Azizi Residence.
Mirwais Azizi, Chairman of Azizi Group, said: “Fawad Azizi Residence is our third property to launch in Dubai Healthcare City. This location is one of the most promising in Dubai as it is widely known for its health and wellness facilities and access to Dubai’s lifestyle and entertainment hotspots, making it an excellent investment for buyers and investors.”
Living in the apartments in Dubai Healthcare City is a favourite for both families and working professionals as it is located in a prime area of Dubai that offers direct access to Al Khail road and Oud Metha road and is in close proximity to the popular business and retail hubs such as Downtown Dubai and the Dubai Festival City Mall.
Its been a busy month for the UAE real estate news sector the previous month. With cooler days ahead and many residents returning to the UAE after summer vacation, the pace for the UAE real estate market is sure to pick up a lot more in the coming months. We are looking forward to the exciting updates from the UAE property market in the coming weeks. Are there any real estate projects in the UAE you are excited about? Let us know in the comment section below.
Now that you’ve caught up with all the property news in the UAE, why not pay a visit to these sports bars in Dubai and get your weekend-mood on!
