The UAE real estate news for the month of August 2023
- The Redesign of Dubai Creek Tower
- A New Luxury Residential Tower in Dubai
- Launch of a Waterfront Community in Yas Island
- New Laws in Fujairah
- FAQs
We are back with our monthly dose of exciting UAE real estate news. From the launch of residential projects to new reforms, there were quite a few interesting developments that took place during the last month. Let’s take a look at what UAE real estate in August 2023 looked like.
EMAAR ANNOUNCES THE REDESIGN OF DUBAI CREEK TOWER
Topping our list is the exciting Dubai real estate news. The renowned developer, Emaar, announced the redesigning of Dubai Creek Tower.
Dubai Creek Tower is the centrepiece of Emaar’s Creek Harbour development. The tower’s initial design was supposed to be 100 meters taller than Burj Khalifa and its foundations are located in the centre of Dubai Creek Harbour.
Want to learn more interesting facts about Dubai Creek Tower? Our guide has it all!
The foundations of this tower were completed in 2017 but not much progress has been made since. However, last month Emaar selected an international company to redesign the tower. The founder, Mohamed Alabbar, said:
“We are seeking during the next seven to eight months to develop a new idea about the project and we hope to start construction within a year from now.”
LAUNCH OF ADHARA STAR BY ACUBE IN DUBAI
The next UAE real estate news is also from Dubai. ACUBE, the subsidiary if ACUBE SFO DMCC, marked its entry in Dubai with the launch of Adhara Star in Arjan.
ACUBE has been operating in the GCC for more than 2 decades. They have multiple commercial and residential projects under their banner. Adhara Star will be ACUBE’s very first project in the city boasting the developer’s commitment to quality, style and affordability.
Here’s a quick overview of the opulent residential tower.
- It will have 17 storeys
- The building will offer flats in 1, 2 and 3-bedroom configurations
- It will feature 113 fully furnished apartments
- The tower will feature retail spaces
Adhara Star will offer the residents top-notch amenities such as pools, padel tennis and basketball courts, yoga room, indoor and outdoor gyms, sauna, a jacuzzi, a playground and a dedicated area for BBQ. The property handover is expected by Q1 2025.
A NEW WATERFRONT COMMUNITY IS COMING TO YAS ISLAND
Aldar Properties announced the launch of a new sustainable waterfront residential community, Gardenia Bay in Yas Island, Abu Dhabi. It is one of the most exciting UAE real estate news from August 2023 for those who are looking to invest in the capital city. The community will feature more than 2,400 units.
The first phase of Gardenia Bay’s construction is expected to begin in the first half of 2024 and handovers are expected in Q2 2027. The community will feature studio, 1, 2 and 3-bedroom flats. Here’s a look at this waterfront community’s striking features:
- 210 units will be launched in the first phase
- The master plan of Gardenia Bay features 1km of canal frontage
- It will have direct access to Yas Island’s 10km canal-front promenade
NEW LAWS INTRODUCED IN FUJAIRAH FOR JOINT PROPERTY OWNERSHIP
The ruler of Fujairah, His Highness Sheikh Hamad Bin Mohammed Al Sharqi, introduced new real estate laws in the month of August.
Law No. 3 for 2023 will regulate joint property ownership in Fujairah. Law no. 4 for 2023 will regulate real estate development guarantee accounts.
The newly issued real estate laws stipulate that associations, unions, developers and management companies are to align their situations as per the provision of laws within 6 months from the date of their issuance.
However, these laws will not affect the contracts between owners and developers signed before their enforcement.
FAQS ABOUT UAE REAL ESTATE NEWS
WHERE CAN I INVEST IN BEACHFRONT PROPERTIES IN ABU DHABI?
There are many options to consider when it comes to buying beachfront properties in Abu Dhabi. For flats, you can consider Water’s Edge, Al Hadeel and Mayan. Or if you’re looking to invest in a villa, some of the top neighbourhoods include Hidd Al Saadiyat, Saadiyat Beach Villas and Jubail Island.
WHICH ARE THE MOST POPULAR FAMILY-FRIENDLY RESIDENTIAL AREAS IN DUBAI?
Some of the most popular family-friendly residential areas in Dubai are Arabian Ranches, Jumeirah, Al Barari and Mirdif.
And that’s all for the UAE real estate news from August 2023. The country’s real estate market is ever booming. This is why investors flock to the UAE from all over the world.
Want to know how Dubai’s sales market in H1 2023 performed? Our guide lists the top neighbourhoods to buy villas and flats, off-plan projects and much more!
