The latest UAE real estate news from the month of August 2024
- DLD’s Agreement with Seven Dubai Developers
- Launch of First Rental Residential Index in Abu Dhabi
- TECOM Invests in Dubai Internet City
- Abu Dhabi Judicial Department Approves New Property Conciliators
- Medred Comes to Dubai
- New Waterfront Development in RAK
- FAQs
The UAE real estate market is experiencing remarkable growth and vitality, reflecting the country’s dynamic economic landscape and strategic vision. Many factors, including robust infrastructure development, favourable regulatory frameworks and a substantial influx of international investors, drive this thriving market. This month, we take a look at the latest UAE real estate news from the month of August 2024.
UAE REAL ESTATE NEWS
With a focus on sustainability and luxury, the UAE continues to attract high-net-worth individuals and corporations, further fuelling the real estate industry that promises both resilience and exciting opportunities.
Let’s take a closer look at all the new developments in the real estate sector that happened in the last month.
DLD SIGNS AGREEMENT WITH SEVEN DEVELOPERS
In exciting UAE real estate news, Dubai Land Department (DLD) has partnered with seven developers in Dubai. Under this agreement, DLD has granted Emaar Properties, DAMAC Properties, Binghatti Developers, ALDAR Properties, Sobha Realty, Azizi Developments and Danube Properties the authority to use its registration system for managing their real estate transactions.
This initiative is aimed at strengthening and streamlining the real estate sector. The strategic agreement will simplify the real estate procedures and reduce the transaction time.
Through this agreement, the above-mentioned developers will be able to use the system to audit and register all real estate transactions for both the investors and developers.
ADREC LAUNCHED THE FIRST RESIDENTIAL RENTAL INDEX FOR THE UAE CAPITAL
In the latest Abu Dhabi real estate news, the custodian and regulator of Abu Dhabi’s real estate industry, Abu Dhabi Real Estate Centre (ADREC), has launched the first residential Rental Index for the capital. This platform will serve both landlords and tenants. It is designed to promote transparency of transactions, provide indicative rental values and support the stability of Abu Dhabi’s growing rental market.
The Rental Index Abu Dhabi is easy to use and is accessible to residents as well as those residing abroad. Via this new platform, you can access reliable data on residential properties to make an informed decision.
TECOM TO INVEST AED 340M IN DUBAI INTERNET CITY
The TECOM group, which operates and oversees the Dubai Business Park, has announced an investment of AED 340M to develop Grade A office spaces in Dubai Internet City.
This Dubai property news highlights that the new development will be a part of the Innovation Hub 3. It is set for completion in the second quarter of 2027.
ABU DHABI JUDICIAL DEPARTMENT APPROVES NEW GROUP OF PROPERTY CONCILIATORS
Abu Dhabi Real Estate Dispute Settlement Centre (TASWYA) has appointed a new group of conciliators. These five new conciliators will be key in facilitating real estate dispute resolutions.
This is an exciting UAE real estate news as the appointment of these conciliators is approved by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of Abu Dhabi Judicial Department (ADJD).
MERED REVEALS HQ BUILDING IN DUBAI
If you’re looking for Dubai real estate news, you’ll be pleased to know that the award-winning international developer MERED has just announced the opening of its new HQ in Dubai Internet City. The office space is designed by the famed Pininfarina, spanning 1,300 sq. m.
MERED has created excitement with its ICONIC Tower development. The tower’s design is almost finalised, and the construction is expected to begin shortly. It will be the tallest building in Dubai Internet City, measuring 286.4 metres. The project will feature 310 luxury flats with world-class amenities. The handovers are expected by the third quarter of 2027.
AARK TO DEVELOP AED 4B WATERFRONT PROJECT IN RAS AL KHAIMAH
Last on our list of UAE property news is the launch of Sora Beach Residences. The UAE-based real estate company Aark Developers, has launched the project.
According to this Ras Al Khaimah property news, this waterfront development worth AED 4B will be located on Al Marjan Island. Spanning 1.8 million sq. ft., the new project will offer an unparalleled lifestyle to its residents. Key amenities include a private beach, an infinity pool, a gym and a sky bar.
Sora Beach Residences are designed by Nikken Sekkei, a global Japanese architectural firm known for its innovative designs. Each home will be fully furnished with interiors curated by Shalini Misra Design.
FAQS ABOUT UAE PROPERTY NEWS
WHERE SHOULD I INVEST IN DUBAI FOR MAXIMUM RETURNS?
The best areas to invest in Dubai for maximum returns are Dubai Investment Park, Discovery Gardens, Dubai Sports City and DAMAC Hills.
WHICH ARE THE TOP OFF-PLAN PROJECTS IN DUBAI?
The top off-plan Dubai projects for 2024 are Mercedez-Benz Places, Aeternitas, Sky Tower and Six Senses Residences Dubai Marina.
WHERE SHOULD I RENT IN DUBAI BASED ON MY SALARY?
If you earn around AED 8k to AED 10k, you can rent in International City, Deira or Al Nahda. Our blog details the best areas in Dubai to rent based on your salary.
I DON’T DRIVE. WHERE SHOULD I LIVE IN DUBAI?
If you want to live near Al Satwa Bus Station, you can rent in Al Badaa. Similarly, you can rent in Barsha Heights or Internet City if you wish to reside near Dubai Internet City Metro Station. Here’s a brief look at the best areas to rent in Dubai if you don’t drive.
This brings us to the end of our blog on the UAE real estate news from the month of August 2024. With new and exciting developments announced, the UAE real estate sector thrives.
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