Last Month in Real Estate – UAE property news from December 2021
- Reportage Properties To Begin Construction on Yas Island
- Shurooq Announced Launch Of Khorfakkan Beach Project
- Omiyat Group Announced Three Luxury Developments In Dubai
- Ajman Land Departments Reports Sales Worth AED 1.5 Billion
- FAQs
Now that we’ve bid farewell to 2021, it’s time to find out which new developments have graced the UAE’s real estate inventory during the last month. Similar to the past few months, December 2021 saw an evolution in project launches as well as price trends. From new projects reveals to growth in real estate transactions, we bring you the top highlights from the UAE real estate news in December 2021.
TOP REAL ESTATE NEWS IN THE UAE FROM DECEMBER 2021
REPORTAGE PROPERTIES TO BEGIN CONSTRUCTION OF 736-UNIT RESIDENTIAL PROJECT ON YAS ISLAND
The hottest property news in the UAE comes from the real estate front of Abu Dhabi. One of the leading real estate developers in the UAE, Reportage Properties lays the groundwork for its key residential project, Diva. Expected to feature as many as 736 units, Diva will comprise an array of amenities, including dedicated parking, children’s play area, barbecue area, chess stage, pool, gym and an outdoor area. There will also be verdant spaces and a separate area for pets.
Diva will be located on Yas Island, offering access to several recreational landmarks of the capital, such as Yas Waterworld and Warner Bros. World and Ferrari World Abu Dhabi.
Apart from its strategic location, Diva offers attractive rates that contribute to its ever-increasing appeal among investors. The cost of each unit in Diva starts from AED 510,000.
The construction of Diva will begin in October 2022, while the project will be ready for handovers by the end of 2024.
SHUROOQ ANNOUNCED THE LAUNCH OF THE 1.5KM KH0RFAKKAN BEACH EXPANSION PROJECT
In other real estate news, the Sharjah Investment and Development Authority (Shurooq) has unveiled its plans of launching the Khorfakkan Beach Expansion project. As per their plan, the project will feature quite a few amenities, expanding the present 1.5km waterfront stretch to 2.5km. There will be a host of cafes and restaurants, a stunning fountain, a fully equipped gym and service facilities, including parking to cater to every visitor’s needs.
This new expansion will add to the appeal of the beach, but more than that, it will open new investment opportunities in the emirate.
The project’s first phase was rolled out by His Highness the Ruler of Sharjah in December 2019. Spread over 1km, this phase was worth AED 95 million. It featured sports courts, children’s play areas, an aqua sport, adventure corner and an amphitheatre and walkway overlooking the Khorfakkan beach, to name a few facilities.
Now, investors from all over the UAE are eying the completion of the Khorfakkan Beach Expansion Project – scheduled to be finished by the end of 2022.
Emphasizing upon the significance of the Khorfakkan Beach Project, Khawla Sayed M. Al Hashimi, Director of Project Development of Shurooq, said,
“The beach destination has been receiving footfalls not only from Khorfakkan city but also from Sharjah and the UAE since it opened to visitors in December 2019. Located in one of the most stunning natural coastlines with picturesque natural views, Khorfakkan is one of the most attractive cities in the Eastern region. It has also been attracting qualitative investments, and the new beach expansion will further enhance investments opportunities across a variety of sectors,”
OMNIYAT GROUP ANNOUNCED THREE LUXURY DEVELOPMENTS IN DUBAI
In December 2021, Omiyat Group shared plans to launch three new projects over the next 12 months and carry out its regional expansion programme. While they have not released any further details about these projects, they are likely to diversify Omiyat’s growing portfolio.
In addition to these projects, Omiyat had planned 1,000 units, most of which have now been completed and are ready to be handed over. These units include Opus, Anwa, the Pad and One Palm.
The Opus was designed by the late Zaha Hadid, while One at Palm Jumeirah consists of Dubai’s three most expensive penthouses, costing more than AED 260 million. The Pad is located in Business Bay, whereas the 44-floor Anwa lies in Dubai Maritime City. Other residential developments such as The Residences and Sterling in Downtown Dubai are likely to be delivered within eight to nine months.
As far as the completion date of these projects is concerned, they will be ready in the first quarter of 2022. Since they are akin to the demand for luxury and ultra-luxury properties in Dubai, one can expect to see a rise in their popularity over the next few years.
Talking about launching these three new products in the market, Omniyat’s executive chairman and founder, Mahdi Amjad, said,
The three projects we’re bringing to market will be flagship projects in line with the last three projects we brought to the city: the Residences, the One Palm as well as the Opus.
THE DEPARTMENT OF LAND AJMAN REPORTS SALES WORTH AED 2 BILLION
On 19th December 2021, The Department of Land and Real Estate Regulation in Ajman rolled out a report to offer an insight into the performance of the real estate market in November 2021. As per the report, the emirate has seen tremendous growth during the last month, with the rate of growth exceeding 85% to that of October. The total number of registered transactions has been 822 — valued to be AED 1.5 billion.
According to the report, Al Yasmeen has held the highest bargain value, i.e. AED 400 million, while Al Hamidiya 1 has recorded the highest mortgage value of AED 20 million. Al Yasmeen, Al Zahia and Manama 11 have topped the list of areas that recorded high transactions.
His Excellency Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation, attributed the growth of transactions to the efforts of Ajman’s government. The government left no stone unturned in facilitating the region’s property sector.
FAQS ABOUT DUBAI REAL ESTATE NEWS AND MORE
SHOULD I BUY A PROPERTY IN DUBAI?
If you’re planning to invest in real estate, make sure to be aware of the things to know before buying property in Dubai, rest assured, the city is known for its good infrastructure, luxury properties and competitive prices.
WHAT IS THE COST TO BUY OR RENT A PROPERTY IN THE UAE?
The cost to buy or rent a property in the UAE varies depending upon the emirate, area, amenities and property type.
That brings an end to the list of top UAE real estate news for December 2021. If you are a foreigner who wishes to secure investments in the region, check out the freehold and leasehold ownership in Dubai.
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