UAE real estate news for the month of December 2023
- Timeline for Safa Two
- Completion of Binghatti Heights, JVC
- UAE Leads the GCC Real Estate
- A New Community in Jumeirah Golf Estates
- New Capital Projects in Abu Dhabi
In the year 2023, the real estate industry in the UAE experienced significant growth with multiple property developers launching prestigious projects across the country, attracting investors from around the globe. As the year 2023 is coming to a close, we are here to bring you the latest monthly update on the real estate news in the UAE.
REAL ESTATE NEWS IN THE UAE
Let’s see what December 2023 had in store for the UAE real estate.
DAMAC ANNOUNCED THE COMPLETION DATE FOR SAFA TWO DE GRISOGONO
In a recent Dubai real estate news, DAMAC announced the expected completion date for the much-anticipated Safa Two de Grisogono Tower. The branded tower designed by prestigious Swiss jeweller, de Grisogono, is set to be completed in 2027.
DAMAC further revealed that excavation and piling works are already completed and currently, substructure works are in progress.
Safa One was a huge success, and the second tower is expected to be equally popular. It will have more than 80 storeys and will boast extensive green features with de Grisogono’s signature styles.
Let’s look at the amenities this prestigious project will offer its residents.
- A fog-forest
- Food and beverage outlets
- Observation deck
- Artificial beach pool
- Glass pool
COMPLETION OF BINGHATTI HEIGHTS IN JVC
In December 2023, Dubai-based real estate company, Binghatti Developers announced the completion of Binghatti Heights. The upscale residential tower was completed ahead of its schedule as a part of the company’s commitment to finish several projects in Jumeirah Village Circle (JVC) within a year.
The developer has introduced more than 20 projects in JVC and most of these projects are already completed. Besides Binghatti Heights, Binghatti Crescent in JVC was also handed over in December 2023.
Binghatti Heights features 365 flats in 1 to 3-bedroom configurations, distributed across 30 floors. The apartments boast modern architecture and state-of-the-art technology. The residents will enjoy several amenities such as green spaces, a dedicated swimming pool for children, a fully equipped gym and parking lots.
UAE REMAINS AT THE TOP OF THE GCC REAL ESTATE MARKET
Another exciting real estate news in the UAE from last month featured UAE as the leading Gulf Cooperation Council (GCC) country in the real estate market.
The country witnessed a 21.1% growth in real estate in 2023. In Dubai alone, the value of real estate deals surged by 52%. In comparison, the demand for properties in Abu Dhabi increased by 56%. The demand for luxury properties was pivotal in making the UAE the most desired destination regarding property investment.
TARAF ANNOUNCED A VILLA COMMUNITY IN JUMEIRAH GOLF ESTATES
The real estate division of Yas Holding Group, Taraf, unveiled a villa community in Jumeirah Golf Estates last month. Terra Golf Collection will comprise 84 single-family properties as 6-bedroom townhouses and villas. Residents will enjoy world-class leisure facilities and scenic views of the golf course.
The residents will also have access to facilities across the Jumeirah Golf Estates master community, which features malls, a clubhouse, swimming pools and much more!
AED 65B BUDGET ALLOCATED TO CAPITAL PROJECTS IN ABU DHABI
The Crown Prince of Abu Dhabi, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, presided over last month’s Abu Dhabi Council meeting. He approved an AED 65B budget for capital projects. The aim of these projects will be to preserve the Emirati cultural heritage and ecosystem in the city.
FAQS ABOUT REAL ESTATE NEWS IN THE UAE
WHICH ARE THE POPULAR AREAS TO INVEST IN DUBAI?
There are multiple options if you are searching for top areas for investment in Dubai’s real estate market. If you want to invest in a flat, the popular choices are Dubai Marina, Downtown Dubai and Jumeirah Lake Towers (JLT). Consider DAMAC Hills 2, Arabian Ranches, and Dubai Hills Estate for villas.
ARE THERE ANY OFF-PLAN PROJECTS IN ABU DHABI WHERE I CAN INVEST?
Yes, there are a number of off-plan projects in Abu Dhabi you can consider for lucrative investment. The top apartment off-plan projects are Sea La Vie and Manarat Living. Projects with off-plan villas include Noya and The Dunes.
And with that, we wrap our guide to UAE real estate news from December 2023. If you’re planning to invest in the country, familiarise yourself with the rules and regulations of the Ministry of Investment UAE.
