Last Month in Real Estate: February 2019
Two months into 2019, and the UAE real estate market has seen some major developments! Highlights have included new projects launches by leading developers for investors to add to their portfolio. Meanwhile, the introduction of key smart initiatives has streamlined real estate transactions in Dubai. Read all about these developments in Bayut’s recap of the UAE real estate news for February 2019!
Top UAE real estate news for February 2019
Emaar Launches Arabian Ranches III
Dominating the UAE real estate news is Emaar’s announcement to launch Arabian Ranches III. Similar to Arabian Ranches, this new development will be a gated community with 3 and 4-bedroom townhouses. Arabian Ranches III will provide residents with an exceptional outdoor and active lifestyle, with a four-kilometre boulevard, a central park, play areas and an array of sports and wellness facilities. Outdoor facilities will also include a spectacular lazy river and a kids’ splash pad! Everyday amenities like schools, clinics, mosques and a retail area are also planned for the community.
Residents of the community will have direct connectivity to the Al Qudra Cycling Track, and access to the Arabian Ranches Golf Course and Dubai Polo and Equestrian Club.
Majid Al Futtaim Announces AED 377M Worth Redevelopment for City Centre Deira
Another major highlight in Dubai property news this month is the redevelopment planned for City Centre Deira. Majid Al Futtaim has confirmed that the redevelopment of their flagship shopping mall will be worth AED 377M, and will be completed in the first half of 2020. Highlights of the redevelopment include a massive multi-concept food hall, that will provide an immersive dining experience with murals and artwork. There will also be more innovative F&B outlets and new brands added to the mall, in line with the planned expansion of its entertainment facilities. The mall, however, will remain open during the redevelopment and the redevelopment has been welcomed by the UAE real estate market. Keen on living near the buzzing City Centre Deira? Take a look at the apartments for rent in Port Saeed, where prices for a 1-bedroom unit start from AED 60k.
Brand New Skate Park Opened in DAMAC Hills
The sprawling development of DAMAC Hills now has a brand-new amenity – a 2,000 sq.m skate park that is designed for trick skating. It adds another level of luxury to the development, that already benefits from lush outdoor spaces like the Trump International Golf Club Dubai and The Park. The new facility also comes in the wake of the launch of the Golf Town homes that will overlook DAMAC Hills’ magnificent golf course. Already amongst the most popular areas for buying villas in Dubai, these upcoming amenities have created a buzz in the UAE real estate market and will likely boost interest in the development. If you’re looking at investing in this exclusive community, take a look at the sale prices for properties in DAMAC Hills. Starting prices for a studio apartment are AED 389k, according to Bayut’s current listings.
Aldar Properties to Launch New Projects in Abu Dhabi
The latest news from the Abu Dhabi property market is that developer Aldar Properties is planning to launch new projects in the emirate in the first half of 2019. Aldar is expected to deliver close to 1,500 new residential units this year. This would include projects such as Meera Shams, Jawaher Saadiyat and West Yas. Those who want to invest in Aldar Properties’ projects can look at the apartments for sale in Meera Shams. This development is located on Al Reem Island, which is one of the most popular residential islands of Abu Dhabi. These contemporary apartments will benefit from landscaped green spaces, with easy access to the beach and marina.
Ajman Corniche Residences Worth AED 750M is Launched
Developed by Aqaar and situated in the heart of emirate, the Ajman Corniche Residences was officially inaugurated this month. HH Sheikh Rashid Bin Humaid Al Nuaimi, Chairman of Ajman Municipality, inaugurated the new development, that consists of seven interlinked towers. The launch was a prominent feature in the Ajman real estate news, due to its prime location. The waterfront project is located on the Ajman Corniche, which is a hub for tourism and investment in the emirate. Worth AED 750M, the Ajman Corniche Residences offers 1, 2 and 3-bedroom apartments. There will also be numerous amenities such as swimming pools, health clubs, children’s play areas and pavilions. Those interested in investing in Ajman real estate, should consider the sleek apartments of the Cornice Residences. According to Bayut’s current listings, prices for a 1-bedroom unit start from AED 686k.
Expo Golf Villas Announces Launch of Its Third Phase
Earlier this month, Emaar has announced the third phase of the premium Expo Golf Villas, that will consist of 3 and 4-bedroom villas next to the lush 18-hole golf course. The Expo Golf Villas has garnered interest in the UAE real estate news due to its strategic location in Emaar South. It will be located close to the Al Maktoum Airport and the Expo 2020 site and will be ideal for those working in the Aviation and Logistics District and Business Park. The development will also have a wealth of amenities including swimming pools, play areas, parks and a community centre. Investors can take a look at the off-plan villas for sale here, where prices for a 3-bedroom unit start from AED 937k.
Dubai Land Department Launches Smart Audit Initiative for Real Estate Transactions
The final feature from this month’s UAE real estate news is the Smart Audit Initiative. Introduced by the Dubai Land Department, this initiative allows for the swift completion of real estate transactions. Whether it’s the sale of properties, grants or mortgages, these transfer transactions can now be completed within the same day. This initiative by the DLD has been greatly welcomed by the Dubai real estate market and is in line with the 10X initiative to make Dubai one of the smartest cities in the world. This will be done by digitising services and government transactions, making them easily accessible to the public.
And that was Bayut’s round up of the top UAE real estate news for February 2019! Which UAE residential developments would you like to know more about? Let us know at social@bayut.com and we’ll get the information to you. In the meantime, stay tuned to MyBayut for more articles on the UAE property market.
