Last Month in Real Estate – UAE property news from February 2022
- Arada Rolls Out A 384-Unit Apartment Complex in Sharjah
- Aldar Releases Apartments Of Reflection II Project
- Arada Awards Eight Luxury Apartment Buildings Contract in Aljada
- Aldar Acquires Al Hamra Mall in Ras Al Khaimah
- Ajman Completes Real Estate Transactions Worth AED 5.6B
- Sharjah Launches A Digital Licencing Platform
As we’ve enter the month of March, it’s time to look at the major developments that took place in the UAE’s real estate sector in February 2022. From new project launches to acquisition announcements, the month held many new surprises in store for you. In this article, we present you with an overview of the latest UAE real estate news from February.
TOP REAL ESTATE NEWS IN THE UAE FROM FEBRUARY 2022
ARADA LAUNCHES NASAQ DISTRICT IN ALJADA, SHARJAH
In February 2022, one of the UAE’s top real estate developers, Arada launched an upscale apartment complex — Nasaq District in Aljada, Sharjah.
The project will comprise 384 units, replete with modern interiors and smart home technology. The apartment complex will also feature a residents-only gym and a pool.
Residents will also be able to enjoy direct access to an urban park and a beautiful promenade filled with shops and eateries.
The project is slated for completion in 2024 and will mark the second phase of the development in Aljada.
ALDAR RELEASES COMPLETED UNITS OF REFLECTION II PROJECT
Another news that has spurred seismic excitement across the property sector of the UAE comes from the frontier of Aldar Properties.
In February 2022, Aldar released 182 newly-completed apartments of the Reflection II project in the market.
Reflection II is the second building of Aldar’s boutique Reflection project, strategically placed in the heart of Al Reem Island, with Downtown Abu Dhabi, Al Maryah Island and Al Saadiyat Island located in the vicinity. The area also benefits from nearby shopping centres like Reem Mall, Shams Boutik Mall and Galleria Mall.
The resident-driven community offers a balanced lifestyle, with access to a kids’ play area, yoga deck, pools, outdoor areas, gym, communal garden, and a multipurpose games room. Reflection II is also an eco-friendly community.
Customers can choose from an array of apartments here. The flats in Reflection II range from studios to three-bedroom units. The prices start at AED 590,300 for studios and AED 885,800 for 1-bedroom units. The cost of bigger units such as 2 and 3-bedroom apartments go up to AED 1,327,000 and AED 1,822,000 respectively.
The apartments are ready for sale now and will be ready for handovers during the second quarter of 2022.
Talking about this new real estate venture, Rashed Al Omaira, CCO at Aldar Development, said:
“Reflection II is an exciting new proposition within Abu Dhabi’s apartment segment, with the development providing stunning overwater views of Reem Island. With the first building fully operational and occupied, as well as the facilities and amenities in place, this is one of the very few new turnkey solutions in the market today. ”
ARADA AWARDS AN AED 322 MILLION CONTRACT TO KUWAITI CONTRACTOR
Arada’s megaproject, Aljada has been making waves in Sharjah’s real estate sector for a long time.
Recently, Arada awarded a construction contract to Kuwaiti contractor, Mohammed Abdulmohsen Al-Kharafi & Sons (Al-Kharafi) to construct eight buildings, comprising 920 homes in Aljada. This is not the first time Al-Kharafi is collaborating with Arada; the group has worked with Arada previously as well on the Nasma Residences project.
The Tiraz buildings will feature an array of studios, one-bedroom and two-bed flats replete with smart home features. In addition, there will be two swimming pools, children’s play areas, a health club and a barbecue space in the respective buildings.
Commenting upon the project, Ahmed Alkhoshaibi, CEO of Arada said:
“This award to Al-Kharafi shows our continued commitment to delivering high-quality homes at Aljada, which is increasingly becoming one of the region’s most active job sites with 6,000 units currently under construction.”
The construction of Tiraz buildings is expected to complete within 18 months.
The buildings will be placed in Naseej District, paving way for other real estate developments in the area.
Aside from these buildings, Arada has planned to build Vida Aljada hotel, Naseej District Museum and five Sukoon buildings in the district and will reportedly award these construction contracts in 2022.
ALDAR BOUGHT AL HAMRA MALL IN RAS AL KHAIMAH
Another hottest real estate news in February 2022 comes from the frontier of Aldar. Abu Dhabi’s biggest developer has acquired Al Hamra Mall in Ras Al Khaimah at AED 410 million ($111.6M) to expand its footprint outside the premises of the capital.
Aldar plans to re-configure the mall, expand its offerings and introduce more premium brands to offer a valuable experience for the customers. Aside from giving this 27,000 sq.m mall a facelift, Aldar has also planned to make structural changes to the retail centre.
As part of the agreement, Aldar has the right to develop an additional 11,200 sq.m of floor area, as well as an option to get an extra 7,400 sq.m space for commercial or retail purposes.
The mall benefits from its strategic location. With tourist hotspots like Al Marjan Island, Al Hamra Village and other hospitality developments nearby, there is always an influx of people flocking to the destination.
Sharing their vision to grow their presence in Ras Al Khaimah, Talal Al Dhiyebi, group chief executive at Aldar said:
“Ras Al Khaimah represents an attractive opportunity for Aldar, due to the emirate’s demographics, strong market dynamics and tourism sector fundamentals.”
This transaction is in line with Aldar’s plans to diversify its portfolio across the UAE, bolstering its growth as a developer.
AJMAN COMPLETES REAL ESTATE APPRAISALS WORTH AED 5.6 BILLION
On 25th February 2022, Ajman released a report revealing the number of appraisals completed during 2021. As per the report, Ajman completed as many as 904 appraisals, worth AED 5.6 billion in 2021.
His Excellency Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation validated that the appraisal processes took place using modern methods to avoid any discrepancy. The goal of sharing this data is to ensure utmost transparency and provide real-time information for investors making important decisions.
Mr Al Muhairi also explained that the highest share from the total value of AED 5.6 billion has been obtained by commercial real estate, i.e. AED 3.2 billion. Other shares, however, have been secured by residential, industrial and agricultural real estate.
SHARJAH LAUNCHES A DIGITAL LICENCING PLATFORM
In other UAE real estate news, the Sharjah Water and Gas Electricity Authority, the Sharjah City Municipality and the Sharjah Department of Town Planning and Survey launched a unified digital platform to decrease the time required to licence the construction of each residential unit.
The system lessens the number of stages required earlier to approve the plans. As a unified electronic platform, this is accessible to all the entities, from consultants to the auditing team. This means that all entities can coordinate and collaborate simultaneously, expediting the whole process. Even the payment is made through the same platform.
Many government agencies and departments in Sharjah have expressed their excitement to use this system. To discuss this, many joint departments conducted a workshop which was attended by over 150 participating engineering consultancy offices.
The workshop highlighted the efficiency of the service and its impending role in enabling a fast, effective licencing process. During the workshop, the system was presented to the owners of engineering consultancies to test and review.
FAQs ABOUT UAE REAL ESTATE NEWS AND MORE
SHOULD I BUY A PROPERTY IN DUBAI?
Buying a property in Dubai is a lucrative choice for investors and home seekers as the properties boast healthy rental yields. Apart from that, the emirate’s infrastructure and lifestyle are other reasons to buy a property there.
WHAT IS THE PRICE TO BUY A PROPERTY IN THE UAE?
The cost to buy or rent a property in the UAE is subject to the emirate, areas, property type and amenities. You can check Bayut’s portal to check out the current price trends.
That brings an end to the list of top real estate news for February 2022 in the UAE. If you want to get the latest market updates from the previous months, check real estate news from January 2022. Or, find out the new developments that brought the last year to closure through these real estate updates from December 2021.
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