Last Month in Real Estate – UAE property news February 2023
- DAMAC Properties Launches a New Project in Dubai
- InterContinental Abu Dhabi Launches New Residences
- Sobha Realty Launches an Upscale Tower in JLT
- Samana Developers Announces Twin Projects in Dubai
- Aldar Launches a New Development on Saadiyat Island
- Mr Alabbar Announces a New Island Project in Abu Dhabi
Wonder what new developments took place in the UAE real estate sector during the last month? Want to know which of the region’s key developers launched new initiatives? We have answers to all these questions in our monthly news round-up. So join us as we bring you the most exciting UAE real estate news from February 2023.
TOP UAE REAL ESTATE NEWS FOR FEBRUARY 2023
DAMAC PROPERTIES LAUNCHES A WATERFRONT PROJECT IN DUBAI
One of the UAE’s most innovative developers, DAMAC Properties, has announced the launch of its new waterfront project, “Canal Heights,” in Dubai.
The 44-storey tower will include shell-shaped pools, a recreational podium, yoga domes, zorb water ball zones and private dining venues, to name a few. However, the highlight will be the underwater pearl museum, with a snorkelling area designed by the famed Swiss jeweller – de GRISONGO.
Commenting on the launch of the project, Niall McLoughlin, Senior Vice President of DAMAC Properties, said:
“Innovation and exclusivity are one of DAMAC’s constant ambitions. Through each and every new project of ours, we strive to bring forth a product that is fresh, different and absolutely unique. Canal Heights is no different in that ambition and brings a whole new world of possibilities and experiences. We once again combine the brilliance of a nature-inspired design with the splendour of de GRISOGONO to a project that we are sure to bring awe,” said Niall McLoughlin, Senior Vice President of DAMAC Properties.”
Canal Heights will feature studios to 4-bedroom apartments, offering breathtaking views of Business Bay and Sheikh Zayed Road (E11).
INTERCONTINENTAL ABU DHABI LAUNCHES NEW RESIDENCES
In other UAE real estate news, InterContintental Abu Dhabi has been making waves in the region’s property industry after they announced the launch of brand-new residences in Al Bateen.
There will be 130 residences, ranging from studios to 3-bedroom apartments. Also, there will be a diverse selection of flats specifically designed for people of determination.
Each apartment will have natural oak furniture and beautiful textures, perfectly accented by the contemporary décor. The flats will come with guest bathrooms, walk-in wardrobes, ensuites with standing showers and a bathtub, kitchenettes and more!
While studios and 1-bedroom will be ideal for couples or solo occupants, the larger 2 and 3-bed residences will be more suited for bigger families.
Those living in these residences will benefit from a pool, a gym, an all-day dining restaurant, an outdoor dining space and a hangout spot on the first floor called “The Balcony Lounge”. Other advantages will include concierge service, housekeeping and underground parking.
Commenting on the new project, Dani Demerjian, General Manager of InterContinental Abu Dhabi, said:
“Launching the new InterContinental Residences Abu Dhabi is a proud moment for us, and we are delighted that this project is nearing completion. Each residence is breathtaking, with the highest quality amenities and modern furnishings. We are looking forward to welcoming guests for both short-term and long-term stays, and we are sure that these residences will cater to every need of our valued customers.”
SOBHA REALTY LAUNCHES AN UPSCALE TOWER IN JLT
In other February 2023 UAE real estate news, Jumeirah Lake Towers witnessed the launch of an upscale high-rise tower, the Verde, by Sobha Realty.
Situated opposite Cluster H, the 58-storey tower will feature apartments costing over AED 2M. The project has a completion deadline of Q4 2026.
The Verde is expected to garner AED 1.6B sales revenue for Sobha Realty.
According to Francis Alfred, Managing Director of Sobha Realty:
“Dubai’s real estate market has been witnessing an upward trajectory and we expect further growth [with the launch of the Verde”
SAMANA DEVELOPERS ROLL OUT AED 320M TWIN PROJECTS IN DUBAI
Another hallmark development in Dubai real estate in February 2023 is credited to Samana Developers, who announced the launch of their Greek-themed projects: Santorini and Mykonos.
Both projects will be located in Dubai Studio City, spanning over 193,927 sq. ft and 197,430 sq. ft, respectively. The projects focus on power generation through solar panels and aim to introduce people to a sustainable island lifestyle.
Santorini will have water features, caves, green areas, a health club, infinity pools, leisure pool decks, kid play areas and an outdoor cinema. However, Mykonos will have leisure decks, swimming pools and jacuzzis, rooftop theatres and private pools in all apartments.
Talking about the design of the projects, Imran Farooq, Chief Executive Officer of Samana Developers, said:
“In the designs of our Santorini and Mykonos projects, we incorporated the environmental features that make the projects good for health, sustainable and also energy efficient. At Samana Mykonos, we have added plenty of water features, green areas and solar panels for in-house power generation. In addition, we have created an island-style living where the water, fresh air and plantation will be aplenty. Island living is a new concept in Dubai real estate that European buyers love and feel at home with. ”
Santorini will feature 157 studios, 1, 2 and 3-bedroom apartments. This G+4 residential project is expected to be handed over in April 2025.
However, Mykonos, including 198 units, will be ready for handover in July 2025.
Samana Developers will allow sub-leasing property to tourists and visitors as an added incentive.
ALDAR LAUNCHES A NEW DEVELOPMENT ON SAADIYAT ISLAND
In other UAE real estate news, ALDAR launched “Manarat Living” on Saadiyat Island, a cultural-themed sustainable development, with prices starting from $173k.
Situated within walking distance of cultural attractions in Abu Dhabi, Aldar’s newest development will showcase its new boutique living concept with flair. Their goal is to provide affordable price points in prime areas of the city.
The project will include 273 units, offering studios at AED 634k, 1-bedroom units at AED 1.28M and 2-bedroom options at AED 1.95M, on average. There will also be 2-bed plus maid’s room options, starting from AED 2.45M. Construction will start in Q3 2023, with project handovers expected in Q1 2026.
Key amenities include an art studio, a zen garden and yoga breakout areas. Buyers also have the flexibility of bespoke design elements and colour palette choices for apartment spaces.
With regards to Manarat Living and upcoming projects, Rashed Al Omaira, CCO at ALDAR, said:
“With our finger on the pulse of Abu Dhabi’s thriving property market, our research has shown a growing demand for high-quality, aspirational living spaces at more accessible price points, while still being located in highly desirable destinations across the emirate.”
The project aims to achieve a two-pearl rating on the Estidama sustainability rating system.
MOHAMED ALABBAR ANNOUNCES A $3.5B ISLAND PROJECT IN ABU DHABI
In other Abu Dhabi real estate news, Mohamed Alabbar announced the launch of a stunning $3.5B development off the emirate’s coast.
The development, known as “Ramhan Island”, will include 1,800 floating villas, over 1,000 branded units, fine dining restaurants, a shopping centre, a luxury hotel and a world-class marina. Designed in different layouts, these villas range from 2,862 sq. ft to 7,539 sq. ft.
When asked about this new venture, Mr Alabbar, founder and chairman of Emaar Properties PJSC, said:
“It’s a rare thing to live on a natural island, complete with a beach – everything being truly from nature, including dolphins, turtles and birds. This is a quality of life that has never been seen before, and it is what we will be delivering – I have been lucky enough to work on some unique projects over the years, but this is something truly special,” he told Arabian Business.
The project will be developed through Mr Alabbar’s private real estate development company, Eagle Hills.
FAQs ABOUT UAE REAL ESTATE NEWS AND MORE
ARE THERE ANY WATERFRONT COMMUNITIES IN DUBAI?
Yes, many! You can count on these beachfront areas in Dubai to buy villas and apartments.
WHICH NEW PROJECTS HAVE BEEN LAUNCHED IN 2023?
Apart from the developments mentioned above, you can check out exciting new projects announced in January 2023. Additionally, you can learn about some of these property launches in February 2023.
That concludes our list of top UAE real estate news for February 2023. For the hottest scoops on real estate news in the UAE, subscribe to MyBayut.
