Top real estate news from the UAE for February 2024
- Upcoming Luxury Neighbourhoods in Dubai
- Deyaar Launches Eleve
- A New High-Rise Financial Centre Unveiled in RAK
- Launch of Bay Villas on Dubai Islands
- Dubai to Construct 3D-Printed Buildings by 2030
We are back with our monthly dose of exciting real estate news from the UAE. Developers in the country have diversified their offerings to cater to various market segments. From luxury residences and commercial spaces to affordable housing initiatives, here’s a roundup of the latest news from the dynamic real estate market of the UAE.
UAE REAL ESTATE NEWS FROM FEBRUARY 2024
EMAAR ANNOUNCES NEIGHBOURHOODS WORTH AED 96 BILLION
In the latest Dubai real estate news, Emaar announced the launch of two luxury neighbourhoods worth AED 96 billion in the emirate. These new developments are poised to set a new standard in premium, high-end living.
The first neighbourhood is The Heights Country Club, which is spread over 81 million sq. ft. and is valued at AED 55 billion. The second one is Grand Club Resort, worth AED 41 billion. This opulent community will be spread over 60 million sq. ft. and features a wellness resort.
Both neighbourhoods will offer luxurious townhouses and villas. Emaar hasn’t disclosed the number of units or tentative project completion date. However, these projects are costlier if combined than the developer’s signature Downtown Dubai development!
DEYAAR LAUNCHES ITS SECOND PROJECT IN DUBAI
Another exciting real estate news from Dubai came last month when Deyaar announced an AED 700 million project in Dubai. The 33-storey mid-rise tower, Eleve, will be located in Jebel Ali next to the metro station. The building will offer various amenities and services to its residents.
Eleve is expected to be completed in the next three years. It is Deyaar’s second real estate project in the UAE in 2024, following the successful launch of Rosalia Residences in Al Furjan.
The real estate company also plans to start its first-ever development in Abu Dhabi in the second quarter of 2024.
MARJAN UNVEILS A NEW RESIDENTIAL DISTRICT IN AL HAMRA, RAK
The renowned real estate developer in Ras Al Khaimah, Marjan, recently launched a plan for a major residential and commercial district in Al Hamra. It will feature 3 million sq. ft. of rentable office space, more than 4,000 flats and 3 hotels.
Located on Sheikh Mohammed bin Salem Al Qasimi Street (S130), RAK Central will boast various retail and entertainment hubs, lush green parks and interconnected buildings. There will be 34 freehold residential towers for purchase and development by investors. Each tower is expected to have around 45 floors.
Marjan is exploring strategic partnership options for RAK Central’s development to attract investment from multinational companies in the leisure, retail, hospitality, finance and logistics sectors.
NAKHEEL LAUNCHES BAY VILLAS ON DUBAI ISLANDS
Next on our list of the latest real estate news from Dubai is the launch of Bay Villas on Dubai Islands by Nakheel. The waterfront community will feature townhouses and villas. The residents will enjoy the following amenities and facilities.
- Beach access
- Central Park
- Swimming pools
- Children’s playground
- Sports facilities
- Retail outlets
- Mosque
- Recreational areas
The development will offer four and five-bedroom villas, semi-detached residences and three and four-bed townhouses.
The 3-bed townhouses in Bay Villa are available for AED 4M, whereas you have to pay approximately AED 13.8M for a five-bedroom waterfront villa. The projected date of completion for this master community is the fourth quarter of 2026.
DUBAI TO 3D PRINT BUILDINGS BY 2030
Dubai plans to use 3D printing for a quarter of new buildings in the emirate. Local companies are negotiating with developers and contractors to incorporate the cost-efficient technology into the future real estate projects.
While the technology isn’t exactly new to Dubai, it will still be some time before the construction industry fully adopts the idea of 3D-printed structures. The first fully functional 3D-printed building in Dubai was opened in 2016, and it currently operates as the main office for The Dubai Future Foundation.
Another notable 3D-printed structure is the two-storey building built by the Danish company Cobod. It is located in Arabian Ranches 3.
Recently, 3DXB built the world’s largest 3D-printed villa in Al Awir 1, and it seems like the emirate’s real estate market is warming to the idea of adopting this new technology. The villa was printed in 180 hours, and the total building time was approximately 6 months.
The use of 3D-printing technology will significantly reduce the cost and time required for construction, further boosting Dubai’s real estate market.
FAQS ABOUT UAE REAL ESTATE NEWS FOR FEBRUARY 2024
WHICH ARE THE TOP FREEHOLD AREAS IN DUBAI?
There are plenty of freehold areas in Dubai, the most prominent being Arjan, Business Bay and Downtown Dubai.
WHICH ARE THE HIGH ROI AREAS IN DUBAI?
Dubai’s high ROI areas include Liwan, Green Community, Remraam, Discovery Gardens and Dubai Silicon Oasis.
And on that note, we end our guide to the UAE real estate news for February 2024. We’ll be back with more happening projects and developments next month.
Until then, subscribe to MyBayut to learn all about hot new property launches in Dubai for Feb 2024.
