Last Month in Real Estate – UAE property news from January 2022
- Bayut Signs MoU With DLD
- Wasl Properties Rolls Out A New Tower
- Bayut Releases Annual Market Reports
- Safe Developers Launches $40M Project in Arjan
- Aldar Inaugurates $140M Project in Abu Dhabi
As we roll into the second month of 2022, it’s time to learn what surprises the first month of the new year held in store for the property landscape of the UAE. From significant deals to project launches, many new developments have taken place in the country’s real estate sector during the last month. Let’s dig deeper into the top UAE real estate news from January 2022.
TOP REAL ESTATE NEWS IN THE UAE FROM JANUARY 2022
Here’s our round-up of all the top real estate news from the last month.
BAYUT SIGNS MoU WITH DLD
The hottest real estate development in the UAE comes from Dubai. In January 2022, Dubai Land Department (DLD) signed a Memorandum of Understanding (MoU) with three leading real estate companies in the UAE that have been providing smart and advanced property-based solutions. Our real estate portal, Bayut, was also among those premier property companies that signed the MoU with DLD.
This MoU aims to equip Dubai’s real estate sector with transparent solutions such as data and interactive reports to offer an analytical insight to investors, buyers and home-seekers in the emirate. This will also elevate the digital transformation trends and support the DLD’s vision of strengthening the city’s global standing.
The MoU will enable the companies to offer private, interactive and qualitative data on market trends based on the region. The data will include the complete breakdown of prices for buying and selling properties on a timely basis at every stage of the market.
Talking about the MoU, His Excellency Sultan Butti bin Mejren, Director General of DLD, said:
“DLD is firmly committed to Dubai’s real estate market transparently and providing the most effective smart and advanced real estate solutions, which contributes to raising the level of trust among investors and customers. These MoUs are part of our strategic goal and journey aimed at consolidating the emirate’s position on the global real estate market. They also contribute to building the best economy in the world, in line with the Year of the 50th charter recently announced by the wise leadership for the next 50 years.”
Haider Ali Khan, CEO of Bayut & dubizzle also ensured the company’s maximum participation in bringing the vision of DLD to reality:
”As the region’s leading property and classified portals, we are honoured to work closely with DLD to support its mission and the objectives of the Dubai 2040 Urban Master Plan. We believe that such collaborative partnerships play a vital role in achieving national objectives and creating a better environment for all stakeholders. Creating a seamless, reliable and data-backed journey for our users has always been our biggest priority, so we hope this partnership will provide property seekers across the UAE a more informed browsing experience and more elevated standards when searching online.”
WASL PROPERTIES ROLLS OUT THE SECOND TOWER OF TIARA UNITED TOWERS
In other January 2022 real estate news, one of Dubai’s premier property companies, Wasl Properties, released the second building of Tiara United Towers onto the market to cater to the demand of investors. Nestled close to Sheikh Zayed Road, the project marks the company’s first development in Business Bay. It is a mixed-use project in Business Bay.
The west tower consists of 425 apartments available in 1 to 3-bed units. Its key features and benefits include a pool and gymnasium, as well as easy access to Business Bay metro station and major roads.
BAYUT RELEASES ANNUAL MARKET REPORTS FOR 2021
In January 2022, Bayut & dubizzle rolled out annual market reports for Dubai, Abu Dhabi, Sharjah and Ajman.
As per Dubai’s rental market report for 2021, the property rent prices in the emirate’s luxury segment for both villas and apartments generally showed increased across the board, whilst the affordable segment recorded noticeable decreases. The Dubai’s annual sales report revealed that the property prices have increased by up to 34% in the luxury segment, with the affordable segment also increasing up to 24%.
As per Abu Dhabi’s annual rental market report 2021, the real estate of the capital has exhibited moderate declines in the affordable segment, whereas the luxury segment has sustained an uptrend. On the other hand, the sales report has shown moderate upticks in the luxury segment followed by minor dips — coupled with a few increases in certain areas — in the affordable segment.
Mirroring the trends shown in the UAE’s two major emirates, the real estate sectors of Sharjah and Ajman also showed greater signs of stability in 2021.
SAFE DEVELOPERS UNVEILS $40 M PROJECT IN ARJAN
A Dubai-based boutique property company, Safe Developers, has launched its maiden project in Arjan. The project involves the construction of an AED 150M residential building in Gardenia Livings.
As per the details shared by the company, the building will span over 55,810 sq. ft, comprising 156 apartments, with 15 types of 1-bedroom and 11 types of 2-bed flats, replete with modern amenities. In total, there will be 90 1-bed and 66 2-bed apartments in the six-floor building. Flats will be designed with sophisticated interiors and contemporary architecture, offering maximum comfort for residents.
The building will also include a lush green public park, multi-functional rooftop, infinity pool, barbecue area, a dog park, event space, gym and an outdoor theatre. The project is slated for delivery in Q3 2023.
ALDAR LAUNCHES $140M PROJECT IN ABU DHABI
Another piece of UAE real estate news that sparked seismic excitement across the country’s property sector came from Abu Dhabi in January 2022. The capital’s leading property developer, Aldar, has announced their plan of launching an AED 1.8M billion ($490 million) project on Yas Island. The project will involve the development of a Sustainable City, in collaboration with Dubai-based Diamond Developers.
Construction will begin in the last quarter of 2022, taking around 30 months to reach completion. The project will feature 864 units that will add more to the allure of the other developments Aldar is planning to launch there.
With the launch of this project, Aldar is aiming to support the UAE’s Sustainability Agenda, i.e. to achieve net-zero carbon emissions by 2050.
Sharing his vision about the project, Salah Habib, Chief Executive of Diamond Developers said:
“Aldar today has 2050 sustainability criteria and this partnership adds a lot of value to the table and allows us also to grow in achieving UAE’s sustainability agenda,”
FAQs ABOUT DUBAI PROPERTY NEWS AND MORE
HOW TO BUY A PROPERTY IN DUBAI?
Dubai offers foreign ownership only in certain places designated as freehold. Foreigners cannot buy property in areas designated as non-freehold thus, it’s important to learn more about property-buying steps in Dubai.
WHAT ARE THE FREEHOLD AREAS IN DUBAI?
Business Bay, Dubai Marina and Downtown Dubai are some of the most popular freehold areas in Dubai.
That brings an end to the list of top UAE real estate news in January 2022. As evident from these updates, the first month of 2022 has been pretty exciting for the property sector of the UAE. Many new developments have graced the real sector of the UAE, contributing to the increased interest of investors in the market.
If you want to know what housing developments took place in the final throes of last year, check out the key real estate updates in the UAE from December 2021 for the lowdown.
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