Last Month in Real Estate – UAE property news from July 2022
- Bayut & dubizzle Releases H1 Reports in July 2022
- Dubai South Properties Launches South Bay
- Aldar Launches Yas Golf Collection in Abu Dhabi
- Jubail Island Reveals A New Luxury Residential Project
- Al Zorah Development Company Unveils A New Project in Ajman
As we step into August 2022, it’s time to take a look at the major property news stories that surfaced in the last month. July 2022 witnessed a number of new project launches and developments that have sparked widespread interest among local and foreign investors. Want the scoop on all these exciting new developments? Our monthly round-up of the top UAE real estate news has all the details.
TOP UAE REAL ESTATE NEWS FOR JULY 2022
BAYUT & DUBIZZLE RELEASES H1 REPORTS IN JULY 2022
In July 2022, Bayut & dubizzle rolled out their H1 reports for Dubai, Abu Dhabi, Sharjah and Ajman with insights into the UAE’s regional property markets during the initial six months of the year.
According to Bayut & dubizzle’s H1 Dubai sales market report, the property prices for apartments and villas have shown an uptrend across both affordable and luxury segments. The average prices-per-square-foot of properties in the affordable segment have increased by 8%, whereas those in the luxury sector have shown upticks of up to 19% during the initial six months of 2022.
Similarly, the rental trends for apartments and villas in Dubai have shown an upward trajectory across both segments. As per Bayut & dubizzle’s H1 2022 Dubai rental market report, the prices of reasonably-priced properties have increased by up to 29%, whereas those of upscale properties have displayed increases of up to 43%.
Our Abu Dhabi sales market report for H1 2022 has also shown increases in prices across the affordable and luxury segment. The average price-per-square-foot for reasonably-priced properties has increased by up to 14%, whereas upscale units have shown an uptick of up to 8% in H1 2022.
On the contrary, rental prices for properties in Abu Dhabi have generally decreased for apartments and villas. As per Bayut & dubizzle’s Abu Dhabi H1 rental market report 2022, the prices for units in the affordable segment have shown decreases by up to 13%. Luxury rentals have recorded dips of up to 11% across key residential areas in Abu Dhabi.
If you want to know how other markets have performed, check out Sharjah’s H1 2022 market report or read up on Ajman’s H1 real estate report for 2022.
DUBAI SOUTH PROPERTIES UNVEILS SOUTH BAY
In other UAE real estate news, Dubai South Properties has announced the launch of a new project in Dubai South.
The project, known as South Bay will be situated in “The Residential District,” featuring more than 800 houses and townhouses and over 200 waterfront mansions.
Properties in the South Bay will span over 2,900 sq. ft. to 4,800 sq. ft, comprising 3, 4 and 5-bedroom townhouses and semi-attached villas. The mansions, however, will feature 5 to 7-bedroom standalone units spread over around 13,000 sq. ft.
Aside from residences, South Bay will include a 1 km long crystal lagoon, a 3km long waterfront promenade, sports courts, shops, a petrol station and several beaches for swimming.
The development will also consist of a bus route connecting the district to the Expo 2020 Metro station. A school and hypermarket will also open in the community in the near future.
Since the project will be nestled strategically on Expo Road, residents will get easy access to a community shopping mall, a kids’ club, a fitness complex, waterfront cafés, swimming pools, a pet park, a lake park and a water sports club.
Talking about this new venture, a spokesperson from Dubai South Properties said:
“With the Expo site now transforming into Expo City Dubai by October and based on the huge demand for premium properties in the area, this project will be an ideal option for those seeking quality living with world-class amenities at competitive prices.
The residences in South Bay will be put up for sale in September. More information on the project will be announced soon.
ALDAR LAUNCHES A NEW PROJECT ON YAS ISLAND
One of the top property developers in the UAE, Aldar has unveiled their latest project – the Yas Golf Collection on Yas Island. This resort-style community in Abu Dhabi will be worth AED 1.7 billion.
The community will be built on 127,000 sq.m. area, comprising 1,062 apartments and duplexes. The apartments will come in studio, 1, 2 and 3-bedroom layouts, whereas the duplexes are set to have 2 and 3-bedroom configurations.
Ideal for working or studying from home, the units will offer both unfurnished and fully furnished options along with customisable colour schemes. Studios are priced at AED 705k while apartments start from AED 1.24 million.
The collection will be in proximity to sites that host annual global sporting events such as the Abu Dhabi HSBC Golf Championship, UFC Fight Island and the Abu Dhabi Formula One Grand Prix.
With its resort-style theme, Yas Golf Collection will offer amenities like communal podium gardens, swimming pools and community gyms, ten retail stores, cafes, restaurants, running tracks and a supermarket. However, the key attraction of the project will be a world-class golf course.
The project aims to secure a two-pearl rating for residential buildings and a one-pearl rating for public areas according to the Estidama sustainability assessment system. Construction is due to begin in Q1 2023, whereas handovers are expected to begin as soon as Q3 2025.
Talking about the company’s expectations for the project, Rashed Al Omaira Chief Commercial Officer and Aldar Development said:
“Given the diversity of units on offer at Yas Golf Collection, we expect to see significant interest from residents looking for a new home, as well as local and international investors seeking a foothold in Abu Dhabi’s attractive property market”.
JUBAIL ISLAND INVESTMENT COMPANY (JIIC) LAUNCHES A NEW PROJECT
In other Abu Dhabi real estate news, one of the UAE’s leading property developers, Jubail Island Investment Company (JIIC) has announced the launch of a new waterfront project – Ain Al Maha Village. The project was unveiled following the unprecedented demand for Jubail Island properties.
Ain Al Maha Village will be built along a water channel and Estuary Park. It will comprise 240 premium sea view residences offering beautiful views of the mangroves.
The 92,000 sq.m village will include parks, children’s play areas and sports and fitness facilities including athletic courts and a purpose-built running track. There will also be two landmark community centres offering everything from a shopping complex to medical facilities.
One centre will feature a 2,500 sq.m retail complex and a school, whereas the other will include a mosque and other convenient facilities. Aimed at encouraging a sustainable lifestyle, the destination will offer easy access to other villages on Jubail Island and the Sheikh Khalifa highway.
In the words of Mounir Haidar, Managing Director of Jubail Island Investment Company:
“By combining the remarkable nature, we have on the island and understanding the needs of what people want in their everyday lives, we believe Ain Al Maha will help encourage a more sustainable lifestyle and make a perfect home while redefining the way people live. The village has been long awaited and we look forward to bringing it to life over the next few months.”
Construction work on the island has already begun, with 95% of the infrastructure completed, while 40% of houses are under development. The project is slated for completion by Q1 2025.
AL ZORAH DEVELOPMENT COMPANY UNVEILS A NEW PROJECT IN AJMAN
Another real estate news that has revved up investors during the month of July in the UAE comes from Ajman.
Al Zorah Development Company, which is a joint venture between Ajman’s leading developer, Solidere International PLC and the Government of Ajman, has launched a new project called SeaSide Hills.
SeaSide Hills is a beachfront luxury residential project which will nestle close to The Oberoi Beach Resort, the 18-hole championship Golf Club Course and Al Zorah Mangrove forest. The project will include 4-bedroom luxury villas and apartments, which will offer unobstructed views of the sea and access to a private beach.
According to George Saad, CEO of Al Zorah Development Company:
“We at Al Zorah are excited to announce the launch of SeaSide Hills, our new elite residential scheme. Our development team worked hard not only to create lux living spaces in Al Zorah, but also to curate exclusive lifestyles for families to enjoy along the beautiful stretch of beach. Our aim is to continue expanding on our projects to offer our residents a unique harmonious life, amid the surrounding amazing natural landscape.”
The project’s completion date is yet to be announced.
FAQs ABOUT UAE REAL ESTATE NEWS & MORE
HOW TO SELL YOUR PROPERTY IN DUBAI?
Take a look at our step-by-step guide to sell a property in Dubai.
ARE THERE ANY NEW PROPERTY LAUNCHES IN DUBAI?
Yes, many! Check our guide to know about the hottest property launches in Dubai for July 2022.
HOW MUCH DOES A NORMAL HOUSE COST IN DUBAI?
The cost of a house depends upon multiple factors: location, amenities and number of rooms etc. As per our current listings, you can buy a studio apartment in Dubai for as low as AED 200k.
- 1 BED
- |
- 2 BATHS
- |
- 715 SQFT
- 1 BED
- |
- 2 BATHS
- |
- 739 SQFT
However, the starting price of a sale villa in Dubai may cost you upwards of AED 675k.
That brings an end to our guide to the list of top real estate news for July 2022 in the UAE. If you want to get market updates from the past few months, check out UAE property news in June 2022 or dig into the latest real estate updates from May 2022.
For more information and updates about the real estate news in the UAE, stay tuned to MyBayut.
