A roundup of UAE real estate news from the month of July 2024
- Dubai Real Estate News
- Abu Dhabi Real Estate Property News
- UAE Real Estate News from Sharjah
- Property Market News from Ajman
- RAK UAE Real Estate News
- Umm Al Quwain Real Estate News
- FAQs
UAE real estate news July 2024 has attracted the attention of both investors and homeowners. With its reputation as a favourable destination for property investments, the UAE offers a range of options for potential buyers and sellers. The market offers exciting opportunities for ready residential properties, commercial spaces or off-plan projects. Stay tuned to MyBayut’s July round-up of UAE real estate property news to discover how the market is shaping up and what it means for you.
Dubai real estate news – July 2024
First, we have some exciting news about the Dubai real estate market.
Bayut’s Sales and Rental Market for Dubai H1 2024 are out!
Dubai real estate news continues to make waves as we approach the remaining six months of 2024. Sales prices in the city increased across affordable, mid-tier and luxury segments, with investors and buyers favouring International City, Jumeirah Village Circle and Dubai Marina for purchases.
Asking average rental prices have also increased in H1 2024 for affordable, luxury and mid-tier properties. According to Dubai rental transactions data, 272,294 rental transactions, totalling AED 20.7 billion, were recorded in the first half of 2024.
You can check out the detailed analysis here:
DLD completes 647 real estate settlements in H1 2024
Dubai Land Department (DLD) resolved 647 real estate settlements worth over AED 1.38 billion in the first half of 2024. DLD offers conflict resolution services, helping parties reach mutually beneficial agreements without court involvement. The Oqoodi Platform achieved a 100% approval rate for settlement agreement.
Dubai sets new record with over 25,400 off-plan property transactions in Q2 2024
Dubai’s off-plan property market achieved massive success in Q2 2024, with 25,466 transactions totalling over AED 52 billion.
This remarkable growth underscores the robust demand from both end-users and investors. Villas experienced a 44% rise in transactions, and off-plan apartments dominated the sector with an 86% surge in transactions.
New off-plan projects in Dubai hit the market
The market’s preference for new developments over ready properties has spurred developers to launch over 200 off-plan projects in Dubai, introducing nearly 50,000 units to the off-plan sector in H1 2024.
In the luxury segment, Palm Jumeirah and Business Bay are the favourites as revealed by the sales transactions data for Dubai.
Athlon’s receives LEED platinum certification for community planning and design
Moving forward with Dubai real estate market news, ALDAR Properties received the UAE’s first LEED platinum certification for community planning and design. This achievement places Athlon by ALDAR, one of Dubai’s newest property launches in May 2024, at the forefront of sustainable real estate in the UAE.
Built using low-carbon materials, Athlon aligns with the ambition of the UAE’s Net Zero by 2050 and ALDAR’s sustainability goals. Athlon also received a 2-star Fitwel rating for Communities, promoting healthy living.
Expo Valley awards four new contracts for its Expo Valley project
Expo City Dubai awarded four new contracts for its Expo Valley residential project, with three going to UAE-based firms. As per Dubai real estate market news, Parsons, Al Naboodah Contracting Company, AECOM Middle East Limited and Al Nasr Contracting Company are involved in various project development aspects.
Located in Dubai’s growth corridor, Expo City Dubai provides easy access to the metro, highways, Dubai Exhibition Centre and Al Maktoum International Airport.
Abu Dhabi Real Estate Property News – July 2024
Bayut’s H1 2024 Abu Dhabi Market Reports are released, highlighting positive trends
The performance of Abu Dhabi’s real estate market in the first six months of the year highlights increased interest from investors and buyers. Luxury rentals, in particular, saw massive price hikes of 20% for apartments and 12% for villas. Even affordable properties witnessed rental increases for both flats and villas.
Regarding sales trends in the UAE capital, affordable and luxury housing segments registered impressive growth and substantial price increases. Learn more about the market dynamics and trends in:
ALDAR Properties launches “The Arthouse”
In other Abu Dhabi real estate property news, ALDAR unveiled The Arthouse in the Saadiyat Cultural District. The project features apartments and sky villas, targeting sustainability certifications. Project construction will start in Q1 2025.
Sharjah Real Estate Property Market News July 2024
Sharjah real estate sector shows record-breaking property trade in H1 2024
According to Sharjah Real Estate Registration Department’s report, the emirate has experienced a substantial boost in its real estate sector during the first half of 2024, the highest since 2012. This surge is attributed to Sharjah’s recent development, which has attracted investors and boosted market confidence.
The report highlights a 13.8% increase in real estate transactions, with 46,524 transactions in H1 2024 compared to 40,876 in H1 2023, indicating positive growth in Sharjah’s property sector.
Ras Al Khaimah real estate news July 2024
RAK Properties Unveils Significant Construction Progress
RAK Properties reported substantial advancements across its portfolio in real estate property news from last month.
Bay Residences, comprising 661 apartments in four buildings, is entirely sold out. Construction has reached 75% completion, ensuring timely handover.
On Hayat Island, the 344-unit Bay Views complex is making strides. With enabling work finished and the substructure nearing 70% completion, this ‘Best Residential Project’ award winner promises luxurious living with stunning Gulf and mountain vistas.
Cape Hayat, a 22,854 sq. m. beachfront development, aligns with RAK’s sustainability initiatives. Its enabling work is complete, and the substructure is 65% complete.
Marbella Villas, featuring townhouses and villas, is ready for early handover. The project boasts 100% completion of enabling, substructure, and superstructure works, with finishes and MEP at 90%.
Ajman Real Estate News July 2024
Ajman’s Real Estate Sector Experiences Significant Expansion
Moving forward with UAE real estate news July 2024, Ajman’s property market demonstrated remarkable progress in H1 2024, with 7,071 transactions totalling over AED 9 billion. This represents a 33% increase from the same period in 2023.
The market saw robust participation from citizens and foreign investors. Local transactions numbered 2,039, valued at AED 2.98 billion, while foreign investments surged by 88%, comprising 5,139 transactions worth AED 6.048 billion. This data underscores the strong performance and growing appeal of Ajman’s property market.
UAE Real Estate News from Umm Al Quwain
Sobha Realty Announces Sobha Siniya Island
Rounding off UAE real estate news July 2024 is an update from the northern emirate. Sobha Realty, a prominent UAE real estate developer, has partnered with Umm Al Quwain Properties to unveil a luxurious project on Al Siniya Island.
The exclusive waterfront community will seamlessly blend nature with eco-friendly amenities. Residents can enjoy a family golf course, a floating pavilion, white sand beaches and a mangrove and tide trail. Additional amenities include a community centre, an eco-park and a play zone.
FAQs about UAE real estate news July 2024
What is the latest dubai real estate market news regarding commercial spaces?
Central Park Towers, a key office and lifestyle hub in the DIFC Free Zone, unveiled new furnished offices on Level 31. The new level offers 14 fully furnished units, meeting rooms and an outdoor terrace.
How did the off-plan market segment progress in Dubai in July 2024?
ALDAR Properties’ Dubai debut, Haven by ALDAR, saw remarkable success, with over 660 units of Verdes by Haven being sold within 72 hours of launch. This joint venture of ALDAR with Dubai Holding generated over AED 1 billion in sales. Notably, 83% of buyers were expats or international investors, with Indian, Egyptian and British nationals leading the pack. Construction will start in Q1 2025.
Binghatti, a Dubai-based developer, announced the early completion of two projects: Binghatti Corner and Binghatti Emerald. This accelerated completion demonstrates Binghatti’s commitment to efficient project execution and timely delivery.
This wraps up our round-up of UAE real estate news July 2024. For more updates regarding Dubai real estate market news, subscribe to MyBayut!
