Last Month in Real Estate – UAE property news from June 2022

• Prescott Real Estate Launches A New Project in Dubai
• Al-Futtaim Real Estate Announces A New Project in Dubai Festival City
• Deyaar Launches Its First Luxury Tower Project in Dubai Silicon Oasis
• Aldar Unveils Apartments At Grove District
• Arada Launches The Third Phase of Masaar Project in Sharjah
• FAQs About UAE Real Estate News

As we move into July 2022, it’s time to look at the highlights of UAE’s real estate sector from the last month. June 2022 was abuzz with new project launches across Dubai, Abu Dhabi and Sharjah. So, if you’re interested in the market’s latest ventures, here’s a lowdown of the hottest UAE real estate news from June 2022!

TOP UAE REAL ESTATE NEWS FROM JUNE 2022

PRESCOTT REAL ESTATE LAUNCHES A NEW RESIDENTIAL PROJECT IN DUBAI

One of the most exciting UAE real estate news comes from Prescott Real Estate. The Dubai-based property developer has unveiled its latest development, Prime Gardens, a smart, eco-friendly apartment complex in Arjan.

Once completed, the complex will include 141 smart homes featuring a futuristic, boutique-inspired hotel look and leisure amenities. Amenities will range from a gym and pool to an in-house cinema and a hi-tech games room.

The site will be strategically located in the centre of Dubai, enabling easy access to all the city’s key landmarks. It will also be connected to Sheikh Mohammad Bin Zayed Road (E311), Hessa Street (D61) and Al Khail Road (E44).

The project is slated for the first quarter of 2024. Talking about the Prime Gardens, CEO Prescott Real Estate, Muhammad Shafi, said:

“Our focus has always been to create unparalleled living experiences for UAE residents. All of our projects adhere to three foundational pillars that are the cornerstone of our success; Prime Quality, Prime Location, and Prime Privileges. Our latest project is no different.”

Prescott Real Estate offers a flexible payment plan. The breakdown comprises a 10% down payment across two monthly cycles and 10% after six months. This is followed by a 5% payment in the successive quarters (9th and 12th month) and the final 60% upon handover.

AL-FUTTAIM GROUP REAL ESTATE UNVEILS A NEW HOUSING PROJECT IN DUBAI FESTIVAL CITY

More UAE real estate news comes in from Dubai. Al-Futtaim Group Real Estate has revealed its new luxury project, Al Badia Terraces.

Al Badia Terraces in Dubai Festival City will include a residential apartment complex with several indoor amenities. The project will boast an indoor kids’ play area, a pool, a gym and a multi-purpose room for relaxation and entertainment. There will also be four public roof gardens and lounges to keep residents closer to nature.

Al Badia Terraces will feature over 350 apartments, including 132 one-bed, 193 two-bed and 26 three-bed flats.

When asked about his vision for the project, Abdallah Hageali, Group Director at Al-Futtaim Group Real Estate, said:

‘’Al Badia Terraces is carefully designed to cater to Dubai’s growing demand for high-quality real estate, in vibrant destinations, at the heart of the city, and value prices. The development is in line with Al-Futtaim Group Real Estate’s aim to develop projects that support the growing real estate market whilst meeting diversified and rapidly fluctuating needs of residents and tenants.‘’

Al Badia Terraces will be close to Dubai Festival City Mall, Festival Tower, Festival Arena, Universal American School, Deira International School, Intercontinental DFC, Holiday Inn and Crowne Plaza. The project is expected to be fully ready within 24 months.

DEYAAR UNVEILS ITS FIRST LUXURY TOWER PROJECT IN DUBAI SILICON OASIS

One of the leading property developers in Dubai, Deyaar Development PJSC (Deyaar), has announced the launch of its first luxury tower in the city. The Tria tower will be located in Dubai Silicon Oasis (DSO), and our list of UAE real estate news for June 2022 would be incomplete without it.

It will span over 1 million sq. ft. and include an array of amenities. You can expect swimming pools, squash and padel courts, steam and sauna rooms, an outdoor cinema, a gym, a yoga pavilion and lush greenery. In essence, the development will offer everything to enhance the residents’ experience of living in a self-sustained community.

Regarding residences, the 32-storey tower will have studios to 3-bed apartments, duplexes, penthouses and townhouses with floor-to-ceiling windows offering beautiful views of Dubai’s skyline. Each unit will feature smart-house automation, built-in appliances, energy-efficient lights and elegant interiors.

The tower will offer excellent connectivity, with fast access to key highways such as Al Ain Road (E66) and Sheikh Mohammed bin Zayed Road.

Commenting on the latest venture, Saeed Mohammed Al Qatami, CEO of Deyaar, said:

“Tria is a breathtaking property in our growing portfolio of world-class residential projects. We are excited about bringing this unique project to market and look forward to providing investors and end-users with a unique purchase experience with our attractive launch offer and an ultimate 6 years payment plan. As with all projects to date, we maintain our steadfast commitment to delivering Tria on time and look forward to making swift progress on this extraordinary luxury development.”

Tria is the newest addition to Deyaar’s fast-growing portfolio, including Millennium Al Barsha Hotel, Bella Rose, Midtown and Regalia.

ALDAR UNVEILS APARTMENTS AT GROVE DISTRICT

This UAE real estate news has stirred excitement amongst investors and buyers in June 2022. The region’s leading property developer, Aldar, has unveiled a multi-building apartment complex in its flagship development, Grove District in Saadiyat Grove.

The eco-friendly development, once fully completed, will feature 612 units divided across five residential buildings in urban, lifestyle and luxury-themed districts. Each building will have themed lobbies as well.

The project will be unveiled in phases, starting from 102 units in the first building – Grove Museum Views – in the lifestyle-themed district.

Sales have already begun. The cost starts from AED 905k for a studio, AED 1.4M for 1-bed and AED 2.3M for a 2-bed apartment.

The development will offer access to Louvre Abu Dhabi, Cranleigh School, NYU Abu Dhabi, Yas Island, Zayed National Museum and Guggenheim Abu Dhabi. It will also include an array of high-quality amenities such as pools, gyms, luxury games rooms, landscape decks, jogging tracks and meditation lawns.

Construction of the projects is already underway, with handovers starting in the second quarter of 2025.

Saadiyat Grove is an AED 10 billion lifestyle destination spanning 60,000 sq. m. of retail, entertainment and leisure facilities. Once Grove District’s construction is complete, the community will include around 3,000 residences, two hotels, co-working spaces and more facilities.

Sharing insight about Saadiyat Grove, Rashed Al Omaira, Chief Commercial Officer at Aldar Development, said:

“Since its launch, Saadiyat Grove has become Abu Dhabi’s most anticipated lifestyle destination, due to the array of cultural, leisure, and entertainment experiences it will bring to residents and visitors of Abu Dhabi. Grove District is Aldar’s latest residential offering within Saadiyat Grove, closely following the successful launch of Louvre Residences Abu Dhabi and is set to bring a new dimension of vibrancy and modern living to the Island. The new destination will attract residents seeking a lively community that celebrates art, culture, retail and entertainment in all types and forms.”

ARADA LAUNCHES THE THIRD PHASE OF MASAAR IN SHARJAH

Also making it to our list of UAE real estate news from June 2022 is Arada’s launch of the third phase of its AED 8 billion ($2.17billion) residential project – Masaar – in Sharjah to cater to the growing demand for properties in the emirate.

The project ‘Robinia’ will be built in the Al Suyoh district, near Sharjah Mosque, Nasma Residences and Tilal City. It will feature 565 luxury two-bedroom townhouses and five-bedroom forest villas. It is expected to be completed by Q4 2024.

Talking about the significance of the project, Ahmed Alkhoshaibi, Group Chief Executive of Arada, said:

““Masaar has already attracted significant buyer interest from a wide range of nationalities. We are therefore pleased to launch sales for our third phase, Robinia, which focuses on uplifting wellness and sustainability for families that value quality of life, natural landscapes and exceptional community amenities.”

Arada launched Masaar last year in January. Once complete, it will spread over eight districts, featuring 4,000 homes with 50,000 trees.

FAQs ABOUT UAE REAL ESTATE NEWS & MORE

HOW IS DUBAI’S REAL ESTATE MARKET PERFORMING?

To know the performance of Dubai’s real estate sector, you can check out Bayut & dubizzle’s Q1 2022 Dubai property sales market report. Alternatively, you can read Bayut & dubizzle’s Q1 2022 Dubai rental market report to learn about trends for renting properties in the city.

WHAT IS THE CHEAPEST PLACE TO LIVE IN DUBAI?

There are many budget-friendly areas in Dubai, including International City, Deira and Bur Dubai, to name a few.

WHAT ARE THE POPULAR FAMILY-FRIENDLY AREAS IN DUBAI?

Here are some residential areas to live with families in Dubai. You can check the list and decide which area best suits your family’s needs.

CAN YOU LIVE IN DUBAI ON A BUDGET?

Yes, definitely! Here is our complete guide to tips for saving money in Dubai.

That ends the list of top real estate news for June 2022 in the UAE. If you want to find out about some of the previous developments, read UAE property news in May 2022.

For more information and updates about UAE real estate news, subscribe to MyBayut.