Last month in real estate – UAE property news from June 2023
- Relaunch of Palm Jebel Ali
- Samana Launches Residential Project in Dubai
- ALDAR Reveals The Source II
- A New Waterfront Residential Project in RAK
- FAQs
The month of June witnessed the launch of multiple new residential projects all over the UAE. The relaunch of Palm Jebel Ali and the launch of a waterfront community in Ras Al Khaimah marked a month of important developments in the UAE real estate market. Want to keep yourself updated with the latest UAE real estate news? Our guide details it all!
UAE REAL ESTATE NEWS FOR JUNE 2023
NAKHEEL RENEWS PALM JEBEL ALI
The highly ambitious waterfront community, Palm Jebel Ali was relaunched by Nakheel. This Dubai real estate news was announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The manmade island will provide an opulent beachfront lifestyle to the residents of Dubai. It will feature luxurious housing units and various entertainment options. Here are the key highlights of Palm Jebel Ali shared by the Dubai Media Office team.
- Seven interconnected islands will comprise the Palm Jebel Ali
- It will expand the city’s shoreline by 110 km
- The island will be 13.4 sq. km
- It will provide accommodation to 35,000 families
- More than 80 hotels resorts and malls will be constructed on the island
- Palm Jebel Ali will generate 30% of its energy from renewable sources
A 441-UNIT RESIDENTIAL PROJECT IS COMING TO DUBAI
The Dubai-based Samana Developers announced the launch of a residential project, Skyros. This new project in the UAE real estate market will feature 441 units worth AED 510 M. The project will be located in Arjan.
The CEO of Samana Developers, Imran Farooq said:
“We are constantly receiving overwhelming interest from European, Russian and CIS investors for our new projects, especially for those projects that embody Greek island themes and designs. Skyros has been designed on the popular investor trend to meet the demand.”
Skyros will feature studio, 1 and 2-bedroom units complete with top-notch amenities, including private pools. The apartments for sale in Skyros start from an average of AED 641k.
The community itself will offer a high-end lifestyle to the residents. Let’s take a look at the facilities Skyros will offer.
- Pool decks
- Health club
- Kid’s play areas
- Rooftop Cinema
- Indoor and outdoor gyms
- Retail spaces
- Rooftop lounge
ALDAR REVEALS PLANS FOR THE LAUNCH OF THE SECOND BUILDING AT THE SOURCE
The next bit of UAE real estate news in June 2023 was announced by ALDAR. The Source II is the second building of the same project which is known for promoting holistic health and wellbeing of the residents.
The Source was a huge success and all of its 204 units were sold out within days of its launch. The second building is expected to receive the same amount of overwhelming response from both national and international investors.
Just like Source I, Source II is also located at Saadiyat Grove, Abu Dhabi and is set to feature 148 modern residential units. The building will be energy efficient ensuring the incorporation of sustainable design principles and green building technology. These measures will reduce carbon emissions and will also save water.
Construction of The Source II will commence in Q4 of 2023, while the handover process is expected to begin in Q4 of 2024.
A NEW WATERFRONT RESIDENTIAL PROJECT IS COMING TO RAS AL KHAIMAH
RAK Properties in collaboration with Ellington Properties announced the addition of a waterfront residential community in Hayat Island, Mina Al Arab. This is Ellington Properties’ first project in Ras Al Khaimah. The Co-Founder and Managing Director of the real estate developer commented:
“We are excited to be working with RAK Properties to develop our first project in Ras Al Khaimah. This project will add to the wealth of lifestyle offerings available at Hayat Island and provide our residents with an enhanced quality of life.”
The residents of this new community will enjoy opulent amenities. The project will feature multi-family apartments and high-end restaurants.
FAQS ABOUT UAE REAL ESTATE NEWS
WHICH AREAS IN DUBAI HAVE HIGH STUDIO RENTAL YIELDS
International City, Discovery Gardens, Dubai Investment Park, Al Quoz and Dubai Production City are the top five areas with the highest studio rental yields in Dubai.
WHERE CAN I FIND AFFORDABLE PROPERTIES IN DUBAI?
International City, Discovery Gardens and Liwan are some of the areas in Dubai with affordable properties.
And on that note, we end our guide to the UAE real estate news. With the announcement of these exciting new developments, UAE real estate is expected to boom further in the coming years. Looking to invest in Dubai? Bugatti Residences, Casa Canal and Marriott Residences are some of the hot property launches in Dubai for June 2023.
And if you want to invest in Dubai villas with high ROIs, some of the best options include Al Barari, Arabian Ranches 3, Dubai Marina and Town Square.
