Last Month in Real Estate – UAE property news from March 2022
- Exclusive Benefits For Golden Visa Holders in Abu Dhabi
- OMNIYAT Launches A New Project in Dubai
- Binghatti Developers Launch A New Project in Dubai
- DAMAC Unveils A New Project Near Safa Park
- Aldar Launches Louvre Residences in Abu Dhabi
- Bloom Holding Reveals A Spanish-Style Project in Abu Dhabi
The UAE’s real estate sector has been on a consistent growth trajectory with the launch of new projects every month. March 2022 was no exception. Many property developers across the region revealed new projects, drawing investors’ attention. Our guide to the top UAE real estate news from March 2022 has got all the highlights for you.
TOP REAL ESTATE NEWS IN THE UAE FROM MARCH 2022
ABU DHABI OFFERS EXCLUSIVE BENEFITS FOR UAE GOLDEN VISA HOLDERS
As per the latest announcement made by the Abu Dhabi Residents Office, a department of the emirate’s Department of Economic Development, golden visa holders can avail of exclusive commercial benefits in Abu Dhabi.
These benefits stretch across a range of industries such as automation, healthcare, real estate, hospitality, banking and health insurance. The aim of these incentives is to increase the assimilation of golden visa holders as well as to attract more investment across the region.
Talking about these incentives, Hareb Al Mheiri, Acting Executive Director at Abu Dhabi Residents Office said,
“We have a responsibility to support golden visa holders with the services and benefits that would facilitate a comfortable life in Abu Dhabi and contribute to the success of their businesses and investments.”
The golden visa in Abu Dhabi offers five or ten-year long term residence to global talent and professional experts in a variety of fields.
OMNIYAT LAUNCHES A NEW PROJECT IN DUBAI
Another exciting news that has sparked seismic excitement among investors comes from Dubai-based developer OMNIYAT. The developer is all set to elevate the luxury lifestyle of denizens with its latest property project, AVA Palm Jumeirah.
The development has recently been launched with a drone light show, featuring 500 drones portraying the 3D architectural design and facets of luxury to be featured in the project.
AVA is the most recent addition to the developer’s AED 15 billion ($4.08 billion) portfolio, marking its second project on the island after One at Palm Jumeirah.
When asked about this new venture, Mahdi Amjad, founder & executive chairman, of OMNIYAT, said,
“Driven by Dubai’s inspiring enthusiasm, rejuvenation, and endless capacity to fascinate the entire world, we have ventured to announce the ultra-luxury AVA project in an exciting, innovative, and globally never-seen-before fashion.”
The project will display a combination of real estate development and remarkable marvels of engineering, with a set of immaculately-designed residences.
BINGHATTI DEVELOPERS REVEALS BINGHATTI CREEK IN DUBAI
In other Dubai property news, Binghatti Developers has announced the launch of their luxury project, Binghatti Creek.
Binghatti Creek will be a 21-floor residential tower in Al Jaddaf with 400 residential units. It will boast 1 to 3-bedroom apartments and 3-bedroom townhouses — replete with modern amenities. There will be smart home automation systems, a spacious private balcony, a swimming pool, a children’s play area and a fitness gym.
Residents will be able to enjoy breathtaking views of Dubai Creek and the city’s beautiful skyline from their distinctively designed balconies.
The development will offer easy access to educational institutions, commercial centres, road networks and public transport in Dubai. The community will also enable residents to make the most of clinical facilities in Dubai Healthcare City. The unlimited access to all tourist spots in Dubai will be a major plus of living in the community.
As of now, the development has a projected value of over AED 400 million in Dubai.
DAMAC BRINGS A NEW TWIN-TOWER PROJECT TO SAFA DUBAI
Dubai’s off-plan luxury market is in full swing, with DAMAC Properties launching a twin-tower project in the city. Known as Safa One, the project will be located near Safa Park in the city.
The architectural design of the building will be created by Swiss jeweller De Grisogono, blending nature and luxury. With beautiful shades of emerald green, the architecture will replicate a masterpiece necklace designed by Fawaz Gruosi.
The two towers will include ”luxury” and ”super-luxury” floors and hanging gardens, emanating the essence of nature throughout the buildings.
ALDAR PROPERTIES LAUNCHES LOUVRE RESIDENCES IN ABU DHABI
Another hot UAE real estate news in March 2022 comes from Abu Dhabi. Louvre Abu Dhabi, in partnership with Aldar Properties, has launched the first-of-its-kind Louvre Residences in the capital city.
Louvre Residences will include 400 apartments, including studios to 3-bed units and five penthouses. The apartments will feature modern interior fittings and built-in home appliances.
The master development will also include a 12-seater private theatre, Cinema Privé, lounge – Le Salon Détente and a wellness centre – Spa Bien-être comprising sauna rooms, multi-purpose rooms for meditation and yoga and a gym. In addition, there will be an indoor kids’ playroom called the Creativité Room, a sunset deck, gardens and elevated swimming pools.
To give it an artistic touch, developers will also add lobbies and shared spaces featuring art and sculptures selected exclusively by Louvre Museum.
Residents will also receive an exclusive membership to access Louvre Museum’s exhibitions, events, personalised art consultation, branded merchandise and other services.
Sharing his vision for this new project, Jonathan Emery, CEO at Aldar Development said,
“Louvre Abu Dhabi Residences at Saadiyat Grove is our response to the demand for a premium residence that echoes the values, quality, and timelessness of the cultural powerhouse that is Abu Dhabi. Neighbouring Guggenheim Abu Dhabi and Zayed National Museum, Louvre Abu Dhabi Residences represents the pinnacle of art, culture, and design, tailored, and delivered for the ever-discerning homeowner.”
Louvre Residences will be located in Saadiyat Grove, stretching across an area of 242,000 sq.m. The development will include retail, leisure and entertainment spaces along with 3,000 residences, two hotels and several co-working spaces. It will be ready for handovers by 2025.
BLOOM HOLDING ROLL OUTS A SPANISH-STYLE PROJECT IN ABU DHABI
One of Abu Dhabi’s top developers, Bloom Holding launches an AED 9 billion ($2.45 billion) project in the city. It is known as Bloom Living and is a gated community in Abu Dhabi.
The project will feature over 4,000 Spanish-style apartments, houses and townhouses around a large lake. There will also be detached three to six-bedroom villas, ranging from 250 sq.m to 515 sq.m in Bloom Living.
Named after the Andalusian city, the first part of the development, Cordoba, is slated for completion by October 2023. This will be located near Khalifa City A and Abu Dhabi International Airport.
Bloom Living will spread over an area of AED 2.2 million sq.ft, featuring two international schools, a plaza containing cafes, restaurants and shops as well as a clinic.
Over the next couple of months, around 257 homes that 150 sq.m to 170 sq.m two to three-bedroom townhouses are likely to go on sale. Their prices start from AED 1.5 million.
FAQs
IS PROPERTY IN DUBAI CHEAP?
The cost of real estate in Dubai is subject to multiple variables, ranging from property type to the dynamics of the market. You can find both affordable and high-end properties in Dubai.
CAN A FOREIGNER BUY A HOUSE IN DUBAI?
Foreigners are only permitted to buy a house in freehold areas in Dubai.
That brings an end to the list of top real estate news for March 2022 in the UAE. If you want to know the latest updates of the previous months, learn real estate news from February 2022. Or, check out the evolution in the UAE’s property landscape with January 2022’s news and updates.
Want to get in-depth insights into the UAE’s real estate sector, follow MyBayut to get a weekly newsletter.
