UAE real estate news from March 2024
- Bayut Signed a Contract with DLD
- CEO Bayut Signs MoU with ADREC
- Emirati Brokers to Get Quota in Projects
- Samana to Invest AED 12.5b in Waterfront Projects
- Al Zorah Announced Completion of The Fairways
- Jubail Island Introduced Bada Al Jubail
From iconic skyscrapers to luxurious waterfront properties and burgeoning urban communities, the UAE’s real estate market continues to capture global attention. As the nexus of ambition and architectural marvels, the country is a vibrant canvas for real estate developers. And to keep you updated about the latest projects and developments, we’re back with our monthly dose of real estate news from the UAE.
BAYUT COLLABORATES WITH DLD TO EMPOWER LOCAL TALENTS
Bayut has formed an alliance with the Dubai Land Department (DLD) to assist and empower local real estate agents. On 4th March 2024, Bayut formed a strategic partnership with DLD to revolutionise the Dubai real estate sector. The signing ceremony took place at the ‘Tamkeen Real Estate Workshop’ hosted by the DLD.
The contract aligns with DLD’s directives to integrate Emiratis into the private sector workforce, as highlighted in Dubai’s Social Agenda 33 and Dubai’s Economic Agenda D33.
Under this agreement, the newly licenced citizen real estate agents can promote their properties on Bayut for free. Bayut will also organise special training programs, workshops and seminars to facilitate the agents’ employment or entrepreneurship ventures.
PARTNERSHIP BETWEEN BAYUT AND ADREC
The Abu Dhabi Real Estate Centre (ADREC) signed a Memorandum of Understanding (MoU) with Bayut and dubizzle to promote Abu Dhabi as a preferred investment destination in the UAE. This agreement aims to give end users accurate information to make informed purchase decisions.
As a part of this agreement, Bayut will coordinate programmes and workshops for industry professionals to ensure compliance with Abu Dhabi’s Real Estate Regulatory Law.
EMIRATI BROKERS WILL NOW GET UP TO 15% QUOTA IN PROJECTS
In exciting real estate news from the UAE, the DLD signed a contract with nine Dubai-based developers to fortify the ‘Dubai Real Estate Brokers Programme’. According to the terms of this collaboration, Emirati brokers will receive a 10% to 15% quota of the projects sold through them.
The programme aims to empower real estate brokers by allowing them to grow. Following real estate developers are part of this agreement.
- Emaar Properties
- Expo Dubai
- Deyaar
- DAMAC Properties
- Azizi Developments
- MAG
- Sobha Realty
- Ellington Properties
- Al Bait Al Duwaliy Real Estate Development
The acting Director-General of DLD, Marwan Bin Ghalita, signed the agreement and announced that in the coming phases, DLD will form more partnerships with real estate brokers and prominent developers in the emirate to promote the contribution of locals in one of the country’s most pivotal economic sectors.
SAMANA DEVELOPERS ANNOUNCED TO INVEST AED 12.5B IN DUBAI WATERFRONT PROJECTS
One of the biggest Dubai real estate news from last month was Samana Developers announcing its plan to invest AED 12.5b in waterfront residential projects. The developer also announced that it will award 18 construction contracts to five fastest-growing companies in the emirate.
With this expanded portfolio, Samana Developers will introduce high-yield lucrative assets for investors with the best of Dubai’s opulent lifestyle.
AL ZORAH ANNOUNCED THE COMPLETION OF THE FAIRWAYS IN AJMAN
Moving on to Ajman real estate news, Al Zorah Developers announced the successful completion of The Fairways, an upscale residential community featuring 158 townhouses and villas. This opulent neighbourhood, with an estimated investment of AED 500M, is a joint venture between the government of Ajman and Al Zorah.
Neighbouring the lush Mangrove Natural Reserve and located in close proximity to famous landmarks such as Nicklaus-Design 18-hole championship Al Zorah Golf Club and Oberoi Beach Resort, The Fairways is set to provide its residents with a luxurious lifestyle.
JUBAIL ISLAND INTRODUCED BADA AL JUBAIL IN ABU DHABI
Rounding up the real estate news from the UAE is the announcement of Bada Al Jubail by Abu Dhabi’s Jubail Island. The AED 4 billion development spanning over 446,000 sq.m. will have 8km of beachfront and is expected to be completed in the second half of 2027. Located just a short drive from Downtown Abu Dhabi, it will comprise six residential villages surrounded by mangroves.
The community’s residential units will range from 2,000 sq. m. to 6,000 sq. m. Bada Al Jubail will also feature a dedicated yacht marina where residents will have access to a variety of water sports. Other amenities include jogging paths, cycling tracks, a spa, a wellness centre, a fitness studio and a kid’s club.
FAQS ABOUT REAL ESTATE NEWS FROM THE UAE
WHICH ARE THE TOP UPCOMING PROJECTS IN DUBAI?
Some of the most exciting upcoming mega-projects in Dubai are the Franck Muller Aeternitas Tower, Burj Azizi and Dubai Islands.
WHICH ARE THE MOST POPULAR AREAS TO RENT A PROPERTY IN DEIRA DUBAI?
Are you looking for popular areas to rent a property in Deira? For apartments, consider Naif, Hor Al Anz and Al Rigga. The most sought-after areas for renting a villa are Abu Hail, Al Wuheid and Al Baraha.
With that, we wrap up our article on the UAE real estate news from March 2024. If you want to invest in a property, here’s everything you need to know about real estate investor visas in the UAE.
