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

• Danube Properties Launches a New Project in Dubai
• Sharjah Rolls Out Two Mega Projects to Promote Tourism
• Arada Awards Contracts Worth AED 460 Million to Build Masaar
• Iman Developers Announces a New Project in JVC
• FAQs

The UAE property market is growing from strength to strength with each passing month. We are now (almost) halfway into 2022 and the market, as usual, is in full swing, constantly capturing tenants’ and investors’ attention. Just like the previous months, the month of May witnessed the launch of many new projects and initiatives in the region. Today we bring you all the top UAE real estate news from the last month.

TOP UAE REAL ESTATE NEWS FROM MAY 2022

DANUBE PROPERTIES LAUNCHES A NEW RESIDENTIAL PROJECT IN DUBAI

The hottest UAE real estate news during the last month comes from Danube Properties, one of the most dynamic private property developers in the country.

In May 2022, Danube Properties launched an AED 350 million residential project known as Gemz. The development will be located in Al Furjan, just a few minutes away from Al Maktoum International Airport, Discovery Gardens and Ibn Battuta Mall.

It will feature 270 apartments with convertible layouts and 30 luxury amenities. The units will include 24 studios, 74 1BHK, 114 2BHK 42 3BHK units and 16 duplexes, whereas facilities will range from a private pool equipped with anti current machine and aqua gym to a salon.

Residents will also be able to access grocery stores, schools, bookshops, hospitals, clinics, salons and bookshops located in and near the community. All in all, the project, once completed, will offer a modern lifestyle for residents in Dubai.

Talking about the project, Mr Rizwan Sajan, Founder and Chairman of Danube Group said:

“The latest reform in visa and residency rules now make it easier for investors and buyers to secure residence visas and we are seeing a large number of buyers looking for suitable properties. Looking at this positive scenario we are excited to launch our project Gemz, that not only offers world-class features and amenities but a tranquil and peaceful environment that attracts residents and citizens who wish to raise a family away from the hustle and bustle of the city due to its strategic location.”

He also shared his company’s plans to process Golden Visas for investors who have and/or reach an AED 2 million, AED 5 million or AED 10 million investment threshold – from September 2022.

SHARJAH ANNOUNCES TWO MEGA PROJECTS TO PROMOTE HERITAGE-INSPIRED TRAVEL

In other real estate news, Sharjah Investment and Development Authority (Shurooq) has announced the launch of two eco retreats in the emirate.

The first project Shurooq unveiled is The Serai Wing which was earlier the house of a pearl merchant, Bait Khalid bin Ibrahim. Shurooq plans to convert it into a beautiful 12-key boutique section of the Chedi Al Bait hotel. The project is due in the fourth quarter of the prevailing year.

The second project is the Najd Al Meqsar Village. Nestled amid the mountainous terrains of Khorfakkan, the development will attract tourists to experience the area’s natural landscapes.

As a part of this ambitious project, 13 houses in this 100-year old development will be converted into luxurious, heritage-style hotel apartments. They were previously restored as a part of the Wadi Shie archaeological site’s revitalisation initiative, Mubadara.

If we look at the progress bar, so far, seven hotel units, a barbecue and outdoor, a mosque and the 300-year-old Meqsar Fortress have been completed. Shurooq also plans to develop nine villas with private farms, pools, hiking trails, electric car tracks, horseback riding routes and other features.

Aside from these two projects, Shurooq showcased three key projects which are currently under development. These include the glamorous Nomad trailer resort, Lux Al Jabal Resort in Khorfakkan and Lux Al Bridi Resort in Al Dhaid.

When asked about their ever-expanding portfolio of boutique hospitality offerings, Ahmed Al Qaseer, CEO of Shurooq said:

“Our emirate benefits from a deep-rooted history and rich biodiversity, whose protection and preservation are at the heart of Sharjah’s sustainable development strategies led by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. Through our existing and upcoming portfolio of projects in ecotravel and luxury hospitality, Shurooq seeks to show the many faces of Sharjah to residents as well as travellers from around the world by creating authentic experiences that respect the environment and promote sustainability”.

ARADA AWARDS CONTRACTS WORTH AED 460 MILLION TO BUILD MASAAR

Another top piece of real estate news in May 2022 in the UAE comes from the frontier of Sharjah.

Arada, a prominent Sharjah-based developer, has recently awarded two contracts worth AED 460 million to develop the first residential district in Masaar, a woodland development in the emirate.

The AED 228 million contract to build 142 villas in Sendian district of Masaar was given to Kuwait’s Mohammed Abdulmohsen Al-Kharafi & Sons (Al-Kharafi), whereas the second contract was worth AED232 million was won by Intermass, a Sharjah-based contractor. Intermass will work on the remaining 288 houses in Sendian.

Sendian will feature 2-bedroom townhouses to 5-bed villas complete with smart home features. Residents will also be able to enjoy easy access to the leisure and entertainment arena in the community.

When asked about the project, Ahmed Alkhoshaibi, Group CEO of Arada, said:

“Masaar has been the bestselling off-plan project in Sharjah since its launch in early 2021 and excitement has been growing about the incredible amenities and upgraded lifestyle that this community will introduce. These contracts are a key moment in Masaar’s journey to completion, and we have agreed an accelerated construction programme with the contractor to deliver Sendian rapidly, efficiently and to an exceptional level of quality.”

Construction of these villas is currently underway, with work expected to be completed within 14 months. The homes in Sendian are already sold out.

IMAN DEVELOPERS ROLL OUT A NEW PROJECT IN JUMEIRAH VILLAGE CIRCLE (JVC)

Towards the end of the last month, Iman Developers unveiled their plans of launching their latest project in Jumeriah Village Circle (JVC). Known as the Oxford Terraces, the project is valued at AED 72 million.

Oxford Terraces will include 117 apartments comprising 58 studios, 51 one-bed units and 8 two-bed units. The apartments will span between 400-500 sq. ft for studios, 680-950 sq. ft for 1-bed and 100-1800 sq. ft for 2-bed flats respectively.

When it comes to the prices, studios will cost between AED 455k – AED 550k, whereas 1-bed units will be priced between AED 680k – AED 850k. On the other hand, the larger 2-bed units will be available at a price ranging from AED 1M to AED 1.4M.

The development will include various facilities to offer a better lifestyle for residents. There will be a cabana, a barbecue area, a fully equipped gym, rooftop pools, landscaped indoor gardens and a whole lot more!

Talking about the project, Ismail Marfani, Director, Iman Developers, said:

“Throughout each stage of the process from the initial purchase to the construction, all the way to the resident finally living in their apartment, we offer a personalized experience to our customers, making the journey of buying their dream home memorable.”

Oxford Terraces is not the only project that the firm is currently working on. They have two other projects in the development stage as well.

FAQs

WHAT IS THE BEST PLACE TO LIVE IN DUBAI?

That’s subjective and depends upon the kind of amenities you may need or expect from the area. However, some neighbourhoods have continued to remain popular among residents since their development. Dubai Marina is one such area. Learn what many people think makes it the best place to live in Dubai.

ARE THERE ANY PLACES TO RENT COMMERCIAL PROPERTIES IN DUBAI?

Business Bay, Al Quoz and Jumeirah Lake Towers (JLT) are some of the top areas to rent commercial properties in Dubai.

That brings an end to the list of top UAE real estate news in May 2022. As evident from the updates, the region has seen quite a few project launches during the last month.

If you want to know about other project developments or initiatives taken by the UAE in the previous months, check out UAE property news in April 2022 or dig into the latest updates on real estate from March.

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