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Last Month in Real Estate – UAE property news May 2023

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In May 2023, the UAE real estate market entered a new phase of growth and innovation, with the launch of several prominent projects in Dubai and Abu Dhabi. If you are eager to stay informed about these exciting developments, our comprehensive breakdown of the May 2023 UAE real estate news will have you covered.

TOP UAE REAL ESTATE NEWS FOR MAY 2023

Here are the key highlights from the real estate sector in the UAE during May 2023.

UAE INTRODUCES A NEW HOUSING PLATFORM IN MAY 2023

The UAE government has recently introduced a national housing platform called “Darak”, with the aim of enhancing family and community stability and improving the quality of life for UAE citizens.

  • “Darak” is an initiative of the Ministry of Possibilities in collaboration with the Ministry of Energy and Infrastructure, as well as housing departments across the country.
  • The platform was approved for launch by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, during a council of ministers meeting on 24th May 2023. This development follows the approval of housing loans for 2,000 Emiratis under the Sheikh Zayed Housing Programme.
  • The main objective of “Darak” is to provide suitable housing for UAE citizens by managing their housing projects and reducing the burden of construction costs.
  • It aims to alleviate financial hardships and offer discounts to citizens during the construction process, including up to 10% off general construction costs and up to 25% off furnishing costs.
  • The platform will facilitate citizens’ access to business and project opportunities by connecting them with registered contractors and consultants.
  • It will also offer financing facilities, provide the latest construction-related news and shares information on offers and prices.
  • The development and design of the “Darak” platform have been undertaken by the Social Solidarity Fund for MOI Staff (Fazaa), which will handle the operational and technical aspects of the platform with its team of experts. 

DLD LAUNCHES A NEW INITIATIVE

In other Dubai real estate news, the Dubai Land Department (DLD) has announced the launch of the “Real Estate Innovation Incubator” initiative, with the aim of attracting emerging international companies in the field of real estate innovation.

  • The initiative seeks to develop the capabilities and skills of individuals and local companies in the sector while enhancing the department’s digital system to align with the Dubai Economic Agenda D33.
  • The primary objective of the initiative is to encourage the testing and commercialisation of new and innovative products and technologies within Dubai’s real estate sector.
  • It will involve the establishment of a virtual incubator platform, a business accelerator, and collaboration with real estate technology companies.
  • As part of the cooperation agreement, Xclusiverse Technology Company will contribute to building a team of experts to establish the virtual incubator.
  • The virtual incubator will follow the best local and global standards and practices, ensuring information security.

BINGHATTI ROLLS OUT ITS FIRST-EVER BUGATTI RESIDENCES IN DUBAI

Taking the UAE real estate news by storm, Bugatti has now entered the realm of branded residences, with the introduction of Bugatti Residences by Binghatti in Dubai.

  • Developed in partnership with Emirati developer Binghatti, this luxury automotive-inspired skyscraper will be located in Dubai’s Business Bay area.
  • The Bugatti Residences by Binghatti will be a striking 42-storey tower, boasting a futuristic design with flowing structures and linear balconies.
  • The interior of the building will reflect Bugatti’s opulent style, featuring a gold-hued foyer, floor-to-ceiling windows and a combination of marble and light wooden decor.
  • The project will offer 171 Riviera Mansions and 11 Sky Mansion Penthouses.
  • These units will come with customisable layouts and offer luxurious amenities.
  • Notably, residents will have access to two garage-to-penthouse car lifts, a Riviera-inspired beach area, a private pool, a spa, a fitness club and a members’ club, to name a few amenities.

The Bugatti Residences by Binghatti aim to provide a unique living experience that reflects the sophistication and luxury associated with the Bugatti brand.

AL HABTOOR GROUP UNVEILS AMBITIOUS PLANS FOR ONE OF THE WORLD’S LARGEST RESIDENTIAL TOWERS IN DUBAI

Al Habtoor Group, a prominent conglomerate in Dubai, has unveiled plans for what it claims to be one of the world’s largest residential towers in the city.

  • Named Habtoor Tower, the 81-floor building will cover a vast built-up area of approximately 327,000 sq.m and will comprise 1,701 housing units, according to an announcement by the company.
  • The exact height of the tower has not been revealed.
  • The tower will be located adjacent to the Dubai Water Canal, in proximity to the Dubai International Financial Centre (DIFC), offering residents a view of the iconic Burj Khalifa, the tallest building in the world.
  • While the exact value of the project has not been disclosed, Al Habtoor Group described it as a “multibillion dirham” development.

Commenting on the launch, Khalaf Al Habtoor, founding chairman of Al Habtoor Group said:

“As a former builder/contractor, I am excited to be driving the first piles of the project into the ground and revealing some of the novel technical details of the construction techniques used in the Habtoor Tower, and very proud that it will be delivered at the highest quality in record time.”

Q PROPERTIES LAUNCHES NEW REEM HILLS PHASE TWO

In other UAE real estate news, Q Properties, a leading real estate developer and subsidiary of Abu Dhabi-based Q Holding, has announced the launch of the second phase of its new luxury apartments in Reem Hills, following phase one sellout.

  • The newly-launched phase two will feature two new buildings with 300 residential units, consisting of spacious 1-, 2- and 3-bedroom apartments and 3-bedroom townhouses.
  • All these apartments will come with a two years’ service charge waiver, thus offering an attractive benefit for potential customers.
  • Each home in the second phase will boast light-filled rooms and customisable features aligned with the very highest standards of luxurious urban living.
  • All residential units will be designed with absolute comfort and ease of use in mind, with open, closed and combined kitchens, en-suite bathrooms, dedicated laundry areas, walk-in closets and large balconies.

FAQs ABOUT UAE REAL ESTATE NEWS

WHERE TO RENT BEACHFRONT APARTMENTS IN DUBAI?

Dubai Marina, Palm Jumeirah and Jumeirah Beach Residence are some of the most popular areas to rent waterfront flats in Dubai.

WHICH AREAS HAVE THE MOST EXPENSIVE FLATS IN DUBAI?

When it comes to the most expensive areas in Dubai for apartment living, Bluewaters Island, Palm Jumeirah and Dubai Harbour are among the top contenders. They are known for their luxurious offerings and high-end properties.

That brings an end to our guide to top UAE real estate news for May 2023. As evident from this overview, several notable projects have been launched during the last month, generating considerable buzz in the UAE real estate market.

If you’re interested in investment opportunities, The Floating Seahorse, an underwater villa project by The Heart of Europe, presents a unique and enticing option. Additionally, Aladdin City offers another intriguing investment prospect.

For the latest information and real estate news in the UAE, subscribe to MyBayut.

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