UAE real estate news for the month of May 2024
- Expo City Free Zone Expansion
- Bani Yas Housing Project
- Record Sale in Al Wasl District
- One B Tower Launched
- Most Expensive Property Sold in Burj Khalifa District
- FAQs
The UAE’s real estate market continues to show strong growth and development. This growth is driven by high demand from both local and foreign investors, buoyed by the country’s status as a safe haven amidst global economic uncertainties. This month we bring you a roundup of the top UAE real estate news from May 2024.
UAE REAL ESTATE NEWS
With record sales and the launch of new developments, here’s all the major stories from the UAE real estate market in May 2024.
EXPO CITY DUBAI TO EXPAND ITS FREE ZONE
In an exciting real estate news from Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved the plans for a new passenger terminal at Al Maktoum International Airport. With this announcement, Expo City Dubai decided to leverage its strategic location by expanding its free zone to attract innovative and sustainable enterprises.
Dubai Expo City is located adjacent to the Al Maktoum International Airport. The expansion plan is part of the Dubai 2040 Urban Master Plan. This new development will feature world-class conference space to boost the city’s MICE (meeting, incentives, conferences and exhibition) sector. It will also boast an empowering ecosystem for multinational businesses and SMEs by providing them with Garde-A offices.
INAUGURATION OF THE NORTH BANI YAS HOUSING PROJECT
Next on our list of UAE real estate news is the inauguration of the first phase of the North Bani Yas housing project. His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council presided over the inaugural ceremony.
The total investment value of the project is approximately AED 3.1b. It will consist of 1,365 new villas in 5 to 6-bedroom configurations for the UAE nationals.
The first phase of the North Bani Yas will introduce 12 architectural facades featuring 820 villas with traditional Emirati aesthetics. Whereas, 545 villas will boast contemporary architectural design. The community will have 17 parks, a school, many recreational areas, 15.5 km of cycling track and 89.4 km of pedestrian walkways.
RECORD VILLA SALE IN AL WASL DISTRICT
Last month, a villa worth AED 615M was sold in Dubai’s Al Wasl District. This record sale has set a new standard for luxurious properties in this community developed by Fäm Group.
Al Wasl District is a non-gated community where homeowners enjoy the freedom to customise their properties without the need for lengthy approvals or additional fees.
Another latest opulent property by Nordic by Fäm is the villa for sale in the Al Wasl District. It is priced at AED 76M and is part of an ultra-luxurious series of properties.
LAUNCH OF ONE B TOWER
At the end of May 2024, Wasl announced the launch of One B Tower. It will be a high-rise luxurious tower located on Sheikh Zayed Road. The tower will overlook the picturisque Dubai Water Canal.
The 48-storey tower will feature 1 to 5-bedroom units, 2 to 4-bedroom duplexes and a penthouse. One B Tower is expected to be completed in the second quarter of 2028.
MOST EXPENSIVE PROPERTY SOLD IN BURJ KHALIFA DISTRICT
Moving on to our last piece of UAE real estate news, a luxury property develper, Omniyat, sold a penthouse worth AED 139M in Burj Khalifa District. This is by far the most expensive property in the area.
The four-bedroom penthouse is located in The Lana Residences, Dorchester Collection. It spans over 16,594 sq. ft. overlooking the Marasi Marina between the Burj Khalifa District and the Dubai Design District.
The penthouses for sale in The Lana Residences boast elegance and opulence.
FAQS ABOUT UAE REAL ESTATE NEWS FOR MAY 2024
WHICH ARE THE TALLEST RESIDENTIAL BUILDINGS IN DUBAI?
The tallest residential buildings in Dubai are Princess Tower, 23 Marina, Elite Residence and The Torch.
WHAT ARE THE TAX REGULATIONS FOR REAL ESTATE INCOME FOR NON-RESIDENTS?
The regulations for non-resident real estate tax are governed by Cabinet Decision No. 56 of 2023 for Federal Decree-Law No 47 of 2022. As per this announcement, foreign companies and non-resident juridical persons will have to give a 9% tax on any income generated from real estate and any other immovable property in the UAE.
WHICH AREAS IN DUBAI HAVE THE BEST OFF-PLAN PROJECTS?
Jumeirah Village Circle (JVC), Al Furjan and Arjan are some of the top areas with the best off-plan projects in Dubai.
This brings us to the end of our blog. The country’s real estate sector is poised for continued expansion with new developments attracting buyers from all over the world. If you’re looking for top off-plan projects in Abu Dhabi for a lucrative investment, you can consider Elie Saab Waterfront by Ohana and Sama Yas by Aldar.
