UAE real estate news from the month of November 2024
- Ajman Offers RE Certificate Via EDW
- Amendments to DIFC Law
- Transaction Fee Discount by SEC
- Monthly Transactions in Ajman
- Registrations for RE Excellence Award Open
- Highest Property Transactions in Sharjah
- FAQs
The United Arab Emirates is counted among the most diverse and dynamic countries in the world regarding the availability of residential and commercial real estate developments for investors. A robust structure and buyer-friendly policies make the nation a central hub for both global and local investors, with emirates like Abu Dhabi, Dubai and Sharjah leading the way. From law amendments to property transactions, here are key highlights from UAE real estate news November 2024.
Emirates Digital Wallet now offers a certificate to practice real estate activity in Ajman
As per a recent announcement in Ajman property news by the Department of Land and Real Estate Regulation in Ajman, clients can acquire registration certificates to practice real estate activity via Emirates Digital Wallet (EDW). Apart from providing crucial services, the step will improve customer journeys considerably via innovative digital solutions. The EDW provides a single platform for government documents with dependable and current data. It is part of a nationwide initiative to reduce cash-based transactions and drive digital transformations in the UAE.
Amendments to DIFC Law Announced
In Dubai real estate news, Dubai International Financial Centre (DIFC) recently introduced modifications to its Application of Civil and Commercial Laws in DIFC. Issued on November 14th 2024, the amendments offer information on the source of DIFC Law and how it’s interpreted. Some updates have also been made to property laws and regulations. The updates, specifically the addition of Articles 8A and 8B, confirm that common law principles supplement DIFC Laws with an emphasis on English common law.
The SEC unveils plans to reduce property transaction fees at ACRES 2025
The Sharjah Executive Council (SEC) announced plans to reduce transaction fees for the ACRES Real Estate Exhibition 2025. The move, in response to rising interest from investors in Sharjah real estate, approves the reduction for all transactions in the upcoming event. The ruling includes discounts on purchase costs of 2% for citizens from other countries and 1% for UAE and GCC nationals. The offer will also include a 0.5% decrease in developer selling fees.
Approved by the Crown Prince and Deputy Ruler of Sharjah, His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, the move is expected to improve the emirate’s status as a favourable destination for property investments.
Real Estate Transactions in Ajman reaches its highest yet
In other UAE real estate news, the Director General of the Department of Land and Real Estate Regulation Ajman, Omar bin Omair Al Muhairi, announced that property transactions in Ajman reached 1,531 in October 2024, worth almost AED 1.83 billion. This indicates a 4.57% growth compared to the same time in the previous year. Among them, the highest sale value was recorded in Al Jurf Industrial 1, i.e. AED 10M.
SRERD opens registration for Real Estate Excellence Award 2024
The Sharjah Real Estate Registration Department (SRERD) announced the availability of applications for the Real Estate Excellence Award for 2024. The awards will cover four categories: Companies, institutions, associations and real estate offices. Those interested may register until January 9th, 2025. The categories align with the objectives of the SRERD and the emirate’s real estate industry.
Sharjah records highest property transactions in October
In UAE property news from Sharjah, the emirate recorded the highest transactions in real estate in October 2024, approximately AED 4.4 billion. As per the Real Estate Transactions report by SRERD, this amounted to a total of 4,883 transactions for the month, spread across commercial, residential, industrial and agricultural lands. Among these, Al Mamzar recorded the highest real estate deal on land worth AED 62M.
FAQs
How does the real estate market fare in Dubai?
The property market in the emirate is highly favourable for investment. Take a look at Bayut’s Dubai real estate transactional data for a more informed choice.
What are the major upcoming projects in Dubai?
The list of upcoming developments in Dubai includes Palm Jebel Ali and Dubai Islands.
That concludes our overview of the UAE real estate news for November 2024. Stay tuned to MyBayut for the latest updates in the country’s booming property market!
