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

• Bayut & dubizzle Releases Quarterly Reports in October 2022
• AHS Properties to Launch Two New Projects in Dubai
• Sobha Realty Unveils a Luxury Building in Dubai
• Sharjah Sustainable City Launches the Third Phase
• FAQs

We’re back with our monthly news segment to offer you key insights into the UAE real estate sector. It came as a surprise to no-one that October 2022 was abuzz with exciting project launches and developments. But what stories truly stole the headlines as Autumn drew to a close? We’ve got them for you right here in MyBayut’s comprehensive roundup of the UAE real estate news from October 2022.

TOP UAE REAL ESTATE NEWS FOR OCTOBER 2022

Here are all the updates from the UAE real estate in October 2022.

BAYUT & DUBIZZLE RELEASED QUARTERLY REPORTS IN OCTOBER 2022

In October 2022, Bayut & dubizzle released their Q3 market reports for Dubai, Abu Dhabi, Sharjah and Ajman to help you understand the consumer trends observed during the last three months. 

As per Bayut & dubizzle’s Q3 Dubai sales market report, the property prices of apartments and villas have shown an upward trajectory across both luxury and affordable segments. The average sales price-per-square-foot of affordable properties has shown an appreciation of up to 14%, whereas that for affluent areas has increased by up to 6%. 

Similarly, housing costs of rental properties in Dubai have increased across both luxury and affordable segments. Bayut & dubizzle’s Q3 Dubai rental market report shows a 15% increase in the cost of reasonably-priced properties, whereas luxury rentals have surged by up to 25% in certain areas.

Our Abu Dhabi sales market report for Q3 2022 shows property prices generally increasing across the said segments. The average price-per-square-foot for affordable properties has experienced an uptick of up to 3%, whereas properties in affluent areas have reported increases of up to 7%.

If you look at the data presented in Bayut & dubizzle’s Abu Dhabi rental market report for Q3 2022, you will see that the rental prices have remained stable, showing moderate fluctuations of up to 5% in the affordable segment, whereas the average rents for luxury properties have increased by up to 11%.

For insights into the performance of real estate markets in the northern emirates, check out Sharjah’s Q3 2022 market report and Ajman’s Q3 real estate report for 2022.

AHS PROPERTIES ANNOUNCES THE LAUNCH OF TWO ULTRA-LUXURY PROJECTS IN DUBAI

In other UAE property news, Dubai’s relatively newer property development company, AHS Properties, has announced the launch of two upscale projects in the emirate. 

These luxury projects will be nestled in Dubai Canal and Palm Jumeirah. The globally-recognised architect, Shaun Killa from Killa Design, who designed the Museum of the Future, will work on these developments.

The 9-storey buildings will comprise around 25 penthouses and sky villas. Each development will include private cinemas, cigar lounges, private swimming pools on balconies and a state-of-the-art spa. The projects will be priced at “$1,000 per sq. ft.”

Talking about the projects, the founder of AHS Group, Abbas Sajwani, said:

“We are working with world-renowned architects and brands to revamp these properties to meet the growing demand for ultra-luxury living.”

Sajwani has not yet disclosed information about the estimated completion.

SOBHA REALTY REVEALS A NEW RESIDENTIAL PROJECT IN DUBAI

In other Dubai real estate news, GCC’s leading real estate developer, Sobha Realty, has unveiled its first signature residential project – “The S Tower” – to cater to High-Net-Worth (HNW) buyers in the city.

The project will be nestled between Sheikh Zayed Road, Dubai Internet City and Palm Jumeirah. It will have 62 floors, of which 43 stories will feature premium residences, and six levels will have enclosed podiums for parking.

The tower will have a health spa, gym, lounge area, sauna, daycare centre, a luxury bespoke café and an art gallery showcasing works of international artists. There will be a temperature-controlled pool and a meditation corner. 

The building will offer panoramic views of the sea from the north and lush green views of the golf course from the south.

Talking more about the amenities, Sobha Realty’s Founder and Chairman, PNC Menon, said:

In addition to smart lights, window shades, and other connected features that can be controlled with your smartphone, the tower also boasts of high-speed lifts that allow for rapid transit to your apartment. Similarly, fresh air units with high-efficiency filters and UV filtration for improved air quality are also present throughout the building structure to ensure the overall wellbeing of residents.”

SHARJAH SUSTAINABLE CITY LAUNCHES THE THIRD PHASE OF THE PROJECT

Following the success of the first two phases, Sharjah Sustainable City has launched the third phase of the project to cater to eco-conscious investors.

Sharing his thoughts on the launch, His Excellency Yousif Ahmed Al-Mutawa, Chief Executive Officer of Sharjah Sustainable City, said: 

“We are deeply excited to bring esteemed homebuyers in the region and beyond a brand new range of eco-friendly villas at Sharjah Sustainable City, offering a sustainable contemporary design and innovative architecture with the same high quality and commitment that the community has come to be known for.”

The Phase III of the project will span 7.2 million sq. ft and include 3 to 5-bedroom villas ranging from 2,035 sq. ft to 3,818 sq. ft. The cost of villas will start at AED 1.39M.

The project has a sustainable design, cutting-edge smart technology and spacious layouts. Water-saving appliances, energy-saving electrical equipment, solar PVC installations and windows made of thermal insulating materials are part of the development. The master plan also includes cycling, jogging tracks, parks, pools, playgrounds and a clinic.

Given the environmentally-friendly structure, the project is expected to save up to 50% on water and electricity bills for residents. 

FAQs ABOUT UAE REAL ESTATE NEWS

IS THERE A WAY TO SELL PROPERTY IN DUBAI?

Yes, of course! There are quite a few steps to sell your property in Dubai. Start with finding a reliable real estate agent who can help advertise your property to potential buyers. 

ARE THERE ANY RECENT PROPERTY LAUNCHES IN DUBAI?

Raya, Chic Tower by DAMAC and Park Gate Residences are some of the hottest property launches in Dubai for October 2022.

That ends the list of top real estate news for October 2022 in the UAE. As you can see, developers have been working on new project ideas to strengthen the real estate sector of the UAE with every passing month. October is no exception. 

If you look at Bayut’s real estate news bulletin for September 2022, you can see a similar trajectory. In fact, our UAE real estate news segment for August 2022 also witnessed many exciting ventures and project launches. 

Are you planning to invest in the property sector of the UAE? Well, these are exciting times in the country’s real estate market, so go ahead and take the plunge!

For more real estate news in the UAE, stay tuned to MyBayut.