UAE Real Estate News from the Month of October 2024
- New Launch by DAMAC
- Uptick in Sharjah Property Transactions
- Property Transactions Increase in Ajman
- Construction Update by Lincoln Star
- Business Bay Waterfront Development by Binghatti
- Launch of Aqari Platform in Sharjah
- Rental Disputes Centre Launches Digital Solutions
- Al Hamra Mall Revamp by ALDAR
- FAQs
We are back with our monthly UAE real estate news update, where we cover the latest trends, developments and insights in the property market. This month, the UAE’s real estate sector continues to gain global attention, with notable new projects, investment opportunities and regulatory changes. This roundup provides essential highlights to keep you updated on all things real estate in the UAE.
UAE Real Estate News for October 2024
DAMAC Launches Nature-centric Development in Dubai
DAMAC Properties has announced the launch of Sun City. The upcoming eco-friendly community in Dubai is expected to span 8M sq. ft. and will offer over 3,000 villas and townhouses, all of which will be nestled between green spaces. The Dubailand-based community will offer a unique combination of modern luxury and eco-friendly living with a focus on the well being of residents.
DAMAC Sun City is in a popular area owing to its connectivity to major landmarks in Dubai like Al Maktoum International Airport and Downtown Dubai.
Real Estate Transactions in Sharjah surge to AED 28 billion in 9 months
The first nine months of 2024 saw property transactions in the third largest emirate surge by 47% compared to the same time last year — by approximately AED 28 billion. The Sharjah Real Estate Registration Department reports that residential properties account for a majority of transactions, highlighting rising demand in the sector. A highlight was the value of property mortgages which came up to AED 7.5 billion. A diverse range of properties and competitive pricing further contribute to the sector’s appeal.
Real Estate Transactions increase in Ajman
The next UAE real estate news on our list is from Ajman. As reported in October 2024, property transactions in Ajman rose to AED 1.95 billion in September 2024 — with 1,277 in total. The report was announced by the Director General of the Department of Land and Real Estate Regulation, His Excellency Eng. Omar Bin Omair Al Muhairi. He further states that this accounts for 21.8% in growth compared to the same period in 2023.
Lincoln Star begins construction on new Dubai South Project
In other UAE property news announced in October 2024, UAE based developer Lincoln Star commences construction on its new development. The project, known as Lincoln Star Residence, will feature over 48 residential units like studio, 1 and 2-bed apartments as well as a townhouses. With a favourable location next to Expo 2020 Dubai and Al Maktoum International Airport, the development has potential for high ROI. Promised amenities include gym facilities, landscaped gardens, event spaces and swimming pools.
Business Bay Waterfront Development worth USD 1.36B by Binghatti
In the latest Dubai real estate news for October 2024, property giant Binghatti Developers unveiled the launch of its newest icon, Binghatti Skyrise in Business Bay. The development is poised to be a transformative addition to the emirate’s real estate landscape, with a mix of commercial and residential spaces. The masterpiece will feature 3,333 residential units designed in a contemporary style. The expansive waterfront project will enjoy a prime location near the Burj Khalifa, Dubai Water Canal and Downtown Dubai.
Sharjah Municipality announces Launch of Aqari Platform
In UAE real estate news from Sharjah, the Rental Regulation Department at Sharjah Municipality announces the release of the Aqari platform. The announcement was made during GITEX 2024 at the Sharjah Government Pavilion. The new tool by the Sharjah Digital Department is an effort to simplify real estate services including transactions and therefore make them more transparent. The application is available on Google Play and the App Store. The platform comes with the emirate’s digital initiatives with the aim to facilitate access to services via multiple channels.
Rental Disputes Centre Launches Digital Self Solutions
The Rental Dispute Settlement Centre (RDC) of the Dubai Land Department (DLD) displayed advanced tech at the 43rd edition of the Gulf Information Technology Exhibit (GITEX). The new advanced e-services are Metaverse Litigation and the Judicial Probe Service. The former uses groundbreaking metaverse technology to resolve rental disputes. The latter uses Artificial Intelligence to offer users RDC’s entire portfolio of judicial litigation services.
Al Hamra Mall Revamped by ALDAR
Property developer ALDAR has announced the completion of a revamp of Al Hamra Mall in Ras Al Khaimah. The project, part of ALDAR’s USD 272M investment plan, enhances the retail space’s position as a hub of shopping and dining. The rehaul included a completion transformation of the mall’s internal and external spaces. A new highlight is a beautiful Central Atrium.
FAQs
Which are the major upcoming projects in Dubai?
Can’t get enough of the latest Dubai real estate news? The list of upcoming developments in Dubai include Baccarat Hotel and Gran Melia Dubai to name a few.
Where should I rent based on my budget?
The emirate offers a range of properties at different price points. To help you navigate the varieties, consider the most popular places to rent in Dubai based on salary.
That concludes our guide on the UAE real estate news for October 2024. The country’s property industry thrives due to the launch of exciting new developments each month.
