UAE real estate news from the month of September 2024
UAE real estate news for September 2024 highlights a surge in new developments across key cities. Dubai and Abu Dhabi are seeing significant growth in luxury properties and sustainable living projects. Investors are showing strong interest, with the market poised for continued expansion. Let’s take a closer look at some of the key projects announced last month.
UAE PROPERTY NEWS
DUBAI AND ABU DHABI EARNED TOP SPOTS ON THE GLOBAL REAL ESTATE TRANSPARENCY INDEX
In recent UAE real estate news, Dubai and Abu Dhabi have been recognised for global transparency in the real estate sector. Dubai ranked 3rd, while the UAE capital, Abu Dhabi, secured the 5th place for significant improvements between 2022 and 2024.
Significant advancements in digital capabilities have been made in both cities, including stronger anti-money laundering (AML) and beneficial ownership (BO) regulations. These initiatives taken by the UAE government enhanced the availability of market data for established businesses and startups in the real estate industry.
THE UAE CAPITAL BROKE MORTGAGE RECORD IN Q3 2024
Abu Dhabi’s mortgage market experienced a strong growth of 20% in the third quarter of 2024. The transactions reached AED 13.5B across 2,594 deals. This represents the highest quarterly volume seen in several years.
This surely is exciting Abu Dhabi real estate news for investors. The emirate achieved a sales value of AED 9.2B, resulting in the sale of 3,161 real estate units. This included AED 4.1B from 1,480 completed units and AED 5.1B from 1,681 off-plan units.
AZIZI SOLD OUT ALL RESIDENTIAL UNITS IN PEARL
In Dubai property news for September 2024, Azizi Developments has announced the complete sale of all units in its opulent residential project, Pearl. The development in Al Furjan offers easy access to Dubai’s key attractions while maintaining a peaceful distance from the city’s hustle.
Pearl consists of 192 studios, 54 one-bedroom units and 14 two-bedroom apartments.
Among the 40 buyers nationalities, UAE residents comprise the largest group at 25%, followed by investors from the US, Italy, and Germany, who account for 35% collectively. Buyers from GCC nations, including Saudi Arabia, represent 30%.
SHARJAH INTRODUCES NEW PROPERTY LAWS
New property leasing and rental laws developments are part of UAE real estate news from Sharjah for September 2024. His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has issued Law No. (5) of 2024 on property leasing in the emirate.
He also decreed Law No. (6) of 2024 on the establishment and organisation of the Rental Disputes Centre (RDC) in Sharjah to facilitate the growing real estate industry.
The new rental law outlines the conditions when a landlord can remove a tenant from the property. It also explains the situations where the landlord and tenant can agree to end their rental agreement. Under the law, a landlord cannot request the tenant to vacate the leased property before the expiry of three years from the date of the start of the rental contract for residential use and five years for commercial, industrial or professional use.
H&H EXPANDS EDEN HOUSE WITH NEW RESIDENTIAL COMMUNITY
H&H Developments, a leader in Dubai’s real estate and bespoke turnkey projects, has expanded its premium Eden House brand by launching its first project in Dubai Hills Estate. Designed by renowned British firm Hopkins Architects, ‘Eden House Dubai Hills’ is set to redefine luxury living with its modern apartments, exclusive townhouses and 32 opulent villas.
The villas will feature private gardens, shaded balconies and swimming pools. This launch follows the success of Eden House Al Satwa and Eden House The Canal.
The new development will offer residents urban convenience with easy access to Dubai Hills Park, Dubai Hills Mall and world-class golf courses.
ALEF UNVEILS SAMR 1 IN HAYYAN, SHARJAH
The prestigious developer, Alef has unveiled the Samr 1 neighbourhood, a new phase within the Hayyan development project. This UAE real estate news was announced after the whopping success of Arim and Alma.
Samr1 will feature 180 residential units with 3 and 4-bed townhouses as well as four-bedroom standalone villas. The neighbourhood will offer amenities like a lagoon swimming pool, a park, children’s play areas, a farmhouse, landscape pocket parks for villas and a cycling track.
HRE ANNOUNCES A LUXURY PROJECT IN JUMEIRAH VILLAGE CIRCLE (JVC)
In Dubai property news for September 2024, the master developer, HRE, unveiled Sky Hills 2. This new project will be located in Jumeirah Village Circle (JVC) and will feature 509 apartments and 17 retail outlets.
The development is expected to be completed in the second quarter of 2026.
ALDAR HOTELS TO GET AN OPULENT MAKEOVER WORTH AED 1.5B
ALDAR, the well-known real estate developer in Abu Dhabi announced an impressive makeover worth AED 1.5B for its hotel portfolio to meet the demands of the growing luxury market.
As part of this transformation, the Eastern Mangroves hotel will be converted into Waldorf Astoria branded, a luxury resort. It will feature a new mix of retail options. Additionally, the Yas Plaza Hotels complex will be reimagined under the IHG brand, aiming to become the largest Vignette Collection resort in the world.
Other ALDAR properties will also receive upgrades. The Tilal Liwa will be redeveloped as a Vignette Collection luxury desert retreat. Nurai Island is set for significant refurbishment and expansion. The company’s flagship hotels in Ras Al Khaimah, including the Rixos Bab Al Bahr and DoubleTree by Hilton Resort & Spa Marjan Island, will also be renovated.
FAQs
WHICH ARE THE MAJOR UPCOMING PROJECTS IN DUBAI?
Palm Jebel Ali, Baccarat Hotel Dubai and Dubai Islands are some of the major upcoming projects in Dubai.
WHERE CAN I BUY OFF-PLAN PROPERTIES IN ABU DHABI?
The top areas to buy off-plan properties in Abu Dhabi are Al Reem Island, Saadiyat Island and Yas Island.
There you have it – all the latest UAE real estate news from last month. If you like to surround yourself with luxury, here’s a roundup of the most expensive penthouses in Dubai.
