UAE Real Estate News: Weekly Roundup October 14th-20th, 2017

Some call it Friday Funday, but we call it ‘Friday Recap Day’. Here is the top trending UAE real estate news for the week of 14th-20th October, in a nutshell.

Today and tomorrow at Za’abeel Hall 5, Dubai World Trade Centre, the Zameen Pakistan Property Show will showcase some of the finest real estate projects in Pakistan. Zameen.com is the oldest and the most successful property portal in Pakistan, as well as the sister concern of Bayut.com. The event is free of charge and a must-attend for anyone who is looking to make an informed decision on a property investment in Pakistan.

Some of the companies that will be showcased at the Pakistan property show — Some of the companies showcasing at Pakistan Property Show in Dubai

The UAE Hyperloop is looking more and more like reality. According to ITP.net, the recently carried out feasibility study on the Abu Dhabi hyperloop is to be published soon. Some of the points that the study will cover include ‘alignments, financials, economic viability, sustainability, and the impact on the [the UAE’s] Vision 2030’. Take a look at what the ultra-futuristic project will look like.

One of the UAE’s newest property developers, ARADA has just kicked off the second round of sales on their Aljada – the 2.2 square kilometres master-planned development in Sharjah. The 84 high-end villas will be located in the heart of Aljada under the name ‘the Anber community.’ Since 14th October, investors and home buyers are enabled to buy off-plan with superb payment plans and incentives.

The emirate of Sharjah with the coastline and the blue and orange sunset above the city skyline — Sharjah Cityscape

The much-anticipated La Mer development by Meeras opened this week. Once again, it’s 13.4 million square foot wide and consists of three parts, La Mer South, La Mer North and The Wharf. Shopping and F&B outlets will open in two phases, but the most important part – near 2.5 KM of a stunning sandy beach is already there, as well as plenty of amenities and restaurants already.

La Mer Dubai — Phase 1 of the project consists of La Mer North and La Mer South. Photo courtesy: Meraas

According to Emirates 247, the UAE stock market has seen AED43.8 billion in traded real estate shares from January to September 2017. The publication states that ‘the growing trading share boasted by the real estate sector reflects the investors’ growing confidence in the sector in light of the volatility suffered by other trading companies’ shares.’ Additionally, it’s ascertained that AED 31.8 billion-worth of property transactions have been conducted at the Dubai Financial Market since January.

The DIFC Gate - the main building of Dubai International Financial Centre (DIFC) — The Gate Building at Dubai International Financial Centre

UAE’s leading luxury real estate developer, DAMAC Properties completely sells out Phase 1 of their Just Cavalli Villas projects at Akoya Oxygen. After this ‘overwhelming response’, the developer announced commencing sales on Phase II on 21st October. Prices start from AED 1.3 M with 50 pc off on the DLD fees. Niall McLoughlin, Senior Vice President of DAMAC Properties, said: ‘Not only do they offer a unique and iconic style, Just Cavalli villas also present great value for money and are priced competitively for properties that have signature elements and touches from a major fashion house.

October 21st: Limited release of new Just Cavalli Villas; Photo Courtesy: DAMAC Properties

The Department of Culture and Tourism (DCT) in Abu Dhabi has allocated $136M to refurbishing the Cultural Foundation Building at Qasr Al Hosn. The project went to Zublin Construction L.L.C. Qasr Al Hosn is an important Abu Dhabi monument and the oldest stone building in the emirate.

The view of the ancient Arabian fortress Qasr Al-Hosn in Abu Dhabi with modern buildings in the background and a blue sky — The ancient fortress in Abu Dhabi, Qasr Al-Hosn

Dubai Holding officially puts the Jumeirah Central mega-development on hold due in order to focus on other projects. Furthermore, Moran Parker, the chief operating officer of the project who has been leading the team, has resigned from the position. A spokesperson from Dubai Holding said: “Dubai Holding is prioritising projects that will be ready for Expo 2020 Dubai and those that will help draw tourists to the emirate. As a result, we are currently focusing our resources on projects such as Marsa Al Arab.

Jumeirah Central planned community in Dubai with futuristic looking buildings and hotels — The planned look of Jumeirah Central just put on hold; Photo Courtesy: Dubai Holding

Over 500 delegates from almost 180 countries around the world gathered in Dubai to hear about the latest progress on the much-anticipated Expo 2020. The event is the largest get-together of potential Expo 2020 participants to date, as well as those who have long signed up for participating. Once again, the Expo is expected to attract 25 million visits with roughly 70 pc of visitors from outside the UAE.

A two-part road sign against a blue sky with 'Dubai' written on the upper part and Expo 2020 written on the bottom part — The much-aniticpated Expo 2020

For more real estate news, check out last week UAE real estate lookout. Make sure to subscribe to MyBayut to stay informed on the biggest real estate news, as well as homemaking and lifestyle inspiration. Happy Friday!

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