Last Week in Real Estate: 14-20 April

It’s that time of the week once again when we bring you the latest news and updates from the UAE real estate market. This Friday, let’s take a look at what the contractors said, who the developers picked and which new projects are the most talked about in the UAE property news segments.

Developers Go All Out to Woo Buyers at Cityscape Abu Dhabi

The 12th edition of Cityscape Abu Dhabi, the capital’s premier property exhibition, became the perfect opportunity for Abu Dhabi real estate developers to really push the envelope and come up with interesting deals to attract the investors in the UAE property market. Discounted rates, post-handover payment plans and many other incentives were presented to those opting to buy properties in Abu Dhabi at Cityscape. The event was at the centre of all the discussions in UAE property news, with premium builders announcing new projects for investors hoping to cash in on the real estate market in Abu Dhabi.

“As the Abu Dhabi real estate market is currently buyer-friendly, we can expect lots of incentives and discounts to be offered. In addition to lower prices per sqft, 2 other major forms of incentives are likely. Firstly, post-handover payment terms – with smaller down payments required to secure off-plan units. And secondly, developers are likely to pay purchasers’ legal and transaction costs,” says Peter Stebbings, head of the JLL real estate consultancy in Abu Dhabi.

With reputed builders like Aldar, Azizi and Bloom showcasing both off-plan and completed properties, investors had plenty to choose from in the exhibition.

Vegas Favourite Caesars Palace Comes to Bluewaters Island

Yes, you read that right! The famed hotel, which is a regular feature in movies and TV shows about Las Vegas, is set to open up not one, but two hotels in Meraas’ amazing new Bluewaters Island. This will be the first Caesars Palace in the Middle East, and what better place to launch the epitome of decadence than this uber-luxurious development in Dubai? The announcement of the new Ceasars Palace in Dubai has galvanised the hospitality industry, and was one of the most welcome pieces of real estate news in the UAE recently. There will, however, be no casino in both of these establishments in keeping with the cultural norms of the city.

In a statement, Mark Frissora, President and CEO of Caesars Entertainment, said, “We anticipate Bluewaters Island will evolve into the region’s top hospitality, dining and entertainment destination. This project represents Caesars’ ability to focus on our strengths in hospitality as well as reinforce our commitment and capacity to establish brands in new global markets.”

The hotels are scheduled to be completed by the end of this year and will feature an upscale Caesars Palace Hotel, with 178 rooms and a Ceasars Bluewaters Island Hotel, accommodating 301 rooms. It’s certainly one of the most anticipated projects in the Dubai property market and will be a welcome addition to the impressive tourist portfolio in the city. The properties for sale in Bluewaters Island are also attracting a lot of investor interest, pointing to the overall appeal of the area.

Aldar Unveils Al Ghadeer Master Development

Early in the week the leading Abu Dhabi property developers, Aldar announced the launch of their master community in Al Ghadeer, perfectly located for those commuting between Dubai and the capital. The development will feature 14,408 residential units, including villas, townhouses and maisonettes. The AED 10B Alghadeer development is intended to be a mixed-plan project, comprised of 5 zones, with properties for those commuting between the emirates.  Aldar has already sold 2 plots of land to develop community facilities in the area, including a LuLu Supermarket and a British curriculum school.

Talal Al Dhiyebi, CEO of Aldar, said: “The addition of Alghadeer International School, retail outlets, LuLu supermarket and clinic will increase the range of convenience-driven amenities and facilities for existing and future residents at Alghadeer, creating more complete neighbourhoods.”

The price for maisonettes starts from AED 290k and townhouses from AED 899.9k.

Emaar Makes an Entry into Ras Al Khaimah with The Address Al Marjan

In one of the most exciting announcements in the UAE property news this week, master-developer Emaar announced their first project in the picturesque emirate of Ras Al Khaimah. The Address Marjan Island Hotels and Residences will be managed by Emaar’s hospitality wing. The new project comprises 249 luxury hotel rooms and 234 upscale apartments, and will be a part of the Views Island mega project. Once completed, it’s expected to catapult Ras Al Khaimah into a whole new league in the UAE property market. There are already plenty of interesting places to visit in Ras Al Khaimah for tourists, so the launch of new luxury properties like The Address is sure to add the appeal for visitors.

“With its positive economic growth and focus on strengthening the tourism and investment landscape, Ras Al Khaimah has recorded robust growth in visitor arrivals and in attracting inward investments,” said Mohamed Alabbar, chairman of Emaar Properties.

ARADA Launches East Village in Aljada Mega-project

A new wing of the Aljada mega-project in Sharjah has been announced by Arada, which is conceptualised to cater to the millennial market. The developers have revealed that the design will be characterised by bold colours, and striking elements to attract the younger population of the emirate. According to an official statement released by the Arada Group, the properties will be purpose-built cater to students, singles and young couples. The properties in Aljada have already become sought-after among investors in the Sharjah real estate market; this addition will expand the investor profile to an interesting new segment.

“It is our hope that East Village will be a haven for young people taking their first steps into adult life. They are our greatest asset, and we believe that this new community will provide the next generation with a space that will allow their creativity to flourish. At the same time, we are also pleased to announce that work on the Aljada masterplan has now begun on schedule. This is in line with ARADA’s promise to our buyers to deliver their homes on time and to an exceptional level of quality,” said HE Sheikh Sultan bin Ahmed Al Qasimi.

As you can see, it was quite the exciting week for the UAE property market, with announcements pouring in from all over the Emirates, making it a lively week for investors, renters and developers in the country. We promise to keep you updated with all the latest information from the UAE property news, so don’t forget to check into the best property blog in the UAE. Now that you have had your dose of real estate news for this Friday, why not check out some of the exciting events happening in Dubai? Backstreet’s back alright, after all!