Last Week in Real Estate : 18 – 24 August
As the entire country revels in the celebrations of Eid Al Adha, let’s take a look at the important announcements from the UAE real estate market from the week that went by. Here’s a roundup of the key UAE property news updates that investors and renters in the country should take note of.
Dubai Properties installs energy saving systems at Executive Towers in Business Bay
Prolific builder Dubai properties have announced the new energy-saving systems in their apartments at Executive Towers in a statement to said to the UAE property news outlets this week. The real estate development arm of Dubai Holdings has spent AED 1M to install energy-saving systems at the cluster of buildings, a retrofit that could offset up to 1,450 tonnes of carbon dioxide emissions per year. This is equal to removing over 350 cars from the Dubai roads. DP partnered with Honeywell and Signify to deliver the upgrades, which is estimated to create savings of over AED 1.5M in annual energy bills.
Raed Al Nuaimi, group chief executive officer at DP, said he was “deeply committed” to building sustainable initiatives in the UAE and said that projects such as their effort in Executive Towers are a step in the right direction. Residents are also happy with the move as this will significantly lower costs in terms of energy bills.
Heart Of Europe developer announces the handover of 40 homes by the end of 2018
One of the most innovative real estate projects in the world, the developers of the ambitious Heart Of Europe, a cluster of six islands on The World islands, have announced to UAE property news outlets that they will be handing over 40 of the Floating Seahorse Villas by the end of the year. The Kleindienst Group CEO Josef Kleindienst believes that the success of the project, which has seen its fair share of controversy, will be visible after handover as more people will be able to see the final product and be assured of both its safety and legality.
As the name suggested, these ‘villas’ have a completely submerged basement floor with glass windows offering panoramic views of the marine life. Although there was initially speculation that owners of these floating homes would be also owning the land that it was floating on, the developers have now clarified that the investors will not be owning the land, just the structure.
The developers will also be handing over 10 Beach Palaces on Sweden Island, 32 villas on Germany Island and will be launching the Portofino Hotel.
The soft opening of Gulf Hotels Group’s first property in Business Bay marks the hotelier’s expansion into the UAE
Gulf Hotels Group, Bahrain’s leading home-grown hospitality providers have expanded into the Dubai real estate market and launched their first property along the banks of the picturesque Dubai Canal at Business Bay. The Gulf Court Hotel is a deluxe 4-star property with 270 rooms and suites boasting panoramic views of the Dubai Canal. The property comes with premium amenities including swimming pools, fitness centres, spas, a nightclub and karaoke room.
Garfield Jones, Gulf Hotels Group CEO, said in a statement to UAE property news outlets: “It is another landmark day in the history of the group. Since the opening of the Gulf Hotel Bahrain Convention & Spa back in 1969, the group has been committed to delivering the highest standards of Bahraini hospitality. The opening of Gulf Court Hotel Business Bay is the first step of our regional expansion program, which will include Saudi Arabia and other GCC countries in the future.”
Prominent real estate firms in Dubai and Abu Dhabi report H2 profits
The real estate news in the UAE has been dominated by several high profile property developers reporting their profits after the first six months of 2018. Emaar’s net profit increased by 18% to AED 3.34B, thanks to their expanding Dubai property portfolio and growth in the malls business.
“While our property business recorded positive growth with several new residential destinations launched in Dubai, our malls, hospitality, leisure and entertainment business benefited from the increase in tourist arrivals and boost in domestic spending,” Mohammad Alabbar, Chairman of Emaar Properties, said in a statement to Dubai property news outlets.
Dubai-based Union Properties also reported a profit of AED 207.4M, while Abu Dhabi developer, Eshraq Properties said in a press statement that they have the best figures since 2014 with an overall profit of AED 14.8M. On the flipside, one of the most prolific builders in the Abu Dhabi real estate market, Aldar, took a 28% plunge in profits. This is largely attributed to the ongoing re-evaluation of their properties and is expected to pick up in the latter half of the year.
That’s our roundup of the most interesting updates and real estate news in the UAE property market. Now that you are caught up on all the exciting announcements, why not end your Eid break with a trip to one of these unique cinemas in Dubai or check out the newly opened Warner Bros World in Abu Dhabi?
