Highlights of the week | 11th March – 17th March 2024
Sharjah Real Estate market thrives with AED 3.1 Billion in transactions for February 2024 (11th March)
The Sharjah Real Estate Registration Department reported AED 3.1 Bn in real estate transactions for February 2024, with 4,458 transactions across various regions. The sales transactions reached 1,048 representing 23.5% of the total number of transactions. Mortgage transactions were 355 which represented 8% of the total volume with a total value of AED 581.4 Mn. The remaining transactions amounted to 3,055, which represented 68.5% of the total number of transactions. The sector is thriving, attracting local and international investments due to government incentives.
Read more at Sharjah real estate transactions hit $844mln during February (zawya.com)
Direct Debit System and Keyper launch UAE’s first digital rental payment platform(11th March)
In a major advancement for digital payments in the UAE, Direct Debit System has teamed up with Keyper to launch the nation’s first digital rental payments platform, accessible to all tenants and landlords. This innovation replaces the traditional reliance on post-dated cheques with automatic digital rent deductions from tenants’ bank accounts, reducing errors and operational costs. Keyper’s Rent Now Pay Later service allows tenants to make monthly digital payments while landlords receive upfront payments. This initiative aligns with the UAE Central Bank’s strategic directives and aims to modernize the rental market, offering a secure and efficient alternative to cheques, especially benefiting individual and small-to-medium landlords that now represent the majority of property rentals in Dubai.
Read more at First digital payment platform for UAE tenants and landlords launched (zawya.com)
Arista Properties unveils AED 500 Million Wadi Villas in Dubai’s Mohammed Bin Rashid city (11th March)
The AED 500 Mn Wadi Villas in Mohammed Bin Rashid Al Maktoum City, District 11, Meydan, have been introduced by Arista Properties. The project is intended for locals and foreign investors looking for larger residences. It will have thirty villas with four, five, and six bedrooms, with prices ranging from AED 14 Mn to AED 40 Mn. The post-pandemic demand for villas in Dubai has outpaced supply due to the city’s thriving economy and cosmopolitan atmosphere. The villas, which were created by Coopers Hill for landscape designs and HBA Architects for architectural designs. Amenities include features such as a game room, co-working lounge, café, infinity lap pool clubhouse, private parking, maintenance, CCTV surveillance, and round-the-clock security.
Read more at Dubai: $136mln worth villas launched in MBR City; completion expected by 2026 (zawya.com)
Surge in demand for AED 2 Million properties in Dubai following residency rule changes (12th March)
Dubai’s real estate market has seen a surge in demand for properties valued at AED 2 Mn or more, following the removal of the minimum down payment requirement for a 10-year residency visa. This has led to developers expanding apartment sizes and investors increasing their budgets to reach the AED 2 Mn threshold. The Golden Visa, which attracts foreign investment and encourages tenants to switch to property ownership, has attracted substantial foreign investment and increased demand for properties that meet the criteria. Developers are offering larger units and simplifying the process for buyers, particularly tourists, making Off-Plan investments more attractive and safer.
Read more at Dubai: Golden Visa demand prompts investors to raise budget, developers to increase unit sizes (zawya.com)
Cristal Group launches Cristal collection to support independent hotels (13th March)
Cristal Group has launched Cristal Collection, a property management arm for independent hotels and resorts. The new entity offers strategic partners more sales channels, reduced operating costs, and competitive franchise fees. Cristal Group aims to provide purchasing power to its hotels and improve revenue optimization. The collective will also benefit from streamlined processes, data-driven insights, and scalability, which are crucial in the current hospitality climate. The company’s strong management team and innovative sales, marketing, and business functions will contribute to the success of Cristal Collection.
Read more at Cristal to launch new 60-unit villa property in Al Ain (zawya.com)
Aldar unveils new boutique residential project on Saadiyat Island (13th March)
Abu Dhabi’s largest developer, Aldar Properties, has launched its first properties in the Saadiyat Island Marina District. Nouran Living, a mid-rise development, consists of 372 studios and one-, two- and three-bedroom apartments, with prices starting from AED 750,000. The project is located near New York University Abu Dhabi and is equipped with amenities such as a co-working lounge, swimming pool, gym, & electric vehicle parking facility. Construction is scheduled to start in Q4 2023, with handovers expected in Q2 2027. The property market in Abu Dhabi continues to grow, with the ValuStrat Price Index indicating a maturing market in Abu Dhabi’s ready home sales.
Read more at Aldar launches first residences in Saadiyat Island’s Marina District (thenationalnews.com)
Dubai to unveil three new master communities in 2024 (13th March)
Dubai is set to see three new master communities emerge in 2024, boosting villa and townhouse supply. Property Monitor reports that the new communities include Emaar’s The Heights Country Club and Grand Club Resort, as well as Damac’s third project, all located in south-west of Dubai. In February, preliminary numbers for new off-plan project launches showed close to 10,000 units being added to the market for sale, with the bulk of launches being for apartments. Dubai property prices have seen a modest monthly gain of 0.83%, with annual gains expected to reach between 5% – 8%. The monthly volume of sales transactions continued to power on, increasing by 2.6% in February, reaching a record high of 11,913 sales. Mortgage transaction volumes decreased by just fewer than 5.0% in February, with loans taken for new purchase money mortgages accounting for 46.1% of borrowing activity.
Read more at Dubai’s 3 new master communities set to boost villa, townhouse supply (zawya.com)
Majid Al Futtaim’s net profit soars by 12% to AED 2.7 Billion in 2023 (14th March)
Majid Al Futtaim, a leading shopping malls, communities, retail, and leisure pioneer in the Middle East, Africa, and Central Asia, has reported a net profit of AED 2.7 Bn for 2023, a 12% YoY increase. Majid Al Futtaim Properties segment saw revenue grow by 20% YoY to AED 6.9 Bn and EBITDA increase by 21% to AED 3.6 Bn in 2023. Majid Al Futtaim Hotels witnessed an 82% occupancy rate on hotel rooms in 2023 while revenues increased 4% to AED 700 Mn.
Read more at Majid Al Futtaim net profit rises 12% to Dh2.7 billion in 2023 – News | Khaleej Times
Ajman real estate market sees AED 718 Million in transactions for February (15th March)
Ajman’s real estate sector recorded 129 valuation transactions worth AED 718 Mn in February, reflecting robust market momentum. Director-General Eng. Omar bin Omair Al Muhairi highlighted a 44.7% increase in commercial property values from January, totaling a valuation of AED 568.4 Mn. Residential and industrial properties were valued at AED 101.4 Mn and AED 45.35 Mn, respectively.
Read more at Real estate valuation in Ajman worth $195.64mln in February (zawya.com)
Dubai Holding merges Nakheel and Meydan for enhanced global competitiveness (17th March)
Under the leadership of Sheikh Mohammed bin Rashid, Dubai Holding has orchestrated the merger of Nakheel, and Meydan to bolster Dubai’s global competitiveness. This strategic move aims to optimize operations, eliminate redundancies, and leverage combined expertise across sectors. The two companies will join forces with Dubai Holding boards to create a more financially efficient entity with assets worth hundreds of billions. With a diverse portfolio spanning hospitality, property, asset management, entertainment, and investments, Dubai Holding is a cornerstone of Dubai’s economic landscape.
Read more at Nakheel and Meydan merge under umbrella of Dubai Holding (thenationalnews.com)
New Murabba Development Company to unveil vision at MIPIM 2024 (12th March)
New Murabba Development Company (NMDC) is set to unveil its transformative urban development vision at MIPIM 2024 in Cannes, France. The company is developing the New Murabba Modern Downtown in Riyadh, aiming to create the world’s most advanced city center in line with Saudi Vision 2030. The project will cover 27 Mn Sqkm, including 119,000 residential units, 9,000 hotel rooms, retail and office spaces, leisure assets, and community facilities. NMDC aims to attract international investment and support Saudi Arabia’s economic diversification. CEO of NMDC, Michael Dyke states that the development is expected to add US$ 50 Bn to the non-oil economy and create 334,000 jobs by 2030.
Read more at NMDC leads Saudi urban development investment drive at Mipim (zawya.com)
