Highlights of the week | 25th March – 31st March 2024

UAE luxury property projects sell out rapidly (25^th March)

Demand for these luxury properties are primarily driven by high-net-worth individuals, foreign investors, and residents taking advantage of comparatively lower prices. Wasl sold all 600 units of Park Views Residences Tower A, part of the Wasl 1 master development, within 36 hours. Abu Dhabi’s Aldar Properties also reported quick sellouts for the first two phases of Haven by Aldar, with over three-quarters of units purchased by foreign investors and expat residents, generating more than AED 3.1 Bn in sales. Binghatti Holding has seen significant sales in its luxury apartment projects starting from prices above AED 20 Mn, while Danube Properties’ projects like Oceans have been quickly bought up post-launch.

Read more at UAE: Why property projects in Abu Dhabi, Dubai sell out in hours (zawya.com)

Damac Properties launches Autograph Collection in Damac Hills (25^th March)

Damac Properties, has unveiled the Autograph Collection, a new premium housing project in the Damac Hills neighborhood. The collection includes 50 luxury homes, each with a distinct style and ranging from 4 – 7 bedrooms. The homes have marble finishes from Italy, Spain, and Greece and provide panoramic views of parks and golf grounds. Starting at AED 5.1 Mn (~US$ 1.4 Mn), homeowners will have access to world-class amenities such as the Trump International Golf Club, stables, and a skate park. The Autograph Collection exemplifies Damac’s dedication to offering a unique luxury living experience in the UAE.

Read more at Damac launches luxury Autograph Collection homes (zawya.com)

Samana Developers commits AED 12.5 Billion to waterfront projects in Dubai (25^th March)

Samana Developers plans to invest AED 12.5 Bn (US$ 3.4 Bn) in new residential projects for 2024, primarily in waterfront developments. The company will issue 18 construction contracts to improve its position as one of Dubai’s top growth developers. CEO Imran Farooq emphasized the luxury waterfront properties in Dubai’s property market. Samana’s investment strategy includes collaboration with contractors for quality and timely completion. The company’s long-term payment plans aim to make homeownership more accessible.

Read more at Samana to invest $3.4bln in Dubai projects this year (zawya.com)

Bloom Holding appoints main contractor for Casares in Abu Dhabi (25^th March)

Bloom Holding has chosen Emirates Link Maltauro to oversee construction for Casares, the third phase of the Bloom Living community in Abu Dhabi. The project will feature two- and three-bedroom townhouses, with construction expected to be completed by Q1 2026. The development follows the launch of Bloom Living’s fifth phase, Seville. Cordoba and Toledo are currently 60% and 23% complete respectively, with Cordoba set for competition in Q4 2024 and Toledo for Q2 2025 respectively. Casares will include a community center, parks, clubhouse, town center, medical clinic, wellness center, supermarket, lake, amphitheaters, plazas, places of worship, and two international schools. Bloom Living offers villas, townhouses, and apartments in a gated community within Zayed City, near Zayed International Airport.

Read more at UAE: Bloom selects main contractor for Casares townhouses (zawya.com)

Dubai Investments unveils AED 300 Million luxury residential project in JVC (26^th March)

Dubai Investments plans to build a G+4P+27 residential project named Violet Tower, in Dubai’s Jumeirah Village Circle. The project, estimated to cost AED 300 Mn (~US$ 82 Mn), would have 287 units, comprising studio, one-bedroom, and two-bedroom apartments. The building will offer facilities such as a swimming pool, gym, and children’s play area. The project is anticipated to begin in Q2 2024 and be finished within 24 months. The development will adhere to the Dubai Municipality Green Code, demonstrating Dubai Investments’ dedication to sustainable living environments.

Read more at Dubai Investments’ $81mln tower to redefine luxury living (zawya.com)

Ssangyong Engineering & Construction secures contracts for two luxury towers in Dubai Creek Harbour (26^th March)

Ssangyong Engineering & Construction has secured contracts with Emaar to build two luxury residential projects, Creek Waters 1 and 2, in Dubai’s Creek Harbour area. These 52-story towers will include 450 and 455 units, respectively, and are expected to be completed within 35 months from commencement date.

Read more at Ssangyong E&C wins two residential towers contracts in Dubai (zawya.com)

Deyaar announces first dividend amid real estate boom (26^th March)

Deyaar, has announced its first dividend payment, taking advantage of the flourishing real estate market. Years of addressing heritage and business concerns have helped the company establish itself as a prominent participant in Dubai’s real estate sector. Following COVID, Deyaar reorganized its capital and reached a AED 500 Mn settlement with a government agency, bringing long-standing legal battles to a close. Revenues increased by 56% to ~AED 1.3 Bn over the previous year, while profits increased by 206% to AED 441 Mn. The board suggested a 4% dividend, which is the company’s first.

Read more at Dubai: Decoding Deyaar’s turnaround process (zawya.com)

Inside a luxurious AED 200 Million Palm Jumeirah Villa (27^th March)

Dubai’s luxury real estate market is rising, thanks to ultra-high net worth individuals buying in premium homes like the AED 200 Mn mansion on Palm Jumeirah. Knight Frank’s 2024 estimate expects that this industry will continue to develop exponentially. Spread over 23,500 Sqft, this single-row home on Frond H has ten bedrooms and eleven bathrooms spread across four floors, as well as an industrial kitchen, salon, gym, and leisure space with a steam room, sauna, and ice bath. The house also has a private theater, gaming area, outdoor pool, and an 18-person dining room. The mansion, furnished with premium labels like as Hermes and Fendi, boasts panoramic views over Atlantis The Royal.

Read more at Inside Dubai’s $54mln luxury property with built-in salon, home theatre, gaming lounge (zawya.com)

Government of Ras Al Khaimah increases stake in RAK Properties (27^th March)

The Ras Al Khaimah government increased its ownership in RAK Properties by a substantial margin, from 5% to 34% post-issuance, pending approval from Securities and Commodities Authority. The issuing of 920 Mn additional shares, each with a nominal value of AED 1, as part of this calculated strategy was authorized at the company’s annual general meeting on March 20. This increase in ownership fortifies the company’s balance sheet and brings it closer to the Emirate’s developmental objectives. The CEO of RAK Properties, Sameh Muhtadi, emphasized that this choice demonstrates the company’s faith in its growth strategy and vision. As part of the government’s assistance, the firm will receive discounted land in kind, increasing its landbank for further projects. Furthermore, the shareholders authorized bonus shares worth AED 80 Mn and cash dividends of 3% of the capital totaling AED 60 Mn.

Read more at RAK government raises stake in emirate’s top realtor (zawya.com)

Arada completes first phase of residential buildings in Naseej District, Aljada (27^th March)

Arada has completed the first eight residential buildings in Naseej District, a new creative hub based at the AED 35 Bn (US$ 9.53 Bn) Aljada megaproject in Sharjah. The Tiraz buildings offer 920 homes, ranging from studios to two-bedroom apartments, and are close to cultural and retail attractions. The homes are equipped with smart home features, overlook landscaped parks, and have access to amenities like health clubs and swimming pools. Arada’s commitment to timely delivery and quality design enhances Sharjah’s property market and adds value to buyers’ investments.

Read more at Arada completes first 920 homes in Sharjah megaproject Aljada (zawya.com)

New AED 3.5 Billion housing project approved in Abu Dhabi for UAE nationals (27^th March)

Abu Dhabi is starting a major project to build a housing complex valued at AED 3.5 Bn (US$ 953 Mn), with the goal of giving UAE citizens over a thousand apartments. The Yas Canal residential project near Al Raha Beach, which has the approval of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, would comprise of 1,146 villas to be scheduled for completion in the last quarter of 2027. The 1.8 square kilometer Yas Canal project would include mosques, schools, gyms, and retail establishments, among other necessities. Residents may get house loans from the Abu Dhabi house Authority to secure their homes inside the complex, with villa choices ranging from 3 to 6 bedrooms and plot sizes from 600 to 780 Sqms.

Read more at Abu Dhabi to build $953mln housing for UAE citizens (zawya.com)

Dubai real estate market shows strong growth trajectory in 2024 (28^th March)

It is anticipated that the real estate market in Dubai would continue to grow in 2024, with sales estimated to reach over AED 100 Bn and over 30,000 transactions in the first quarter. Government policies and infrastructural improvements support the market’s adaptation and resilience. The strategic positioning of Dubai as a worldwide commercial hub and an ideal site for real estate diversification is highlighted by stakeholders. Specialized businesses expect significant growth because of things like cleanliness, safety, and tourism appeal. Although a moderating of price increases is anticipated, the market is well-positioned to maintain its upward trajectory and provide investors with solid returns in a dynamic environment.

Read more at Dubai real estate demand persists (zawya.com)

Returning expatriates drive surge in property investments in UAE (28^th March)

Former inhabitants of the UAE are moving back to the nation after leaving for the US and Canada, a movement known as reverse migration. Escape from high taxes, growing living expenses, and restricted prospects in their adoptive nations is the driving force behind this movement. Property demand is being driven, especially in the residential sector, by the UAE’s public safety, quality of life, and closeness to family. Relocating back to the UAE is being prompted by increased living costs in Canada, as well. In addition to fueling this trend, the Golden Visa program guarantees the Dubai real estate market’s continuous expansion.

Read more at UAE residents who migrated to Canada, US now moving back to Dubai: Experts (zawya.com)

Dubai firms transition to property ownership amid soaring rents (31^st March)

Several local and regional companies in Dubai are shifting from renting to owning properties due to rising rentals, similar to the trend among residents. This trend has been a key driver of the residential property market in the post-pandemic period. Companies looking to own properties are prevalent in both office and industrial sectors. Local entities are particularly interested in owning their space, as they don’t want to face sharp rental increases or eviction notices. Robert Thomas, head of agency at Cushman & Wakefield Core mentioned that office sales market sales transactions grew 24% year-on-year, with a 23% increase in median sales prices in 2023. Adam Wynne, associate partner for capital markets and occupier/landlord solutions at Knight Frank, said that Dubai is also experiencing a significant influx of institutional investments from the US due to its strategic location, e-commerce growth, and need for efficient supply chain solutions.

Read more at Dubai: Amid rising rents, firms looking to own properties (zawya.com)

Dubai increases Emirati participation in real estate brokerage (31^st March)

Dubai is boosting Emirati involvement in the real estate sector through the Dubai Real Estate Broker Programme. The Dubai Land Department (DLD) is partnering with nine prominent developers (Emaar, Expo Dubai, Deyaar, Damac, Azizi, MAG, Sobha Realty, Ellington Properties and Al Bait Al Duwaliy Real Estate Development) to allocate 10-15% of units in new projects for Emirati brokers. The initiative aims to boost the competitiveness of Emirati professionals in the market. The programme also provides guidance, professional training, and support to Emiratis, encouraging them to enter and succeed in the real estate market. The next phase of the programme will expand partnerships with more developers and brokers, qualifying more Emiratis to work in the property sector and fostering a culture of innovation and sustainability.

Read more at Dubai developers to allocate 10% to 15% of projects to Emirati real estate brokers (thenationalnews.com)

Major real estate funds launched for Makkah Development (31^st March)

Eng. Saleh Al-Rasheed, CEO of the Royal Commission for Makkah City and Holy Sites, has announced the establishment of real estate funds worth SAR 16 Bn to implement a comprehensive development renaissance in Makkah. The Holy Capital is on the verge of a comprehensive development renaissance, aiming to put it in the ranks of developed cities worldwide. The commission has made significant achievements, like facilitating transportation for citizens & visitors, providing economic opportunities, and launching electronic platforms to increase efficiency of institutional operation. The project aims to develop mosques & facilities at mawaqeet. The Transport Center in Makkah is working to modernize the transportation sector, including the Makkah Bus Project, which operates with a fleet of 400 buses equipped with modern systems.

Read more at Real estate funds worth $4.2bln created for Makkah Developed Neighborhoods Project (zawya.com)