Last Month in Real Estate – September 2021

Last Month in Real Estate – September 2021

*DLD Reports Highest Transactions: Dubai’s property market attracts both local and global investors
- Dubai Land Department rolled out a report to reveal the transactions of August 2021. 
- Dubai’s real estate recorded 5,780 transactions worth AED 14.9 billion in August 2021. 
- Number of transactions made in August for the past 12 years, making August 2021 the second-highest month on record since December 2013. 
- Rise in property investments shows the increased international interest in the city’s real estate on the cusp of Expo 2020.

Property Transactions
- 55% of property transactions were made for ready properties.
- 45% were reserved for off-plan properties as per the index. 

Top Five Areas & Maximum Transactions
The top five areas that have garnered a maximum number of transactions for apartments:
1. Jumeirah Village Circle
2. Business Bay
3. Mohammed bin Rashid City
4. Downtown Dubai 
5. Dubai Harbour

Top Transactions as for villas and townhouses for the same period have been in areas like:
1. Dubailand
2. Tilal Al Ghaf
3. DAMAC Hills 2
4. Dubai South 
5. Arabian Ranches 3

*Arada Awarded a Contract to Design a Forested Community in Sharjah
- Arada, a popular UAE-based developer received a design and services contract for Sendian District, Masaar in September 2021. 

Masaar
- New forested community in Suyoh Sharjah with Senidian District.
- Constituting the first phase of this AED 8B project. 
- Will work in collaboration with Dubai-based Dewan Architects & Engineers for the construction of over 400 townhouses and villas at Masaar.
- Community was launched in January 2021.

Aim 
To offer residents a healthy lifestyle in harmony with nature. 

Features
- Around 4,000 villas and townhouses divided across eight gated districts.
- Beautifully landscaped, walkable ‘green spine’.
- Expected to have cycle tracks, footpaths, sporting facilities and passive zones.

Things to point out
- Actually, this is not the first contract awarded for this project. 
- In May, a contract for infrastructure design and supervision services was awarded to a US-based engineering consultancy, Parsons Overseas. 
- ASGC was chosen for the development of the Masaar Experience Centre and a show villa in the emirate.
- First phase of the project is 90% sold.
- Houses will be ready for handovers by the end of 2023.

*Ministry of Finance and Ajman Land Come to an Agreement
- Ajman’s Department of Land and Real Estate Regulation and The Ministry of Finance signed a Memorandum of Understanding (MOU) to exchange tax data as per bilateral agreements signed between the UAE and other countries. 

- Agreements include:
1. Model contracts for the effective transfer of information. 
2. Neutralising harmful tax practices. 

Reasons 
1. To ensure the application of international agreements
2. Strengthen the UAE’s financial position to attract global investors to the country. 

Agreement 
Contract was signed by His Excellency Eng. Omar bin Omair Al Muhairi, Director General of the Department of Land and Real Estate Regulation in Ajman and His Excellency Younis Haji Al Khouri, Undersecretary of the Ministry of Finance. 

*Serenia Residences Plans to Develop a Beachfront Residence at Palm
- Recent purchase have been making waves in the property sector of Dubai. 

Highlights of Serenia Residences
- Bought Dubai’s most expensive plot, worth AED 508M in Palm Jumeirah in September 2021.
- Plot is located at the crescent of the Palm.
- Will soon be turned into a beachfront residence. 

Construction
- Project spread over 1.2 million sq. ft.
- With costs expected up to AED 2.5B to build. 
- Built by Palma Holding, popularly known for projects such as Serenia Residences, Olivara Residences and Silverene Towers. 
- Launched in 2022.

Developments
Following the completion and near sell-out of Serenia Residences, we are excited to purchase this landmark plot to build another masterpiece on one of the most unique locations in Dubai – The Palm.

*Pre-approval Required from Abu Dhabi Municipality for Service Fee
Developers will require prior approval from Abu Dhabi Municipalities and Transport to increase property maintenance fees as per the new rules and regulations. 

Purpose
To preserve the rights of property owners and investors who intend to buy a residence or make a viable investment in the emirate.

This decision will also lay the groundwork for the open economy in Abu Dhabi and help owners become more aware of the utility of service costs they pay. Before the introduction of this rule, the developer or the property management company used to decide the service fee.

FREQUENTLY ASKED QUESTIONS

What is the procedure for buying a property in Dubai?
The process of buying a property in Dubai depends upon four steps that range from negotiating the cost to initiating the transference of the property.