March 2021 - UAE Property Market Updates

March 2021 - UAE Property Market Updates 

▪️   Consolidated FDR and DLD Launch Initiative for Foreign Investments
▪️   DLD performances in UAE Property Investments
▪️   Launch of a special to Update Landowner Data in Sharjah
▪️   Development of Nest Project 
▪️   Azizi Developments Completes Handover of Mina, Palm Jumeriah
▪️   FAQs

Here is the UAE real estate news that made waves in March 2021, from the construction of a unique student housing complex in Sharjah to an immense spike in real estate transactions in Dubai.

FDR and DLD Launch Initiative for Foreign Investments 
▪️   The Dubai Investment Development Agency (Dubai FDI) and the Dubai Land Department (DLD) laid preliminary groundwork that will attract direct foreign investments (FDI) early in march.
▪️   A memorandum of understanding (MoU) was signed between the two parties which defined a general framework and outlined areas of co-operation. 
▪️   The co-operative areas include the exchange of vital information in terms of attraction investments as per official regulations in the emirate of Dubai.  

Purpose 
▪️   The primary purpose of the initiative is to promote the benefits of foreign investments, as well as to endorse Dubai as a favourable destination for trade, economic activities and real estate investments.
▪️   To draw foreign investments to the city, both parties will co-operate to organise international and local exhibitions — including both non-digital and digital.

DLD performances in UAE Property Investments 
Arabian Ranches, Dubai
▪️   The real estate industry news for Dubai in March reveals an increase in real estate transactions in areas like Arabian Ranches
▪️   An official sales price index launched by the Dubai Land Department
▪️   The number of real estate investments in the Dubai real estate market has seen an uptick in investments this year. These include:
1.  Over 3,787 property transactions 
2.  Worth AED 7.43 billion as recorded in February 2021
▪️   In terms of volume, that is a 13.8% increase compared to the real estate forecast in January 2021. 
▪️   Brings the total number of transactions until February of this year to 7,114, with transactions being worth over AED 14.2 billion.

Sales in February 2021 
▪️   Sales in sectors for villas and townhouses - 10.3% in February 2021.
▪️   Popular being Nad Al Sheba
▪️   Second is, The Dubai Hills Community.
▪️   Followed by the Green Community, Arabian Ranches and Dubai land.

Launch of a Special Campaign to Update Landowner Data in Sharjah
A special campaign was recently launched to update landowner information in various areas and regions of Sharjah. 
▪️   The initiative was the result of a collaborative effort between the Sharjah Real Estate Registration Department and the District & Villages Affairs Department. 

Aim
▪️   To update the data of all real estate owners in the emirate including residents, citizens and foreign investors. 
▪️   One of the purposes was to eliminate the problems posed by similar owner names by linking names to ID numbers.

Campaign 
▪️   The campaign lasted until March 29th 2021 
▪️   Took place in each district’s suburban council
▪️   Apart from securing owner rights, the move also facilitates the management of properties in Sharjah.

The Nest Project
▪️   Nest, the first integrated student housing complex in the United Arab Emirates
▪️   Currently under development with delivery expected in 2021.
▪️    Situated within the Aljada project
▪️    Developed by the Arada Real Estate Development Company. 
▪️   Spanning over 388 thousand square feet
▪️   One of the most ambitious in the emirate.

Nest - Highlights
▪️   The 12 buildings in Nest will include 2,000 housing units. 
▪️   Each building including studio flats and shared dormitories.
▪️   Features separate residential areas for male and female residents.
▪️   Includes a music hall, library, theatre, running track, art studio and a main dining hall.

Azizi Developments Launched – The Handover of Luxurious Mina Development
Upper view of Palm Jumeirah in Dubai

Aziz Developments
▪️   One of the best real estate developments in Dubai
▪️   Recently celebrated a successful handover of Mina
▪️   The luxurious development is located on the iconic Palm Jumeirah’s eastern crescent. 
▪️   The inauguration was officially carried out by chairman and founder of Azizi Developments Mirwais Azizi and chief executive of Aziz Developments Farhad Azizi. 
▪️   The event took place in the presence of local government authorities, senior team members, partners and the media.

The Name - Mina 
▪️   Inspired by the CEO’s daughter at Aziz Developments
▪️   Is an opulent development at one of the most prestigious addresses in the UAE — the Palm Jumeirah. 
▪️   With enviable amenities and a location surrounded by the azure waters of the Arabian Gulf
▪️   It is ideal for those in search of high-end living.
▪️   The waterfront project has a built-up area of 38,500 square metres with residential units including apartments and penthouses.

Features
▪️   A separate retail spaces
▪️   General area also dedicates space for perks
▪️   Private beach access
▪️   Gym facilities, swimming pools
▪️   Jogging track, green spaces and more

FREQUENTLY ASKED QUESTIONS

1.  What is the best investment in Dubai?
The Dubai real estate market is among the most profitable in the world, with off-plan real estate being a favourite option for expat investors. Interested buyers can focus their search on the best areas with off-plan properties in Dubai to find lucrative properties.

2.  Is it better to buy or rent in Dubai?
Yes, with property prices at a low, a lot of people are considering purchasing real estate in the United Arab Emirates as opposed to renting.