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

▪️   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.  

▪️   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.

▪️   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 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.

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. 

▪️   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.

▪️   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.

▪️   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.

▪️   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.

▪️   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.

▪️   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.

▪️   A separate retail spaces

▪️   General area also dedicates space for perks

▪️   Private beach access

▪️   Gym facilities, swimming pools

▪️   Jogging track, green spaces and more

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.

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.