UAE’s real estate market has shown tremendous growth in the previous quarters and this month is no exception. From record-breaking sales of properties to the launch of the latest initiatives, July has been packed with noteworthy events. All of these events combined have significantly contributed towards the positive growth of the real estate sector.
Let’s take a look at the UAE real estate news from July 2024 and elaborate on each in detail.
UAE Property News 2024
Similar to the UAE property news from June 2024, we have brought you a compilation of all the top real estate news from July.
DLD Settles 647 Property Disputes Worth AED 1.38 Billion in H1 2024
In the first half of 2024, the DLD Dubai settled around 647 property disputes worth AED 1.38 Billion. The settlement agreement rate was 100% through the Oqoodi platform services. Resolving property disputes not only makes the transaction process transparent but also aids in increasing investors’ trust in the market.
Alongside property disputes, tenants are also facilitated to register rental disputes in Dubai.
DLD Fine 256 Brokers on Advertising Violations
DLD has always been focused on ensuring compliance with regulation standards in the real estate sector. As a part of an ongoing campaign, DLD has visited 450 sites and 1,530 associated advertisements. After the visit, 256 brokers were fined for noncompliance with the advertisement regulations and 1200 were issued with legal warning.
If you want to be exempt from the legal hassle, adhere to the RERA property advertisement regulation.
ISKAN Abu Dhabi Branch Opens in Al Dhafra
ISKAN is a one-stop shop platform for all housing-related services such as residential land grants and property exchange. Taking convenience to the next level, the Abu Dhabi Housing Authority (ADHA) has set up a new branch of ISKAN in Al Dhafra.
Citizens can avail of a wide range of services through this branch including housing loans, purchase of residential lands and register for exemptions.
Land Exchange Service Between Citizens Launched by Abu Dhabi Housing Authority
The Abu Dhabi Housing Authority has announced a land exchange service between the Emiratis. The core purpose of this service is to increase community spirit and brotherhood. Eligible citizens will be allowed to exchange their previously allocated residential lands with each other.
Please remember that applicable fees will be charged from the citizens on the exchange of land.
Dubai Housing Authority Plans to Employ Drones for the Monitoring of Smart Projects
DLD Dubai is planning to make use of artificial intelligence (AI) and drones in the real estate sector. The drones will be used to monitor construction sites and evaluate compliance with legal and safety standards. Moreover, it will also be used for preventive maintenance and detecting leaks and faults.
Largest Plot in Business Bay Available for Sale
Driven Properties has successfully managed the sale of one of the largest plots in Business Bay. The plot located at Marasi Drive covers an area of 1.02 million sq. ft offering 270 waterfront views.
Lamar Development will build a new sustainable office park on the plot addressing the shortage of Grade A offices in the area.
Off-Plan Lanai Island Mansion Sold for AED 105M
Tilal Al Ghaf is gradually becoming one of the most sought-after addresses in the emirate, attracting buyers from all across the globe. In fact, the community has witnessed the most expensive villa sale of AED 105M.
The villa that has been sold in the Lanai Island off-plan project costs around AED 3416/ sq.ft, making it higher than the usual rate in the community.
Besides the highest recorded sales, here are some other reasons to invest in Tilal Al Ghaf.
Seabeats Announces a New Comprehensive Home Insurance Plan
Seabeats is all set to address the insurance market gap with its new policy. Contrary to conventional home insurance policies, the Seabeats’ policy offers a wide range of coverage under one policy. The policy will cover physical structure, valuable items, interior and other necessary items. In conventional ones, homeowners are required to buy different policies for the coverage of each item.
FAQs
Is Business Bay a freehold property area?
Yes, Business Bay is a freehold property area. Here is the complete list of freehold property areas in Dubai.
Is ownership swapping allowed in Abu Dhabi?
Yes, ownership swapping is allowed in Abu Dhabi.
How much does home insurance cost in the UAE?
The cost of home insurance varies depending on multiple factors. Usually, it is 0.1 – 0.5% of the property’s annual worth.
These were all the top UAE real estate news from July 2024. A number of positive developments have been observed in the real estate sector in July. All of these factors combine to fuel the growth of the property market. If you are also interested in availing of this upward trajectory, browse through these properties for sale in the UAE and invest in real estate.
Besides, here are all the details regarding investment trends in Dubai that can help you in the process.
Stay tuned to dubizzle’s property blog for more information on real estate investment.
