The UAE’s real estate sector continues to thrive in October. With ground-breaking sales to innovative strategies and vision, October brings many exciting events. The announcement of new off-plan projects and investments has cemented the UAE’s position as a global real estate hub. Let’s look at some of the top UAE real estate news from October 2024. Whether you are a buyer, investor, tenant or an industry professional, the roundup will keep you updated on all the latest developments in the industry.
Real Estate News in the UAE October 2024
Following are some of the top UAE property news 2024 for October.
AED 1 Trillion Dubai Real Estate Sector Strategy 2033 is all set to Boost the Market
The Dubai Real Estate Sector Strategy 2030 was announced in October by DLD. The strategy serves as a road map for the real estate sector, navigating it to the leading position. The real estate market of Dubai has recorded over 163k property transactions amounting to around AED 544 billion in the first 9 months of 2024. In the same time frame, investments crossed AED 376 billion; whereas, property speculations remain 20%.
The strategy aims to double the real estate market’s contribution to Dubai’s GDP by AED 73 billion. Besides GDP, here are some other objectives of Strategy 2033.
- Increase home ownership to 33%.
- Boost real estate transactions by 70%, raising the market value to AED 1 trillion.
- Multiply Dubai’s real estate portfolios 20 times, estimated to be AED 20 billion.
The core aspect of the 2033 Strategy is the usage of advanced technology in the sector. Moreover, it also helps in the establishment of new smart cities in Dubai, built on the highest standards.
A New Legal Framework & Property Rules for Al Reem Island Announced
Abu Dhabi Global Market (ADGM) is one of the free zones in Abu Dhabi, which was established under the federal decree. That said, ADGM is allowed to enforce their own sets of rules and regulations within their jurisdictions.
ADGM aims to increase transaction transparency and flexibility to attract local and foreign investments. For this, a legal framework has been introduced by ADGM in Al Reem Island.
- Regulatory legislation for short-term residential leases.
- Updated legislation for escrow accounts, off-plan development and off-plan sales.
- New registration framework for real properties and professionals (valuers, brokers and property managers).
- Transitional Provision of Al Reem Island.
To support the new framework, (ADGM) has also launched AccessRP, a digital platform that provides a wide range of real estate services. Here are some properties for sale in Al Reem Island that you can browse through and avail of the recent developments that ADGM made.
Ajman Real Estate Market Valuation Reached AED 3.35 Billion in Q3 2024
Ajman’s real estate market has shown tremendous growth in 2024 with 511 recorded real estate transactions, amounting to AED 3.35 billion. Moreover, the recorded transactions for property units have been 179, making it AED 113 million.
Around 449 real estate transactions related to Golden Investment Visa have also been recorded, valuing AED 1.21 billion. For commercial, residential and industrial properties, the transactions have exceeded AED 2.56 billion, AED 453.6 million and AED 288 million, respectively.
Aldar’s Profit Soared to AED 4.6 Billion During the First 9 Months of 2024
Aldar, one of the largest and leading real estate developers in Abu Dhabi records a groundbreaking profit of AED 4.6 billion. The profit has surged 55% in the first 9 months of 2024 with group sales reaching AED 24 billion.
Arthouse on Saadiyat Island, Yas Riva and Verdes by Haven in Dubai are some of the new launches that significantly contribute to the profit.
Binghatti’s $1.63 Billion Project Is Ready to Redefine WaterFront Living
Binghatti Skyrise is a residential development located in Business Bay next to the Dubai Canal. This waterfront property will offer scenic views of the canal and some of the iconic landmarks of Dubai.
With a starting price of AED 975k, the luxury Binghatti off-plan project in Dubai – Skyrise offers studio, 1,2 and 3-bedroom apartments. The project is estimated to be delivered by Q4 – 2026.
Maysan by Modon’s First Phase Sold Out Within Hours of its Launch
Maysan, a luxury freehold project by Modon on Al Reem Island, completely sold out within a few hours of its launch. The project covers an area of almost 600k sq.m. offering boutique-like inside-out living.
The community is divided into 2 sub-communities featuring 132 stacked maisonettes and 184 townhouses. Moreover, green spaces, kid’s play areas and all the modern lifestyle amenities and facilities will be present in the community.
Second Residential Project of Amwaj – Starlight Park Announced in Dubai
After the success of Starlight Park, AMWAJ has launched its second residential project – The Cube in Dubai. Located in Mohammed Bin Rashid City, the community offers easy access to major city centres. The Cube is designed keeping in view the needs of artists, youth, innovators and entrepreneurs.
The properties for sale in The Cube include 1 and 2-bedroom apartments with a covered area of 708 sq. ft. to 1,695 sq. ft. Moreover, amenities like coworking space, fitness club, coffee lounge, rooftop pool and gaming room are also offered.
What’s In Amali’s $544 Million Ultra-luxury Villa Project?
Amali Properties has initiated the construction of Amali Island, a project worth AED 2 billion. The Island is located near the Dubai coast in the Worlds Islands. The project will feature only 24 exclusive villas, setting a higher mark for exclusivity and luxury. In fact, three villas out of 24 have already been sold, amounting to AED 400 million. Besides them, here are a few more villas for sale in Amali Island that you can opt for.
Amali Island offers waterfront villas with a private marina and pontoon. Moreover, the villa also offers a bar, pool, retractable bridge, private garden and sunken seating. The Club House of the community offers a wide range of recreational and modern lifestyle amenities and facilities.
The Berkeley by SOHO in Dubai Hills Is 75% Sold Out
Berkeley by SOHO was launched in July, and 75% of the units have already been sold. Located in a sought-after community of Dubai Hills Estate, the project offers fully-furnished studio, 1 and 2-bedroom apartments. The covered area of properties for sale in Berkeley ranges from 35 sq.m to 136 sq.m.
Besides premium finishes and high-quality appliances, the project is also equipped with The Sun Deck, Azure Pool, The Playhouse and The Lounge. With all of this, the starting price of apartments in Berkeley by SOHO is AED 1,000,000.
Dubai’s City of Arabia Will Have an AI-integrated Residential Development
The Laguna Residence is a luxury residential project by One Development. Located in the City of Arabia, the residence offers mesmerising views of the Dubai skyline and easy access to major city centres. The apartments for sale in Laguna Residence are available in studio to 3-bedroom layouts with a starting price of AED 600k.
Residents of the Laguna Residence can enjoy 30 premium amenities like infinity pools, a private lagoon, a beach area, a yoga zone and a vertical garden. Moreover, it will be home to one of the largest podium lagoons in the Emirates. The community is fully AI-integrated with smart services and home automation.
AED 15.5 Million Annual Rent of Villa in Jumeirah Bay Sets New Record
Jumeirah Bay is one of the most sought-after addresses in Dubai, offering ultra-luxury waterfront residences. The community is fully equipped with all the amenities and facilities required for an upscale lifestyle.
Recently, a villa in Jumeirah Bay Island was leased for AED 15.5 million/year, breaking records. The amount of villa leases is one of the highest in Dubai’s history. Besides, here are some more villas for sale in Jumeirah Bay that you can consider buying.
FAQs
What was the situation of Dubai’s market in October 2024?
Dubai’s real estate market has shown a positive upward trend in October. New property launches and strategies have contributed significantly to this growth.
What is Dubai Real Estate Sector Strategy 2033?
The Dubai Real Estate Sector Strategy 2033, is a roadmap that will lead the market to the top. The strategy is focused on the increasing market’s revenue and transactions.
Can I buy properties in Al Reem Island?
Yes, Al Reem Island is one of the freehold property areas of Abu Dhabi allowing expats to buy property units.
These were all the UAE real estate news from October 2024. The record-breaking records and announcement of ultra-luxury projects, reflect the growing and diverse property market of the UAE. There are several reasons for this positive growth. Among these reasons, law and order situation, tax benefits and transparent transactions take the lead. If you are also interested in the country’s real estate market, browse through these properties for sale in the UAE and find an ideal unit for investment.
Those who missed important news from the last month can read through our UAE property news from September 2024.
Stay tuned to dubizzle’s property blog for more UAE property market news.
