Top UAE Property News for November 2024

The UAE’s vibrant real estate sector continues to flourish, reaching notable milestones in November 2024. With fresh property launches and impactful initiatives, the month has reinforced the sector’s reputation for resilience and exceptional growth potential.

These advancements not only drive the industry forward but also strengthen the UAE’s position as a leading global investment destination. Let’s explore the top real estate updates from November 2024 and their influence on the sector’s growth trajectory.

DLD Introduces Three Essential Real Estate Services on Dubai Now Platform for Effortless Access

The?Dubai Land Department?(DLD) has added three key real estate services to the Dubai Now platform. Furthermore, the primary motive for this addition is to enhance accessibility for users on smart devices. The three essential services include Property Status Inquiry, Ownership Certificate Request and?Property Valuation Request.?

Users Can Easily Access Real Estate Services Online via Dubai Now Platform These online services provide convenient access to property information and transactions, embodying Dubai’s 360-degree approach to integrated and seamless service delivery.

Dubai’s GDP Grows by 3.3% in Q2 2024, Driven by Key Sectors and Strategic Leadership Dubai’s GDP saw a 3.3% increase in Q2 2024, reaching AED 116 billion. This growth was powered by substantial contributions from transportation, technology, and tourism, aligning with the goals of the Dubai Economic Agenda D33 and Social Agenda 2033. The synergy between private and public sectors has significantly boosted Dubai’s economic expansion.

DREC and Wasl Group Achieve 28% Revenue Growth, Advancing Dubai’s D33 Vision The Dubai Real Estate Corporation (DREC) and Wasl Group reported a 28% increase in revenue during the first ten months of 2024. This growth was driven by Wasl Group’s expansive real estate projects, closely aligned with the Dubai Economic Agenda D33.

This ambitious agenda aims to position Dubai among the world’s top three urban economies. DREC’s diverse portfolio includes over 55,000 units, along with hotels and leisure facilities, contributing to the city’s economic vision.

DIFC Announces Key Amendments to Application and Real Property Laws

Dubai’s International Financial Court (DIFC) has updated its Application Law, Real Property Law and Regulations. The amendments include a 0.25% mortgage registration fee and an extended 60-day registration period for off-plan sales. A key change in the Application Law clarified that DIFC law will follow common law principles. The law will rely on English and international jurisdictions to promote consistency and development.

Burj Azizi to Become Dubai’s Second-Tallest Tower and a Global Icon

Burj Azizi is poised to become the second-tallest building globally, following Burj Khalifa. Soaring to a height of 725 meters with 132 floors, its completion is slated for 2028.

The tower will feature unique attractions, including the world’s highest hotel lobby, nightclub, and restaurant. It will also house vertical shopping malls, luxury accommodations, and wellness facilities. The tower’s mixed-use design presents notable challenges in optimizing space effectively.

Palm Jebel Ali Breaks Records with Unprecedented Sales and Swift Development Progress

Nakheel’s Palm Jebel Ali is advancing at a remarkable pace, with the first phase of waterfront villas and plots selling out in record time. Spanning 13.4 km, this ambitious project aligns with Dubai’s urban growth strategy, emphasizing smart city features, sustainable designs, and pedestrian-friendly communities.

Construction Begins on Ultra-Luxurious Armani Beach Residences at Palm Jumeirah

Arada has commenced work on the opulent Armani Beach Residences at Palm Jumeirah, developed in collaboration with Armani/Casa and renowned architect Tadao Ando. The project will feature 52 bespoke homes with high-end amenities and breathtaking views of the Arabian Gulf and Dubai skyline.

The International Foundation Group oversees enabling works, scheduled for completion by March. Recognized as the Best Branded Residences and Waterfront Project of the Year, this development sets a new benchmark for luxury living.

Sharjah Reduces Fees for ACRES Real Estate Exhibition to Attract Investors

The Sharjah Executive Council has announced fee reductions for participants in the ACRES real estate exhibition. Developers will benefit from a 0.5% reduction in selling fees, while purchase fees are cut by 1% for UAE and GCC nationals and 2% for other nationalities.

This initiative aims to attract investors, boost sales, and stimulate the local real estate market. The exhibition will run from January 22 to 25, 2025, at Expo Centre Sharjah, offering exclusive deals from top developers.

Emirates Digital Wallet Now Provides Real Estate Certificates in Ajman

The Ajman Department of Land and Real Estate Regulation has introduced real estate certificates through the Emirates Digital Wallet (EDW) platform. As one of the first organizations to adopt this technology, it ensures seamless access to essential government documents, aligning with the UAE’s vision to minimize cash-based transactions.

Monaco Mansions by Azizi Developments Redefine Ultra-Luxury Living

Azizi Developments has unveiled Monaco Mansions, part of the Azizi Venice project in Dubai South. These lavish residences offer 6–8 bedrooms, private cinemas, and stunning waterfront views.

The broader Azizi Venice community will feature over 36,000 units, a massive lagoon, sandy beaches, cycling tracks, and an opera house, creating a new standard for luxury living.

The Hub Residences in Al Furjan Set a New Standard for Sustainable Living

ZāZEN Properties has launched The Hub Residences in Dubai’s Al Furjan community. This sustainable 10-story, LEED-certified development comprises 105 units, including townhouse-style homes with pools and private gardens.

Located near the Al Furjan metro station, the project offers high investment potential while promoting eco-friendly living. ZāZEN continues its collaboration with One Broker Group to drive sales and build sustainable communities.

AED 400M Terrases Marassi Drive Handed Over in Business Bay

K-Mavins Group has delivered the AED 400M Terrases Marassi Drive residential project in Dubai’s Business Bay. Equipped with luxurious features like private pools, a fitness center, and Himalayan salt rooms, the development exemplifies high-end living.

With over AED 1B invested in the UAE, K-Mavins is expanding its portfolio, including upcoming projects like The Villa Square, Liwan Mall, and a new AED 340M development in Al Jaddaf by 2027.

Wynn Resorts’ Al Marjan Island Project on Track for 2027 Debut

Wynn Resorts is making rapid progress on its highly anticipated Al Marjan Island development, slated for completion in 2027.

Wynn Al Marjan Island Resort Nears Completion Ahead of 2027 Launch

The Wynn Al Marjan Island Resort in Ras Al Khaimah is on track for an early 2027 opening, with 55% of construction already complete. The resort will feature 1,542 rooms, luxury amenities, a beach club, a retail area, and upscale dining options.

This development aims to redefine the UAE’s gaming and tourism sectors, marking a pivotal milestone in the country’s newly legalized gaming market. The project is a collaborative effort between Marjan and RAK Hospitality.

FAQs

When will Burj Azizi be completed? Burj Azizi, set to become the world’s second-tallest building, is scheduled for completion in 2028.

Where are Arada’s Armani Beach Residences located? Arada’s Armani Beach Residences are located at Palm Jumeirah, with completion expected by March.

What are Sharjah’s fee reductions for the ACRES Real Estate Exhibition? Sharjah’s ACRES Real Estate Exhibition offers a 0.5% fee reduction for developers, a 1% cut for UAE and GCC citizens, and a 2% reduction for other nationalities.

UAE Real Estate Market Update – November 2024

The UAE’s real estate market continues to thrive, driven by record sales and a surge in luxury developments. Tax advantages and the nation’s legal stability remain key factors fueling this growth.

If you’re looking to invest in this booming market, explore a range of properties for sale in the UAE to capitalize on its promising opportunities.

At?Global Homes, we are dedicated to providing expert guidance and tailored services to help you navigate Dubai’s vibrant real estate market. With our deep market knowledge and unwavering commitment to excellence, we are your trusted partner in making the most of Dubai’s unique opportunities.