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The cities of the Emirates, notably Dubai, Abu Dhabi and Sharjah, have seen a series of launches of various new real estate projects, and the uses of the majority of these projects are concentrated in the residential sector, it is a real estate item.
Most of the new projects were concentrated in Dubai, where the number of recently announced and ongoing real estate development projects in the city has risen this year to over 300 mixed-use residential and commercial projects with a total value of nearly 100. billion dirhams, according to the sources of the “economic declaration”.
The wave of real estate projects launched in the last seven months and the first half of August 2021 comes against the backdrop of the efforts of real estate development companies to invest in the international demand for real estate in the city, which has reached its peak on the eve of a qualitative agreement with the pandemic and a strong resumption of its repercussions.
Several companies have paved the way for the launch of new projects, including Emaar Properties, Nakheel, Deyaar, Binghatti, Damac, Eagle Hills and Aras Group.
accelerated pace
And the Dubai Land Department informed the “Economic Declaration” in the middle of this year 2021 that there are 286 real estate projects under construction in the city, with a total value of over 90.6 billion dirhams. According to the data examined by the “economic declaration”, some real estate companies have carried out 12 projects since the beginning The year was valued at 2.37 billion dirhams, and 71 real estate projects were completed during 2020, at around 326 billion dirhams. dirhams, at an accelerating rate that follows the growth in demand.
Current projects vary between residential and commercial complexes and skyscrapers, and meet growing demand from the housing, labor, hospitality, shopping, entertainment, healthcare, education sectors. and others.
The buying and selling operations that the market witnessed last year and the beginning of this year, which exceeded tens of billions of dirhams, have spread the enthusiasm of some real estate developers and their desire to seize the opportunity, so they rushed to launch new residential buildings. real estate projects after being, until recently, among the first to stop launching real estate projects due to oversupply.
First projects
Eagle Hills Sharjah was the first to launch new projects, as it was announced the start of the second phase of the Maryam Island development project through the launch of the “Maryam Gate Residences” project and the launch of the project. “Maryam Gate Residences” which is located near the “Maryam Beach Residences” Completion of the residential project on Maryam Island.
It comprises 6 low-rise buildings, offering easy access to the island’s main shopping street, in addition to interior gardens and views of the water channel, including Al Mamzar and Al Khan beaches. . For a building comprising 59 apartments.
Green Yard Real Estate Development followed by the launch of its green and sustainable residential project “Joya Blanca” in Arjan Al Barsha in Dubai, at a total cost of 150 million dirhams. The project provides for 313 housing units including 153 studios, 151 apartments of one bedroom, and 9 two bedroom apartments, each unit features modern colors and high quality finishes, buyers and investors alike will benefit from flexible payment plans of up to 5 years with a 10% down payment.
As for “Binghatti Real Estate Development”, it has launched “Binghatti Mirage” at Jumeirah Village Circle in Dubai for an investment of 200 million dirhams, and the project should be delivered in early 2022. The apartments that have been set up in the area by the company to 500 apartments.
resounding successes
In March 2021, Nakheel Real Estate successfully sold the last remaining residential apartments in the urban landmark “The Palm Tower”, which consists of 52 floors, located in the famous “Palm Jumeirah”. units of “The Palm Tower Residences” at prices It starts at AED 1.7 million, including service charge for the first 5 years and all land registration fees.
The company was not satisfied with that, but in the middle of the year it announced the sale of villas worth 800 million dirhams in a record time of just four hours, thus the first phase of the project, which includes 217 4 and 5 bedroom villas, was completely sold after launch. Construction works are expected to start this year and end in 2024. It should be noted that more than 1,700 Nakheel dealers have already invested in the Al Furjan area, which covers an area of 560 hectares and is currently inhabited by about 26,000 people. .
New investors clashed to buy the new villas announced by the company in its new residential complex, “Murouj Al Furjan”. “Murouj Al Furjan” comprises 418 villas in the Al Furjan area – one of the company’s largest projects in Dubai.
The first phase of the Murooj Al Furjan project comprises 314 four-bedroom villas and 104 five-bedroom villas with a total area of 5 million square feet located in the middle of green spaces and interspersed with a range of sports and recreational facilities. for residents.
perfect combination
In May 2021, Ellington Real Estate announced a new residential project in one of Dubai’s most important residential complexes, Mohammed bin Rashid Al Maktoum City. It comprises 277 apartments and the new project aspires to be a world-class residential destination and will contribute to the achievement of the Dubai 2040 Urban Plan, which emphasizes health, sustainability and improving the quality of life.
The project was designed after a series of extensive study and research to ensure the perfect blend of indoor and outdoor life experiences.
In June 2021, Shurooq launched two new beach projects, the first “Pearl’s Beach” in the city of Khor Fakkan, and the second, “Al Heera Beach” in Sharjah, for a total cost of the two projects amounting to 197 million dirhams.
In the same month, informed sources revealed to “Al-Bayan” the plan to start the construction of a unique skyscraper in Dubai with a height of up to 460 meters, located on Sheikh Zayed Road, near the Burj. Khalifa.
sustainable architecture
The sources pointed out that the project is residential and will be a revolution in sustainable architecture, wind engineering and structural structures. She pointed out that the skyscraper was developed by SRG and designed by Kela, who designed engineering icons including the Museum of the Future and City Walk. What is striking about the design is the positioning of the twin wind turbines at the top, which sets a new standard for the future of high-rise buildings.
In May 2021, the Aras group based in Dubai announced the launch of its first real estate project, “Aras Residence”, in the district of Majan, for a total cost of 75 million dirhams. “Aras Residence” is the company’s first residential project in Dubai, which comprises a range of diverse and spacious residential options, spanning an area of 17,000 square feet and a total built-up area of 140,000 square feet.
Huge surprise
And in the middle of this year, the Alef Group surprised the market by launching “Al Mamsha Seera” within its mixed-use real estate project “Al Mamsha” in the Emirate of Sharjah, with investments of 1.6 billion euros. dirhams. The project includes 3 complex housing units comprising 1,699 housing units, spread over 11 buildings. The project is in the last quarter of 2024.
On the other hand, well-informed sources have confirmed the opening of the door to real estate investment in the “Qamar” project, which includes luxury apartment buildings ready to accommodate 768 one, two and three-bedroom apartments. rooms, all with balconies overlooking the surrounding green landscape. .
The sources told Al-Bayan Al-Eqtisadi that the Dubai Islamic Bank-owned project allows those who wish to own housing in exchange for a 10% payment and move to live in the project by paying the remaining 90%. the price of the property over 10 years or by bank financing for a period of 25 years, depending on what the administration says.The project is on its website.
go home”
Deyaar returned to the real estate development scene with a residential tower project called Regalia, worth one billion dirhams, in the Business Bay district of Dubai.
Deyaar said construction on Regalia will begin in August 2021 and is expected to be completed in December 2024.
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