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Deyaar Releases New Units In Dania District With Ramadan Offer

Deyaar Development has announced the release of the final units available within the Dania district of its Midtown development

As a Ramadan promotion, and to mark the project reaching 35% completion, Deyaar will cover 100% of the Dubai Land Department fee normally payable on property purchases.

Buyers must pay 5% to secure a unit and 80% of the purchase price must be paid by handover, currently scheduled for Q4 2019. Prices start at AED 680,000 for a one-bedroom apartment and the offer runs until the end of Ramadan.

Midtown is a community development in Dubai Production City near Arabian Ranches and Dubai Motor City. It consists of 27 buildings with a built-up area of almost five million square feet, including studios and one, two and three-bedroom apartments.

“Intended as the ideal community for families and professionals alike, Midtown is a premium investment opportunity for buyers who wish to own their own home, or those who wish to rent their property out in the future,” said Nasser Amer, Sales Vice President, Deyaar. “At 35% completion, we are well on track for a Q4 2019 handover.”

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DAMAC Aims To Start Akoya Oxygen Handovers This Year

DAMAC Properties has now spent around AED 5.6 billion on the Akoya Oxygen project and aims to start handovers by the end of the year.

The news came as the UAE-based developer awarded an AED 72 million contract for road and infrastructure work on the project to China State Construction Engineering Corporation (CSCEC).

“We are pleased to further strengthen our relationship with CSCEC, as we accelerate development in almost every part of our largest master community, which will start to welcome its first residents at the end of 2018,” said Ali Sajwani, General Manager of Operations at DAMAC Properties.

“This latest contract award to CSCEC will see major road and infrastructure work being carried out at three clusters within Akoya Oxygen, providing access and services to support 1,623 villas.”

Akoya Oxygen is located off the Umm Suqeim Road and is designed to be a family-friendly community with landscaping and water features. Damac says homes are being built with energy-efficient materials and will be equipped with smart controls and systems.

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Phase 4 Of Nasma Residences Goes On Sale This Week

Phase 4 of Arada’s Nasma Residences in Sharjah goes on sale this Saturday, June 23.

More than 300 units comprising two- and three-bedroom townhouses will be on offer at an event at the Ritz-Carlton, DIFC between 4pm and 10pm. A small number of four- and five-bedroom ‘Signature Villas’ are also up for grabs.

“With only one more phase to come before Arada’s first project, Nasma Residences, is completely sold out, we are expecting a significant response from investors and end users,” said HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of ARADA.

“The Bareem Townhouses at Nasma Residences are an excellent addition to the homes on offer at this well-designed community; they have been created with owners’ interests at heart, and we look forward to delivering them towards the end of next year.”

Prices of these new units start at 899,000. The developer is sweetening the deal with an offer of no service fees for life and 60% payment on completion. Handover of Phase 4 is pencilled in for the end of 2019.

Elsewhere on the project, Phase 1 is reported to be 35% complete and on track to be delivered by the end of this year. Mobilisation on Phase 2 took place earlier this year and the main contract for Phase 3 construction is expected to be awarded in July.

Work on the community’s 6,500-square-foot shopping centre has reached ground floor level and is expected to be completed by the end of this year.

Nasma Residences is located at the intersection of Emirates Road (E611) and Maliha Road, around 15 minutes drive from Sharjah International Airport and Sharjah University City. The development will eventually cover 5 million square feet and include more than 800 homes, a community centre called Nasma Square, parks and a GEMS international school.

The whole project is scheduled to be completed by the end of 2019.

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Aldar To Begin Handover Of West Yas Villas This Month

Aldar Properties will begin the handover of villas within its West Yas community this month.

New homes will be given to owners in phases, starting with 300 units, and the process will continue throughout the remainder of 2018.

Launched in September 2015, the AED 3.2 billion West Yas community consists of 1,014 four- and five-bedroom villas, ranging from 488 to 580 square metres in size. Located on Yas Island, residents have waterfront views, access to open and green spaces, and close proximity to Yas Mall and the island’s leisure facilities and beaches. As a non-gated community, there are no service fees payable by villa owners.

“We are proud to start the handover of West Yas to customers, which marks the expansion of the residential population on Yas Island and builds on the handover of apartment community Ansam earlier in the years,” aid Maan Farid Al-Awlaqi, Executive Director – Commercial, at Aldar Properties.

West Yas is a key component of Yas Island, offering a full range of community amenities for residents of all nationalities. The delivery of these prime villas reinforces our reputation for delivering high quality homes in desirable locations and we look forward to continuing Yas Island’s success story as Abu Dhabi’s most exciting destination.”

As part of the handover process, owners can incorporate a number of smart technologies, including lights and thermostats, fire alarm systems, security cameras, sensors and digital assistants. Gardens feature sweet soil, rather than sand, allowing owners to start grassing lawns and planting immediately.

As at the end of Q1 this year, West Yas was 80% sold, which equates to 801 villas, with a sales value of AED 3.66 billion. Homes are still available for purchase with prices starting from AED 4.8 million.

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Wasl Properties Reports Strong Demand For Wasl District Units

Wasl Properties has reported that Block A, the second phase of Wasl District, was 90% leased within four hours of being listed last week.

The company launched one-bedroom apartments for annual rent at values ranging from AED 54,000 to 66,000, two-bedroom apartments starting at AED 71,000, two-bedroom apartments with maid rooms starting at AED 82,000, and three-bedroom apartments starting at AED 112,000.

“This success is attributed to the fact that Dubai’s real estate market remains attractive in the eyes of investors, residents and visitors, thanks to its strong legislative environment and its procedural transparency, as well as to the healthy balance of supply and demand, the ease of doing business and its role in spreading happiness in society,” said Zainab Mohammed, Chief Property Management and Marketing Office, Wasl Properties.

Wasl District is a mixed-use development located on the site of the former Al Maktoum Hospital. It includes residential, retail and office units, as well as the Hyatt Place hotel.

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PROPERTY Buying Property In Dubai Costs Less Than You Might Think

If you’re looking to buy property in Dubai, now could be the best time. New data from Dubizzle suggests that there is a big difference between the prices that are advertised on property portals and the actual prices that buyers pay.

RELATED: Tired of renting? Start owning! Click here to compare UAE mortgages

So, what does that mean? In essence, it means that, if you’re a potential home-owner, you could pay a lot less than the asking price advertised online.

The areas in Dubai with the largest gaps are Discovery Gardens, Jumeirah Village Circle and Dubai Sports City. Research noted that some property buyers were purchasing properties for 20% less than their advertised sales price.

Mahmoud Hesham El Burai, CEO of the Dubai Real Estate Institute, said, “I believe this is a healthy gap that allows buyers bargaining power and allows sellers room to reach a more realistic print point to transact at.”

With recent news about the UAE property market heavily relying on buyers, it seems that you don’t necessarily have to accept the first price that is given to you.

SEE ALSO: Five Dubai Apartments To Buy For Less Than AED 1 Million

Tenants and buyers are in control in the current property market, so now is the time to start the negotiations. But before you start, make sure you understand the market properly. This will give you leverage when it comes to getting what you want.

If you want to negotiate a lower property price, think reasonably. You want to achieve the end goal of paying a lower asking price, so make sure you provide leeway in a situation, and hopefully the buyer will have the same mentality.

And if the buyer doesn’t appear to be budging then you can always search the market for better offers.

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Nakheel And Austrian Developer To Build USD 160 Million Dubai Resort

Nakheel plans to team up with Austrian hotel chain Vienna House to create a USD 160 million, 600-room beach resort in Dubai.

Under a planned partnership, the two companies will build a beachfront holiday complex, Vienna House Deira Beach, at Deira Islands, a series of artificial islands built off the Northern coast of Dubai.

The agreement is still at the letter of intent stage, but if it goes ahead, this will be the third hospitality joint venture at Deira Islands. Nakheel says it already has 1,400 hotel rooms underway at the destination through JVs with Spain’s RIU Hotels and Resorts and Thailand’s Centara Hotels and Resorts.

“Our ongoing strategy is to bring new, highly-reputable hospitality brands and concepts to Dubai as part of our commitment to supporting the government in realising its tourism vision,” said Nakheel Chairman Ali Rashid Lootah. “Vienna House at Deira Islands will be a shining example of how this strategy is coming to fruition.”

Nakheel has big plans for Deira Islands, which were originally intended to be Dubai’s third Palm, after Palm Jumeirah and Palm Jebel Ali.

The developer plans to build eight hotels and resorts at Deira Island, across different categories including five star and all-inclusive, along with two flagship attractions, Deira Mall and Deira Islands Night Souk.

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Dubai Property Prices Won’t Rise Until 2020

According to a new report from Standard & Poor’s, those looking to buy property in Dubai will have plenty of time to take advantage of relatively low market prices.

The ratings agency’s latest report says that the “correction” in real estate prices that Dubai has seen over the last couple of years will continue until 2020 at the earliest. The reasons for the price downturn, S&P said, were to do with low oil prices, the introduction of VAT, and a glut in new housing units.

Naturally, this is good news for first-time investors, or property buyers with the capital to purchase a slew of new units. However, as has been the case with property prices, rental yields have also softened over the past couple of years, with landlords having to take extra precautions to attract and retain tenants.

Still, with home prices now 15% lower in mid-2017 than they were in 2014, new investors will certainly be interested in snapping up some property in Dubai. In fact, S&P estimates that prices for some residential units may have slid by up to 10% further since mid-2017.

As to when prices are expected to rebound, the S&P report said that 2020 would be the earliest that property prices pick up.

“We believe this correction will continue at least for this year and next, before prices stabilise in 2020 at the earliest,” the report said.

However, the ratings agency added that, when 2020 comes around, and Dubai hosts the World Expo, there may be a bounce back in terms of property prices.

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Pay For Your Property In Cryptocurrency And Get A 7% Discount

If you’re reasonably tech-savvy, and you’re looking for a good deal on your next off-plan property investment, you might want to check out Samana Greens in Dubai’s Arjan community.

 

Samana Greens is a AED 75 million residential project that recently broke ground. It’ll comprise 131 residential units, and it’s scheduled for completion by April 2020 – six months ahead of Expo 2020.

 

So far, so normal. But what’s really interesting about this project is that the developer, Samana Developers, will give prospective buyers a 7% discount if they opt to pay for their units in cryptocurrency.

 

Yep, we’ve heard of residential units in Dubai that can be bought with Bitcoin, but it looks like Samana is actively encouraging payment in cryptocurrency by offering this discount for crypto buyers.

 

“As a developer with a futuristic vision, Samana Greens will be based on green building concepts. It is befitting to help the customers to give the freedom to choose their preferred mode of payments – be it cash, cheque, credit card, home finance, bank transfer of cryptocurrency – which is gaining popularity every day,” said Imran Farooq, CEO of Samana Group.

 

He added that the residential units will be packed full of smart home technology.

 

So, if you’re involved in technology and you have a cryptocurrency portfolio, this may be the perfect Dubai-based project for you.

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Banyan Tree Residences Sells Quickly In First Month On Market

The Middle East’s first Banyan Tree Residences has done around AED 100 million in sales in its first month on the market, according to developer Sweid & Sweid.

Due for handover in the third quarter of 2019, the 244-unit tower is located on Al Telal Street, at the intersection of Emirates Hills, Emirates Golf Course, Montgomerie Golf Course and DMCC.

Around 90% of the 110,000-square-foot site has been dedicated to resort-style amenities and lush landscaping, according to the developer.

The amenities include a clubhouse with Banyan Tree Spa, a fitness centre with saunas and squash court, an indoor children’s play area and a poolside cafe.

“The Banyan Tree Residences promises to be one of the most prestigious addresses in Dubai,” said Sweid & Sweid managing partner, Maher Sweid.

“Having all the leisure facilities and amenities in a setting that provides residents with rarely-found abundant green space, we are confident that tremendous value will be created for buyers and investors for the years to come.”

Prices start from AED1.49 million for a one-bedroom apartment, AED2.3 million for a two-bedroom unit and AED3.9 million for a three-bedroom residence.

“We’re seeing a lot of demand for larger units – especially the duplex apartments, which offer private gardens and double-storey living rooms, a unique aspect of the project,” said Sweid.