New developments about to enter the Dubai property market

A plethora of new developments are set to be launched and developed in Dubai this year as real estate agents say the UAE’s position as a safe destination to live, work and invest is attracting more foreign investors than ever.

New properties in places such as Dubai Water Canal, Dubailand, Tilal al-Ghaf and Mohammed Bin Rashid City, are all expected to flood the market this year as developers continue to build more prime real estate to cope with the growing demand.

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“Demand has never been so high”

Harry Tregoning, the founder of UAE-based Tregoning Property, told Al Arabiya English that pent-up demand from buyers shows no signs of abating.

“Before COVID-19, I often heard people say, ‘Why are they building all these villas?’ but it’s fabulous that they did,” he said. “With the economic factors, the Golden Visas and the excellent way the UAE government has handled the pandemic, the demand is n has never been higher for villas and yes they are now quite full.”

According to Tregoning, there are many options in terms of properties that should be completed soon.

“Emaar has many projects planned for the third and fourth quarters of this year, including villas and townhouses at Joy and Sun in Arabian Ranches 3 and several apartment choices at Mina Rashid and Dubai Creek Port. Dubai Hills and Downtown Dubai seem to be their preferred areas at the moment and Golf Place 2 Villas in Dubai Hills and Burj Royale Apartments are all to be delivered in the rest of the country. year,” he said.

Dubai Hills Estate (Provided)

Tregoning said DAMAC properties are also busy with the availability of more properties in the Damac Hills estates.

“In the city of Mohammed Bin Rashid, Azizi [is] expected to release a huge variation of apartments mostly by the end of the year,” he said. “They took a long time to make, but they are starting to look great now and are located near Meydan Hippodrome and al-Ain Road.”

He continued: “The villas being built in the highly anticipated development of Tilal al-Ghaf, Dubai’s flagship mixed-use community of Majid al-Futtaim, are really coming and we can expect to see the first of them. they be delivered by the end. of the year.”

“As you can see there are quite a few of them and from all the indications we will have on the ground they will be very popular. This will help balance rising rents and provide some great new properties as Dubai continues to thrive and grow,” he said.

The Meydan-Canal Front Residences is a newly completed five-star branded residential development on the Dubai Water Canal (provided)

The Meydan-Canal Front Residences is a newly completed five-star branded residential development on the Dubai Water Canal (provided)

Earlier this year, the Dubai Statistics Center’s population counter, which tracks growth using residency visa data, showed the city’s population reached 3.5 million in April 2022, a figure which is expected to nearly double over the next 20 years.

Abdullah Alajaji, founder of Driven Properties, a UAE-based real estate brokerage firm, said this is driving the need for hundreds of thousands of new homes.

“Dubai will, of course, stop building [at some point] because there is only a limited amount of land,” he said. “But there are plenty of areas in Dubai ripe for expansion or new development.”

“Now the good thing about what has happened in Dubai over the last 20 years is that the main areas of Dubai – west of Sheikh Zayed Road to the waterfront – are almost completely built in. There is not much a developer can do and there is very, very little land to develop.

New developments in Dubai

However, developers are also expanding east of Sheikh Zayed Road, with Dubailand, the site of Expo 2020 and Dubai Hills as recent examples of expansion away from the waterfront.

“This is where Dubai’s expansion is happening…we expect, of course, that Dubai will continue to build. We are seeing more new developments and new roads and infrastructure connecting these new communities every month, which is great to see.

Areas such as Jebel Ali, which is being redeveloped, Dubai Water Canal – soon to house Four Season residences – and City Walk developments are all “areas to watch”, Alajaji said, along with major projects upcoming projects such as Damac Lagoons, a water-inspired community in Dubailand set to begin construction.

Port De La Mer (PDLM) by Meraas Holdings is the first freehold community in Jumeirah, Dubai.  (Provided)

Port De La Mer (PDLM) by Meraas Holdings is the first freehold community in Jumeirah, Dubai. (Provided)

“There is never enough [property] and Dubai, there is always pent-up demand because many more people are moving here than developments are coming to market. Dubai has had one of the fastest growing populations in the world for a very long time, so there will always be demand in Dubai,” he said.

Focus on sustainability

Also speaking to Al Arabiya English, Ahmed al-Suwaidi, managing director of residential communities at Dubai Holding Asset Management, said sustainability will also become an important feature of new real estate trends, al-Suwaidi said.

“Preparing for COP28 in 2023 will encourage property developers as well as investors to focus more on environmentally friendly projects or alternative waste and energy management systems, especially in response to the urban master plan Dubai 2040,” he told Al Arabiya. English.

“[Property] demand should remain strong and the market should stabilize further based on current trends. In many of our residential communities, villas are fully occupied or nearing capacity as people continue to prioritize comfort and space. Apartment rentals are not far behind as the remote work visa and other government initiatives continue to attract people to move to Dubai for part of the year.

Al-Suwaidi also said, “Dubai is home to a globally competitive real estate market with attractive opportunities for buyers and tenants. We offer a variety of offers, flexibility and attractions which, together with our world-class economy and favorable policies and regulations, provide a stable real estate market which will undoubtedly continue to attract investors throughout the year. ‘year.

Read more:

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