On 03 September 2024, to further transparency and equity in the real estate market, Dubai Land Department’s Legal Support Section recently organized a workshop targeting real estate developers. This session aimed to contribute toward disseminating the best practices of partnership to boost collaboration and thereby support a transparent and secure investment climate for both the developers and the buyers.
It will provide key areas of discussion, including comprehensive information on all the rights and responsibilities of the parties of a real estate sales contract. The overview of legal procedures covers the interests of both parties.
This was what Abdullah Al Zarooni, Manager of the Legal Support Section at Dubai Land Department, had to say: “We are committed to providing full support to developers by equipping them with the necessary knowledge and guidance to ensure adherence to best practices, which contributes to creating a balanced and sustainable real estate environment.” Al Zarooni said.
The workshop is going to give a fillip to establishing confidence in the real estate sector and will lead to stronger partnerships with developers to realize the highest possible standards for projects. It also allowed them to raise questions directly with the legal representatives of the DLD for better understanding and compliance with the procedures laid down by legislation.
Integrity and transparency in Dubai Land Department’s real estate market give confidence not only to investors but also to buyers and developers. This is within the strategic vision of the DLD to achieve global leadership in real estate investment.
Abu Dhabi Property Market Continues to Record Growth in Q3 with Large Gains in the Luxury and Affordable Segments
According to Dubizzle, Abu Dhabi’s real estate market has seen strong growth in Q3 2024, with the rate of increase fairly evenly distributed across both the luxury and affordable segments of the market, while particular areas of focus have included Yas Island and Al Reem Island.
Luxury property prices and rents jumped notably higher, while price increases in certain affordable areas similarly went up to reflect strong investor confidence driven by favorable policies, transaction transparency, and secure investment options. DARI also announced an increase in off-plan sales that went up from AED 4.5 billion in Q2 to AED 5.4 billion in Q3.
Key Highlights:
The most luxurious villa area is Yas Island, with an average sales of AED 4.25 million and an annual rent of AED 226,000.
The most luxurious apartment area is Al Reem Island, with an average rent of AED 99,000 and sales- of AED 1.39 million.
The highest ROI is contributed by Al Jubail Island (6.82% for villas) and Al Reem Island (6.85% for apartments).
Most Affordable Villa Community: Al Reef recorded an average price of AED 2.16 million in sales; the most affordable rentals were offered by Mohammed Bin Zayed City for AED 144,000.
Most Affordable Apartment Community: Al Reef recorded an average price of AED 857,000 in sales; the most affordable rentals were offered by Khalifa City for AED 44,000
Upscale Apartments: City of Lights on Al Reem Island, for AED 1.41 million.
Upscale Villas: Noya Viva on Yas Island, from AED 3.37 million.
While luxury investments remained in demand in Yas Island and Al Reem Island, more affordable transactions were concentrated in Al Reef, Masdar City, and Al Ghadeer. This quarter really reflects the appeal of Abu Dhabi to international investors with its landmark projects, such as Jubail Islands, further consolidating Dubizzle’s position as one of the major sources of information on UAE real estate.
