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Abu Dhabi Real Estate Market Achieves Record $23.7 Billion in Transactions in 2023

The Abu Dhabi real estate market boomed last year, with transactions reaching $23.7bn as sales activity grew 160%

March 29, 2024

The Abu Dhabi Real Estate Centre (ADREC) has reported a remarkable surge in real estate transactions for the year 2023, reaching an unprecedented AED 87.1 billion ($23.7 billion). This surge marks a substantial increase of 159.5 percent from the previous year, totaling AED 61 billion ($16.6 billion). Read More : Ras Al Khaimah Government Boosts Stake in Emirate’s Leading Realtor With a total of 15,653 transactions, ADREC noted a significant surge of 73.7% compared to 2022, reflecting a thriving real estate market in Abu Dhabi. The sector’s overall buying, selling, and mortgage activities witnessed a notable uptick of 12.2% in comparison to 2022, with a total of 22,751 transactions recorded, signifying a 19.5% increase year-over-year. Read More : UAE to Invest $953 Million in Housing for Citizens in Abu Dhabi Furthermore, ADREC observed a notable rise in both resident and non-resident individual investors in 2023, showcasing the diversity and attractiveness of Abu Dhabi’s real estate market. The emirate saw a remarkable influx of 9,448 newly registered investors and 1,098 non-resident investors, marking substantial increases of 71% and 175%, respectively, compared to the previous year. Read More : Completion of First 920 Homes Marks Milestone in Sharjah’s Aljada Megaproject by Arada The robust performance of the Abu Dhabi real estate market in 2023 underscores the emirate’s commitment to steady and sustainable growth, reaffirming its position as a prime destination for global real estate investments. These achievements align closely with ADREC’s strategic goal of positioning Abu Dhabi as a premier global real estate hub and driving the expansion of the entire real estate sector. Read More : Yas Canal Residential Project Approved for Dh3.5 Billion in Abu Dhabi The upward trajectory of the emirate’s real estate industry reflects its resilience and potential, drawing interest from both domestic and foreign investors and solidifying its status as a sought-after investment destination on a global scale. ADREC remains dedicated to bolstering Abu Dhabi’s prominence in the global real estate landscape, ensuring that the country’s real estate market continues to attract domestic and foreign capital investments.

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Ras Al Khaimah Government Boosts Stake in Emirate’s Leading Realtor

Ras Al Khaimah Government Boosts Stake in Emirate’s Leading Realtor

March 28, 2024

In a significant development, the Ras Al Khaimah government has elevated its ownership of RAK Properties from 5% to 34%, marking a strategic move to bolster the emirate’s top real estate player. During the company’s annual general meeting on March 20, shareholders approved a substantial capital increase through the issuance of 920 million new shares, each with a nominal value of Dh1. This capital infusion, totaling Dh920 million, solidifies the Government of Ras Al Khaimah’s position as a key stakeholder, increasing its ownership to approximately 34% post-issuance, pending approval from the Securities and Commodities Authority. Read this also : UAE to Invest $953 Million in Housing for Citizens in Abu Dhabi Sameh Muhtadi, CEO of RAK Properties, emphasized the significance of this decision, stating, “The decision to augment our capital and enhance the Government of Ras Al Khaimah’s stake underscores the confidence in our long-term growth strategy. This strategic alignment not only strengthens our financial foundation but also aligns us closely with the emirate’s developmental objectives.” Read this also : Completion of First 920 Homes Marks Milestone in Sharjah’s Aljada Megaproject by Arada Muhtadi further highlighted the government’s support through an in-kind contribution of land at reduced rates, facilitating access to prime real estate and diversifying the company’s landbank. This initiative is pivotal for expansion and future developments, ensuring a sustainable pipeline of projects to meet the evolving needs of the community and market in Ras Al Khaimah. Additionally, the annual general meeting approved the distribution of cash dividends totaling Dh60 million, equivalent to three percent of the capital, and bonus shares worth Dh80 million, or 4% of the company’s capital, to shareholders. Read this also : Yas Canal Residential Project Approved for Dh3.5 Billion in Abu Dhabi Muhtadi expressed gratitude for shareholders’ trust and confidence, citing the company’s robust financial performance in 2023, which saw Dh2.8 billion in sales and a notable increase in net profits. He affirmed RAK Properties’ commitment to delivering continued financial growth and success, backed by the strategic oversight of the newly elected board, comprising seasoned professionals poised to navigate the evolving real estate landscape in Ras Al Khaimah.

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UAE to Invest $953 Million in Housing for Citizens in Abu Dhabi

UAE to Invest $953 Million in Housing for Citizens in Abu Dhabi

March 28, 2024

Abu Dhabi is set to embark on a monumental endeavor, with plans underway to construct a housing project valued at AED 3.5 billion ($953 million) to accommodate over a thousand UAE citizens. Read this also : Completion of First 920 Homes Marks Milestone in Sharjah’s Aljada Megaproject by Arada Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, also the Chairman of the Abu Dhabi Executive Council, has greenlit the commencement of the Yas Canal residential project in Al Raha Beach, comprising 1,146 meticulously designed villas. Scheduled for completion in the final quarter of 2027, this ambitious project falls under the jurisdiction of the Abu Dhabi Housing Authority, in collaboration with the ICT Real Estate Development Company and the Abu Dhabi Centre for Projects and Infrastructure. Read this also : Yas Canal Residential Project Approved for Dh3.5 Billion in Abu Dhabi  Spanning over 1.8 square kilometers, the Yas Canal residential project will not only feature luxurious villas but also include essential amenities such as a school, gym, three mosques, and various shops, catering to the holistic needs of its residents. The villas, ranging from 350 to 525 square meters in size and offering three to six bedrooms, will be situated on generously sized lots ranging from 600 to 780 square meters. To facilitate homeownership, residents have the option to secure a housing loan from the Abu Dhabi Housing Authority, ensuring accessibility and inclusivity within this vibrant community. In essence, the Yas Canal residential project symbolizes Abu Dhabi’s unwavering commitment to providing high-quality housing solutions for its citizens, underscoring the emirate’s dedication to fostering sustainable development and enhancing the overall well-being of its populace.

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Completion of First 920 Homes Marks Milestone in Sharjah's Aljada Megaproject by Arada

Completion of First 920 Homes Marks Milestone in Sharjah’s Aljada Megaproject by Arada

March 28, 2024

Arada, a leading developer, has achieved a significant milestone in the AED35 billion ($9.53 billion) Aljada megaproject located in Sharjah, with the completion of the first phase comprising 920 homes spread across eight residential buildings in the vibrant Naseej District. Read this also : Dubai Investments Unveils Freehold Tower in Jumeirah Village Circle Worth Dh300 Million Situated within the Naseej District, a burgeoning creative hub within Aljada, these Tiraz buildings offer a blend of studio, one, and two-bedroom apartments, each thoughtfully designed to provide residents with views of serene courtyards and open spaces. Residents of Tiraz benefit from proximity to a plethora of cultural and shopping destinations, including the renowned Il Teatro, an architectural masterpiece crafted by Japanese architect Tadao Ando. Read this also : Dubai Holding Announces Merger of Nakheel and Meydan: Sheikh Mohammed’s Vision for Economic Growth Connected seamlessly to the Naseej District, these residential buildings are adorned with standard smart home features, providing residents with modern living conveniences. Additionally, residents can indulge in recreational activities at family barbecue areas, two swimming pools, a health club, and children’s play areas, all within the vicinity. Read this also : Hudayriyat Island Villas: Abu Dhabi’s Newest Residential Haven Ahmed Alkhoshaibi, Group CEO of Arada, expressed his delight in welcoming the inaugural families to the Naseej District, highlighting it as one of the many enriching communities within Aljada. He emphasized Arada’s commitment to delivering exceptional living experiences, underpinned by quality design and timely delivery of amenities. Reas this also : Abu Dhabi Real Estate Market Surges: $23.7 Billion Transactions Recorded in 2023 The completion of these residences marks a significant step forward for Aljada, which now boasts over 7,500 completed units across various phases. Arada’s partnership with Kuwaiti contractor Mohammad Abdulmohsen Al-Kharafi & Sons has been instrumental in achieving this milestone, with the Tiraz buildings delivered on schedule. Read this also : Dubai Investments Unveils Freehold Tower in Jumeirah Village Circle Worth Dh300 Million Looking ahead, Arada is focused on delivering the remaining residential blocks in the Naseej District, alongside the much-anticipated Il Teatro, set to redefine Sharjah’s creative landscape. The development of additional residential and hospitality offerings, including the Il Teatro Residences and the Vida Aljada hotel complex, further underscores Aljada’s commitment to offering diverse lifestyle options for its residents. Read this also : Casa Canal: A Luxurious Real Estate Marvel in Dubai With a master plan spanning 24 million square feet, Aljada stands as the largest project in Sharjah, poised to transform the emirate with its holistic blend of residential, retail, hospitality, entertainment, and commercial components. As property values continue to appreciate, fueled by Sharjah’s robust real estate market, Aljada remains a prime investment destination, promising enduring value for investors and residents alike.

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Yas Canal Residential Project Approved for Dh3.5 Billion in Abu Dhabi

Yas Canal Residential Project Approved for Dh3.5 Billion in Abu Dhabi

March 28, 2024

In a significant development for Al Raha Beach, the Yas Canal residential project has received approval from Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. Valued at Dh3.5 billion, this project, overseen by the Abu Dhabi Housing Authority in collaboration with the Abu Dhabi Centre for Projects and Infrastructure and the ICT Real Estate Development Company, is set to redefine urban living for UAE nationals with 1,146 meticulously crafted residential villas. Scheduled for completion in the final quarter of 2027, this endeavor underscores the leadership’s unwavering commitment to enhancing the lives of Abu Dhabi’s Emirati families. Read this also : Dubai Holding Announces Merger of Nakheel and Meydan: Sheikh Mohammed’s Vision for Economic Growth Sheikh Khaled underscored the project’s significance as a testament to the leadership’s dedication to providing tailored, high-quality housing solutions that prioritize the well-being and quality of life of Emirati families, thereby fostering social stability crucial for the emirate’s sustained progress. Read this also : Hudayriyat Island Villas: Abu Dhabi’s Newest Residential Haven The ICT Real Estate Development Company is spearheading the project’s design, construction, and infrastructure, with the Abu Dhabi Centre for Projects and Infrastructure overseeing this public-private partnership. The management of the Abu Dhabi Housing Authority and the allocation of residential units to UAE nationals are jointly administered. Read this also : Abu Dhabi Real Estate Market Surges: $23.7 Billion Transactions Recorded in 2023 Spanning 1.8 square kilometers, the Yas Canal residential project boasts a vibrant array of amenities, including 10,000 square meters of shops, three mosques, a school, and a gym, meticulously integrated with the residential villas. The villas, ranging from 600 to 780 square meters in plot size, offer three- to six-bedroom layouts, with living spaces ranging from 350 to 525 square meters. Read this also : Dubai Investments Unveils Freehold Tower in Jumeirah Village Circle Worth Dh300 Million Designed to cater to the housing needs of UAE nationals, the Yas Canal residential development extends accessibility through housing loans provided by the Abu Dhabi Housing Authority. Offering an eclectic mix of architectural styles, the project promises a harmonious blend of luxury, comfort, and functionality, setting new benchmarks in urban living standards.

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Dubai Holding Announces Merger of Nakheel and Meydan: Sheikh Mohammed's Vision for Economic Growth

Dubai Holding Announces Merger of Nakheel and Meydan: Sheikh Mohammed’s Vision for Economic Growth

March 26, 2024

In a landmark announcement, Sheikh Mohammed bin Rashid Al Maktoum revealed the collaboration between leading property developers Meydan and Nakheel under the umbrella of Dubai Holding, aiming to amplify Dubai’s economic trajectory. This strategic move is part of a concerted effort to “consolidate and bolster Dubai’s economic advancement,” Sheikh Mohammed emphasized. Read More : Hudayriyat Island Villas: Abu Dhabi’s Newest Residential Haven The overarching objective is to establish a more streamlined and financially robust entity, amalgamating assets valued at hundreds of billions. This unified entity will harness global expertise across diverse sectors, enabling it to compete effectively both regionally and globally. Sheikh Mohammed articulated this vision as integral to achieving national objectives and realizing the Dubai Economic Agenda D33. Read More : Abu Dhabi Real Estate Market Surges: $23.7 Billion Transactions Recorded in 2023 Sheikh Ahmed bin Saeed Al Maktoum is appointed to lead this international economic organization, Sheikh Mohammed revealed. As part of this restructuring, the boards of directors of both Nakheel and Meydan Company will be dissolved. Expressing optimism for the future, Sheikh Mohammed extended his best wishes to the team embarking on this new mission. He expressed confidence in a forthcoming phase characterized by accelerated growth, ambitious competition, and the fulfillment of Dubai’s economic vision for its populace. Read More : Dubai Investments Unveils Freehold Tower in Jumeirah Village Circle Worth Dh300 Million Established in 2004, Dubai Holding has been instrumental in driving constructive transformations to foster a knowledge-based economy fueled by innovation. Dubai Holding’s diverse portfolio encompasses prominent entities such as TECOM Group, Dubai Properties, and Jumeirah Group. Noteworthy among these is the Tecom Group, which oversees ten industry-specific business clusters, including flagship entities like Dubai Media City and Dubai Internet City. Read More : Casa Canal: A Luxurious Real Estate Marvel in Dubai Nakheel and Meydan have spearheaded numerous ventures spanning real estate, retail, hospitality, F&B, leisure, entertainment, and healthcare sectors. By merging with Dubai Holding, these entities aim to create a more diversified conglomerate operating across real estate, tourism, hospitality, leisure, entertainment, and investment sectors. This strategic alignment will bolster their competitiveness in the global arena, leveraging a complementary array of services and expertise. Read More : The Abu Dhabi Real Estate Market Soars: A Record-Breaking Year Aligned with a forward-looking vision, this strategic initiative seeks to capitalize on emerging opportunities and address the anticipated global demand for specialized services. It sets the stage for Dubai to meet evolving economic needs on a global scale, propelled by a unified and synergistic approach.

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Hudayriyat Island Villas: Abu Dhabi's Newest Residential Haven

Hudayriyat Island Villas: Abu Dhabi’s Newest Residential Haven

March 26, 2024

Experience the allure of waking up to picturesque views of pristine beaches from villas nestled amidst lush green hills, evoking the charm of a tranquil village setting. Abu Dhabi’s landscape is undergoing a transformative change, courtesy of real estate development powerhouse, Modon Properties. Their ambitious endeavor on Hudayriyat Island aims to redefine luxury living with a unique residential community set against breathtaking natural beauty. Read More : Abu Dhabi Real Estate Market Surges: $23.7 Billion Transactions Recorded in 2023 Modon Properties, a subsidiary of Q Holdings, has unveiled two vibrant communities, Nawayef and Al Naseem, marking the initial phase of luxury freehold homes on the island. These projects promise upscale villas boasting panoramic vistas of Abu Dhabi’s waterfront and skyline, alongside a serene, family-friendly environment. This visionary initiative aligns with the island’s comprehensive masterplan unveiled the previous year, charting the city’s urban evolution. Read More : Dubai Investments Unveils Freehold Tower in Jumeirah Village Circle Worth Dh300 Million Spanning across 84 distinctive properties, Nawayef and Al Naseem offer diverse living experiences tailored to cater to a spectrum of lifestyles and preferences. Nawayef, inspired by the scenic hills of Newport Hills, California, is perched atop a 55-meter high hill, offering sweeping views of the Arabian Gulf and Abu Dhabi’s skyline. Each home within this development is meticulously designed to maximize views, delivering bespoke luxury and tranquility. Read More : Casa Canal: A Luxurious Real Estate Marvel in Dubai Meanwhile, Al Naseem presents a tranquil, low-density neighborhood enveloped by an array of amenities, including a private country club featuring a pool, gym, spa, and mosque. With two facade designs available for every villa and sizes ranging from 490 to 620 square meters, Al Naseem seamlessly integrates indoor and outdoor spaces, promising a harmonious living experience. Residents will enjoy access to world-class amenities, including Surf Abu Dhabi, Velodrome Abu Dhabi, Marsana, the emirate’s largest urban park, and a plethora of sports and leisure facilities dotted across Hudayriyat Island. Moreover, the island boasts over 220 kilometers of bike paths, catering to outdoor enthusiasts and sports aficionados alike. Read More : The Abu Dhabi Real Estate Market Soars: A Record-Breaking Year Bill O’Regan, group CEO of Q Holdings, anticipates that Nawayef and Al Naseem will establish new benchmarks in modern island living, elevating Hudayriyat Island into a premier waterfront destination renowned for its exceptional experiences and dynamic lifestyle opportunities. Through a harmonious blend of nature and luxury, Hudayriyat Island Villas epitomize the epitome of upscale living, poised to captivate residents, visitors, and tourists alike. Read More : Tech-Driven Transformation: How Technology is Reshaping Dubai’s Real Estate Landscape in 2024 This content has been optimized for search engines and crafted to maintain originality, ensuring its uniqueness and relevance in the digital landscape.

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