Month: September 2023

Dubai Land Department (DLD) has signed three Memorandums of Understanding (MoUs) with Elite Gulf Real Estate Training Institute, Innovation Experts Real Estate Training Institute, and Advanced Real Estate Services (ADRES), which launched ThinkProp Real Estate Training Institute. The agreements aim to enhance awareness in Dubai’s real estate sector by creating a distinguished real estate training environment that elevates service efficiency, customer satisfaction, and aligns with global best practices and standards.

According to the MoUs, the three real estate institutions are now accredited by DLD to organize training programs and workshops in the real estate sector. All parties will work towards promoting a culture of continuous learning, professional real estate training, and innovation, contributing to the development of professionals in the sector with the goal of achieving excellence in real estate and sustainable development. The agreements also aim to raise awareness among real estate investors, property owners, and stakeholders through educational plans and the dissemination of real estate knowledge.

The collaboration includes the preparation, implementation, and updating of various real estate training programs to qualify developers and other stakeholders in different real estate activities according to the best local and international standards and practices. Additionally, there will be specific training programs for UAE nationals to support Emiratization, ensuring their employment or the establishment of their own businesses. The MoUs also cover the organization of seminars, workshops, and real estate conferences aimed at discussing market-related issues and highlighting the current state of the sector. Educational courses will be provided to employees and stakeholders in all real estate activities to raise awareness about their rights and responsibilities. Furthermore, new programs will be developed to innovate and enhance smart and digital services in Dubai’s real estate sector.

The agreements were signed by Marwan bin Ghalita, CEO of the Real Estate Regulatory Agency (RERA), an entity of DLD; George Maurice, General Manager of Elite Gulf Real Estate Training Institute; Mohammad Shana’a, Director of Innovation Experts Real Estate Training Institute; and Moath Maqbool, Director of Advanced Real Estate Services – Dubai branch. This partnership aligns with the UAE’s leadership vision and strategic directions and aims to strengthen collaboration between DLD and the mentioned institutions.

Marwan bin Ghalita emphasized that DLD is committed to enhancing partnerships with the private sector, contributing to the provision of proactive, human-centered real estate services. He noted that the training and equipping of real estate professionals with advanced tools and knowledge are at the core of these MoUs. He stated, “We are delighted with our new partnership with leading institutions that have a long-standing reputation in real estate training. This collaboration will solidify our ongoing efforts to promote sustainability and innovation in this vital sector.”

Bin Ghalita added, “We will work to optimally translate this collaboration into building a strong and qualified professional base, in line with DLD’s objectives to disseminate real estate culture and increase knowledge in the market through high-level scientific training.”

DLD adopts a firm approach to enhancing partnership and integration with the private sector, considering it one of the key elements of success in the real estate sector. This collaboration supports sustainable growth and the strategic transformation witnessed by the sector in Dubai, guided by the wise leadership’s vision of positioning Dubai at the forefront of global cities in the real estate industry.

Luxury apartment and villa prices in Abu Dhabi have risen this year, driven by a noticeable increase in demand, particularly for new projects in areas such as Saadiyat, Reem, Yas, and Al Raha.

Real estate officials and experts told Al Ittihad that Abu Dhabi has become an attractive destination for luxury real estate investment, drawing a significant number of international investors. The emirate offers a high standard of living, appealing tax incentives, as well as political and economic stability, in addition to a secure environment.

Knight Frank recently confirmed that Abu Dhabi is among the most popular real estate investment destinations for global high-net-worth individuals. The emirate has transformed into a global tourist and investment hub. According to a recent survey by the company, Abu Dhabi emerged as the second most popular real estate investment destination for the world’s wealthy, following Dubai, with 21% of respondents indicating that they prefer the UAE capital for purchasing property. Abu Dhabi’s appeal stems from a unique mix of cultural landmarks and world-class infrastructure, including Yas Island, Abu Dhabi Global Market, and Saadiyat Island. The emirate’s reputation is further enhanced by world-renowned museums like the Louvre and the upcoming Guggenheim and Zayed museums.

According to Asteco Real Estate Services, the average villa sales prices in Abu Dhabi recorded an approximate 2% increase in the second quarter of this year compared to the first quarter, with established and luxury villa communities continuing to outperform, achieving price growth of nearly 6% in some cases.

Price Increases

Market indicators on Abu Dhabi’s DARI digital real estate platform, affiliated with the Department of Municipalities and Transport, showed that one-bedroom apartment prices on Reem Island increased from AED 750,000 in the first quarter of this year to AED 960,000 in the second quarter, while two-bedroom apartments rose from AED 1.5 million to AED 1.57 million, and three-bedroom apartments climbed from AED 1.75 million to AED 2.15 million. In contrast, studio prices dropped from AED 725,000 to AED 610,000, and four-bedroom apartments decreased from AED 2.44 million to AED 2.1 million.

On Saadiyat Island, the average selling price of four-bedroom villas increased from AED 6.4 million to AED 6.6 million, while the price for five-bedroom villas slightly decreased from AED 7.7 million to AED 7.6 million.

On Yas Island, two-bedroom apartment prices rose from AED 1.35 million to AED 1.44 million, while other unit prices remained stable or saw slight declines.

High Demand

Earlier this month, Aldar Properties announced that it had sold three buildings within the first phase of its “Gardenia Bay” project on Yas Island within just 24 hours of their release. Rashed Al Omaira, Chief Commercial Officer at Aldar Development, noted that the strong demand for the recently launched first phase encouraged the company to release an additional three buildings for sale. He highlighted the robust demand for high-quality projects offering luxury properties that appeal to both foreign and domestic investors.

Non-resident buyers accounted for 23% of total sales in “Gardenia Bay,” reflecting Abu Dhabi’s attractiveness as a preferred destination for international clients, while residents within the UAE represented 40% of total sales, and UAE nationals accounted for the remaining 37%.

Luxury Units

Recently, Q Properties announced that the third phase of its luxury apartments at Reem Hills, comprising spacious one-bedroom, two-bedroom, and three-bedroom apartments, had sold out within just four hours. David Harman, Head of Development at Q Properties, stated that the company received strong demand for the apartments in the third phase of the Reem Hills project, which offers luxury residential units that meet the needs of a diverse clientele due to its prime location on Reem Island, competitive pricing, and attractive design features.

He also mentioned that Q Properties recently launched the final phase of its luxury apartments at Reem Hills, following the success of the previous phases, and expects this phase to continue attracting clients seeking high-quality apartments in a prime location.

The “Reem Hills” project will offer approximately 2,238 residential units at a cost of AED 8 billion.

Luxury Apartments and Villas

Reem Island topped the list of areas most searched by users for luxury apartments, according to Dubizzle’s Abu Dhabi Real Estate Market Report for the first half of 2023. The average price per square foot increased by approximately 0.19% to AED 1,034 during the first half of 2023 compared to the second half of 2022, while the return on investment stood at 6.58%.

Yas Island led the list of areas most searched by users for luxury villas, with an average price of AED 3.9 million and a return on investment of 4.62%, according to the report.

The total value of real estate transactions in Abu Dhabi during the current month of September amounted to AED 7.24 billion, through 1,313 sale and mortgage transactions, according to the DARI platform, which is affiliated with the Department of Municipalities and Transport in Abu Dhabi.

According to the platform, the value of sales during this month reached AED 3.62 billion through 857 sale transactions, while the value of mortgage transactions also amounted to AED 3.62 billion through 456 mortgage transactions.

The platform indicated that the value of these transactions during the past week amounted to AED 259.8 million, across 68 sale and mortgage transactions.

The platform further noted that the value of sales during the past week, up until today, reached AED 129.9 million through 40 sale transactions, while the value of mortgage transactions reached AED 129.9 million through 28 mortgage transactions.

The Abu Dhabi real estate market has witnessed rapid growth in recent years, thanks to strategic initiatives and projects implemented by the department in collaboration with relevant authorities, making it easier for investors to enter the real estate sector.

The DARI platform aims to integrate real estate services in Abu Dhabi into a unified platform, offering comprehensive, advanced real estate services. It provides users with a flexible and seamless experience to manage their various real estate transactions, enhancing the attractiveness of real estate investments and ensuring transparency in providing data to investors, thereby contributing to the development of the quality of real estate services in Abu Dhabi.

Users can access DARI through the website or the smart application, where they can explore available services, including the sale and rental of properties, documentation, issuance of certificates, and access to a registry of real estate projects and licensed professionals in the real estate market. The platform also provides market indicators, including transaction values, mortgages, off-plan sales transactions, communication with real estate brokers, and information for investors about future investment opportunities within the emirate’s real estate market, along with a list of sale, purchase, and mortgage transactions.

The digital real estate platform “DARI,” part of the Abu Dhabi Department of Municipalities and Transport, has unveiled 12 new real estate projects in Khalifa City, contributing to the development of 3,541 new residential units and villas. The projects, in collaboration with various developers, have completion rates ranging from 7.2% to 100%.

The platform highlighted three projects from the developer Reportage Prime Real Estate, which include 829 residential units across “Plaza,” “Al Waha Residential 2,” and “Leonardo Residence.” The “The Gate Residential” project offers 463 units, with a completion rate of 91%.

The “Al Mahra Residence” project, developed by Siyada International Real Estate, will provide 297 new units, with a 51.8% completion rate, according to local sources.

Additionally, the “Al Forsan Village” project by Al Forsan Real Estate includes 466 units, while Aldar Properties is delivering three projects—”Al Muneera,” with a 100% completion rate; “Golf Gardens,” with 394 units; and “Al Raha Gardens,” offering 657 units.

The second project, “Golf Gardens,” offers 394 residential units, while the third project, “Al Raha Gardens,” provides 657 residential units.

The “Al Waha Residential” project by Elegance Real Estate provides 612 units, with a 100% completion rate. Furthermore, Abu Dhabi Future Energy Company has two projects in Masdar City, both completed.

The digital real estate platform “DARI,” part of the Abu Dhabi Department of Municipalities and Transport, has announced 12 new real estate projects in Khalifa City, which will add 3,541 new residential units and villas to the area. These projects, developed in collaboration with various real estate companies, have completion rates ranging from 7.2% to 100%.

The platform highlighted three projects by Reportage Prime Real Estate, which include 829 residential units across “Plaza,” “Al Waha Residential 2,” and “Leonardo Residence.” The “The Gate Residential” project offers 463 units, with a completion rate of 91%.

The “Al Mahra Residence” project by Siyada International Real Estate will provide 297 new units, with a completion rate of 51.83%.

The “Al Forsan Village” project by Al Forsan Real Estate includes 466 units, while Aldar Properties is delivering three projects: “Al Mureef” with a 100% completion rate; “Golf Gardens,” offering 394 units; and “Al Raha Gardens,” with 657 units.

The “Al Waha Residential” project by Elegance Real Estate includes 612 units, all completed. Additionally, Abu Dhabi Future Energy Company has two projects in Masdar City, both fully completed.

Abu Dhabi, UAE: ThinkProp Real Estate Training Institute, launched by Advanced Real Estate Services (ADRES), has signed a cooperation agreement with the National Association of Realtors (NAR), America’s largest trade association for professionals working in the real estate industry.

The agreement centers on promoting high standards of professionalism in the real estate industry, supporting ThinkProp’s commitment to establishing a trusted real estate market powered by knowledge and technology.
Under the terms of the agreement, the two parties will facilitate business opportunities for their members to enter the real estate market and promote trust and increase investment in the region. This will be achieved by exchanging insights and best practices, which address internal and external investment trends in real estate, policy, legislation or economic developments affecting real estate, national housing developments, and other topics related to the business of real estate in the two countries.

In addition, ThinkProp and NAR will host Real Estate conferences, networking opportunities and coordinate trade missions to connect real estate professionals in the UAE and the US, to uncover business opportunities in the real estate market that bring about mutual benefits. The two parties will also raise awareness on major educational real estate courses, promote private property rights in international forums and support the United Nations’ efforts to achieve adequate shelter for all.

Moath Maqbol, General Manager of ADRES, said: “We are thrilled to be partnering with the National Association of Realtors to contribute to building a professional and trusted real estate sector in the UAE and the US. Through this partnership, we provide thousands of real estate professionals with an opportunity to gain market insights, collaborate, and unlock opportunities.”

“At ThinkProp, we actively seek out leading partners to drive innovation and excellence in real estate. By combining our knowledge, expertise and network, we can contribute to propelling the real estate sector forward. We look forward to working closely with the National Association of Realtors to achieve our shared goal of advancing the real estate industry,” added Maqbol.

Tracy Kasper, President of the National Association of Realtors, said: “This agreement solidifies our shared commitment to expand international opportunities for REALTORS® and advance our industry and best practices around the globe. We value ThinkProp’s commitment to elevating the professionalism of their members through education and training which we believe is a big factor that distinguishes our members from their competitors, and assures consumers that they can trust and rely on their REALTOR®”

ThinkProp Institute, the first-of-its-kind in the region, provides world-class knowledge and skills for individuals interested in working in the real estate sector. ThinkProp aims to develop the real estate sector with a knowledge-based methodology by providing flexible learning methods at reasonable prices. This supports the Institute’s vision of becoming the first and leading accredited real estate training institute in the UAE and one of the main education focus players within the UAE.

NAR is an association established for the purpose of raising the standards of real estate practice and preserving the right of property ownership in the interest of the public welfare. It represents more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

Abu Dhabi: Sheikha Al Naqbi

The value of real estate transactions in the Emirate of Abu Dhabi since the beginning of this year until last week reached 52.6 billion dirhams through 13,643 sales and mortgage transactions, according to the “Dari” platform of the Department of Municipalities and Transport in Abu Dhabi.

The platform explained that the value of sales during the same period amounted to 32.6 billion dirhams through 8,889 sales transactions, including 6,038 off-plan sales transactions and 2,851 ready properties.

The results of the real estate market indicators revealed that the real estate sector in the emirate recorded AED 20 billion in mortgage value through 4,754 mortgage transactions.

The projects, which are among the largest transactions by value on the platform last week, included 5 off-plan projects and 5 completed real estate projects, with a total value of AED 35.3 million. The projects are located in areas such as Yas Island, Baniyas, Saadiyat Island, Reem Island, and Al Muntazah.

Three projects by Aldar Properties topped the list of the highest-value transactions last week. Leading the list is the “West Yas” project on Yas Island, featuring a five-bedroom villa valued at AED 5.26 million. The second is “The Source” project on Saadiyat Island, which includes a two-bedroom apartment priced at AED 4.82 million. The third is the “Louvre Abu Dhabi” project on Saadiyat Island, offering a two-bedroom apartment valued at AED 4.56 million.