DXB News – Page 4 – Phoenix Homes Real Estate

January 26, 2024in DXB News

Price drop in Emirates Hills presents new opportunities for buyers

Talking about Emirates Hills, that still remains Dubai’s most exclusive residential address, Andrew Cummings, co-founder and managing director of luxuryproperty.com gets a bit nostalgic. “I have a number of clients who fondly remember driving into the desert and seeing the flags placed on their plots, on which they then constructed their homes. Land is now scarce here. Instead, buyers are purchasing older villas and then demolishing them and rebuilding – a symbol of the ongoing demand for the area.”

One of Dubai’s earliest luxury villa communities, Emirates Hills is home to high net-worth buyers and investors. John Lyons, managing director of Espace Real Estate says, “Not only is the location on the doorstep of some of the region’s best lifestyle amenities, but the villas that sit within this exclusive gated community are some of the most visually impressive family homes that can be found anywhere in the world.”

Emirates Hills2 — Emirates Hills, despite being one community, has a range of different villa stylesImage Credit: Supplied

So what do homeowners demand from properties here? Myles Bush, CEO of PH Real Estate that sold the largest ticket villa in Emirates Hills last year, says, “In the 13 years I have noticed several occurring requirements. Staff accommodation is a must. Privacy is also a requirement and a second kitchen is usually seen as a huge plus point.” Emirates Hills, despite being one community has a range of different styles and ambiances. You have the huge palatial golf course mansions of Sectors E and L, the tree lined streets of Sectors H and R and the lake view properties on Sectors P and W.

Leigh Williamson

The designs here are very personalized. “You will find basements with spas, cinemas and luxury style kitchens. There is actually opportunity at the moment to come in and buy a home, update it and have a lovely golf course community lifestyle at a price we have not seen before. The UHNWIs are typically looking for basements, car parking and large master suites and they ultimately want full golf course views,” says Leigh Williamson, Emirates Hills specialist at Luxhabitat Sotheby’s International Realty.

Andrew Cummings

“Buyer demand has now shifted to more contemporary homes and we are seeing more buyers either buying to renovate or holding off because they cannot find a property that suits their style,” explains Cummings.

Falling prices

Myles Bush

Bush admits it’s no secret that prices have dropped by more than 20 per cent within Emirates Hills over the last 12 months, and while this is not ideal for potential sellers, it does present opportunities for buyers. “Buyers who perhaps had a budget of Dh12-14 million were once looking at Hattan Villas and Palm Villas, can now take a serious look at entering Emirates Hills. I am a firm believer that all villas in Emirates Hills are sell-able, as long as they are priced correctly. Far too many times I have seen houses take more than a 12-18 months to sell because the listing agent has over promised and under delivered. If the price is right- it will always sell!”

Williamson agrees. “Price it out of the market and you will never sell it. Price it correctly and we will have it sold within an appropriate time frame. The hardest part is working with a seller and letting them know the actual selling price.”

Emirates Hills has seen similar price falls as the rest of Dubai, with average price per square foot dropping by 30 per cent over the past few years, says Cummings. “Prices now range between Dh1,000 per sq ft and Dh2,000 per sq ft, with land transacting around Dh750 per sq ft. Pricing varies hugely due to the varied style and quality of the villas, with many purchases being done by investors seeking to buy older homes and either redevelop them or demolish and rebuild altogether. The most expensive villa sale this year has been at Dh69 million.”

John Lyons

In recent years, prices in Emirates Hills have become more realistic than what it was in 2014, which has resulted in more transactions, says Lyons. “Lower pricing in the community has been well received by the market, with a general increase in demand from wealthy buyers looking for opportunities in Emirates Hills.”

New kids on the block

Given the value and scale of the properties available, Emirates Hills stands alone. “Areas like District One, Palm Jumeirah and Al Barari remain the closest competitors, all offering a slightly different lifestyle. Dubai Hills though looks to be shaping up to be a new hotspot with shell and core and ready mansions providing a more contemporary alternative to Emirates Hills,” says Cummings.

em hills4 — Demand for Dubai’s most exclusive residential address remains strongImage Credit: Supplied

Lyons agrees that the “two obvious comparisons to Emirates Hills, with villas that fall within the same price bracket, are Palm Jumeirah and Dubai Hills, which are emerging as the new kids on the block for luxury real estate in Dubai.”

Source: https://gulfnews.com/business/property/price-drop-in-emirates-hills-presents-new-opportunities-for-buyers-1.1596005476362

January 26, 2024in DXB News

Al Barari Properties Is Live

Welcome to Al Barari Properties.

We are super excited and proud to have partnered with the team at Phoenix Homes and look forward to continuing to build new relationships as the company takes on very experienced, like-minded brokers.

We have only been up and running now for a couple of weeks and already secured some great units for some very happy clients in ‘The Neighbourhood’.

The Neighbourhood is a new launch of studios, 1 bedroom & 2 bedroom apartments and duplexes. More details on those to follow, so stay tuned!

January 26, 2024in DXB News

Low LTV ratio a tough barrier for homebuyers

When purchasing property using bank finance in the UAE, a buyer will have to shell out at least 25 per cent of the price upfront, as per Central Bank regulations. Many property stakeholders believe this limitation is holding back a sizeable portion of potential homebuyers, and suggest that authorities should instead increase the loan-to-value (LTV) ratio to encourage first-time buyers.

Industry analysts generally agree this is a good idea, although some say a higher LTV, which essentially lowers the down payment to buy property, should not be the norm. Instead, an exemption could be made for first-time buyers. Another approach is to encourage other purchase schemes that are attractive to first-time homebuyers, such as rent-to-own options

Property Weekly talked with property experts on the key points to consider about the LTV ratio.

Increase liquidity

Mario Volpi, sales and leasing manager, Engel & Völkers

In 2013 the Central Bank introduced a maximum 75 per cent LTV rate to cool a potentially overheating market, and it achieved the desired effect. Six years on, there are calls for a reversal or at the very least a softening of this stance. If the LTV will be relaxed to say 85 per cent, this would be a very positive step for the secondary property market as there is a high demand, but would-be buyers are struggling to raise the required 25 per cent deposit. If the banks come up with a specific first-time buyer mortgage product, I believe this will create a more fluid market that would benefit all.

Raise affordability

Lewis Allsopp, CEO, Allsopp & Allsopp

There doesn’t need to be a widespread higher LTV ratio, but I do feel there is a definite need for a first-time buyer product. The buyer sentiment is there. For example, over the last few weeks in Jumeirah Golf Estates, the developer spread the down payment of 25 per cent over 18 months on a ready stock. As a result of this attractive payment plan, only one villa remains available in Redwood Park, and 60 per cent of Whispering Pines stock has sold. This is a microcosm of the market, showing that there is a desire in people to want to buy property in the city but, in some cases, the affordability is holding them back. Once we see movement in first-time buyers, we will see a domino effect through the market with a lot more activity, positivity and confidence.

Educate applicants

Fadi Nwilati, CEO, Kaizen Asset Management Services

A higher LTV generally increases the number of people who can enter the real estate market. However, we must not forget the reasons why LTVs were reduced a few years ago to the levels they currently are. If the authorities were to increase the LTV, it is essential that banks are more careful in their application review process to make sure that the mortgage applicant, particularly first-time homebuyers, can cover the mortgage payments. Banks must educate mortgage applicants to understand the various fees that accompany a mortgage. What will be more impactful to the market is having more rent-to-own products by developers. It is less risky and it may well be a smoother process for first-time homebuyers.

Retain expats

Myles Bush, CEO, PH Real Estate

I think if banks were to reduce the 25 per cent deposit to say 10-15 per cent, there would be a huge number of people who would bite the bullet — stop renting — and start looking to buy. If the banks were to lend this little bit extra, we would see a sharp increase in the number of people looking to purchase, which would inevitably mean fewer people looking to rent — this, in turn, may well reduce already-inflated rental prices. Helping buyers get onto the property ladder is not only a good thing economically, but it also helps with the retention of expats here in the UAE.

Know the risk

Rakesh Mirchandani, director, KGR Real Estate

In some countries, higher LTV ratio, grants and programmes are available for first-time homebuyers. Lower interest rates and higher LTVs are undoubtedly crucial factors to stimulate real estate transactions, but the latter carries significant risk. The lenders want to get their monies back along with interest. In the case of a default, the lenders will need to be able to sell the property considered as the collateral; hence, the LTV will determine the risk, and a higher LTV would mean that the property is less likely to pay off the loan. By keeping the LTVs lower, the banks want to make sure borrowers do not take out mortgages they can’t afford. Over the years, we’ve seen an increase in buyers taking up fixed interest rates in anticipation of the rise in interest rates. This can help and motivate renters to buy and move into their own property. This way they would make a lesser down payment, and it would help with their cash flow. Also, it can offer a higher percentage of return on their equity/investment when the property prices increase.

Source: https://gulfnews.com/business/property/low-ltv-ratio-a-tough-barrier-for-homebuyers-1.64219568

January 26, 2024in DXB News

UAE’s Select Group buys beachfront plot on Palm Jumeirah

Dubai developer Nakheel said it sold one of the few remaining beachfront plots on Palm Jumeirah’s West Crescent to the UAE-based real estate company Select Group and its joint venture partner Emirates Strategic Investments Company.

The companies are planning to develop branded luxury homes and a boutique hotel on the 17,919 square metre plot, master developer Nakheel said in a statement on Wednesday.

The joint venture already owned an adjacent plot spanning 47,474 sq m. The new purchase brings the group’s total beachfront development area on Palm Jumeirah to more than 65,410 sq m, the statement added.

“The demand for tranquil beachfront locations has increased exponentially and our aim is to target the ultra-luxury segment,” Rahail Aslam, founder and group chief executive of Select Group, said.

Dubai’s property market is seeing signs of recovery, driven by the emirate’s economic support measures and government initiatives, including visas for expatriate retirees, remote workers and the expansion of the 10-year golden visa scheme.

Dubai registered a total of 25,455 real estate transactions worth Dh92 billion from January to April 2021, the Dubai Land Department said on Monday. This represented an increase of 51 per cent in terms of the volume of transactions and 72 per cent in terms of their value compared with the same period in 2020, the DLD said in a statement.

The emirate attracted 8,749 new investors between January and April 2021. They accounted for 65 per cent of the total number of real estate investors in that period and registered a growth of 54 per cent compared with the same period last year, the DLD added.

Palm Jumeirah figured among the top five communities for villa sales in April. In terms of apartment sales, Dubai Marina, Burj Khalifa, Palm Jumeirah, Business Bay and Al Thanyah Fifth registered the highest number of transactions in April, the agency said.

Located between the One & Only and W Hotel Palm Jumeirah, the plot is one of the last few remaining beachfront spaces in the development.

“We are excited to capitalise on [the] recent strong turnaround in [the] Dubai real estate sector by acquiring such quality assets,” Khalid Al Suwaidi, chief executive of ESIC, said.

The hotel operator and architects will be announced within the next few weeks, the companies said.

Select Group plans to start construction on the project before the end of the year, with a completion date expected in three years.

“We are delighted that all parties’ collaboration has concluded with the sale of one of the last remaining plots at our flagship master development, Palm Jumeirah,” a Nakheel spokesperson said.

Other projects built by Select Group include Jumeirah Living Marina Gate in Dubai Marina and 15 Northside in Business Bay.

Source: https://www.thenationalnews.com/business/property/uae-s-select-group-buys-beachfront-plot-on-palm-jumeirah-1.1230360

January 26, 2024in DXB News

Dubai real estate to see ‘big boom’ once Expo 2020 starts

Favourable interest and mortgage rates, a highly effective Covid-19 vaccination drive, and new visa rules for investors, will result in Dubai’s property sector witnessing a “big boom”, especially when the city opens its doors for Expo 2020, says Rizwan Sajan, chairman and founder of Danube Group.

Speaking in an exclusive interview with Khaleej Times on the sidelines of the INDEX Dubai 2021 exhibition, Sajan remarked that Dubai would continue to be a city that enjoyed the confidence of global investors. The emirate had proven itself to be resilient in the face of several challenges that have gripped the global economy time and time again, he said.

“Expo 2020 is going to bring a big boom for Dubai,” he stated. “If you look at what has happened over the past two to three months, you will see that real estate prices have gone up again. This means that developers will be eager to start constructing new apartments and villas. We are blessed, especially when you look at all the policies that the government has been coming up with, such as the Golden Visa and the 100 per cent ownership laws, to make expats feel like they are at home. All of these policies will definitely help to build confidence in investors that are interested in setting up their businesses here.”

“In addition, the way that the Covid-19 crisis has been handled here will also send a strong message to the world that Dubai is ready for business,” Sajan observed. “We are already seeing a lot of investors from India expressing an interest in coming and opening their businesses in the city. Not just that, but a lot of European and Chinese expats are looking to purchase property in Dubai.”

He also reiterated his advice on the best time to invest in property in the emirate. “I can say that we will see a big real estate boom coming in the near future. I keep telling people that the time to buy property, if you are interested in doing so, is now because later you will not get the same prices that you are seeing in the market right now. Interest rates right now are very low just like the property prices and even the mortgage rate is extremely attractive.”

Property prices over the past six months, he revealed, have gone up by 30-35 per cent, further highlighting the positivity in the market. He also said that property in Dubai is still cheaper compared to many other major international hubs such as Hong Kong and London. While villa prices have gone up, and will continue to do so in the coming months, apartment prices are still low and make for an attractive investment.

“The luxury property market has already started recovering, and the affordable property market will follow,” Sajan added. “Many companies that had laid off their employees are looking to rehire their staff so business is getting back to usual. I also believe that the supply of new units will remain balanced in the near-term.”

Asked about how the Covid-19 pandemic had impacted the building materials market, he said that prices have been “going very very high.”

The main reason for this, he revealed, has been the difficulty in arranging logistics and the shortage of material.

“The demand is more due to the consumption in the US and Europe,” Sajan said. “We have seen this trend – where the prices have gone up by more than 50 per cent in the building materials segment – after many years. We are trying our best to get materials because of the huge demand that we are seeing for Expo 2020 Dubai; lots of projects have to be completed before the event opens its doors. However, I believe that there will be no problem in Dubai as far as the construction industry is concerned.”

Source: https://www.khaleejtimes.com/business/local/dubai-real-estate-to-see-big-boom-once-expo-2020-starts

January 26, 2024in Uncategorized, DXB News

Why luxury property is at a premium in Dubai, according to real estate expert

A leading real estate agent has revealed that demand for luxury properties is currently outstripping supply in Dubai.

Chris Boswell is one of the emirate’s most successful real estate agents with over $1.15 billion in sales, including the record for the most expensive private residence, sold at $50 million.

He told Arabian Business the first quarter of this year had been “quite possibly one of the best quarters since 2007-2008 and said he has closed over $56m in high-end sales since the start of the year – several in collaboration with co-listing agent Barnaby Crompton.

However, he explained: “For the first time in years demand completely outweighs supply in Palm Jumeirah villas and plots/villas on Jumeirah Bay Island. Not only are villas on Palm Jumeirah selling fast but at record prices per square foot.

“It really has been a frenzy of late. My clients are tired of the high taxes and not feeling safe in their inner cities and many feel let down by the way their governments handled the Covid situation. What really is paramount for many is the safety and security that the UAE offers.”

Chris Boswell is a Dubai-based real estate agent

The value of transactions of luxury Dubai residential property in the first quarter of 2021 rose by 25 percent compared to the year-earlier period, according to research by Luxhabitat Sotheby’s.

A total of 3,450 apartments and 586 villas were transacted in Q1 in the Dubai prime residential market valued at AED11.6bn ($3.1bn), according to analysis based on data from the Dubai Land Department (DLD).

Boswell revealed buyers were coming from Europe, the US and the Far East and is currently representing “several well-known ultra-high-net-worth individuals, sports personalities and leading names in the entertainment industry” as they look to make Dubai their primary residence.

According to consultancy firm Knight Frank, Dubai remains a place to seek out bargains for buyers with deep pockets.

A million dollars can buy 165 square metres (1,776 square feet) of space in Dubai, around five times more than in London or New York. The emirate has 42,356 homes valued at $1 million, second only to the UK capital.

Boswell said: “The international high-net-worth community realised in late 2020 that Dubai was a secure place to reside during the Covid lockdowns across the world.

“I feel that many immediately recognised the value in Dubai and all the amazing things the city has to offer and that prime waterfront real estate was incredibly undervalued by comparison to other major cities around the world. In addition they felt safe and secure under an umbrella of great leadership through an incredibly challenging and difficult time.”

Source: https://www.arabianbusiness.com/real-estate/464134-why-luxury-property-is-at-premium-in-dubai-according-to-real-estate-expert

January 26, 2024in DXB News

Real estate deals worth Dh962m concluded today in Dubai

Dubai: Real estate transactions worth Dh962 million have been concluded in the emirate today.

According to the Dubai Land Department, 317 sale deals worth Dh776.38 million, including 17 land sales worth Dh145.08 million, and 300 sales of apartments and villas that sold for Dh631.3 million.

The most important land sales worth Dh63 million was for a land plot in Al Hebiah First, followed by a land sold for Dh20 million in Al Thanyah Fourth and a Dh15 million was paid for a land in Sheikh Mohammed bin Rashid Gardens.

Al Hebiah Fourth came first in terms of the number of sales, with 4 sales worth Dh22 million, followed by Al Hebiah Third, with 4 sales worth Dh8 million, while the Sheikh Mohammed bin Rashid Gardens came third with two sales worth Dh21 million.

As for the most important sales of apartments and villas, a sale deal of Dh120 million was struck in The Palm Jumeirah followed by a Dh21 million deal in Burj Khalifa and finally a transaction worth Dh16 million in Me’aisem First.

The Sheikh Mohammed bin Rashid Gardens saw 63 sales of apartment and villas for Dh111 million, followed by Burj Khalifa that registered 33 sales worth Dh100 million, while Dubai Marina saw 31 sales worth Dh80 million.

The value of mortgages amounted to Dh147.66 million, of which 13 mortgages of lands valued at Dh34.04 million, and 58 mortgages for villas and apartments valued at Dh113.62 million.

The most important of which was concluded in Al Thanyah Fourth for a mortgage of Dh15 million, and another one in the Mohammed bin Rashid Gardens with a value of Dh14 million.

As for the grants, 18 grants valued at Dh38.85 million were registered across Dubai, the most important of which was in the Palm Jumeirah area, with a value of Dh11 million, and another in Al Safa Second, with a value of Dh9 million.

Source: https://gulfnews.com/business/property/real-estate-deals-worth-dh962m-concluded-today-in-dubai-1.1623591691608

January 26, 2024in DXB News

Dubai realty rally to continue for years: HSBC, Morgan Stanley

Property market analysts believe that Dubai’s housing market, which has been buoyant since H2 2020, would continue to thrive.

The on-going rebound in Dubai’s property sector that is largely driven by a wave of government reforms and strong demand for larger homes will last several years, analysts from two leading international banks said.

HSBC bank analysts expect the rally in Dubai’s real estate sector, which recorded a total sales transaction value of Dh10.97 billion in April 2021 — the highest since March 2017 — to last several years.

“The reported sales rebound in Dubai year-to-date has been remarkable,” HSBC’s Stephen Bramley-Jackson and Alok Baid wrote in a report. HSBC’s upbeat outlook aligns with that of Morgan Stanley analysts who forecast that robust demand, peaking supply growth and long lead times for new projects could lead to “a tighter-than-expected market over the next several years.”

“The rally in Dubai’s residential property prices isn’t stopping anytime soon,” they said. Demand for property picked up amid “a wave of government reforms over the past 12 months, attractive mortgage rates, and a shift in demand patterns due to Covid-19,” according to Morgan Stanley.

Property market analysts believe that as the government rolls out incentives for investors on the back of a host of region-first economic reforms, Dubai’s housing market, which has been buoyant since H2 2020, would continue to thrive.

According to Dubai Statistics Center data, Dubai’s economy is projected to grow 4.0 per cent this year after an estimated 6.2 per cent contraction in 2020. As a key contributor, the realty sector accounts for about 8.0 per cent of Dubai economic output.

“The dynamics in the residential real estate market in 2021 has been interesting thus far. In April alone, we have seen six villa transactions over Dh50 million, with one on the Palm recorded as the second highest villa transaction in 2021 worth Dh 105 million. When looking at the mortgage transaction data, we have seen that April, March, and January of 2021 had the highest number of monthly transactions since March 2010,” said Lynnette Abad Sacchetto, director of research & data at Property Finder.

A dramatic recovery in Dubai realty was noticeable from March when transactions during March were at a 10-year high as strong market growth continued, a recent report by Property Monitor said. “With a fifth continuous month of gains, Dubai’s price recovery is well underway though not uniformly spread across communities. Villa and townhouse communities have particularly emerged as hot spots with a further acceleration in prices expected over the coming months.”

However, the positive outlook contrasts with certain negative views from international property consultancy Knight Frank and a few others.

Knight Frank analysts said a supply glut that has depressed Dubai’s property prices for over half a decade would persist and likely keep it on the sidelines of a global upswing in values of prime residential real estate.

Fast emerging from the pandemic slump, the construction industry will deliver an estimated 62,000 homes in the emirate this year and nearly 63,500 in 2022, which would be the most since 2009, Knight Frank estimates.

According to realty pundits, luxury villas are the hottest segment in the market, with European buyers in particular seeking homes on Dubai’s signature Palm Jumeirah man-made island, as well as golf course estates.

A recent property market report from Allsopp & Allsopp noted that the first quarter of 2021 has been incredible for the Dubai real estate market with an 82 per cent increase in sales transactions. Real estate consultancy Core estimates that an additional 26,500 units are expected to be handed over in the remainder of the year, taking the total annual forecast for 2021 at over 37,000 units.

Source: https://www.khaleejtimes.com/business/dubai-realty-rally-to-continue-for-years-hsbc-morgan-stanley

January 26, 2024in DXB News

Dubai realty keeps its poise, posts transactions worth Dh11B+

Dubai’s resilient real estate sector continued to witness a steady surge in investments by recording 5,359 deals worth over Dh11 billion in May.

While 11,387 new investors entered the market comprising 66 per cent of total registered investors since the beginning of the year, 6,021 real estate transactions worth Dh21.8 billion were registered in May, an increase of 197 per cent and a surge in value of 221 per cent compared to May 2020, according to the real estate bulletin issued by the Dubai Land Department (DLD).

The bullish data once again underscores Dubai’s attractiveness as a preferred global real estate investment destination and the emirate’s “flexibility in adapting to various developments, thanks to the legislative environment and superb infrastructure”, the DLD’s Real Estate Updates noted.

Since the beginning of the year, Dubai has recorded Dh36 billion worth of real estate investments, an increase of 44 per cent.

The bulletin showed that the value of real estate brokerage achieved by effective real estate brokers in Dubai’s real estate reached Dh827 million since the beginning of the year. In addition, 253,959 Ejari contracts were recorded in January to May, 53 per cent of which were new and 42 per cent were renewed.

The residential sales index achieved 1,071 points during May, with a growth rate of 7.1 per cent compared to the base year.

The top five areas that attracted investors in the villa sector included Hadaeq Sheikh Mohammed bin Rashid, Wadi Al Safa 5, Wadi Al Safa 7, Al Thanyah Fourth and Palm Jumeirah. In apartment sales, Dubai Marina, Burj Khalifa, Palm Jumeirah, Business Bay and Al Thanyah Fifth topped the list.

The DLD said it expects the real estate sector to witness continued growth and a greater recovery in the coming months leading to Expo 2020, which “will attract tourists and visitors from around the world and constitute a great opportunity for the real estate sector to strengthen its position regionally and globally”.

According to JLL Mena, a spate of new regulatory measures, local availability of the vaccine, and the upcoming Expo 2020 festivities are reasons and opportunities for the rebound of the real estate market in 2021.

Analysts believe that demand picked up amid “a wave of government reforms over the past 12 months, attractive mortgage rates, and a shift in demand patterns due to Covid-19”.

According to Dubai Statistics Centre data, Dubai’s economy is projected to grow four per cent this year after an estimated 6.2 per cent contraction in 2020. As a key contributor, the realty sector accounts for about eight per cent of Dubai economic output.

Weekly deals hit Dh5B

Meanwhile, realty transactions in Dubai were valued at Dh5 billion this week, with the total at 1,921; 135 five plots were sold for Dh716.18 million, while 1,298 apartments and villas were sold for Dh2.54 billion.

The top three transactions were lands sold in Island 2 for Dh87.5 million, Al Hebiah First for Dh62.5 million and Island 2 for Dh87.5 million.

Al Hebiah Third recorded the most transactions with 35 worth Dh75.96 million, followed by Hadaeq Sheikh Mohammed bin Rashid with 23 worth Dh126.23 million and Al Hebiah Fourth with 20 worth Dh91 million.

The top three transfers for apartments and villas were apartments sold in Marsa Dubai for Dh345 million, Burj Khalifa for Dh280 million and Palm Jumeirah for Dh196 million.

The sum of mortgaged properties was Dh2 billion, with the highest being a land in Al Qusais First mortgaged for Dh276 million. Eighty-four properties were granted between first-degree relatives worth Dh201 million.

Source: https://www.khaleejtimes.com/business/real-estate/dubai-realty-keeps-its-poise-posts-transactions-worth-dh11b

January 26, 2024in DXB News

Azizi Developments decides to have ‘crystal lagoon’ instead of canal at its Riviera in MBR City

Dubai: It’s official – a ‘lagoon’ will wind through the ‘Riviera’ in Dubai. Azizi Developments’ low-rise project Riviera in MBR City will have a ‘crystal lagoon’, across 2.7 kilometres and covering an area of 130,026 square metres.

The addition comes as an addition to the original masterplan for the Riviera. The developer, Azizi, had earlier planned on having a canal with sea water, But that would not have been fit for swimming. The lagoon also provides “more stunning views” from the homes, the developer said.

“It took a lot of planning, with many of our stakeholders having been involved in making this ambitious plan a reality,” said Farhad Azizi, CEO. “But we are happy to now be able to reveal that this marvellous body of water, which is sure to make RoIs (Return on Investment) on Riviera’s properties surge, will be built within the coming year.” The lagoon will see more than 51.5 million gallons of desalinated water across its area, with a blue flooring.

MORE WATER BODIES

The Majid Al Futtaim Properties’ ‘Tilal Al Ghaf’ will have its own ‘beach’ – even though the project itself is well away from Dubai’s shoreline. The 3 million square metre project is located along Hessa Street.

For MBR City, the Azizi announcement represents the second ‘lagoon’ project within its boundaries. The District One community has its own water body.

Azizi is staggering the buildings of the low-rises at the Riviera across four phases. The first two phases are entering advanced stages of completion. In all, there will be 16,000 homes at the Riviera, which will also feature an extensive retail boulevard as well as ‘Les Jardins’ — a green ‘social space’.

Source: https://gulfnews.com/business/property/azizi-developments-decides-to-have–crystal-lagoon-instead-of-canal-at-its-riviera-in-mbr-city-1.1624860929624