Dubai Property Headlines (Feb 7th 2019)

The average apartment price in Dubai is likely to drop more significantly in 2019. Current challenges facing Dubai’s real estate market are attributed to the decline in government spending, increased regulations and policies in 2018. The average price of an apartment in Dubai fell to around $330,000 and is expected to further decline according to recent research. To counterpoise the downward spiral, Dubai’s property developers are offering incentives, especially on lease payments — ARABIAN BUSINESS

Burj Jumeira- Another iconic landmark set to grace Dubai. Part of a larger development called Downtown Jumeira, the skyscraper will ultimately stand at 550m. Dubai residents were first treated to the spectacular building via an online video that went viral on WhatsApp, Facebook, and Twitter. The project by the state-backed developer, Dubai Holding is slated for first phase completion in 2023. The building inspired by the country’s sand dunes will offer a panoramic 360-degree view and stand tall at 550m. — GULF NEWS

Aerial View of Burj Jumeira (Courtesy Dubai Holding)

The formerly stalled Dubai star project in Dubai’s Jumeirah Lake Towers (JLT) is now completed and ready for full occupancy by the end of the Q1 of 2019. The 45- story skyscraper had reached 38% in construction when it was abandoned siting the 2009/10 economic hurdles. Preatoni Real Estate an Italy-based developer took over the real estate project in 2014 with support from Dubai Land Department (DLD).  Consisting of 554 units covering a total area of 600,000 square feet the company renamed the venture as Preatoni tower.-INVESTIGATE REAL ESTATE REPORTS

Emaar Properties is offering a free trade license when you buy a house in Dubai. In partnership with Dubai Multi Commodities Centre, the property developer has launched a 184-unit property project in Dubai Hills Estate. The executive residences are aimed to enable entrepreneurs and start-up owners to run legitimate home-based businesses. A two-bedroom apartment is priced between $350,000 to $450,000 and a one-bedroom apartment priced at less than $270,000. Individuals who pay 20% of the apartment price will obtain a free three-year renewable business license, a free three-year renewable family residency visa, and 100% business ownership. The property will be ready for occupancy in 2021.–KHALEEJ TIMES

Dubai Creek Harbour launches its luxury residential palace development in 2019. The residential units are beside a similar 44-story tower which is the Palace Dubai Creek Harbour hotel. All future residential occupants will get to enjoy amenities in the hotel which include a rooftop lounge, infinity edge swimming pool, gym, and concierge service in addition to a yacht club and all-day dining outlet. The palace residences will comprise of one, two, three and four bedroom apartments which will house over 200,000 people on completion.– GULF BUSINESS

Taqyimee- The smart application for real estate valuators. The platform launched by The Real Estate Regulatory Authority at the DLD (Dubai Land Department), enables investors, estate owners, and real estate evaluators to easily access property valuation services that would have otherwise required more time had one followed regular channels.–EMIRATES 24/7

Downtown Dubai takes the crown as the most expensive neighborhood to buy and rent an apartment in Dubai. In the city of gold, the median price to rent an apartment per square foot is AED 89 ($24). It is 31% more expensive in Downtown Dubai to rent an apartment. It averages AED 117 ($31) per square foot. For anyone looking forward to buying a villa, Emirates Hills tops as the most expensive area in Dubai. It is 243% more expensive than Jumeirah Village Circle, which is the least expensive neighborhood to buy or rent a villa in Dubai.– ARABIAN GAZETTE

Dubai south site aims to attract around 50,000 residents by the start of October’s Dubai Expo 2020 event. Considered as a city within a city, Dubai south is currently ongoing construction on phases one and two of the residential city. It is located next to Al Maktoum International Airport and the Dubai Expo 2020 venue. Dubai South Properties, developers of the site, is looking to take advantage of the influx of people in the Expo 2020 event. 6,000 homes are forecasted to be complete by October 2020. This will add an additional resident base of 18,000-24,000 people.– GULF NEWS

Entry of iconic twin-towers in Dubai’s property market. The construction will be undertaken by Sobha Realty in Mohammad Bin Rashid Al Maktoum City. The buildings will be 28-story each 150-meters high consisting of 400 units. A one-bedroom apartment of 500-600 square feet is priced between $200,000- $300,000 while a two-bedroom apartment of 800-900 square feet is priced between $320,000-$390,000.– GULF NEWS

Floating seahorse villas successfully registered with Dubai authorities. The Heart of Europe Development project by the Kleindienst group have successfully registered their magnificent floating villas with the Dubai Land Department (DLD) and Real Estate Regulatory Authority (RERA). There are 131 units with each villa over 4000 Square feet above the water. The developer reports that 78 units are ready for occupancy and will be handed over to their owners in 2019. Each villa is priced at $5.4million (AED 20 million).– KHALEEJ TIMES

Floating Seahorse villa

Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.