We’re back with our monthly UAE real estate news update, where we cover the latest trends, developments and information in the real estate market. This month, the UAE’s real estate sector continues to capture global attention, with notable new projects, investment opportunities and regulatory changes. This roundup provides essential highlights to keep you up to date on everything related to real estate in the UAE.

UAE real estate news for October 2024

DAMAC launches nature-centric development in Dubai

DAMAC Properties announced the launch of City of the Sun. Dubai’s upcoming eco-friendly community is set to span 8 million square feet and will feature more than 3,000 villas and townhouses, all nestled between green spaces. The Dubailand-based community will offer a unique combination of modern luxury and eco-friendly living with a focus on residents’ well-being.

DAMAC Sun City is located in a popular area due to its connectivity to major Dubai landmarks like Al Maktoum International Airport and downtown Dubai.

Real estate transactions in Sharjah reach AED 28 billion in 9 months

During the first nine months of 2024, real estate transactions in the third-largest emirate increased by 47% compared to the same period last year, or by approximately AED28 billion. The Sharjah Land Registration Department reports that residential properties account for the majority of transactions, highlighting the growing demand in the sector. A highlight was the value of property mortgage loans which amounted to AED 7.5 billion. A diverse range of properties and competitive prices also contribute to the attractiveness of the sector.

Real estate transactions increase in Ajman

The next UAE real estate news on our list comes from Ajman. As reported in October 2024, real estate transactions in Ajman reached AED 1.95 billion in September 2024, with 1,277 in total. The report was announced by the Director General of the Department of Land and Property Regulation, His Excellency Eng. Omar Bin Omair Al Muhairi. It further specifies that this represents a growth of 21.8% compared to the same period in 2023.

Lincoln Star begins construction of new Dubai South project

In other UAE real estate news announced in October 2024, UAE-based developer Lincoln Star begins construction on its new development. The project, known as Lincoln Star Residence, will include more than 48 residential units such as studios, 1 and 2-bed apartments as well as townhouses. With a favorable location next to Expo 2020 Dubai and Al Maktoum International Airport, the development has high ROI potential. Promised amenities include fitness facilities, landscaped gardens, event spaces and swimming pools.

Binghatti’s $1.36 billion Business Bay waterfront development

In the latest Dubai real estate news of October 2024, real estate giant Binghatti Developers revealed the launch of its new icon, Binghatti Skyrise in Business Bay. The development is set to be a transformative addition to the emirate’s real estate landscape, with a mix of commercial and residential space. The masterpiece will feature 3,333 residential units designed in a contemporary style. The expansive waterfront project will enjoy a prime location close to the Burj Khalifa, Dubai Water Canal and Downtown Dubai.

Sharjah Municipality announces launch of Aqari platform

In UAE real estate news from Sharjah, the Sharjah Municipality Rental Regulation Department announces the release of the Aqari platform. The announcement was made during GITEX 2024 at the Sharjah Government Pavilion. The Sharjah Digital Department’s new tool aims to simplify real estate services, including transactions, and therefore make them more transparent. The app is available on Google Play and the App Store. The platform is accompanied by the emirate’s digital initiatives with the aim of facilitating access to services via multiple channels.

The Rental Disputes Center launches self-digitalization solutions

THE Rental Dispute Resolution Center (DRC) of the Dubai Land Department (DLD) presented cutting-edge technology at the 43^rd edition of the Gulf Information Technology Exhibit (GITEX). The new advanced electronic services are Metaverse Litigation and the Judicial Probe Service. The first uses revolutionary metaverse technology to resolve rental disputes. The latter uses Artificial Intelligence to offer users the entire portfolio of legal litigation services in the DRC.

Al Hamra shopping center renovated by ALDAR

Real estate developer ALDAR has announced the completion of the renovation of Al Hamra Shopping Center in Ras Al Khaimah. The project, part of ALDAR’s $272 million investment plan, strengthens the retail space’s position as a shopping and dining hub. The redesign included a complete transformation of the mall’s internal and external spaces. A new highlight is a magnificent central atrium.

FAQs

What are the big upcoming projects in Dubai?

Can’t get enough of the latest Dubai real estate news? The list of Upcoming developments in Dubai include Baccarat Hotel and Gran Melia Dubai to name a few.

Where should I rent based on my budget?

The emirate offers a range of properties at different price points. To help you navigate the varieties, consider the most popular places to rent in Dubai based on salary.

This concludes our guide to UAE real estate news for October 2024. The country’s real estate sector is thriving with exciting new developments launching every month.