Square Yards launch 3D metaverse real estate platform
One of the world’s fastest-growing proptech businesses, Square Yards, unveiled its 3D Metaverse platform, which features a high-end 3D digital replica of Dubai City to highlight how property search and discovery will evolve in the future. The platform is the first of its type to deliver high-definition 3D maps for a high-fidelity, interactive visualisation of real estate using cutting-edge technologies including 3D, AI, VR, and AR. With this solution, customers may utilise its interactive 3D interface to browse more than 2000 potential real estate projects across Dubai, acquire detailed information about each project, and log into the project’s metaverse as an Avatar.
Villa prices fall amid Dubai’s housing market recovery
According to a new research from consulting firm Knight Frank, the average price of a home in Dubai increased by 10.1% from the previous summer to AED 1,100 per square foot in the second quarter of 2022. Faisal Durrani, Partner – Head of Middle East Research, Knight Frank, stated that price increases in Dubai continued in Q2 despite a slowing in the rate of growth. On the other hand, demand in the mainstream market has increased by 10.1% over the past year, with villas continuing to lead the way. Although the value of villas increased by 19.3% over the summer, the “developing tone for pricing is one of the less steep jumps”.
Dubai real estate increases by 60% in H1-22
In addition to 396 sales transactions totaling AED845.37 million, 110 mortgage transactions total AED376.93 million, and 11 gift transactions totalling AED96.55 million. Russians were among the top five buyers in Dubai’s hot property market during the first half of the year as the emirate benefited from an infusion of riches after Western sanctions. According to property consultancy Betterhomes, residential real estate transaction volumes increased by 60% in the first half of the year, and the value of the sold properties increased by 85%. There were 356 villas and apartments sold for AED693.98 million, 40 land parcels were purchased for AED151.4 million, and 94 villas were mortgaged.
SRC and Riyadh Bank agree to $ 133m real estate loan
Saudi Real Estate Refinance Company (SRC), which is fully owned by Public Investment Fund, has a contract with Riyadh Bank to purchase a portfolio of real estate loans of SR500 million (US$133.13 million). The second-largest mortgage refinancing arrangement in the kingdom is the one between SRC and Riyad Bank. In the presence of Majid bin Abdullah Al Hogail, Minister of Municipal and Rural Affairs and Housing, and Abdullah bin Mohammed Al-Issa, Chairman of the Board of Directors at Riyad Bank, it was signed by Tareq Al-Sadhan, CEO of Riyad Bank, and Fabrice Susini, CEO of SRC. According to Susini, the arrangement is a part of SRC’s ongoing efforts to develop and solidify its relationships with the top banks and lenders in the kingdom.
Real estate transactions in Dubai total more than $463 billion
562 sales of AED1.42 billion were made in Dubai’s real estate market, according to data provided by Dubai’s Land Department (DLD). Along with 42 gift agreements for AED 94.62 million and 75 mortgage agreements worth AED 271.02 million. The sales of 520 villas and apartments for AED 1.08 billion, the mortgages of 64 villas and apartments for AED 258.99 million, and the sales of 42 land plots for AED 335.9 million total more than AED 1.7 billion in real estate expenditures.
Nakheel unveils Dubai Islands master plan vision
The blueprint for Dubai Islands has been published by Nakheel, developer of the renowned Palm Jumeirah, to meet the UAE’s growing demand for premium real estate. The five-island development, formerly known as Deira Islands, is in line with the UAE’s continued efforts to become a top choice for travellers and investors, according to the developer in Dubai. According to Naaman Atallah, chief executive officer of Nakheel, “Dubai Islands are an integral part of the future vision for the emirate, focusing on enhancing the health, happiness, and wellbeing of residents and visitors, as well as providing the highest standards and variety of urban infrastructure and facilities.”
Bloom grants contract to Edrafor Emirates for Abu Dhabi project
Edrafor Emirates has been hired by prominent real estate development business Bloom Holding as the first contractor for the foundational work of its fully integrated residential community, Bloom Living, in Abu Dhabi. A significant step forward in the growth of Bloom Living will be reached when the contractor starts enabling work in September, just before the second phase of the community is launched. More than 4,000 homes, including a variety of villas, townhouses, and apartments, are included in Bloom Living’s 2.2 million square metre development.
Launch of Yas Park Gate by Aldar
Yas Park Gate, the newest gated community from Aldar Properties, has just begun construction right outside Yas Park, Abu Dhabi’s first family and recreation park of its sort. The AED 1.15 billion residential development will complement the current communities and include 508 new homes with a total area of 255,000 sqm as a logical step in the creation of North Yas’ second phase. The property enjoys convenient access to the 115,000 square metres Yas Park, which is half the size of Yas Mall and will serve as the model for landscape architecture throughout the whole North Yas master development. By combining a variety of services for the public, Yas Park will establish a new benchmark for parks in the UAE.
