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IQI Dubai Weekly Recap 24th Feb – 2nd March 2018

Dubai’s property sales remain stuck in slow mode

The slow state of affairs in Dubai’s off-plan property market continues. Only about 1,200 residential units were released in the first two months as against the quite substantial 5,048 units — from 26 projects — for the same period last year, according to data from Reidin-GCP.

The problem for developers with off-plan projects is that they will now have to start thinking how to put in all of their energies into launching between now and mid-May, which is when Ramadan starts and is traditionally a slow period for real estate transactions. After that, there will be the onset of summer and developers are loathe to make any major push during that period.

This effectively leaves a window of about 70-75 days for them to get back into the off-plan launch groove. They will also be needing some help from buyers.

For the most part, buying activity during the first two months has been relatively muted, with 1,693 ready units transacted in the first two months as against 2,256 units same period last year. Last month’s ready sales are pegged at 794 deals and down from the 899 in January, the Reidin-GCP data finds. On the off-plan side, January and February’s combined volumes were 3,056 units and down 40 per cent from the 5,091 recorded last year.

Source: Gulf News

Dubai Properties announces official launch of Marasi Marina

Dubai Properties, the quasi-government real estate developer, has announced the official launch of Marasi Marina, the first fully operational jetty at Dubai Water Canal and the only marina at the heart of the city.

The 157-berth, members-only marina spans an area of 40,000sqm and is the latest addition to Dubai Properties’ Marasi Business Bay portfolio. In a statement, the developer said that the launch marks the completion of phase one of the master developer’s mixed-use development.

It added that ART Marine, the region’s largest 360-degree leisure marine enterprise, has been appointed as the exclusive operator of Marasi Marina, with the deal coming into effect from January 2018. It mandates that ART Marine will manage the entire premises, including its water in offshore areas, as well as other ancillary marina facilities.

The all-new city marina is located at Marasi Drive with easy access to both Sheikh Zayed Road and Al Khail Road. The gated community includes a serviced reception building and dedicated parking spaces for its members. Adjacent to the Marasi Water Homes, the region’s first residential community that offers an on-the-water lifestyle, Marasi Marina also boasts the newly opened Park House, the first onshore dining facility that rounds off the expanded community.

Source: ME Construction News

Azizi’s ‘iconic’ Dubai skyscraper to be world’s fifth-tallest

Azizi Development’s new ‘iconic’ skyscraper in Dubai will be the fifth-tallest in the world, according to the company’s chairman Mirwais Azizi.

In an exclusive interview with Construction week, Azizi said the 570 metre skyscraper close to the Sheikh Zayed Road will be completed between 2021 and 2022.

The skyscraper project is expected to cost $816m (AED3bn), which includes the cost of buying the land.

A huge plot of land adjacent to Dubai Creek has been purchased. It is currently ring-fenced by navy blue Azizi Development hoarding. Promotional text along the boards carry words which spell out the following message: “Azizi will change the way you live”.

The 122-floor building will house residential units on the first 100 floors, while the remaining 22 floors will be reserved for a luxury hotel.

It’s expected to be completed within 46 months, but the company hope to reduce the construction time, as Azizi wants the project to be delivered somewhere between 39 and 44 months.

Source: Arabian Business

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