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IQI Dubai Weekly Recap 30th Dec 2017 – 5th Jan 2018

For off-plan, Jumeirah Village and Dubai South are top picks

Property buyers in Dubai were chasing affordable options in 2017, with Jumeirah Village Circle (JVC) and Dubai South recording the highest number of off-plan transactions among the city’s freehold communities. JVC, which already hosts a sizeable resident base, figured in 2,161 deals and followed by the fast-developing Dubai South enclave, which did 2,095.

Figuring in third place as the most sought after off-plan location was the pricier Downtown, where 2,039 apartments were bought direct from developers last year, according to data from GCP-Reidin, the property services firm. (At the Downtown, another 607 ready units were also bought during the period.)

For ready properties, mostly sold in the secondary market, Dubai Marina retains its prime position, with 1,860 units, and followed by International City, which figured in 1,227 deals through the year. But the latter saw a 21 per cent drop in volumes compared to 2016.

In dirham terms, overall citywide off-plan sales during 2017 weighed in at the Dh28.63 billion mark, while ready transactions added another Dh19.51 billion.

Source: Gulf News Property

Nakheel awards Dh385m construction contract for beachfront resort in Dubai

The latest contract has pushed the value of total infrastructure and construction contracts to almost Dh8 billion at Deira Islands.

Nakheel, the builder of palm-shaped islands off the coast of Dubai, and Spain’s RIU Hotels & Resorts have awarded a construction contract for their Dh670 million joint venture beachfront resort and water park at Deira Islands in Dubai.

The joint venture has signed a Dh385m contract with Bin Ladin Contracting Group in Dubai, which was chosen from a shortlist of 10 construction firms. The 800-room project, among the biggest in Dubai in terms of hotel rooms, is set for delivery in 2019, according to a statement on Nakheel’s website.

The latest contract has pushed the value of total infrastructure and construction contracts to almost Dh8 billion at Deira Islands, with more on the way, Nakheel said without elaborating.

Source: Lookup.ae

MBR City – District One project enters fast-track

UAE-based developer Meydan Sobha, a joint venture between race track developer Meydan and leading real estate company Sobha group, said work is in full swing at its District One, the first residential district in Mohammed Bin Rashid Al Maktoum City, which has come to life in Dubai.

Enclosed by glorious green natural surroundings, the community presents one of the lowest-density villa and apartment developments in the heart of any international city, and with the first residents moving in earlier this year, it is becoming one of the most sought-after residential areas in the emirate.

A high-level delegation led by officials from the Dubai Land Department and Real Estate Regulatory Agency (Rera) recently toured the new Mohammed Bin Rashid Al Maktoum City – District One community to see the progress of the project.

Sultan Butti bin Mejren, the director general of the Dubai Land Department, and Marwan bin Ghalita, the chief executive of Rera were hosted by Saeed Humaid Al Tayer, the chairman of the Meydan Group, and other senior officials from both government authorities and the management of District One.

The delegation toured the 45-million-sq-ft development which comprises villas, mansions and the newly announced District One Residences, a collection of apartments in mid- to low-rise buildings, all with access to beachfront living due to a unique manmade body of water which flows throughout the community.

Source: Lookup.ae

The Meadows Village set for demolition

The Meadows Village, the oldest shopping centre in Emirates Living, will be demolished next month to make way for a bigger facility.

Developer Emaar confirmed the news saying The Meadows Village is being expanded with additional stores to enhance the retail and lifestyle experience of residents in the community.

Spinneys supermarket will relocate to another venue in Emirates Village while the pharmacy will move to Springs Village Town Centre.

Members of Fitness First have been asked to use gym facilities at their Lakes Club and the Springs Village branches. A spokesperson for Fitness First said: “Fitness First Meadows club will no longer be operational from February 1. We are in negotiations with Emaar to return to the Meadows once the new development is complete.”

Ritu Kartha, a resident of Meadows 2, said she has fond memories of the Village. “I was present at its opening and used to frequent it every few days. I am really going to miss it,” she said.

Source: Lookup.ae

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