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Real Estate

News in brief

01 July 2021

Al Baraka Islamic Bank hands over first Danat Al Baraka villa

Al Baraka Islamic Bank (AIB) has announced the successful handover of the first villa in Danat Al Baraka project, located in Jannusan, Bahrain.

This comes following the bank’s announcement of exclusive financing offers under the Mazaya programme, in cooperation with the Eskan Bank and the Ministry of Housing, to provide housing solutions that are designed to meet the needs of Bahraini citizens.

Built on a 73,514-sq-m area, Danat Al Baraka features 211 villas with four different contemporary designs, each consisting of two floors with four rooms, a spacious hall, a kitchen and annex for a domestic worker, and a two-slot garage. It is the fifth in a series of Danat projects, which includes Danat Al Madina, Danat Al Riffa, Danat Al Seef and Danat Al Lawzi.

Bloom starts work on Abu Dhabi townhouse community

Bloom Holding has announced the start of construction on the site of the recently announced Aldhay community, which is part of its masterplanned community, Bloom Gardens in Abu Dhabi.

This marks a major milestone in the development of Bloom Garden’s fifth phase in line with its commitment to develop exclusive and well-established residential communities with high standards providing attractive long-term investment returns for UAE national investors and homeowners.

Aldhay offers 181 two-, three-, four-, and five-bedroom townhouses. Each home is designed with a Mediterranean feel and superior, modern finishings, complemented by exceptional facilities.

Announcing the ground-breaking of the project, Bloom Holding says it heralds the official start of yet another much-anticipated development that represents modern community living.

Scheduled for completion in the third quarter of 2023, Aldhay is located on the Eastern Mangrove Corniche.

The project is designed to become an exclusive residential community in one of the most prestigious areas in Abu Dhabi city within close proximity to some of the city’s key landmarks and lifestyle destinations, including Khalifa Park, Sheikh Zayed Grand Mosque and Zayed Sport City, offering a high rental yield for UAE national investors and a great place to call home for end users, it added.

Emaar signs deal with DIFC Courts for expat property protection

The Dubai International Financial Centre (DIFC) Courts and Emaar Properties have signed a cooperation agreement to promote the Wills Service provided by the UAE’s first English-language common law court.

The agreement will encourage greater awareness and consideration across Emaar Properties’ portfolio of this public Wills Service, offering both investors and residents additional protection on real estate investments in the UAE.

Launched through a partnership in 2015 between the DIFC Courts and the Government of Dubai, the Wills Service was established to enable non-Muslims who are investing and living in the UAE to pass on their assets and appoint guardians for their children in line with their wishes through a Will registration service.

As a part of the UAE Government’s commitment to effectively employ advanced technologies and digital platforms to continue services to the public during the Covid-19 pandemic, in 2020 the DIFC Courts leveraged its digital infrastructure to offer videoconferencing for Will registrations.

Deputy Chief Justice Omar Al Mheiri said: “This is a public service designed and introduced to provide people with choice. The UAE is home to over eight million expatriates, many of whom have settled in the country and purchased a home for their family. In addition, the UAE has welcomed and enabled many foreign investors to make property investments. The DIFC Courts has, therefore, created a mechanism that can contribute final peace of mind where property is concerned.”

“This new alliance with one of the UAE’s flagship developers, will ensure that another layer of awareness for those choosing Dubai and the UAE as a destination for property ownership,” he added.

Foundation work begins on Creek Edge in Dubai

U+A, a leading international multidisciplinary design practice, has announced that work is progressing at a steady pace on the Creek Edge, a luxurious residential development in Dubai, UAE, from master developer Emaar featuring a collection of one-, two- and three-bedroom apartments.

The pouring for the raft foundation of the project began recently, according to U+A, the main consultant on the Creek Edge project.

Located within Dubai’s waterfront community, Creek Edge boasts two towers of 40 and 20 floors that rise above the waterfront promenade of Creek Island, connected by a lushly landscaped leisure podium.

With work now under way, the project is targeted to be completed in 2022.