New buildings in UAE
Location, climate, and economy
The United Arab Emirates (abbreviation UAE) is a country located in the Middle East, on the Arabian Peninsula, consisting of seven emirates, each is a monarchy: Abu Dhabi, Ajman, Dubai, Ras al-Khaimah, Umm al-Qaiwain, Fujairah, Sharjah. The coast of the UAE is bordered by the waters of the Oman and Persian Gulfs.
The climate is tropical desert, hot and dry. The temperature in summer is about + 45-50°С, in winter + 18-25°С, it is cold at night; it rains in November-May.
The following sectors of the economy are developed: production and sale of gas and oil, trade, logistics (related to oil and gas, foreign trade operations, transport infrastructure), seawater desalination and landscaping, construction, tourism, and agriculture.
UAE New Construction Market
The offer on the market for commissioned objects remains at a high level, however, the demand for new buildings in the UAE is growing, especially among wealthy investors. Prices are also growing, their increase in 2022 averaged 2-3%, while premium real estate in the new buildings has risen in price even more. The main foreign investors are representatives of Russia, Australia and Great Britain. At the same time, it is worth noting the large-scale influx of Russians who come in search of business opportunities and purchase apartments in a new building in the UAE, and other objects of the primary fund. Elite objects in new buildings (villas, apartments in the residential complexes with a sea view) are the most popular.
Customer reviews confirm that residential complexes in the UAE meet construction quality standards. Villas, apartments from the developers in the UAE are sold in accordance with the norms and regulations of the current legislation, the procedure for making transactions is transparent and reliable. According to research agencies, several tens of thousands more construction projects will be completed in the next year and a half. It is prestigious and profitable to buy an apartment in the UAE in a new building, but, most importantly, it should be done now, on the trend of rising prices.
Real estate prices from a developer in the UAE
According to the information of the GEOLN.COM website, the minimum prices for 1 sq.m of the area in a new building, handed over in a turnkey condition, in the following cities of the country are as follows:
- Abu Dhabi - from 2300 USD,
- Ajman - from 1000 USD,
- Dubai - from 1200 USD,
- Ras Al Khaimah - from 1400 USD,
- Sharjah - from 1600 USD,
- Umm al-Qaiwain - from 1600 USD.
The high dynamics of price changes requires the search for information that is reliable at the time of the request.
Real estate UAE in the new buildings (types)
- residential (apartments, apartments in apartment buildings, including duplexes, townhouses, penthouses, individual houses, cottages, villas, mansions);
- commercial: manufacturing (industrial enterprises), trade (shops, shopping centers, supermarkets), hotels, warehouses, offices, etc.
The nuances of buying in the new buildings
A foreigner of non-Arab origin can purchase properties in new developments in certain freehold regions of the UAE. Objects located in these zones are transferred to full private ownership (it is allowed to sell, rent, donate, or inherit). New build properties are being sold by many agencies and developers, however, it is important to check if the relevant company has been certified by the RERA (Land Department) in order to avoid a situation where the agent, the construction company can leave the market without completing the project. The GEOLN.COM website (the search interface is very convenient) is a big help to the investors, since it contains various objects in new buildings for sale.
Buying an apartment from a developer in the UAE means implementing a promising project that provides the investors with the opportunity to have the perfect balance of life, work, leisure and income from renting, reselling in a country of the highest quality of life, but also local color (should take into account the religious aspect, local traditions).