The Dhs600m Binghatti Avenue project will further boost the Dubai’s property sector.
Dubai property market is a safe haven for global and local investors despite the COVID-19 crisis due to high demands.
Binghatti Developers, one of the leading real estate development companies in the UAE, has launched the second phase of the “Binghatti Avenue” project in Dubai Healthcare City, Al Jaddaf area , with a total investment of Dhs600 million.
The “Binghatti Avenue” project extends over an area of about one million square feet, and consists of a 35-storey residential tower comprising 665 residential units consisting of 454 one-bedroom apartments, 110 two-bedroom apartments and 86 three-bedroom apartments, in addition to 28 “townhouses” of three bedrooms.
The facilities include a gymnasium, swimming pool, children’s pool, children’s play area, retail store, large reception lobby, bicycle parking, 7 floors of covered car parking, and a panoramic elevator.
“We are pleased to announce the second phase of our latest real estate project in Dubai, to reflect the great confidence in the future of real estate investment in the emirate of Dubai, especially after maintaining the buying momentum , despite the COVID-19 crisis, “ said Muhammad Binghatti, CEO of “Binghatti Developers”.
“The real estate market in Dubai has maintained its attractiveness among local and international investors, despite the effects of the outbreak of the pandemic, as data from the Land Department showed that 10,728 new investors entered the market, representing 70% of the total number of investors throughout the first nine months ending in30 September,” he added.
The CEO said that the real estate market has become more mature after a healthy correction as it supports the investor and the end-user together.
The top three transactions were a land in Madinat Dubai Almelaheyah sold for Dhs212.6 million, followed by a land that was sold for Dhs53 million in Hadaeq Sheikh Mohammed Bin Rashid, and a land sold for Dhs212.6 million in Madinat Dubai Almelaheyah in third place.
Dubai recorded a total of Dhs2.9 billion real estate and properties transactions during the week ending 5th November 2020 with transactions reaching 1,241, according to figures of the Department of Land and Property in Dubai.
A total of 1,733 real estate and property transactions valued at Dhs4.3 billion were registered during the week ending 15th April, 2021.
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