Umm Ziyaad

GCC real estate market transactions surge over $383 billion in 2024, Dubai leads growth

Dubai’s share of the GCC region’s transactions reached 54 percent at $207 billion

The GCC’s average apartment yield by the end of 2024 was at 6.8 percent, making the region a competitive choice for investors looking at safe havens

The Gulf Cooperation Council’s (GCC) real estate market witnessed notable growth in 2024, with transactions surpassing $383 billion. Overall, the region’s transactions grew by an estimated 25 percent last year, highlighting the sector’s growing appeal among residents and investors alike.

In its first-ever residential market report, Sakan revealed that Dubai’s share of the GCC region’s transactions reached 54 percent at $207 billion. Meanwhile, Saudi Arabia’s real estate market recorded $75.7 billion in transactions last year, taking a 14 percent share. Saudi Arabia, Sharjah, Kuwait and Oman witnessed significant growth rates in yearly transactions, ranging between 30 percent and 47 percent.

“The GCC real estate market stands at an exciting crossroads, with unprecedented growth opportunities shaping the future of our region. As we enter 2025, the industry continues to benefit from a combination of robust government initiatives, increased international interest, and a renewed focus on innovation,” stated Abdulla Al-Saleh, CEO of Sakan.

Factors propelling GCC real estate market’s boom

One of the major factors driving real estate growth in the GCC region is population growth. The number of people living in cities in the GCC is expected to grow by 30 percent between 2020 and 2030. The UNDP said 84.3 percent of the GCC population will be residing in urban areas by 2030.

Some cities are growing faster than others. In Riyadh, Knight Frank estimates that the city’s population will increase by 4.1 percent annually to reach 9.6 million by the end of the decade, with 5.5 million expats and 4.1 million Saudis. Urban planners anticipate that giga projects will stem the flow of rural migration to cities.

Dubai is another city witnessing a population boom. Between 2010 and 2024, Dubai’s population doubled from 1.91 million to 3.83 million. The emirate is likely to add 2.5 million more people by 2040.

A major driver of this population growth and housing demand in the GCC is the expatriate movement. There are approximately 30 million expats in the region, representing 52 percent of the population. While expats have mostly been an important market for residential property leasing, their role in the economy and the property market has been changing.

Expats are now becoming investors and business owners, prompting a shift from leasing properties to acquiring real estate. Dubai has been very responsive to this trend, announcing 457 plots available for freehold conversion in January 2025. Expats are also bringing their families to the GCC, which increases the population and subsequently the number of consumers in the economy. In countries where expats can bring their families, remittances are declining despite the growing expat population as seen in the UAE.

Dubai leads super-prime deals

New developments across the GCC real estate sector continue to compete for the most luxurious residential experience. In the GCC, Dubai leads in the number of super-prime deals, closing 388 property transactions worth more than $10 million in the 12 months leading to Q3 2024. Other markets offering super-prime developments include Qatar with its Qetaifan Island North and Saudi Arabia with its The Red Sea Project.

Another product that has become popular in the GCC region’s real estate sector is branded residences. The Middle East has 12 percent of the global supply of these developments, according to Savills. In Dubai alone, which boasts 121 branded residences either completed or in the pipeline, 12.6 percent of the aggregate transaction value of the emirate in 1H 2024 was attributed to branded residence transactions, according to Morgan’s International Realty.

Robust demand drives price growth

UAE and Qatar apartments are among the most expensive in the GCC real estate sector. However, apartment prices in Riyadh are catching up, rising by 8 percent in 2024, with the largest price appreciation seen in North Riyadh, according to Knight Frank.

In Dubai, robust demand for property has continued to boost apartment prices, which rose by 19.5 percent by late 2024, according to Global Property Guide. On the other hand, some markets are facing headwinds. Oman apartment prices fell by close to 13 percent in Q3 last year, according to the National Center for Statistics and Information, although industry players remain optimistic.

Meanwhile, Bahrain, Oman and Saudi Arabia offer some of the most affordable villas in the GCC, while the UAE, Qatar and Kuwait remain on the high side.

Among the most dynamic markets for villas include North Riyadh, where prices have grown year-on-year between 14 and 17 percent, and Dubai, where price appreciation ranged between 9 and 47 percent. Meanwhile, Bahrain’s high-end villas saw a decline in prices in early 2024 by 4.5 percent year-on-year.

Region’s average apartment yield hits 6.8 percent

The GCC’s average apartment yield by the end of 2024 was at 6.8 percent, according to Sakan’s research. This puts the GCC on a competitive level for investors who are looking at safe havens for property investments. On average, the GCC’s one-bedroom apartment yield (7.2 percent) outranked that of two bedrooms (6.8 percent) and three bedrooms (6.4 percent).

High-yield countries include Saudi Arabia at 7.8 percent, Kuwait at 7.9 percent, and Bahrain at 7.9 percent. The strong leasing market seen in Riyadh and the fast-rising rents have been beneficial for Saudi yields. Meanwhile, Kuwait and Bahrain both have high price-to-income ratios, which favor renting over owning houses.

If you are searching for residential properties to buy either offplan or ready Properties in the UAE, we will give you options to suit your budget.

Contact Us for more information , to book a unit or consultation session on WhatsApp +971 55 134 8912

Philly2dubairealtor…………

Re-blogged via middle east economy

The Central Downtown by Aqua Properties: New Luxury Multi Tower Apartment Complex In Arjan Dubai

Studios – 3 Bedroom Units For Sale starting from 750k AED up to 5 M AED

The Central Downtown by Aqua Properties stands as an epitome of luxurious living in the heart of Arjan, Dubai featuring luxury edition studios to 3-bedroom apartments. Comprising four distinctive towers as A, B, C, and D – this multi-building complex sprawls across a central plot of nearly 07 acres, offering unparalleled visibility and accessibility within the Arjan community.

With a strategic location at the crossroads of Sheikh Mohammed Bin Zayed Road and Umm Suqeim Street, it provides residents with easy connectivity to major highways and proximity to key areas like Dubai Motor City, Dubai Sports City, and Jumeirah Village Circle. Luxury shopping and essential services are within arm’s reach, thanks to nearby outlets such as Spinneys, Ace Hardware, and reputable healthcare facilities like Park View Mediclinic.

The thoughtful design ensures privacy for residents while offering convenient access to shopping and entertainment. The presence of the shopping mall is complemented by distinct access points for the mall and residential areas. This strategic layout allows residents to enjoy the amenities without compromising their privacy.

Spread across a generous 300,000 sq. ft. of land, the development boasts an extensive 200,000 sq. ft. of seamlessly integrated amenities. From state-of-the-art fitness centers to rooftop gardens with breathtaking city views, life in this community is truly elevated. Residents have access to recreation and entertainment spaces, including a basketball court, BBQ area, mini-golf, outdoor cinema, and more.

Wellness and fitness are prioritized with amenities like a health club, Jacuzzi, yoga room, open-air gymnasiums, and jogging tracks. Nature enthusiasts will find solace in the Organic Farm, Rainforest Retreat, Zen Garden, Dog Park, and Golf Simulator.

Key Highlights:

•The four towers boast architectural expertise, offering contemporary studios, 1, 2 & 3-bedroom apartments that redefine modern living.

•Nestled in Arjan, Dubailand, residents enjoy optimal connectivity to Dubai Hills, Arabian Ranches, JVC, and swift access to Sheikh Zayed Road.

•Life here is elevated, with residences perched above a sprawling 150,000 sq. ft. shopping mall, providing retail therapy at residents’ fingertips.

•Rooftop gardens provide stunning city views, allowing residents to escape the hustle and bustle while enjoying the beauty of Dubai.

•Transparent and flexible payment plan, making the journey to sophisticated urban living accessible to a diverse range of residents.

•Enjoy leisure with a plethora of recreational facilities including a BBQ area, mini-golf, outdoor cinema, swimming pool, and a rock-climbing wall.

•With over 200,000 sq. ft. of amenities, residents experience holistic living, ranging from recreational to wellness facilities.

20%
Down Payment

On Booking Date
30%
Payment Plan 50/50 (3 years post payment plan)

Handover is

Q2 2027

For more inquires about this project or to book your unit with us then don’t hesitate to contact us.

If you are searching for residential properties to buy either offplan or ready Properties we will give you options to suit your budget.

Contact Us for more information , to book a unit or consultation session on WhatsApp +971 55 134 8912

Philly2dubairealtor

Dubai real estate’s next phase sees end-users outpace investors, bringing stability in mid-to-high-end market:

Experts

Mid-to-high-income professionals in the 30–45 age group are making up a larger share of buyers in the end-user demand

Dubai’s real estate sector has maintained strong momentum into 2025, driven by high investor confidence, off-plan sales, and continued regulatory enhancements.

The profile of property buyers in Dubai is seeing a major shift, with a greater proportion of end-users entering the market, particularly in the mid-to-high-end residential segment, sector experts said.

Besides, domestic buyers are also increasing their market share, as more UAE-based residents transition from renting to homeownership, driven by rising rental costs and favourable mortgage conditions.

While international investors still remain dominant in Dubai’s residential real estate market, their focus is increasingly shifting toward off-plan developments in prime locations, where structured payment plans, and capital appreciation potential remain attractive, industry players said.

“End-users are now playing a more prominent role, particularly in the mid-to-prime residential segment, where mortgage accessibility and lifestyle-driven purchases are shaping demand,” Farooq Syed, CEO of Springfield Properties, a leading Dubai-based real estate services company, told Arabian Business.

“Dubai’s buyer profile is evolving, with a greater mix of international and resident investors engaging in long-term acquisitions,” he said.

Senior executives at some of the city-based proptechs and real estate brokerages said the age demographics of property buyers in Dubai are seeing major changes of late, with a younger pool of buyers entering the market in a significant way.

They are leveraging mortgage financing to secure long-term assets, they said.

This shift is also seen as a reflection of a more structured and long-term investment approach, reinforcing the market’s stability, rather than speculative buying patterns.

Dubai real estate surges

Industry insiders said early indicators from February suggest that transaction activity remains on an upward trajectory, particularly in off-plan sales, with key districts such as Jumeirah Village Circle (JVC) and Business Bay seen maintaining strong absorption rates.

The market outlook for H1 2025 also remains positive, bolstered by new freehold expansions, infrastructure investment, and a robust development pipeline, they said.

“The current uptick in demand, especially the surging end-user demand, reflect a shift toward long-term real estate commitments over short-term speculation,” a senior executive with a city-based proptech said.

“Mid-to-high-income professionals in the 30–45 age group are making up a larger share of buyers in the end-user demand,” said the senior executive, who sought anonymity as he was not authorised to speak to the media.

The Springfield chief executive said the Dubai residential real estate market, of late, is becoming more balanced between end-users and investors, with residents now playing a larger role in shaping demand, particularly in mortgage-backed purchases.

“Developers are fast adapting to the emerging trend by launching projects that cater to both segments, ensuring sustainable absorption rates,” he said.

Syed also said Dubai’s real estate sector has maintained strong momentum into 2025, driven by high investor confidence, off-plan sales, and continued regulatory enhancements.

“Investor demand for Dubai’s real estate remains strong, with off-plan transactions continuing to dominate the market,” he said, citing the transaction data from their own agency, as well as the general market statistics.

The Dubai property market is estimated to have seen transaction values reaching AED 35.2 billion in January, marking close to a 23 per cent year-on-year increase compared to the same year-ago period.

Significantly, the off-plan segment is estimated to have accounted for 57 per cent of all transactions in the beginning month of 2025, with 7,381 deals valued at AED 15.1 billion. The secondary market recorded 5,662 transactions, totalling AED 20.1 billion.

Industry players said developers are introducing new projects in high-demand areas to sustain supply.

Dubai property transactions hit AED 35.2 billion in January, up nearly 23% year-on-year

Rising demand for Dubai homes

Sector experts said despite the rise in demand for domestic buyers, international buyers still remain the dominant in Dubai’s property market, pushing up demand in the mid and high-end segments.

They said Indians, British, Chinese and GCC buyers are among the major international buyers.

The Springfield Properties’ chief executive, however, said of late the market is seeing a significant increase in demand from UAE-based residents as well.

“More and more UAE residents are transitioning from renting to homeownership, influenced by rising rental prices and competitive mortgage rates,” he said.

Syed said Dubai’s buyer profile is evolving, with a greater mix of international and resident investors engaging in long-term acquisitions.

“The high rate of absorption of off-plan projects highlights sustained demand from both end-users and investors, while limited secondary market availability is driving price appreciation,” he said.

Industry insiders said the ongoing demand for prime residential assets is driving developers to fast-track project launches, ensuring a steady pipeline to meet investor expectations.

With transaction volumes maintaining an upward trajectory, Dubai remains a top global real estate investment destination, offering stability, liquidity, and high-value opportunities across multiple asset classes, they said.

Philly 2 Dubai Realtor,

Re- Blogged Via Arabian Business

Dubai real estate: Freehold rule changes cause spike in buyers, developments, prices, experts say

The joint development efforts are expected to open up opportunities for both owners and developers to maximise the market advantage of these properties

Prime areas in Dubai are set to see a new wave of developments with the property market seeing hectic parleys between property owners and real estate companies for joint development of properties, industry players said.

The move follows the recent Dubai Land Department (DLD) initiative allowing private property owners in the Sheikh Zayed Road and Al Jaddaf areas to convert their property ownership status to freehold, coupled with the surge in demand for freehold off-plan properties.

The joint development efforts are expected to open up opportunities for both owners and developers to maximise the market advantage of these properties, offering fresh options for investors from around the world, leading to further firming up of residential prices in the much sought-after areas of the city, industry insiders said.

“Property owners are, of late, increasingly collaborating with real estate companies for joint development, recognising the potential of Dubai’s thriving property market,” Arash Jalili, Founder and CEO of Dubai-based Unique Properties, told Arabian Business.

“With the growing demand for freehold off-plan properties, many landowners are eager to enter this dynamic segment,” he revealed.

Senior executives with other developers and real estate consultancies said the market is seeing a sudden rise of strategic partnerships, with businesses becoming official sales partners for such projects, further enhancing opportunities for investment and development.

Dubai real estate shift

Sector experts said the joint development trend is already emerging in a significant way, fuelled by the surging demand for freehold off-plan properties in Dubai.

They said it is likely that more property owners will explore joint development opportunities to maximise their market advantage.

Jalili said while it is still early to fully assess market dynamics and affordability, Sheikh Zayed Road presents a promising entry point for such joint collaboration projects in terms of pricing, with strong potential for appreciation over time.

“In Al Jaddaf, the current price per sq. ft. ranges between AED 1,400 and AED 1,600. With older buildings being converted into freehold properties, the area is poised for increased investment opportunities and enhanced market accessibility, further strengthening its appeal,” he said.

The Unique Properties’ chief executive said the Dubai Land Department (DLD)’s strategic move to allow the conversion of private property owners in the Sheikh Zayed Road and Al Jaddaf areas into freehold will not only boost the market value for landowners and attract investment in these key areas, but significantly alter the property landscape in such prime city areas.

A total of 457 plots in Sheikh Zayed Road and Al Jaddaf are eligible for conversion into freehold ownership, with 128 plots in Sheikh Zayed Road and 329 plots in Al Jaddaf opening doors to expatriates and foreign investors.

This marks a major shift from the traditional leasehold ownership structure in these high-demand locations.

Industry observers said the provision to convert leasehold properties into freehold has been introduced in response to the growing demand for properties in some of the key locations in the city.

With Dubai’s real estate market experiencing unprecedented growth, this initiative presents a valuable opportunity for UAE nationals to further capitalise on the sector’s strong momentum, they said.

Freehold drives property value

Industry players said Dubai is poised to attract a larger pool of foreign investors with freehold ownership acting as an attractive option for international buyers, particularly expatriates, looking to secure long-term investments in the UAE real estate market.

The initiative is also expected to attract sustained investments, fostering long-term economic growth and boosting real estate transaction volumes in the region, they said.

Jalili said properties with freehold status are typically considered more secure and valuable, as compared to leasehold properties.

“With freehold properties, owners have greater flexibility to manage their investments,” he said, adding that “as a result, property values in both Sheikh Zayed Road and Al Jaddaf could rise significantly, benefitting landowners and driving higher returns on investment.”

The conversion to freehold ownership is expected to significantly enhance the value of a property, as it offers full control to the owner without time constraints.

The Unique Properties’ Founder, however, said the 30 per cent conversion fee based on the property’s gross floor area valuation could be a key challenge for property owners.

“While this fee reflects the property’s value, it may be a financial burden for owners of lower-value properties.

“To mitigate this, the introduction of flexible payment plans, or targeted discounts for specific property types could ease the transition and make the conversion process more accessible,” he said.

Jalili also said while the expansion of freehold ownership has the potential to drive increased demand and influence price trends, particularly in prime locations, measures such as developer incentives or market regulations could be explored to support a balanced growth in these areas.

“Taking a strategic approach would help maintain stability and ensure long-term sustainability in the real estate sector,” he said, adding that as demand for properties increases, there is a risk of an unusual rise in property prices, particularly in premium areas, which could limit access to homeownership for a broader range of potential buyers.

Philly2dubairealtor

Re- Blogged via Arabian Business

Rents in Dubai: Tenants in older buildings may be able to negotiate rentals with landlords

Real estate industry executives believe that owners of older buildings will have to offer some incentives to maintain strong occupancy

Tenants in some of the older buildings of Dubai will be able to negotiate rentals with landlords as new supplies hit the market.

Real estate industry executives believe that owners of older buildings will have to offer some incentives to maintain strong occupancy. However, rents could decline in certain areas which will witness strong new supply in 2025.

In addition, more cheque payments, long-term tenancies and renovation of properties to attract new tenants will dominate the tenant-landlord relationship in Dubai in 2025 as rents will maintain an upward trajectory next year.

However, industry executives believe that rents will continue to rise in 2025 – but at a slower pace.

Rents in the emirate are forecast to increase by around 10 per cent in 2025 with strong new supply also coming into the market.

Rupert Simmonds, director of leasing at Betterhomes, said landlords have benefited from several years of rising rental prices. However, the rapid pace of increases seen in recent years is unlikely to continue

“As a result, landlords may prioritise long-term tenancies to secure stable income and maximise the current market conditions. For tenants, moving can be a hassle, especially after experiencing significant rent hikes in recent years. Many are now seeking the security of longer tenures, leading to a trend of tenants staying in their homes for extended periods. This benefits both parties, providing tenants with stability and landlords with reduced turnover costs and fewer vacancies,” added Simmonds.

“There is one significant factor shaping Dubai’s rental market — the pace of new property handovers is being countered by an exponentially growing population. New arrivals from around the world are drawn to Dubai’s unique lifestyle benefits, its welcoming culture, year-round sunshine, diverse experiences, and financial advantages,” said Simmonds, adding that in 2025, rental prices are expected to find balance, driven by affordability, expanding communities within commutable distances, and evolving supply and demand dynamics.

More cheque payments

Highlighting new trends, Haider Tuaima, director and head of real estate research at ValuStrat, said some villa landlords may have to allow for more cheque payments and perhaps be required to renovate their properties to entice new tenants. “New tenants will have some power to negotiate rental rates, and existing tenants can expect no increases to their current contracts.”

Ramjee Iyer, chairman and managing director, Acube Developments, said the market may see some flexibility in a number of cheques from savvy landlords who want to appeal to a broader base of tenants, especially with so many new arrivals to Dubai. “There will also be a greater openness to the holiday rentals sector which is booming at the minute in the emirate. On the tenant side, same as 2024 – a willingness to look further outside the main Dubai city areas in order to get more space and more bang for their buck,” added Iyer.

Rents could decline where new supply comes

Ramjee Iyer said it’s unlikely that rents will decline significantly in Dubai in 2025.

“However, some areas could see a stabilisation or even a slight decline in rents in 2025 due to increased supply. These areas are primarily non-prime locations where a significant number of new properties are expected to be completed. Some include International City, Al Quoz, and Dubai Studio City, among others,” he added.

While a widespread decline in rents is unlikely, Rupert Simmonds of Betterhomes said localised decreases could occur in areas with substantial new supply and limited demand such as Jumeirah Village Triangle (JVT) and Dubai Land Residential Complex.

“With ongoing handovers, landlords might adjust pricing to remain competitive. Additionally, older buildings in traditionally popular areas like Bur Dubai and Deira may face pressure to reduce rents to compete with modern developments offering enhanced amenities,” he added.

Yogesh Bulchandani, CEO of Sunrise Capital, says some stabilisation or slight declines might occur in Dubai neighbourhoods with a significant influx of new developments or oversupply. “Areas further from the city’s central business districts or those catering to mid-range rental markets could potentially see a cooling effect.”

Dubai’s ultra-luxury Bvlgari Ocean Mansions begin handovers

The ultra-luxurious Bvlgari Ocean Mansions on Dubai’s Jumeira Bay island are now being handed over; the properties are listed for a cool Dh180 million and more. Only seven of these Bvlgari Ocean Mansions have been constructed.

With five bedrooms and a “seamless blend” of indoor and outdoor areas, each home is around 10,000 square feet in size. They “hug the curve of Jumeira Bay Island” and have a “unique over-water design.” As a result, the houses appear to “float above the waves.”

Since its debut, Jumeira Bay and its Bvlgari-branded residences have been in high demand. In the Dubai real estate market, the Bvlgari Lighthouse tower, which is presently under construction, has broken several price records. The Dubai project was one of the first premium real estate projects that Bvlgari set out to establish, while Meraas is the master developer of Jumeira Bay.

“This project represents the culmination of a remarkable partnership with Bvlgari, combining their iconic elegance with our vision for creating exceptional living spaces,” said Khalid Al Malik, CEO of Dubai Holding Real Estate. “Together, we’ve crafted one of Dubai’s most exclusive residential destinations, blending world-class design with unparalleled lifestyle experiences.

“At Meraas, we believe in pushing boundaries and setting new standards that continuously redefine what luxury living can be.”

Re-blogged via propertynews.ae

Dubai Real Estate Transactions For The Week Of November 11 2024

Dubai Real Estate Transactions : Nov 11-15 2024

Many Sales are taking place daily so don’t sleep on your opportunity to purchase your next home or investment property

Contact Us for more information or to book your unit at +971 55 134 8912

Dubai boutique project to be unveiled by Reef Luxury Developments

Reef 1000, a revolutionary boutique project with 125 distinctive homes situated in the Dubai Land Residential Complex, has been launched by UAE-based Reef Luxury Developments, a leader in cutting-edge real estate solutions.

Reef 1000, a project worth AED 175 million, offers a range of floor plans, including exclusive duplex townhouses with four types, studio units with four different ranges, one-bedroom units with eight types, and two-bedroom units with six types.

A patented, integrated climate-controlled sunken garden is one of the many first-rate features that the residential properties at this new development have to offer.

The sunken gardens, which are unique in the world, offer a useful way to live outside in the harsh climate of the United Arab Emirates. Regardless of the weather, it provides the perfect setting for socializing and resting, marking a major breakthrough in real estate design.

“Our project offers an exceptional experience and investment value by maximising livable space and integrating innovative design elements that cater to the modern lifestyle,” said Samer Ambar, the CEO of Reef Luxury Developments.

“We believe that luxury living should not only be aesthetically pleasing but also functional and sustainable. The climate-controlled sunken gardens illustrate our commitment to enhancing the quality of life for our residents,” he added.

He claims that Reef offers a flexible payment schedule for prospective investors and buyers of these apartments, which start at AED715,000.

“Residents will enjoy a range of innovative features and luxurious amenities that cover more than 20% of the total project size, including a guest villa, indoor technogym, swimming pool, indoor yoga, private gardens, vegetables garden and BBQ areas in addition to a cricket pitch, jogging track and a multipurpose sports court,” stated Ambar.

It also has a rooftop movie theater, a decking area, a kids’ play area, an aqua pool gym, and a co-working space.

According to Reef Luxury Developments, the company is dedicated to sustainability and is enhancing environmental responsibility by implementing state-of-the-art sustainable practices and technologies.

Every technology employed in this project is environmentally friendly and intended to reduce the development’s environmental impact. The implementation of water-saving techniques, energy-efficient systems, and the incorporation of green areas into the community all demonstrate this dedication to sustainability.

“Further, Reef 1000 aims to create a sense of community among its residents. The thoughtfully designed communal areas and amenities encourage social interaction and a vibrant lifestyle, making it an ideal choice for families, young professionals, and investors alike,” noted Ambar.

He added that the project is expected to be turned over in Q4 2026.

View Reef 1000 Project details here.

Reblogged via propertynews.ae

Dubai: Fully furnished luxury villa rents for Dh8.5 million in Umm Al Sheif

Dubai’s ultra-luxury real estate market continues to reach unprecedented heights, as the astronomical sales transactions are now being matched by similar values in the rental market as well.

Growing demand for premium, ready-to-move-in Dubai homes has been highlighted by the rental of an ultra-luxury villa at Dh8.5 million over two years in the city’s Umm Al Sheif area.

The leasing deal for the 24,000sq ft villa on a 15,000sq ft plot is a record for the exclusive residential community in the western part of Dubai.

It was managed between fäm Living and fäm Lux, divisions of fäm Properties catering to ultra-high-net-worth clients and managing fully furnished luxury rentals.

“With Dubai attracting an elite audience of millionaires and billionaires, demand for premium, fully furnished, move-in-ready properties is intensifying,” said Firas Al Msaddi, CEO of fäm Properties.

While the UAE is forecast to attract an additional 6,700 millionaires by the end of 2024, the Dubai market has a limited supply of ultra-luxury villas.

DXB Interact reports that of the 61,558 villas set for completion over the next three years, only 379 are priced at Dh60 million or higher, 833 fall within the Dh30-60 million range, and 2,854 are priced between Dh15-30 million.

“This limited inventory, combined with Dubai’s reputation as a top destination for high-net-worth individuals, points to strong growth potential in the ultra-luxury segment,” said Al Msaddi. “The demand for high-end properties is also evident in the resale market, especially for apartments priced above Dh10 million.

Between 2023 and 2024, resale transactions in this segment surged by more than 25 per cent, from Dh9.8 billion to Dh12.4 billion. “Notably, this increase includes only resale transactions, and excludes off-plan sales, indicating a strong and consistent demand for luxury properties in Dubai,” Msaddi added.

In recent years, the market for properties above Dh10 million, encompassing both first-sales from developers, and resale transactions, has experienced major growth.

DXB Interact data reveals that ultra-luxury apartments and villas generated a record Dh86.1 billion in sales in 2023, a dramatic leap of 1,245 per cent from Dh6.4 billion in 2016.

Re-blogged via khaleejtimes.com

In the first nine months of 2024, Emaar Development sold Dh48 billion in property

Emaar Development, a UAE real estate developer, continued to grow rapidly in the third quarter of 2024. Compared to Dh28.9 billion ($7.9 billion) for the same period in 2023, property sales increased by 66% to Dh48 billion ($13.1 billion) in the first nine months of 2024.

In the first nine months of 2024, the company has started 50 projects across all master plans.

Emaar Development reported Dh12.5 billion ($3.4 billion) in revenue and Dh6 billion ($1.6 billion) in EBITDA from January to September, which is a 69% and 35% increase, respectively, over the same period in 2023.

Emaar’s sales backlog has grown to Dh83.7 billion ($22.8 billion), 47% more than it was in December 2023, and will be recognized as revenue in the upcoming years due to the company’s sustained sales growth.

Mohamed Alabbar, founder of Emaar, commented: “Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision. By continuing to innovate and stay ahead of market trends, we create experiences that resonate with evolving lifestyles.”

Reblogged via propertynews.ae