Umm Ziyaad

Why quality has become the new currency in real estate

Buyers now seek bespoke designs, artisanal materials, and superior construction

A view of Sobha Hartland, a waterfront community that blends luxury with nature

Over the past decade, luxury real estate market has undergone a profound shift, and this evolution continues today. Previously, buyers were drawn to well-known brands, equating prestige with familiar names. However, today’s high-net-worth individuals prioritise something far more valuable — exceptional quality, meticulous attention to detail, and craftsmanship over flashy branding.

Buyers now seek bespoke designs, artisanal materials, and superior construction, valuing the integrity of the build over mere brand recognition. Developers are taking note, shifting their focus towards authenticity, architectural excellence, and high calibre finishes to meet this growing demand. As more affluent buyers expect their homes to reflect their refined tastes and lifestyle aspirations. This transformation has pushed the industry toward a new benchmark, where quality is the ultimate currency.

Dubai’s real estate landscape has also matured, transitioning from rapid development to a more refined, long-term approach. The days of speculative flipping are being replaced by a focus on end-user needs and sustainable investment value. No longer is luxury mass-produced; instead, developers are crafting thoughtful, well-planned communities that cater to a sophisticated clientele.

One of the most significant shifts in buyer priorities is sustainability. Once an afterthought, sustainable living is now an essential pillar of modern luxury real estate. Buyers demand energy-efficient, smart, and environmentally responsible developments that offer both long-term savings and a reduced ecological footprint. Today’s investors are increasingly aware of the value of green buildings, not just for environmental benefits, but also for their ability to retain value over time and provide a healthier living environment.

At the same time, design excellence is under greater scrutiny than ever before. Buyers now pay close attention to innovative layouts, how natural light meets a space, and biophilic architecture, all of which contribute to timeless, liveable spaces. Properties that seamlessly integrate outdoor and indoor elements are particularly appealing, as they provide not just comfort, but also an enhanced connection to nature. The demand for open-plan living, multifunctional spaces, and wellness-oriented designs is driving a transformation in the luxury housing market, where every detail must be carefully curated to meet evolving buyer expectations.

In an increasingly competitive market, developers who prioritise pillars of sustainability, cutting-edge design, and rigorous quality assurance are securing their place as trusted leaders. This shift is reinforced by the preferences of young buyers, particularly crypto-millionaires, who have a different perception of luxury. For them, exclusivity is defined not just by price or location, but by the level of functionality, craftsmanship, sustainability, and the unique character of a home. Developers who fail to adapt to these expectations risk being left behind as the market continues to evolve.

At Sobha Group, we’re not one to stray away, but to recognise this shift, we embrace industry evolution by pioneering full-cycle control, from conceptualization to completion, under one roof. Our backward integration model eliminates reliance on external vendors, allowing us to oversee every detail, and uphold uncompromising standards of craftsmanship. This end-to-end approach not only ensures efficiency and precision and timely delivery but also redefines luxury through durability, timeless design, and flawless execution; a blueprint others now follow.

By internalising the entire development process, we turn visionary concepts into enduring realities, setting a benchmark for quality that transcends industry norms.

A commitment to quality doesn’t just enhance buyer satisfaction, it builds long-term brand credibility and trust. In the real estate industry reputation is everything, and a strong reputation for quality leads to greater demand, higher resale values, and increased investor confidence.

In line with these trends, Dubai is on track to set a global benchmark in premium real estate. Led by the emirate’s ambitious Dubai Economic Agenda (D33) and Dubai Real Estate Sector Strategy 2033, world-class infrastructure and commitment to innovation makes it a frontrunner in the region. With cutting-edge smart city initiatives, sustainability programmes, and architectural marvels, the emirate is redefining premium living.

Beyond aesthetics, Dubai’s appeal is strengthened by its business-friendly environment, tax advantages, and the growing influx of ultra-high-net-worth individuals. These factors reinforce Dubai’s status as a top-tier property investment destination, attracting global investors who recognise the city’s potential for long-term returns.

Dubai’s architectural landscape is already home to some of the world’s most striking buildings, but the next wave of development is focusing on more than just a spectacle. Developers in Dubai have a unique opportunity to blend cultural heritage with futuristic design, creating unparalleled real estate offerings. Communities can no longer be visually impressive to attract investors and homebuyers; they must be highly functional, sustainable, and conducive to a higher quality of life. From waterfront developments to urban wellness districts, the vision for Dubai’s future real estate market is deeply rooted in long-term liveability.

This thriving scene is complemented by ongoing regulatory advancements, which have improved transparency and investor confidence. Initiatives such as long-term visas and foreign ownership incentives further solidify Dubai’s position as a preferred destination for luxury real estate investments. Additionally, the new Real Estate Tokenisation Project is set to transform the real estate investment sector by allowing micro-investors a unique chance to tap into this booming market.

As the market continues to evolve, the new currency of real estate is not branding, but enduring excellence. Developers who prioritise craftsmanship, sustainability, and forward-thinking design will not only meet the expectations of today’s buyers, but will also shape the future of luxury real estate for generations to come.

Philly2dubairealtor,…………….

Re-Blogged via Khaleej Times

LMD launches 379-unit residential development in Dubai

Taiyo Residences features 379 well-designed units, including studios, one-, two- and three-bedroom apartments

LMD, a real estate developer with a diverse portfolio spanning the UAE, Egypt, Spain, and Greece, today (April 17) unveiled Taiyo Residences in Dubai during the International Property Show 2025.

Built around the philosophy of light and space, the AED400 million ($109 million) residential development located at Wasl Gate is slated for handover in Q1 2028.

Taiyo Residences features 379 well-designed units, including studios, one-, two- and three-bedroom apartments. The design impeccably blends both indoor and outdoor spaces, ensuring year-round comfort and convenience for residents, said the developer.

A wide range of amenities is available to support every aspect of modern living, from fitness and wellness to recreation and relaxation.

Residents can enjoy both indoor and outdoor gyms, a lap pool, a beach pool, and a kids’ pool, a kids’ area as well as an outdoor martial arts studio and a paddle court, it stated.

According to LMD, the concept of ‘Designed by Light’ drives the architectural vision of the project, with every detail meticulously crafted to harness the power of natural illumination.

Ascending with quiet confidence, Taiyo Residences’ façade is an impressive display of thoroughly crafted elegance. Its subtle interplay of glass, steel, and earth tones hints at the bespoke world within, earning it the distinction of being a precursor to a curated lifestyle.

Floor-to-ceiling windows reflect the changing hues of the sky, while spacious balconies in the distance extend an invitation to step out and soak in breathtaking panoramic views.

This design approach fosters serene, tranquil living environments where light seamlessly integrates with space, enhancing the overall resident experience, it stated.

On the launch, Managing Partner Hamad Al Abbar said: “Taiyo Residences goes beyond real estate. It’s a lifestyle sculpted by light. We are thrilled to introduce a project that offers premium living spaces while fostering a sense of connection and community.”

“With its thoughtful design and integration of both outdoor and indoor amenities, Taiyo symbolizes our commitment to providing spaces that enhance both well-being and quality of life,” he stated.

For socializing and entertainment, the development offers a BBQ area, gaming lounge, table tennis, billiards, and a PlayStation zone.

In addition, dedicated wellness spaces include co-working areas, a quiet zone, reading lounges, and a coffee bar, all designed to enhance the resident experience, said Al Abbar.

Taiyo Residences offers excellent proximity to key destinations including Ibn Battuta Mall, Palm Jumeirah, Dubai Marina, and Mall of the Emirates, thus providing convenient access to shopping, entertainment, and leisure, he added.

Philly2dubairealtor,………………

Re-Blogged via Zawya

UAE: Why are so many centi-millionaires relocating, investing in Dubai, Abu Dhabi?

A study revealed that the centi-millionaires in both emirates are set to more than double over the next 10 years

Dubai and Abu Dhabi have taken the top spots for attracting and developing wealth for millionaires as well as where millionaires are looking to relocate, according to a new study released on Monday.

Launched by global real estate consultancy Savills, the research found that Dubai topped the list as it “combines financial incentives with a good climate and quality of life.”

Dubai now boasts 81,200 resident millionaires, including 237 centi-millionaires and 20 billionaires, Henley & Partners’ latest study released this month revealed. The emirate is also the biggest climber in the top 50 over the past year, moving from 21st to 18th place.

The study noted that Dubai and Abu Dhabi (where 75 residents are centi-millionaires) are projected to see their centi-millionaire populations more than double over the next 10 years.

Other cities that made to the top 12 list for attracting high net worth individuals (HNWI) are Singapore, Zurich, Auckland, Boston, New York, San Jose, Seattle, Miami, Dallas and San Francisco, according to Savills Dynamic Wealth Indices.

Savills noted that Abu Dhabi and Dubai are a particularly attractive option for HNWIs who bring their companies with them. These areas have a dynamic economy that’s diversifying away from oil and attracting growing sums of corporate and sovereign wealth investment.

This has boosted real estate transaction volumes and values as prime residential capital values in Dubai rose by 6.8 per cent in 2024.

Interestingly, the newly launched index revealed that Dubai and Abu Dhabi are also among the top 12 cities for corporates for attracting and developing business wealth and investment. Abu Dhabi has been ranked 5th while Dubai has been placed at 11th in the index.

This means that Abu Dhabi has ranked in the top 5 for both, individuals and corporates looking to relocate, highlighting its range of benefits.

“Abu Dhabi’s sovereign wealth has notably attracted connected family offices and global corporates. In turn, this has stimulated office demand – with new businesses requiring space – and the luxury residential market. Arguably, the push of fiscal policies of other countries has heightened the UAE’s pull,” said Rachael Kennerley, director of research at Savills Middle East.

It added that fluid geopolitical and economic environment; changing government policies, taxes and incentives; and quality-of-life factors, are increasingly influencing where high net-worth individuals (HNWIs) and footloose companies choose to locate.

“Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of either innovative talent pools or existing communities of similar individuals, have always been key drivers of dynamic footloose companies and individuals and will continue to play a major role, but a sense of place, and a high quality of living, are progressively the deciding factor when making location decisions,” said Paul Tostevin, director of Savills World Research.`

Philly2dubairealtor,……………

Re-Blogged via Khaleej Times

UAE Property: ‘Will the global tariff row affect Dubai real estate prices?’

Mario Volpi is head of brokerage at Novvi Properties and has worked in the property sector for 40 years in London and Dubai

Question: Will the Dubai real estate market be affected by movements in global stock markets, particularly with US President Donald Trump’s tariffs creating uncertainty? Should investors be worried? Should I wait to enter the market or will this not affect the Dubai property sector at all? JP, Dubai

Answer: Mr Trump’s strategy of increasing tariffs has two sides to it. While he is keen to address fairness of trade agreements for American goods and services, I believe, he has another agenda too, which is to create chaos to bring about instability in the short term so that banks and other governments counterbalance the threat of a recession or high inflation with potential cuts to interest rates (which will surely follow).

If this happens, the repayment of the US debt will be more manageable and there is a chance that he could come out of this smelling of roses.

For the Dubai real estate market, the only point of note is that if interest rates reduce, this will affect mortgage rates, given that the dirham is pegged to the US dollar. This could lead to cheaper UAE mortgages, thus adding to the attraction of properties.

Therefore, I believe, the Dubai real estate market is in good shape, given that it is currently underpinned by proper fundamentals rather than speculation, so it should not be adversely affected by the tariff row at present. In fact, tariffs could benefit Dubai in the long run.

Q: My rental contract renews in August but I am planning to leave Dubai for good in November this year. Can I negotiate with my landlord to have a three-month extension, or will I have to move out and move into short-term accommodation? HP, Dubai

A: It is possible to negotiate with your landlord, but the likely outcome will come down to how good your professional relationship is and your powers of persuasion.

The first thing I would do is to inform your landlord, giving him/her as much notice of this as possible. You do not mention how long you have been renting the property for, so it is difficult to say how this decision may impact the landlord at this point. However, try to meet face-to-face as this may help when explaining your predicament and to agree to a date.

I would also look at the rental index to see what the renewal rental price would be, to see if the landlord is entitled to an increase. This will also help you to work out what a monthly amount will be for the extra three months.

It is preferable not to have to move twice, so be as generous with the extra monthly rate as you can, remembering that the landlord does not have to agree to this at all.

If you cannot agree on any terms or if the landlord does not allow for the extension at all, you will have to seek short-term accommodation for the remaining three months to November.

Q: I am currently in rented accommodation in a tower in Dubai but recently, water started to drip through the bathroom ceiling. Fortunately, it is dripping right into the bathtub.

I spoke to the tenants of the apartment above, but they were very unhelpful and did not give me their landlord’s details. I think there was also a language barrier. I am at a loss to where to turn to now. What should I do? PT, Dubai

A: Given the leak is dripping into your bathtub, it gives you a bit of time to resolve the issue.

My advice would be to go and speak to the building management to inform them of the situation. They will contact the landlord of the apartment above. If it is easier, you can also involve the security staff to assist you in this regard. I am sure they will try to resolve the dripping to stop any further damage.

If your property is managed, I suggest you contact the property management department of the agency you rented through and let them deal with this directly.

Philly2dubairealtor,……………….

Re-Blogged via The National

Dubai Real Estate Transactions For The Week Of April 7th 2025

Transactions reached a total of 14.3 Billion AED in the week of April 7th 2025 in both Offplan and secondary market sales

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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………..

Dubai’s millionaires double as London drops down wealth list

New report highlights how world’s wealthy are increasingly heading to investor-friendly Dubai

The number of millionaires living in Dubai has doubled in the past decade, making it one of the world’s fastest growing wealth hubs, a new report shows.

The World’s Wealthiest Cities Report 2025, conducted by New World Wealth for Henley & Partners, also shows a shake-up of the traditional order, with millionaires leaving London in their thousands.

Their departure comes alongside changes to the tax status of non-doms – people who live in Britain but whose permanent home for tax purposes is outside the UK. Under the old rules, non-doms were liable to pay tax on money they made in the UK, but could live in the country without subjecting their overseas income to British tax rates.

According to the latest data, published on Wednesday, which is for 2024 and in US dollars, Dubai now has 81,200 millionaires, 237 centimillionaires, whose wealth is in the hundreds of millions, and 20 billionaires. The previous year, there were 72,500 millionaires, 212 centi-millionaires and 15 billionaires.

Cities for millionaires

Number of millionaires per year

Source: New World Wealth • Data as of December of each year

In the past decade there has been a 102 per cent increase in the number of millionaires in Dubai. Only the Chinese cities of Shenzhen and Hangzhou have seen higher growth, of 142 per cent and 108 per cent respectively.

The UAE attracts more migrating millionaires than any other country, according to previous data from Henley & Partners, an investment migration advisory firm. Almost twice as many millionaires moved to Dubai than to the next most popular country, the United States.

Andrew Amoils, the head of research at New World Wealth, said a number of factors make Dubai an increasingly attractive destination for the wealthy. “It’s very safe and it has a highly diversified economy, so it appeals to all sorts of entrepreneurs,” he told The National. “It’s a good place to start a business and it’s a good place for investors to be based.”

Mr Amoils said the UAE’s “most competitive tax rates in the world, with no capital gains tax and no income tax” encourage business formation and also appeal to wealthy retirees. As well as the UAE’s financial attractions, a “first-class healthcare system”, Emirates airlines serving vital financial centres, good schools and year-round leisure activities are also powerful draws for the world’s wealthy, Mr Amoils explained.

“There is a very strong link with Europe and the UAE, and I don’t really see that breaking apart any time soon,” he said.

The report also shows that 11,300 fewer millionaires were living in London in 2024 than in the previous year. Over the past decade there has been fall of 12 per cent, and of the world’s 50 wealthiest cities only Moscow, with a decrease of 25 per cent, has lost more.

More millionaires moving to Asia and the Middle East

Top 50 cities for millionaires ordered by millionaire growth over the last decade

Source: New World Wealth • Data as of December 2024

Sam Bidwell, the director of research and education at the Adam Smith Institute, says there are a number of reasons why millionaires are leaving the UK. “High tax rates, a challenging business environment and declining public safety are all contributing factors,” Mr Bidwell has written in The National. “For many millionaires, the government’s decision to abolish the non-domiciled tax regime last year will have been the straw that broke the camel’s back, pushing them to finally relocate.

“In an increasingly competitive world, the success or failure of international cities will largely depend on their ability to attract high-quality people,” he said. “While London and the UK are driving away wealth through excessive taxation, Dubai is taking the opposite path. Don’t be surprised to see more British individuals – and more British businesses – setting up shop on the shores of the Creek in the years to come.”

Philly2dubairealtor,……………..

Re-Blogged via The National

Dubai realty continues to ride a wave of resilience

Dubai Marina holds its throne as the go-to spot for high-end apartments

A boat ferries passengers past the Dubai Marina.

Dubai’s property market is riding a wave of resilience and reinvention in the first quarter of 2025, blending robust demand for ready homes with a thriving off-plan sector.

Buoyed by a surge in investor confidence, a steady stream of tourists, and savvy government moves that keep this megacity a global investment darling, Dubai’s real estate scene continues to dazzle.

Haider Khan, CEO of dubizzle and Dubizzle Group Mena, sums it up: “Favourable conditions, high rental yields, and strategic initiatives have further enhanced Dubai’s allure.” The numbers back him up—sales are spiking, rentals are trending upward, and the market feels unstoppable.

Luxury properties remain the crown jewels. Dubai Marina holds its throne as the go-to spot for high-end apartments, with average sales prices hitting Dh2.52 million and rents averaging Dh139,000. For villas, Dubai Hills Estate steals the show, commanding a hefty Dh17.77 million average sales price, while Al Barsha tops the rental charts at Dh448,000 annually. Investors are cashing in too — Dubai Hills Estate boasts a 6.95 per cent return on luxury flats, and Damac Hills delivers 5.62 per cent for villas.

ValuStrat’s Dubai Price Index (VPI) for March paints an even rosier picture. Villa values climbed two per cent month-on-month and a whopping 30.3 per cent year-on-year. Hotspots like Jumeirah Islands, Palm Jumeirah, and Emirates Hills have soared over 40 per cent in a year, now sitting 165 per cent above post-pandemic levels.

Apartments are not far behind, posting a solid 1.2 per cent monthly gain and 21.4 per cent annual growth, though most still linger eight per cent below their 2014 peaks. Exceptions like JBR, Palm Jumeirah, and The Greens have already surpassed those highs, signaling a selective recovery.

Off-plan sales, the market’s driving force, accounted for nearly 70 per cent of transactions, despite a 7.4 per cent dip in registrations from February. Ready homes saw a 2.4 per cent monthly drop but remain 1.1 per cent up from last year—a testament to enduring buyer appetite.

Luxury’s shine hasn’t dimmed either, with 23 homes above Dh30 million changing hands across Dubai Hills Estate, Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island.

The mid-tier market is equally vibrant. Jumeirah Village Circle (JVC) reigns supreme for apartments, with asking prices averaging Dh1.18 million and rents at Dh79,000, while Al Furjan leads for villas at Dh5.8 million sales and Dh 322,000 rents.

Al Furjan has emerged as a favourable choice for mid-tier villas with a yield of 8.37 per cent, and JVC villas hit 8.29 per cent. On the affordable end, Dubai Silicon Oasis (DSO) draws buyers with Dh 1.03 million sales prices, while International City lures tenants at Dh52,000 rents.

Damac Hills 2 (Akoya by Damac) dominates affordable villas, averaging Dh1.96 million to buy and Dh118,000 to rent. Dubai Investments Park steals the ROI crown, offering 8.79 per cent for apartments and an eye-popping 12.16 per cent for villas.

However, the VPI’s 1.6 per cent monthly growth in March—the slowest in nearly two years—hints that Dubai’s breakneck pace might be easing, realty market analysts said. “After years of steep climbs, could this be a breather? For now, the market straddles a dynamic line: luxury thrives, mid-tier and affordable segments hum, and off-plan keeps the engine roaring,” they said.

Philly2dubairealtor,……………….

Re-Blogged via Khaleej Times

Dubai now among 20 wealthiest global cities

Around 81,200 millionaires, including 20 billionaires, call Dubai their home

More than 81,000 millionaires call Dubai their home now. It all helps in the city breaking through to the Top 20 rankings of ‘wealthiest cities’.

Dubai has officially entered the ranks of the world’s top 20 cities for wealth, now home to 81,200 millionaires, including 237 centi-millionaires (those with wealth exceeding $100 million) and 20 billionaires.

According to the ‘World’s Wealthiest Cities Report 2024’ issued by Henley & Partners in collaboration with New World Wealth, Dubai climbed three spots, ranking18th globally in terms of the number of wealthy people residing in the city.

The report highlights Dubai’s continued rise as a leading global hub for investment, business, and high-net-worth individuals, cementing its status as a premier destination for wealth and prosperity.

Dubai also toped Arab cities in wealth rankings, becoming one of the fastest-growing cities globally for millionaires. It has secured the top place in the Arab world and climbed from 21st to 18th place globally on the list of the world’s wealthiest cities for 2025, according to the latest report.

Over the past decade, the city recorded an impressive 102 per cent growth in the number of millionaires, making it the third-fastest growing city in the world for high net-worth individuals (HNWIs), trailing only Shenzhen and Hangzhou.

The report revealed that Dubai attracted 8,700 new millionaires, who only, increasing the total number of HNWIs in the city to 81,200 by the end of 2024, up from 72,500 in 2023.

The number of ultra-wealthy individuals in Dubai—those with a net worth exceeding $100 million—rose to 237 by the end of 2024, up from 212 in 2023, reflecting the emirate’s growing appeal as a global wealth hub.

Meanwhile, Abu Dhabi witnessed a significant surge in its millionaire population over the past decade. Between 2014 and 2024, the capital recorded an 80 per cent increase in the number of millionaires, reaching 17,800 by the end of 2024.

Abu Dhabi is now home to approximately 75 centi-millionaires (individuals with a net worth of over $100 million) and 8 billionaires, underscoring the emirate’s rising profile as a centre for wealth creation and investment.

Dubai, currently home to 237 centi-millionaires, and Abu Dhabi, with 75 centi-millionaires, top the list of cities projected to witness significant growth in ultra-wealthy residents over the next decade.

The number of wealthy people with a net worth exceeding $100 million in both emirates is expected to double by 2034, driven by the region’s sustained economic growth, investor-friendly climate, and strategic vision for the future.

This projected wealth boom reflects a broader shift in the Middle East’s financial landscape, as Dubai and Abu Dhabi strengthen their positions as global wealth hubs—bolstered by favourable tax regimes, robust infrastructure, and progressive economic reforms aimed at attracting high-net-worth individuals and international investors.

Philly2dubairealtor,…………….

Re-Blogged via Gulf News

UAE Property: ‘Can my tenant sub-let my apartment?’

Mario Volpi is head of brokerage at Novvi Properties and has worked in the property sector for 40 years in London and Dubai

Question: We have been informed by our neighbours that our tenant is sub-letting our apartment. When we asked him, he said the people are his friends and are staying as guests. What are our options?

Answer: Sub-letting a property is illegal unless the landlord is aware and has allowed it. Your issue can be a problem if the friends stay over an extended period of time, so this will need to be investigated further.

I suspect you are going to have to be patient and perhaps enlist the help of others in the building such as the concierge or security guards on duty. The main proof will be if your tenant is also staying at the property, if so, this would aid his story. However, if the tenant is not seen by the building’s team, you could then have further proof that he may be sub-letting because it would seem odd he’s allowing friends to stay in the apartment and not be there himself.

This process is not potentially going to be quick, as you will need to gather enough evidence to prove one way or another what exactly is going on.

Going forward, if you do gather this evidence and it proves that he is sub-letting, you can confront him again or file a case at the rental dispute centre to proceed to a judgement.

Q: My current tenancy contract ended on March 28. I received a renewal notice with a 15 per cent rent increase as per the Real Estate Regulatory Authority index on November 6, 2024, with the index copy attached to the letter. This was almost five months from the contract end date.

However, when I checked the index recently, it shows a rent increase of only 5 per cent. What are my options? BW, Dubai

A: This has become an issue since the rental index has had a major upgrade from January 1 this year. Anyone who consulted the index before this will most likely get a different result when revisiting it in 2025.

The reason for the difference is in how the index is now being calculated as there have been a few changes, but the main one is due to the rating or classification of apartment buildings, which are now graded from one to five stars.

So, I suspect the reason for the decrease in the rent increase percentage amount from last year is due to the index assessing the current classification of your building, which is lower.

I would advise you to stand firm in what the index states today because the law mentions that while it can be done earlier, the renewal rental amount should be agreed upon renewal.

Q: I was recently allotted a unit in an Emaar project in Dubai South with a golf course view. I have already paid Dh37,000 ($10,074), which I was informed was non-refundable.

I am confused about the real estate market in Dubai South. Should I proceed with the property purchase process or book losses of Dh37,000? DA, Dubai

A: Firstly, it appears that you have paid what is known as an expression of interest (EoI). An EoI is how a developer starts the sales process for an off-plan project before the escrow account is set up or in place. It is a perfectly legal way of effectively locking in a unit.

Once the escrow is in place, you will be asked to choose a unit number and proceed to pay the 20 per cent Dubai Land Department fee plus 4 per cent (for the title deed or Oqood) and sign the sales and purchase agreement thereafter.

In most cases, EoIs are fully refundable should the buyer decide not to proceed with a unit or if a unit was not able to be allotted.

Dubai South is an area that is expected to grow exponentially. Despite the apparent distance of its location, the area will see robust real estate growth mainly due to the Al Maktoum airport, which will become the world’s largest and be a huge draw for real estate investors and users alike.

Therefore, I urge you to continue with your investment and by the time the unit is handed over, I’m confident that you will have witnessed amazing capital growth. Additionally, if you were to rent the unit out, you will also benefit from good rental income.

Philly2dubairealtor,………………..

Re-Blogged via The National

Dubai’s property market sees demand surge for furnished ready – and offplan – homes

New wave of buyers pay top dollar for fully kitted out homes that they can rent out ASAP

There is a boom time on for furnished apartments in Dubai, especially in the happening locations. Developers and sellers are making it easier by offering generous payment terms too.

Dubai: Want to cash in some more from Dubai’s continuing property boom? Then, have a look at the increasing number of offers on ready or near-ready apartments for sale at some of Dubai’s happening residential locations.

And here’s another incentive – these apartments are being offered fully furnished. The idea being that the developer or seller is reducing the time for the buyer to take delivery of the unit and then kitting it out. In effect, by buying an apartment fully furnished, the buyer can start renting it out with immediate effect. (Or move in for their own use, if that’s the purpose.)

Sure, these ready or ready to move in units with all the trappings come at a premium, but right now, investors want to limit any time taken to get returns on their spending. “We have seen units that are to be handed over in 3 months being bought – the best part is that the buyer already has a tenant for it,” said an estate agent. “The market is seeing a clear rise in offers for ready/soon to be ready apartments – not just from developers but from existing owners who want to cash in.”

"In today’s fast-paced market, fully furnished, ready-to-move-in apartments offer investors a distinct edge—they eliminate downtime, generate immediate rental income, and are increasingly sought after by tenants looking for convenience and style. At Imtiaz, we design our projects to deliver not just homes, but high-performing assets."

Sources add these buyers are looking for shorter-stay tenants, whether that’s under a year or for a year or two max. In some cases, the future rental payments are made by the tenant’s employer.

Property market sources say there are two sub-trends playing out:

•One, increased demand for Grade A and super-premium offices, some of which could be completed in the next 12-18 months.

•Two, for furnished homes in and around some of the newer premium office towers.

Essentially, one set of demand is laying the ground for another.

“In areas such as Downtown Dubai & Business Bay, high quality furnished one-bedroom units can typically rent for Dh100,000 to Dh150,000, while two-bedroom units can command Dh170,000 to Dh240,000 annually,” said Aakarshan Kahthuria, Managing Director at RiseUp consultancy.

“In these areas, the rental premium is driven by expats – typically white-collar professionals – putting immediate occupancy as their first criteria and focusing more towards hassle-free living.”

At Palm Jumeirah, furnished one-bed units can command Dh140,000 to Dh180,000, while two-beds are Dh250,000 to Dh320,000 per annum, particularly ‘when matched to a super-prime address’.

Now, those sort of numbers – and future yields – are just the sort that investors want to sign up for.

No longer selling ‘plain vanilla’

This explains the sheer number of branded serviced residences projects that were launched in Dubai – and Abu Dhabi too – in the last 2 years. The current trend is for non-branded projects to offer the option of furnishing the units as part of the sale and purchase agreement.

“Traditionally, offplan properties dominated the market due to flexible payment plans and potential for higher returns,” said Vasilii Fetisov, managing partner of Housebook Real Estate. “However, the demand for ready properties has been on the rise, leading developers to respond accordingly.”

Which means that offers of easier payment plans and lower down payment are now available on ready or soon to be ready units too. That, in itself, has been a game-changer allowing even individual property owners to match offers from developers when it comes to finding a new buyer.

“Furnished apartments are particularly appealing to those looking to relocate swiftly or investors aiming for prompt rental income,” said Fetisov. “This convenience often results in a premium on such units.

“For instance, in areas like Emaar Beachfront, property owners have observed resale premiums of up to 120% compared to the original purchase price from 2-3 years ago. Similarly, properties in DIFC Living have seen approximately a 15% increase in resale value vs. the original price.”

A new cohort of property buyers in Dubai are hoping to match those returns in due course. For now, they are looking at a ready or soon to be ready home with furnishing.

New trends will help Dubai real estate

A real estate market, especially one that’s been growing for more than 3 years now, is always on the lookout for new growth engines to continue the momentum. If there is sufficient build up in demand for ready homes, then it’s just what the Dubai property market needs. Because the new buyers can readily tap into new pockets of demand for renting out in instances where they don’t plan to be end-users.

Premium for furnished homes

Dubai’s real estate market is recording a ‘notable shift’ towards ready-to-move-in, furnished apartments. That being the case, such properties command ‘significant premiums’ stemming from their immediate usability. Developers in Dubai, never ones to miss an opportunity, are backing this with targeted offerings and flexible payment plans to meet the demand.

Philly2dubairealtor,……………….

Re-Blogged via Gulf News