Despite the turbulence troubling other parts of the Middle East, the residential housing market in Dubai, the capital of the United Arab Emirates, is continuing to show signs of strong growth. Developers in the UAE are reporting another banner year for Dubai’s housing market, with a surge in sales in 2023 over 2022.

After the pandemic of 2020-2021, a post-pandemic rebound followed, powered initially by Russian buyers seeking to shield their assets from sanctions imposed on Russia after its invasion of Ukraine in February 2022.

Then, in March this year, the UAE introduced a flexible work permit allowing people with demonstrable skills to take freelance jobs in Dubai. An influx of digital nomads from Europe and North America followed, looking to settle in a tax-free, amenity-rich environment.

Migrants living in Dubai

“There’s so much movement here. So many different opportunities take place in whatever domain you are,” Kevin Tabba, a 24-year-old from Irvine, California, told The Media Line.

“I primarily work in tech, and it’s super easy to access east and west, which is excellent for developing my business,” he said.

Tabba said he had been to buy a two-bedroom condominium in the town of Jebel Ali for $400,000. Such a purchase would not have been possible “in either Los Angeles or Miami,” he said.

Perhaps because of the affordable real estate, Dubai tops global Google searches for places to which to move, ahead of New York or Paris.

For Dora Samoodi, a 39-year-old Iranian, moving to Dubai was a choice to prioritize personal freedoms and tax advantages.

“When you buy a property here, you don’t pay tax on it,” Samoodi told The Media Line. “It’s a great place to live. There’s a lot of freedom. Women are empowered here. You can do anything. You can work.”

According to the Dubai Land Department, $26.6 billion worth of property was sold in the third quarter of this year, a 40% increase from the same period in 2022. The number of transactions increased 22% from last year, reaching 31,216.

Emaar Properties, the largest luxury property development company in the UAE, reported $7.9 billion in sales in the first nine months of 2023, marking a 25% increase over the same period last year.

“Despite the challenges caused by the pandemic, we persevered and continued to build,” Waleed Mohammad AlZoubi, chairman of the Tiger Group development company, told The Media Line.

“Although the pandemic caused a decline in growth, profits, and business, the UAE remained a global leader in managing the crisis,” he said.

In 2020, annual Tiger Group sales were about $500 million. In the first nine months of 2023 alone, the company, which recently built 19 new towers, sold $1 billion in apartments.

“The massive growth in Dubai is beyond words,” AlZoubi said. “The population has multiplied by three times in the past 20 years, when this area was all sand. Nothing was here before, and very quickly, we developed it.”

AlZoubi said that many wealthy immigrants from the developing world were attracted to the UAE because of its strong pandemic response and digital infrastructure.

“Soon after, we saw more Americans come to Dubai for the same reasons they moved to places like Miami,” he said.

While Russians drove the post-pandemic sales surge that pushed Dubai home prices up about 30% in the past two years, the ruble’s decline since then has seen a slowing in demand from Russian buyers.

Tatjana Lescova, Dubai-based associate director of corporate ratings at S&P Global, told The Media Line that she expects the market to cool in the near future.

“Price increases will slow down or decline slightly during the next 12 to 18 months, but I don’t expect significant turmoil in the real estate market,” she said.

Akmal Abdelfatah, a professor of civil engineering at the American University of Sharjah, said that new groups of buyers will likely lead to a continued expansion of Dubai’s real estate market.

“I have lived in the city for long enough to see declines quickly reverse,” Abdelfatah told The Media Line. “We’re seeing buyers from India step in now, the way Russians did during the Ukraine war.”

He said the lack of income tax and property tax in Dubai has made the city attractive to people of many nationalities.

Source : TheJerusalemPost

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The Dubai real estate market achieved remarkable and unprecedented results in property transactions. In Q3 2023 alone, the value of these transactions soared to Dhs430 billion, showcasing an impressive 37% growth compared to the same period last year, while the number of new investors witnessed a significant upswing of 15%.

This underscores our steadfast dedication to translating and embracing Dubai’s vision and goals and underscores the unshakable confidence investors have in the sector, the resilience of our economy, and its ability to tackle challenges head-on, all of which collectively contribute to the ongoing elevation of Dubai’s competitive Standing.

This was stated recently by Sultan Butti Bin Mejren, Director General of the Dubai Land Department.

Meanwhile, the UAE-based real estate firms AveNew by RH, Pride and Property and Landsmith Real Estate have announced the completion of a joint land transaction worth over Dhs300 million – one of the biggest transactions of its kind – in Dubai’s coveted Jumeirah Golf Estates. Established in 2021, AveNew has created a strong presence in the Dubai Real Estate Market in a short span of time, specialising in helping investors and property buyers secure incredible deals across the Emirate owing to their extensive knowledge of the Dubai Real Estate market and a strong network of agents & consultants.

Landsmith Real Estate, a well-established homegrown boutique real estate firm, and among the pioneers in the luxury property segment in Dubai, specialises in prime residential locations as well as structuring deals and large commercial projects. Pride and Property, another formidable entity in the real estate realm, has immense experience in selling luxury off-plan and ready-to-move-in properties on the beachfront and other prominent locations in Dubai.

The trio combined their expertise to secure the land deal of over Dhs300 million. Jumeirah Golf Estates is among the world’s ten foremost luxury and lifestyle estates and houses over 1,500 villas, townhouses, and apartments.

The transacted land that is part of this deal overlooks an expansive view of the Fairways. It is surrounded by the landscapes of a luxury golf course community which is a renowned name in the annual golf calendar and has hosted 14 editions of the acclaimed DP World Tour Championship’s (European Tour) finals.

Nitin Chauhan, Director of Landsmith Real Estate, expressed his insights into the unique appeal of golf course-facing luxury villas in Dubai.

“The final form of this project will be the epitome of luxury living in golf course communities. Golf course-facing luxury villas are popular but rare in this region. With that demand dynamic becoming apparent and the location of this plot, which overlooks unique views of two Fairways, there was bound to be interest from top developers.”

Popular for his customer-first approach in the real estate market, Nitin is a specialist in luxury villas, plots and apartments in prime locations. He has had a presence in Dubai’s real estate scene since the inception of freehold properties and is an investor in multiple projects and properties.

This land sale serves as a clear indicator that Dubai’s luxury real estate sector is poised for sustained growth and an upward trend in property prices. The sale is also a testament to Knight Frank’s list of the world’s top luxury real estate markets in2023, which placed Dubai at the top – accounting for 17% of global sales in the segment.

Kunal Singh Sandhu, owner of Pride and Property, feels the landmark sale represents the growing allure of luxury real estate in Dubai. “Pride and Property and partners invested significant time and effort into this record-breaking transaction. There has been a significant increase in buyers for luxury properties in Dubai and we think this is just the start for a promising segment. The best is yet to come for the luxury property market in Dubai.”

Kunal has been in real estate since 2007 and has carved a successful path in the luxury real estate niche. Under Kunal’s leadership, they have made luxury real estate their forte and helped launch and manage projects for reputable developers in Dubai The completion of this deal in Dubai is an indicator of the escalating demand for golf course communities due to several key factors.

Foremost among these is the limited supply of such exclusive properties. The scarcity of available golf course real estate contributes significantly to the premium placed on these sought-after developments by discerning buyers. It also underscores the global recognition of Dubai’s real estate market as a lucrative and stable investment destination for local and global buyers, and is another hat-tip to the UAE’s exemplary track record as an investment-friendly real estate market.

Source : GulfToday

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Yas Island, Al Reem Island, and Saadiyat Island are projected to emerge as the top three locations by transaction value in Abu Dhabi, while the areas surrounding UAE’s upcoming first-ever casino in RAK are anticipated to clock the highest return on investments for investors next year, the AI-based study by Dubai-based global proptech Realiste said.

“Amidst the ever-shifting landscape of real estate opportunities, three emirates – Abu Dhabi, Ras Al Khaimah and Dubai – will emerge as magnetic hubs for investors in 2024,” the study predicted.

“Each emirate boasts unique strengths and opportunities for investors looking to capitalise on the region’s dynamic growth.”

The Realiste research showed that at $2,365 per sqm, the average cost per square meter property prices in Ras Al Khaimah is significantly lower among other cities with casinos, compared to a staggering $49,911 in Monaco and $15,153 in Singapore, underscoring the substantial potential for property value appreciation in the emirate, highlighting its attractiveness to potential investors.

It also projected a robust return on investments of up to 50 percent for some of the projects in Abu Dhabi’s upcoming and popular islands over the next three years, turning them among the most sought after residential property markets in 2024.

Real estate market boom to spread beyond Dubai in 2024

Abu Dhabi, and Ras Al Khaimah, along with Dubai, beckons as distinct gems for investors in 2024, Realiste said.

Abu Dhabi, epitomizing stability, offers steady organic growth and proven profitability in prime locations, while Ras Al Khaimah, propelled by a groundbreaking casino, stands out with affordable prices and a burgeoning tourism scene.

Meanwhile, Dubai will continue to lead the bull run in the UAE’s real estate market with its innovation and resilience promising substantial growth, with iconic projects showcasing sustainability, the study said.

“Together, these emirates encapsulate an opportunity, where each investment choice signifies a strategic move in the evolving landscape of Middle Eastern real estate,” Realiste said.

Investors could expect over 50% returns in short spans

Abu Dhabi, with its fast diversification with the mix of cultural and entertaining objects, besides hosting more than 100 global events, concerts or festivals annually, is projected to offer both top notch return on investments and high rental yields, luring real estate investors from around the world in the coming year.

The capital city’s high target for international tourist arrivals – its reported target for 2023 is 24 million visitors – will be a growth driver for short-term rental property also, the study said.

Q Property’s upscale projects  Maskan and Makany on Reem Hills and Aldar’s Gardenia on Yas Island are among the residential projects which are projected to fetch over 50 percent return, while 9 Yards’ Sea La Vie on Yas Island is estimated to see over 30 percent investment appreciation to investors in just a three-year span.

The Gardenia and Sea La Vie projects are also projected to get over 10 percent rental yields to investors.

“[The Abu Dhabi real estate market] exhibits solid organic growth with lower speculative demand, reducing the risk of sharp declines in property values, making it a highly attractive investment destination,” said Realiste, which operates in over 100 cities around the world.

As for RAK, the Realiste study said the emirate’s real estate prices have seen considerable surge in recent months, following the announcement on the casino opening and riding on the boom in tourist arrivals, leading to an estimated over 25 percent spike in hotel room occupancy growth in 2023.

“The announcement of the first casino in the UAE has propelled Ras Al Khaimah into the spotlight, attracting substantial foreign investments and driving tourism,” the study said, adding that this could propel real estate prices, especially in areas around the casino, in the coming months and years.

Bloomberg estimates potential annual gaming revenue of $6.6 billion in RAK, surpassing even Singapore.

The Realiste research said the total transaction value in RAK’s real estate market continues its upward trajectory, nearly reaching the cumulative value of the entire previous year in the first eight months of 2023.

Dubai will continue to offer high returns to investors

The Realiste AI-based study also predicted continued high price growth in key Dubai areas such as Dubai Hills, Sobha Hartland, and Bluewaters Island, with a projected growth forecast ranging from 18.5 percent to 22.1 percent within one year.

“Dubai’s commitment to cutting-edge urban planning sets it apart. The emirate still represents the most significant earning potential for investors,” Alex Galt, CEO and founder of Realiste, told Arabian Business.

“For example, iconic projects such as the Dubai Hills development showcase a harmonious blend of sustainability, and innovation. In 3 years, property prices in the area have grown by an impressive 83 percent, and in the next 5 years, we forecast a further 43 percent growth, making it an attractive prospect for investors seeking long-term appreciation,” Galt said.

Source : ArabianBusiness

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Aldar Properties, Abu Dhabi’s biggest listed developer, sold out 420 units for Dh1 billion ($272 million) in the first phase of its residential development in Ras Al Khaimah, as the UAE’s property market continues to record strong investor interest.

The beachfront units at the development, located on Al Marjan Island, were sold out in 48 hours of the launch, showing “the growing demand for the short-term stay and second home market in Ras Al Khaimah”, Aldar said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.

The first phase includes 357 units in the Nikki Beach Residences community, including one to five-bedroom apartments. All apartments are serviced, with both furnished and unfurnished options, with the average price for a one-bedroom unit at Dh2.3 million.

Following the sell-out of phase one, Aldar has released an additional 150 units for sale.

The strong response to the project in Ras Al Khaimah “has validated our long-held view that the market is primed for a branded residential product that facilitates short-term stays”, said Rashed Al Omaira, chief commercial officer at Aldar Development.

“As we unveil phase two, we anticipate continued interest from buyers.”

The UAE‘s property market has been steadily growing on the back of government initiatives and overall growth in the economy.

Aldar, which posted a 43 per cent annual increase in third-quarter profit to Dh794 million, has been expanding its portfolio rapidly to cater to demand.

The company reported record development sales of Dh7.8 billion in the third quarter of this year, with nine-month sales at their highest level of Dh19.4 billion and 11 new projects launched so far this year.

Overseas and expatriate resident buyers accounted for 87 per cent of sales in the first phase of its Ras Al Khaimah project, while 60 per cent are under the age of 45, the developer said on Thursday.

The residential community aims to offer a “resort-like lifestyle” with amenities such as a beach lounge, a modern clubhouse, games room, sauna, yoga deck, kids’ areas and gyms with sea views.

Aldar acquired the 40,000-square-metre beachfront plot for the development from master developer Marjan in November last year.

The development is located between the Rixos Bab Al Bahr and Doubletree by Hilton – both acquired by Aldar last year.

The Abu Dhabi developer, which has expanded to regional markets including Dubai and Egypt, is also entering select international markets, with a particular focus on Europe.

This month, the company acquired UK developer London Square for Dh1.07 billion, marking its first acquisition outside the Mena region.

Source : TheNationalNews

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With remarkable growth across both the Emirates, real estate demonstrated substantial growth and impressive spikes in demand for both off-plan and existing properties

Revealing a sustained interest from property seekers and record transaction values for the third quarter across Dubai and Abu Dhabi, MENA’s leading property portal, Property Finder announced results from its latest Market Watch report for Q3 2023. The demand for property was found to be a preferred investment with great potential for long term value as a result of emerging trends that are reshaping the narrative for real estate in the UAE.

Record highs mark a successful quarter

According to Mo-asher Dubai’s official Sales Price and Rental Performance index launched by Dubai Land Department (DLD) in cooperation with Property Finder for Dubai, the overall quarterly Index for sales in Q3 2023 recorded 1.554 and an Index price of AED 1,429,187. The apartments quarterly sales Index recorded 1.676 and an Index price of AED 1,390,272, and the villas/townhouses quarterly sales Index recorded 1.443 and an Index price of AED 2,473,730. The Index showed growth in all categories. Year on Year (YoY), from Q3 2022 to Q3 2023, the overall Index surged from 1.383 to 1.554, indicating a 12.4% increase.

For rentals, Q3 2023 recorded 1.08 and an Index price of AED 58,036, the apartments quarterly rental Index recorded 1.104 and an Index price of AED 53,005, and the villas/townhouses quarterly rental Index recorded 0.969 and an Index price of AED 150,181. The overall rental Index stood at 1.08, indicating an improved rental environment compared to previous quarters.

Property Finder’s proprietary data further found that Dubai recorded 31,181 transactions compared to 25,400 in Q3 2022, marking a 22.76% YoY increase in the performance of ready and off-plan transactions, leading to Dubai’s highest quarterly peak in a decade.

On the other hand, according to data from the Department of Municipalities and Transport (DMT), Abu Dhabi experienced a significant surge in total sales transactions (both residential and commercial) during Q3 2023. The number of residential transactions reached a record high for a quarter, with 3,718 transactions compared to 1,569 transactions in Q3 2022, reflecting a substantial increase of 137% to represent around 92% of the total transaction and 90% of the overall value.

Off-plan properties continue to drive scope for long term growth

Both cities experienced a significant increase in the contribution of off-plan transactions in Q3 2023. Dubai’s off-plan properties made for 47.2% of the total transactions compared to 46.5% in Q3 2022, with 14,714 transactions in Q3 2023 compared to 11,809 in Q3 2022 recording around a 24.6% increase and the highest sales transaction volume for Q3 in a decade. Sales value for off-plan properties touched AED 35.71 billion transactions in Q3 2023, compared to AED 24.34 billion in Q3 2022, leading to a 46.72% increase and contributing to 36.6% of the total transaction value witnessing the highest value recorded ever for Q3.

Showing similar trends, Abu Dhabi recorded 2,954 off-plan sales transactions compared to 1,041 transactions in Q3 2022 to represent 79% of the total transactions as opposed to 66% of the total transactions in Q3 2022, showing a significant YoY surge by 184% in terms of volume and 367% increase for the same period in terms of value. The off-plan sales transaction value in Q3 2023 contributed to 87% of the total sales transactions value compared to 64% in Q3 2022 by reaching AED 12,713 billion compared to AED 2.72 billion. While the off-plan market witnessed an 184% increase compared to Q2 2023. With a strong economic framework and increased foreign confidence, Abu Dhabi’s real estate sector has been thriving with support from both the public and private sector.

Existing properties contribute to a continued positive trajectory for the sector

A spike in off-plan may have resulted in new trends within the existing property market but it continues to complement overall growth with higher values throughout. It is noteworthy that tenants changed their behavior, preferring to own a home instead of renting, driven by the surge in average market value for renting. In Dubai, existing/ready transactions in Q3 2023 presented 52.8% of the total sales transactions compared to 53.5% in Q3 2022.

Making up for 52.8% of the total transactions, existing sales witnessed a new record with 16,467 transactions compared to 13,591 in Q3 2022, to be the highest performance for a quarter ever recorded, with a YoY increase of 21.2% and 7.24% spike when compared to Q2 2023. Also hitting a record high in values touching AED 61.8 billion in comparison to AED 45.03 billion in Q3 2022, marking a remarkable increase of 37.3% to record the highest transaction value ever recorded for a quarter, and an 11.2% increase from Q2 2023.

For Abu Dhabi, existing/ready market sales registered 764 ready properties compared to 528 in Q3 2022, to represent around 21% of the total transactions compared to 34% in Q3 2022; marking a notable growth of 45% compared to Q3 2022. The existing/ready transaction value in Q3 2023 contributed to 13% of the total sales transactions value compared to 36% in Q3 2022, by reaching AED 1,873 billion, while transaction values witnessed a notable increase of 25% compared to AED 1,502 billion in Q3 2022.

More property seekers in the UAE

Dubai saw significant increases in rental contracts with a YoY increase of 11.2% by registering 156,422 contracts compared to 140,685 contracts in Q3 2022. New contracts reflected an increase of 2.63% by registering 84,766 contracts compared to 82,596 contracts in Q3 2022. Renewed contracts supported the rental market by registering 71,659 contracts to witness an increase of 23.36% compared to 58,089 contracts in Q3 2022, with a notable increase by 17% compared to 61,219 registered contracts in Q2 2023. All in all, more people were found to be looking for a home in the city, driving prospects for sustained momentum in the months to come.

Top areas to look out for

According to Property Finder’s proprietary data, Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, and Jumeirah Village Circle emerged as top choices for those looking to own an apartment, while Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Al Furjan, and Damac Hills were considered best places for villas.

Dubai Marina, Jumeirah Village Circle (JVC), Business Bay, Downtown Dubai, and Jumeirah Lake Towers (JLT) were preferred for apartment rentals in Q3 2023. Dubai Hills Estate, Damac Hills 2, Al Barsha, Jumeirah, and Damac Hills were the top areas among renters searching for villas.

In Abu Dhabi, Al Reem Island, Yas Island, Al Raha Beach, Saadiyat Island and Masdar City remained a focus for those who want to own an apartment for investment or residence purposes in Q3 2023. Al Raha Beach, Khalifa City, Corniche road, Al Khalidiya, Mohamed Bin Zayed City, Yas Island, Al Reef, and Saadiyat Island were preferred choices for apartment and villa rentals. Despite the global economic changes, the luxury real estate market in Saadiyat Island demonstrated impressive durability. Upscale properties persistently maintained their value, exhibiting a consistent rate of growth during the initial half of 2023.

Speaking on the outstanding progress made in Q3 2023, Cherif Sleiman, Chief Revenue Officer, Property Finder said, “We closed Q3 with an increased uptake in off-plan properties, strong investor confidence and a rising demand for ownership. Q3 2023 has only taken that success a notch higher, revealing even more opportunities to grow in the months to come. In the coming months, we remain committed to monitoring all aspects of the market trends to enable better decisions for property seekers through data backed transparency and enhanced trust across our platform.”

Source : DubaiChronicle

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In the wide array of global real estate markets, few have captured the imagination and garnered as much attention as Dubai. The Dubai real estate market stands as a testament to resilience and prosperity, defying both the odds and economic fluctuations. Over the years, it has weathered storms, adapted to change, and emerged as a beacon of growth, offering an enduring lesson in strategic vision and dynamic innovation.

Dubai, once a small fishing village, has transformed into a sprawling metropolis known for its iconic skyscrapers, man-made islands, and luxurious lifestyle. One of the key drivers of this transformation has been the relentless growth of its real estate market. This market has consistently been a bellwether of Dubai’s economic prowess, showcasing the emirate’s unwavering commitment to progress and development.

One of the most striking aspects of the Dubai real estate market is its adaptability. It has been able to pivot and evolve in response to changing circumstances. For instance, the market successfully navigated the global financial crisis in 2008, demonstrating its robustness. During that period, property values dipped temporarily but unlike most cities, it almost immediately rebounded, showcasing the resilience of Dubai’s real estate. The government, in partnership with developers, introduced innovative solutions like rent-to-own schemes, extended payment plans, and reduced fees. The result was a rapid rebound in the market, exemplifying its ability to adapt and recover.

Furthermore, Dubai has displayed an innate ability to diversify its real estate offerings. The city’s government has recognised that a thriving real estate market cannot rely solely on residential developments as this could lead to vulnerability. Therefore, it diversified its real estate portfolio, expanding into commercial, retail, hospitality, and industrial sectors. The establishment and growth of free zones like Dubai International Financial Centre (DIFC) and Dubai Healthcare City is evidence of Dubai’s commitment to variety and adaptability. DIFC for example, has become a leading financial hub in the Middle East, housing global firms and financial institutions. This diversification has created a more balanced and sustainable real estate market as well as minimised its susceptibility to external economic shocks.

Sudeep Ramnani, Co-Founder of 885 Capital, an investor in Dubai real estate and a resident of Dubai, explains that “Dubai has an extremely diverse range of real estate offerings. Additionally, as a one of the world’s top luxury destinations as well as business hubs, Dubai delivers first-class property investment options, encouraging a flow of capital into the emirate. The quality of life for residents of Dubai coupled with the ease of accessing global markets only adds to the appeal.”

Another reason for Dubai’s real estate strength is its unmatched infrastructure and visionary urban planning. The city is renowned for its modern, efficient transportation networks, world-class airports, and first-class amenities. Dubai’s commitment to cutting-edge infrastructure and urban planning is evident in projects like the Palm Jumeirah and the Dubai Canal. Moreover, government initiatives like Expo 2020 Dubai have served as catalysts for further development. The Expo is fuelled an influx of millions of visitors, residents, and businesses, creating an attractive climate for real estate investment.

Dubai’s pro-business environment and favourable regulatory policies also contribute to the market’s robustness. The government has consistently enacted measures to promote foreign investment, ease property purchase processes, and stimulate growth in the real estate sector. For instance, the Dubai Land Department’s introduction of the ‘Dubai Property Finder’ platform and the ‘Rent-to-Own’ initiative simplifies property purchases and eases the path to home ownership, making the real estate market more accessible and attractive to international investors. This approach has attracted a diverse pool of investors and property buyers from around the globe.

The synergy between public and private sectors in Dubai has been pivotal in the city’s real estate development. Both entities collaborate harmoniously to develop and maintain the city’s infrastructure, guaranteeing its competitiveness on the world stage. The development of the Dubai Metro and Dubai Tram are prime example. These modern, efficient transportation networks connect the city and eases commuting, enhancing the overall property value in areas with metro access. Furthermore, regulations that ensure the protection of investors’ rights and the establishment of escrow accounts have built trust among stakeholders, facilitating a stable investment environment.

Despite the COVID-19 pandemic and its global repercussions, Dubai’s real estate market once again demonstrated resilience and adaptability. The market swiftly adopted virtual viewings and online transactions, ensuring business continuity during lockdowns and restrictions. For example, Emaar Properties, one of the largest developers in Dubai, introduced online property bookings and virtual property tours. With vaccinations gaining traction, and one of the world’s leading vaccination rates occurring in Dubai, the market rebounded and experienced a resurgence in activity, reflecting Dubai’s unwavering commitment to a bright future.

Jai Mahtani, Co-Founder of 885 Capital, an investor in Dubai real estate and resident in Dubai during the Covid-19 pandemic believes “Dubai’s leadership ensured exceptional stability in the market during the pandemic and encouraged initiatives during and following it that maintained Dubai as a second to none property investment destination.”

However, nothing is faultless, and the Dubai real estate market has not been without its own faults. It is important to acknowledge that there have real downturns in the past and despite the market always bouncing back positively, this has led to a constant chorus of naysayers who are concerned about a thriving market built on debt. But the proof is in the pudding. Dubai has always proved its critics wrong and its real estate markets stands tall now, strong as ever.

Dubai’s real estate market has shown remarkable strength, defying economic headwinds and global challenges. Its adaptability, diversification, world-class infrastructure, favourable regulatory environment, and government-industry collaboration all contribute to its enduring success. The market’s ability to evolve, coupled with the city’s relentless pursuit of progress, promises a bright and enduring future.

Dubai’s real estate market stands as a beacon of prosperity, inviting investors and residents to join in its ongoing journey of growth and achievement.

Source : KhaleejTimes

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The UAE property market has seen remarkable growth in the recent years. The launches of the new real estate projects across the country are accelerating this momentum in the sector.

Ras Al Khaimah’s real estate sector is no exception as the emirate is witnessing booming developments.

Durar, a leading high-end real estate developer in the UAE, renowned for its impressive J One Towers in the Burj Khalifa district, has launched MASA Residences, an upscale branded residential development in Ras Al Khaimah, offering investors the prospects of high capital appreciation and owner-occupiers idyllic waterfront homes equipped with world-class amenities.

The Dhs700 million ($190.58 million) interior by YOO inspired by Starck-branded residential project, marking Durar’s’ debut in the UAE’s Northern Emirates, is set to enhance the landscape of Al Marjan Island, a stunning man-made archipelago in Ras Al Khaimah.

Christie’s International Real Estate Ras Al Khaimah, an affiliate of the globally renowned Christie’s International Real Estate, is the Exclusive Sales and Marketing Agency for this prestigious development.

MASA Residences is Durar’s first collaboration with YOO, co-founded by international property entrepreneur John Hitchcox and celebrated designer Philippe Starck.

The development will feature studio, one- and two-bedroom apartments along with ground-floor villas, offering captivating views of the Arabian Gulf. The upscale apartments will boast uninterrupted and breathtaking sea panoramas.

 “Our vision has always been to create idyllic high-end branded residences, and Al Marjan Island in Ras Al Khaimah is the ideal destination. Each and every room in the apartment offers breathtaking sea views and the strategic location development of the project promises exceptional high capital appreciation for our investors and an unparalleled living experience for owner-occupiers and tenants,” commented Durar Chairman Ibrahim Alhabib.

“We have partnered with YOO, the world’s top designer brands, to offer premium interior residences. The island’s thriving tourism activity presents our buyers with the potential for substantial capital gains and promising yields,” Alhabib stated.

Christie’s International Real Estate Ras Al Khaimah’s Managing Partner Jackie Johns stated: “Offering an ultimate beach-front setting, an enviable location and uninterrupted vistas of the shimmering Arabian Gulf, MASA Residences is ideally situated three minutes from the upcoming integrated resort, Wynn Al Marjan Island.”

The heightened development activity in Ras Al Khaimah signals a promising era of growth and progress, she said, adding, “We are thrilled to announce the opening of our office in Ras Al Khaimah and our collaboration with Durar on MASA Residences.”

“Our extensive research and market data indicate a steady increase in demand for housing dwellings in Al Marjan Island. We believe the time is right to unveil a premium branded residential project. We are excited about the project’s launch and confident of a sellout,” Johns concluded.

Source : GulfToday

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In the ever-evolving global investment landscape, investors are continuously drawn to new opportunities that offer value, stability, and growth. Dubai, known for its exceptional quality of life, unmatched safety, strong connectivity, tax benefits, and business-friendly environment, has emerged as a prime destination for international investors, particularly those from the United States.

This burgeoning appetite is not incidental but a calculated alignment with value, opportunity, and security that the city offers. When juxtaposed with other global cities, Dubai’s property prices not only stand competitive but also promise appreciable returns on investment.

Prime property prices in Dubai are notably cheaper by 20 percent-80 percent when compared to major cities such as Monaco, Hong Kong, New York, London, Geneva, Paris, Beijing, and Tokyo, even amidst a massive increase in rates during the post-pandemic period. A million dollars can secure a luxurious property in Dubai with an area of over 100 square metres (sqm), in stark contrast to 17sqm in Monaco, 21sqm in Hong Kong, and 33sqm in New York.

Moreover, the introduction of investor and golden visas through property acquisition has further sweetened the investment proposition, ensuring investors not only gain financial returns but also a gateway to global mobility and an enhanced lifestyle.

With a substantial diaspora from the MENA region, the U.S finds a cultural and economic bridge in Dubai, making it easier for investments.

A top FDI destination

Dubai’s ascension as a global leader in attracting Foreign Direct Investment (FDI), especially in future-oriented sectors, is noteworthy. The city, under the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, has forged dynamic partnerships with international investors, accelerating innovation and creating enduring economic value.

In 2022, Dubai not only maintained, but solidified its position as the leading destination city globally for greenfield FDI projects, with 837 announced projects, according to the Financial Times ‘fDi Markets’ data. This achievement, amidst global uncertainty and economic challenges, is a testament to the city’s competitive strengths and attractiveness.

Moreover, the comprehensive strategy of the Dubai Economic Agenda (D33 Agenda), which aims to double the size of Dubai’s economy over the next decade, is set to further elevate the emirate’s status as a preferred destination for major international companies, investment, talent, and visitation.

In 2022, the US ranked third for FDI in Dubai, accounting for 11 percent, with many investors having recognised and leveraged the multifaceted opportunities offered by this vibrant city. The strategic geographical positioning, coupled with a robust economic and technological infrastructure, makes Dubai a pivotal axis in the global economic machinery.

As we navigate through the complexities of global investment terrains, Dubai emerges not merely as a viable but as a compelling destination for U.S. investors. At Berkshire Hathaway Home Services (BHHS), we are not only witness to this transformative investment wave but are also active participants, facilitating U.S. investors in navigating through Dubai’s promising property market.

Source : Zawya

The post Insight: Dubai’s Property Market Attracts U.S. Investors appeared first on Amora Escapes.

Aldar Properties, Abu Dhabi’s biggest listed developer, generated Dh3.1 billion ($844 million) from the sale of 786 villas and townhouses as the first two phases of its Dubai residential project sold out on strong demand from buyers.

The developer put 468 units up for sale in the first phase of its Haven by Aldar project, and “due to remarkable demand on launch day”, released the second phase with an additional 318 units, it said in a statement on Wednesday.

Overseas and expatriate resident buyers accounted for 77 per cent of sales, with UAE citizens making up the remaining 23 per cent.

Haven, a wellness-focused development, is the first of three new residential communities to be developed in Dubai as part of a joint venture between Aldar and Dubai Holding.

The final phase, which includes villas, townhouses and apartments, will go up for sale in early 2024, Aldar said.

“Hundreds” of people turned up at the company’s sales centres in Dubai and Abu Dhabi for the launch, said Rashed Al Omaira, chief commercial officer at Aldar Development.

The response “confirms our long-held belief that new residential concepts are desired in the emirate by both local and international buyers”, he said.

Dubai’s property market has been growing strongly this year as investor demand continues to boom on economic momentum as well as government initiatives such as residency permits for retired and remote workers, and the expansion of the 10-year golden visa programme.

The emirate recorded 116,116 new property transactions in the first nine months of 2023, up 33.8 per cent annually, the Dubai Land Department said this week.

The value of the deals also increased by 36.7 per cent during the period to about Dh429.6 billion amid continuing growth in the emirate’s economy.

Dubai’s residential market also recorded its highest quarterly price rise in a decade in the July to September period this year, a report released this month by property consultancy ValuStrat found.

The ValuStrat Price Index covering Dubai’s residential market was up 6.1 per cent on a quarterly basis in the third quarter, with villa and apartment prices rising by 7.6 per cent and 4.8 per cent, respectively, during the period.

Aldar said 51 per cent of all buyers for its new project are under the age of 45, “indicating the desire of younger generations to reside in communities focused on health and wellness”.

Female buyers represented 24 per cent of sales and first-time buyers of an Aldar property accounted for 85 per cent of sales.

Construction of the first phase of the Haven development is due to begin in the second quarter of next year, with handovers expected in the third quarter of 2027, Aldar said.

Source : TheNationalNews

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