After a couple years of pandemic-induced slowdown, Dubai’s commercial real estate market appears to be bouncing back with vigor. According to a recent report by leading real estate consultancy CBRE, leasing activity and investor interest gained significant momentum in the first quarter of 2024, signaling better times ahead for the emirate’s important property sector.   Dubai Commercial Property While overall economic growth slowed globally due to high inflation and geopolitical instability, Dubai has leveraged its strategic location and business-friendly environment to attract greater investment and talent. As a central hub connecting vital regions, the emirate is well-positioned to capitalize on trends like the redistribution of supply chains. This has boosted…

The introduction of innovative product offerings, attractive payment options and recent updates to the Golden Visa requirements continue to drive investor demand within the country’s residential market, according to JLL’s UAE Real Estate Market Overview for Q1 2024.   The residential market in Dubai experienced a strong start to the new year, with approximately 10,000 residential units completed throughout the first quarter, raising the total stock to 729,000 residential units. Over the remaining 9 months, an additional 25,000 residential units are scheduled for delivery in the emirate, primarily consisting of apartments located in prominent areas such as MBR City, Business Bay, Jumeirah Village and Dubai Land. In Abu Dhabi, there was a steady delivery of 1,600…

The continued buoyancy in Dubai’s residential market will see more than 35,000 new units delivered by the end of the year as innovative product offerings, attractive payment options and recent updates to the golden visa requirements continue to drive investor demand, a study by JLL said.   In the first quarter, around 10,000 units were delivered in Dubai and 1,600 in Abu Dhabi, demonstrating strong growth in the UAE’s residential sector as developers shift focus towards secondary locations, according to JLL’s UAE Real Estate Market Overview for Q1 2024.   “Dubai market recorded a strong start to the new year, with approximately 10,000 units completed throughout the first quarter, raising the total stock to 729,000 units. Over the remaining nine…

Many investors are demanding higher rates than earlier for their properties on sale in Dubai South and its vicinity, while many of them have decided to hold off the sales for the time being. Reason: The announcement of the relocation of the Dubai Airport (DXB) airport to Dubai South.   Industry executives said ever since the Dubai government announced the Al Maktoum International in Dubai South, many sellers have raised the price of their properties by to 25 per cent.   “I was in talks with an investor to buy a three-bedroom property in Dubai South for Dh1.6 million. But after the announcement of the airport, he jacked up the price to Dh1.8 million and then to Dh2 million. Investors who had put their properties on sale in Dubai South and its vicinity are having second…

Buying real estate in Dubai is not only an investment in one of the fastest growing and dynamic markets in the world, but also an opportunity to earn good money on resale.   Emirates legislation is the best in the world protects the rights of the buyer, and a mild tax climate (4% on the purchase and zero for ownership and profit) makes the country as attractive as possible for investors.   How to earn on real estate in Dubai? No changes in the laws of the country are not planned: this is exactly the stable base on which you can rely. And yet, how not to make a mistake, making the first steps in the market?   Choosing a property The first step is, of course, choosing the property itself. Analysts advise to start from the area, taking into account transport…

  The Dubai real estate market is a vibrant mosaic of opportunities and offerings where each segment has its own unique ambience, price points and benefits. In this city, which seems to have grown out of the desert through ambition and visionaryism, real estate becomes a reflection of the dream of luxury and success. Dubai Real Estate Market. Demand and prices on the rise The forecast for housing prices and demand for 2024 is based on last year's results. One thing that can be said is that the 2023 tourist peak of 17.2 million tourists can be overcome this year. Investments in this market attract investors from all over the world, let's consider it in detail. Luxury segment of Dubai This is not just housing, but a symbol of status, exclusivity and sophistication. Villas…

Damac Properties, an international real estate developer based in the United Arab Emirates, has announced opening new offices in Beijing and Singapore. The office openings signaled the brand’s push and significant investment and commitment to APAC, which coincide with its clear focus on expanding globally. With its headquarters in Dubai and having developed the largest private real estate portfolio in the United Arab Emirates since 1982, Damac has amassed an impressive and diverse portfolio that includes retail, fashion, capital markets, luxury real estate developments, and hospitality experiences. Damac announced in December 2023 about its intention to enter the Chinese market by relocating to Shanghai to take advantage of the increasing interest from Chinese HNWI and UHNWI…

The massive hotel chain Jumeirah unveiled a new visual brand identity on Tuesday, aligning with its goal of doubling its portfolio size by 2030. The group’s renowned Burj Al Arab Hotel hosted the unveiling of the new branding and logo, which was accompanied by a projection showing Jumeirah’s history. Jumeirah’s new brand identity revealed  Jumeirah announced several new properties in keeping with the new growth strategy, including Jumeirah Le Richemond in Switzerland, Jumeirah Marsa Al Arab, and Jumeirah Red Sea in Saudi Arabia. Micheal Grieve, Chief Brand Officer for Jumeirah said: “Jumeirah’s brand story is born from a rich heritage of hospitality, originating from a time when travellers to the region were offered shelter and the opportunity…

  Dubai is one of the 50 richest cities in the world and the wealthiest in the Middle East, with the number of millionaires surging by nearly 80% over the last decade, according to a new study.   The number of individuals living in Dubai with liquid investable wealth of $1 million or more surged by 78% to 72,500 between 2013 and 2023, according to the World’s Wealthiest Cities Report 2024 from Henley & Partners in collaboration with New World Wealth.   The city is also home to 212 centi-millionaires, or those with $100 million or more, and 15 billionaires.   Dubai takes the crown as the richest city in the region and the 21st wealthiest in the world, with a millionaire population larger than in major cities like Munich, Rome, Amsterdam, Osaka,…

Property service charges could go up in Dubai after the unprecedented rains recorded last month, prompting developers to offer free maintenance and carry out cleaning services.     “With the government mandating all developers and community managers to conduct the cleaning and repairs for residences free of cost, it is expected to alleviate the inconvenience caused to residents, particularly in communities that have been severely damaged by the rains. We would see this impact be reflected in higher service charges and insurance premiums over the near term,” said Prathyusha Gurrapu, director and head of research and consultancy at Cushman & Wakefield Core.   As reported by Khaleej Times earlier, Dubai’s top developers, Emaar Properties, MAG, Damac…

In signs of upcoming trends, demand for apartments is picking up in Dubai on the back of more and more professionals moving to the emirate in search of greener pastures.   This is in contrast to the times of Covid-19 pandemic outbreak when the sale of villas and townhouses had spiked, with people looking for bigger spaces amid restrictions on travel and outdoor activities.   As reported by Khaleej Times earlier, due to constant growth in population, demand for apartments in Dubai has been outpacing supply for some time now.   In 2023, when Dubai’s population rose by nearly 100,000 in 2023, around 50,000 residential units had hit the market. Likewise, the emirate welcomed 25,700 new residents in the first quarter of 2024 as against the 6,500 new units entering…

Property prices in Dubai South and its neighbouring areas will see a jump - up to 15 per cent - this year as the relocation of the Dubai International airport is likely to boost demand. Real estate industry executives predicted that prices would rise faster when the airport reaches its completion, with demand reaching over 100,000 properties in Dubai South and its vicinities over the next decade. All operations at Dubai International (DXB) will be transferred to the new Dh128-billion Al Maktoum International gradually over the next 10 years. The airport will have a passenger capacity of 260 million annually. The emirate will build an “entire city” around the airport in Dubai South and this will drive a demand for housing for a million people. Dubai South is already one of…