As the Dubai real estate market continues its upward trend, fueled by significant growth over the last few years, there has been a slight shift in the market which is not only evident in the various data sets but also in daily real estate activities across the streets of the emirate, said an industry expert.       Following the post-Covid surge in record-breaking transactions and an influx of foreign investors, the real estate market is now slowly showing signs of realigning with market norms rather than the anomalies in demand seen in previous years, remarked Lynnette Sacchetto, the founder of RealTrust, a Dubai-based real estate solutions provider.   While the market continues to grow month-on-month, it is beginning to slow down, a trend likely to continue over…

  *Q2  2024 sales increased 37% to AED124.4bn Dubai real estate unprecedented sales in Q2 indicate that the market is close to repeating the recorded peak of 2009, according to real estate consultant, Tariq Al Shehhi. Al Shehhi stated that real estate sales in Dubai reached record numbers in terms of volume and value, as the total number of transactions exceeded 43,000 deals in the second quarter of this year, an increase of 45% compared to the second quarter of 2023. The Q2 value of transactions increased by 37% topping AED124.4bn. Sales reached a new peak, exceeding the previous one recorded in the first quarter of 2024 by 17%, while the value of sales exceeded the previous peak recorded in the fourth quarter of 2023 by 2%.  “During the second quarter of 2024,…

Dubai-based Emaar Properties has announced that it had recorded remarkable progress during the first half with 30 launches successfully completed resulting in the sale of 8,400 units, up 56% over last year.   Celebrating the key achievements at its mid-year internal staff rally, Emaar’s leadership reviewed and shared the company’s operational performance and way forward. During the rally, Emaar presented significant milestones and achievements across all areas of its operations. Commenting on the company’s H1 performance, Founder Mohamed Alabbar said: "This shows Emaar’s relentless pursuit of excellence and innovation. We are not just managing businesses; we are shaping legacies and transforming communities for a prosperous future." Some of the highlights…

DHG Properties, a leading real estate development company operating within DHG Holding, noted that price growth in Dubai’s residential market accelerated with a notable increase from 20.30% in February 2024 to 20.70% last March.     Property prices in the Emirate are expected to rise by 5% to 7% annually in 2024 and 2025, driven by surging demand that far outstrips available supply.   This positive momentum is evidenced by the significant activity in the off-plan market which dominated 65.84% of total market transactions, valued at AED 1.35 billion out of a total transaction value of AED 2.10 billion.   Meanwhile, the ready properties represent the remaining 34.16% amounting to AED 703.70 million.   Blagoje Antić, Founder and Chairman of DHG…

In the heart of Palm Jumeirah, the Marina Residences shine with elegance and distinction, comprising 6 glittering buildings spanning 15 floors each, with breathtaking views of the area's waterfront. Marina Residences combines luxury and convenience, making it an ideal place to live and invest in the heart of Dubai. Its proximity to The Palm Mall, the city's newest upscale mall, enhances its appeal among residents and investors alike. The residences feature a variety of residential units ranging from one-bedroom apartments to spacious five-bedroom apartments, with luxurious recreational facilities including sports centers, swimming pools, saunas and steam rooms to add a touch of relaxation to residents' lives. In addition, security, protection, and regular maintenance services ensure…

Dubai International Financial Centre (DIFC), a leading global financial hub in the region, has announced the ground breaking of DIFC Square, a landmark development and commercial project comprising three interconnected buildings.   Featuring offices and retail units, the new project will significantly boost DIFC's real estate offerings while meeting the growing demand for Grade A offices in the heart of Dubai’s financial district.   Developed on a 113,500 sq ft plot, with a total built-up area (BUA) of nearly 1 million sq ft, DIFC Square’s future tenants and talent will benefit from close proximity to the Centre’s most sought-after destinations, such as Gate Village for fine dining, lifestyle, arts and culture, and Gate Avenue’s extensive range of…

A report issued by W Capital, the Dubai leading brokerage, revealed that the British investors are purchasing the most in the Dubai real estate in the first half of 2024, while the sector is still robust and rewarding with attractive investment opportunities and high returns. W Capital stated that the list of most purchasing nationalities also included Indians, Chinese, Lebanese, Canadians, French, Italians, Dutch, Pakistanis, and Turks. The report confirmed that Dubai has several advantages that enhance its position as one of the global most prominent real estate destinations for investment, work and tourism. The relatively high rents in the emirate, the easy real estate financing market and the ease of obtaining a residency visa, push well-heeled residents and foreigners to own the…

Home values in the city have risen for 15 consecutive quarters Average rents for single-family homes have shot up to $96,000 Dubai’s red-hot real estate market is defying predictions of a slowdown, a sign that the Middle Eastern business hub may be breaking free from its boom and bust cycles.   “Prices continue to rise and Dubai’s transient nature appears to be over,” said Taimur Khan, head of research at global real estate consultancy CBRE Group Inc. “Whether new or long-standing residents, most are now buying for residential purposes and as a result we are seeing prices remain resilient.”   An increase in real estate prices Many analysts had expected the rise in property prices and rentals – which had made Dubai one of the…

For the third year in a row, the UAE is poised to become the world’s leading wealth magnet, with 6,700 wealthy migrants expected to call the UAE home by the end of 2024. According to Henley and Partners’ annual Private Wealth Migration Report 2024, the UAE’s millionaire population will grow significantly due to large inflows from the UK and Europe. With its zero-income tax, golden visas, and strategic location, the UAE remains the world’s biggest magnet for wealthy individuals. “With consistent high inflows from India, the wider Middle East region, Russia, and Africa, the anticipated influx of larger numbers of Britons and Europeans looks set to see the Emirates attract nearly twice as many millionaires as its nearest rival, the US, which is projected…

Dubai recorded 948 sales in the luxury property segment, each valued at Dh15 million ($4 million) or more, during the first five months of 2024, according to a new report. These high-value transactions were concentrated in key areas such as Palm Jumeirah, Mohammed bin Rashid City, Dubai Water Canal, Tilal Al Ghaf and Dubai Hills Estate, the report by property company Betterhomes found. These locations not only experienced the highest number of luxury property sales but also contributed significantly to the total value of transactions during this period. A Dh165.6 million sale at Ritz Carlton Residences by MAG in Dubai Healthcare City was the highest-priced primary home sale in the emirate so far this year, according to Betterhomes.     This was followed…

Demand for off-plan homes in Dubai reached record highs in May, with the emirate witnessing a 41.6% month-on-month increase in new contract registrations, representing over 10,000 transactions and 69.4% of all residential sales, according to a new industry report.   Findings of the ‘ValuStrat Price Index - Dubai Residential Capital Values’ revealed that, last month, the emirate reported a 76.3% year-on-year increase in off-plan registrations for residential properties, with communities such as Jumeriah Village Circle and Meydan One driving up demand. The report also found Discovery Gardens and Dubai Hills Estate broke their individual records in May with the highest number of off-plan homes traded in one month. The volume of ready home transactions also grew 8.1%…

The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved a new housing approval package for citizens valued at AED 1.682 billion. The package includes 2,160 decisions for beneficiaries of housing assistance in June 2024 under the Sheikh Zayed Housing Program.     The Cabinet also approved the launch of the "Manzili" bundle for beneficiaries of the Sheikh Zayed Housing Program. This bundle offers 18 housing services to citizens through collaboration with 24 federal and local government entities, simplifying the customer journey and the required documents by reducing the involved entities from 11 to 1 and the documents from 10 to 2. The procedures are reduced from 14 to 3 steps, and…