Another of Dubai’s 2005 legacy projects is being given new life.   The ‘Dubai Lifestyle City’, originally launched by ETA, recently saw 68 plots sell for Dh175.6 million. The location in Dubailand has seen significant infrastructure and development activity in recent years, making it easier for the new Lifestyle City buyer to move forward with any project.   Surprisingly, there was only one bidder on the project. Lifestyle City had been listed twice before but received no bids. (When the project was announced in the mid-2000s, it was envisioned as an upscale residential community, one of the first of its kind by a private developer. Until then, Emaar and Nakheel dominated the freehold sub-market, while private developers focused on tower…

Dubai's real estate market remained resilient during the first three months, while the residential sales market in Abu Dhabi is showing promising signs of growth in the foreseeable future, with a gradual upward trajectory anticipated in the coming months, according to property expert Asteco. Dubai’s strong economic performance and commitment to enhancing the quality of life and attracting skilled professionals will continue to attract a substantial number of expatriates, stated Asteco in its Q1 2024 real estate report.   During the three-month period, the Dubai market witnessed the delivery of over 10,000 residential units comprising 7,300 apartments and 2,750 villas.   This represents a significant increase compared to the previous quarter and sets a promising…

The emirate’s luxury beachfront real estate has been a huge draw for millionaires.   According to a survey by Knight Frank, 20% of the global HNWIs were willing to put upwards of $60 million to purchase a home in Dubai (8% of whom were prepared to spend over $80 million). Meanwhile, 35% of the HNWIs were looking to purchase a home in the emirate for personal use. The average budget for this group stood at $46.8 million.   Knight Frank surveyed 317 HNWIs worldwide, of which 100 were from the GCC. The combined net worth of 217 HNWIs was $3.6 billion, with those from the GCC accounting for $660 million.   “Global HNWIs with a net worth of over $20 million are primed to spend an average of $58.5 million on a home in Dubai. The average budget for a residential…

High-net-worth individuals from all over the world are expected to invest more than Dh16 billion ($4.4 billion) in Dubai’s real estate market by 2024, as the emirate emerges as the most popular destination for investors.   According to global real estate consultancy Knight Frank, HNWIs’ investment appetite drives them to Abu Dhabi and Sharjah following Dubai.   The Dubai property market has been on the radar of high-net-worth individuals or millionaires in the post-pandemic period due to very high returns at low prices, world-class infrastructure, safety and security, and the country’s growing overall economy. The emirate’s property market has surpassed 2014’s peaks, with both prices and rentals reaching new highs.   According to the…

Research conducted by Insight Advantage on behalf of Barratt London, a market-leading residential developer in the UK, has revealed that London is the top choice for UAE investors looking to purchase property overseas. The survey, which was conducted this month, set out to identify the preferences of investors in the UAE.   Among the survey participants, 58% reside in Dubai, 28% in Abu Dhabi, and 6% in Ajman. The remaining percentage is evenly distributed across Sharjah, Ras Al Khaimah, Umm Al Quwain, and Fujairah.   When asked to select the five global capitals where they would most likely consider buying property, 69% of survey participants ranked London as their top choice out of a shortlist of ten global capitals. New York, meanwhile, was identified as the second most…

New posh communities may have been gaining popularity in Dubai but three staple neighbourhoods remain on top of millionaires' list: Dubai Marina, Downtown and Business Bay. These three prime residential areas where millionaires are buying properties, said a new study released on Tuesday.   Millionaires from new markets are now flocking to Dubai to cash in on lower prices and high growth, according to the annual survey conducted by real estate consultancy firm Knight Frank.   Based on a survey of 217 respondents from 11 countries with a value of $20 million, it found that the US, China, Canada, UK and India are the top markets from where millionaires plan to buy property in Dubai.   These areas are among the top 15 places where millionaires are placing their bets when…

The gap between asking and bid rates for rentals has been widening in Dubai as growing demand and tight supply are encouraging landlords to demand higher rates.     Real estate industry executives say that the gap between sale prices of rented and empty units are reaching up to 50 per cent in some areas of the emirate.   Property prices and rents have been consistently rising in most of the prominent areas of Dubai due to local population growth outpacing the supply of residential units, surpassing their previous peaks witnessed in 2014. Some residents believe that landlords are exorbitantly charging rents for their properties and become “greedy”, knowing that their vacant properties will be filled up quickly by new entrants.   According to the…

Dubai housing prices will continue to rise in 2024, with capital gains in the villa segment projected to hit 10-year highs.     According to international consulting group ValuStrat, which released its April price index for the emirate, apartment prices will also maintain an upward trajectory, albeit at a slower pace than villas.   “Apartment price growth, which only started gaining momentum in the second half of last year, is expected to reach new record highs this year,” Haider Tuaima, Director and Head of Real Estate Research told Zawya. “It is highly likely that villa capital gains will exceed the record highs of 2022.”   The ValuStrat Price Index (VPI) for April revealed the average villa valuation per square foot surpassed AED 2,000…

In the dynamic landscape of Dubai's real estate market, the necessity of professional property management services has never been more crucial. As the region continues to attract investors and residents alike, the demand for comprehensive property oversight has surged. Provident Property Management stands out as a beacon of excellence in this realm, offering unparalleled expertise and a commitment to excellence. Why Property Management Matters Property management encompasses a myriad of responsibilities essential for maintaining the value and functionality of real estate assets. From tenant relationships to legal compliance, each facet requires meticulous attention to detail. Provident Property Management excels in navigating these complexities, ensuring that properties under their care…

Dubai’s residential property deliveries have picked up in recent months, with thousands of units already completed during the first three months of the year, according to new research.   From January to March 2024, the market saw the delivery of approximately 6,500 homes, which were mostly apartments, a report from real estate consultancy Land  Sterling noted. By year-end, total deliveries will reach around 64,400 residential units, exceeding the previous year’s number of completed properties, the Q1 2024 Dubai Property Watch report noted. During the first quarter of the year, apartments accounted for 75% of the project completions, while villas comprised 25%. The amount of residential unit deliveries in recent months reflects Dubai’s “continued…

Dubai Land Department (DLD) has launched the Real Estate Evolution Space Initiative - ‘REES’, which will gather thought leaders and industry professionals to spur a wave of progress capable of redefining the urban landscape.     The event brought together over 200 sector partners, officials and experts. It featured several sessions and debates on the main trends of the international real estate technology market, exploring opportunities and potential with participation from 25 specialised companies, including 11 exhibitors and 14 companies represented by panellists.   The Dubai PropTech Group was launched in collaboration between the DLD and Dubai Chambers. DLD established several strategic partnerships, including Dubai Future District Fund Investments,…

Mercon Developments has launched a 16-acre real estate project in New Cairo with EGP 10 billion in investments.   Located in the Lotus area at Golden Square, the Nurai project's plan includes 350 units, with a built-up area (BUA) accounting for 80% of the project’s total size, according to a press release. The project, boasting a mix of residential and commercial spaces, offers dedicated areas for sports, cycling tracks, swimming pools, and water features, alongside commercial zones, recreational facilities, and advanced security systems. Chairman of Mercon Developments Ahmed Embaby announced that Nurai will be executed in four phases, with construction set to commence in the coming days. He highlighted that the company allocated EGP 800 million towards construction to…