W Capital, a Dubai-based real estate brokerage, expects record sales of more than AED 120 billion in the Dubai real estate market during the summer of 2024. According to a press release, real estate sales are expected to increase by 15-20% this summer season, compared to AED 102 billion in 2023. After surpassing AED 400 billion in 2023, the real estate market is expected to see sales of AED 450 billion to 500 billion this year. During the first five months (5M) of 2024, market sales increased by 25.40% to AED 186.87 billion, up from AED 148.96 billion in the same period the previous year. According to Dubai Land Department (DLD) data, there were 65,890 sales transactions between January and May 2024, a 30.30% increase year on year (YoY) from 50,592. The Dubai real estate sector…

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…

Azizi Developments, a leading private developer in the UAE, has announced having sold more than 61% of the units across its released buildings in its luxury mixed-use development, Azizi Venice, located in Dubai South. Azizi Venice will comprise more than 30,000 residential units across approximately 100 apartment complexes, and over 400 luxury villas and mansions. Azizi Developments is taking on the role of master developer, constructing the buildings, roads, and all the infrastructure. Of the total 116 nationalities who purchased units in Venice so far, buyers from the United Arab Emirates made up the largest demographic, followed by investors from the GCC, Europe, UK, India, Pakistan, and more. Mr. Farhad Azizi, Chief Executive Officer of Azizi Developments, said: “We are…

Real Estate Leader OMNIYAT Announces OMNIYAT GROUP to Lead New Ventures targeting AED 100B total portfolio over the next five years OMNIYAT, Dubai’s ultra-luxury real estate leader, has announced a new chapter in its remarkable journey with the unveiling of a new corporate structure led by the newly-formed OMNIYAT GROUP. Founded as an umbrella to drive success across its branded companies, OMNIYAT GROUP has announced an AED 100B total group portfolio target over the next five years and committed AED 50B in portfolio value for new ventures across diversified real estate sectors.   OMNIYAT was founded in 2005 by Executive Chairman Mahdi Amjad, a visionary pioneer in the Dubai real estate sector. Established with the ambition to revolutionize the Dubai property market by…

Qube Development, a renowned international real estate developer with 30 years of experience, has entered the thriving UAE market with a plan to introduce AED2.6 billion ($680.6 million) worth of inventory into the market by the end of 2025.     The developer is committed to set new benchmarks in sustainable and high-quality developments, covering a total GFA of 2,291,946 sq ft in Dubai, it said.   With a strong focus on durability, reliability, sustainability, and exceptional quality, Qube Development honours its commitment by leveraging collaborations with world-renowned architects for all their projects. In partnership with its local contractor, Qube Development ensures meticulous attention to design and construction, a statement said.   Acting swiftly in the…

The German premium bathroom and kitchen manufacturer will equip Riviera, Beach Oasis, Azizi Vista, Azizi Central, Azizi Grand, and Beachfront with high-end accessories    Azizi Developments, a leading private developer in the UAE, has renewed its partnership with Kludi GmbH & Co. The German firm will now supply various projects in MBR City, Dubai Studio City, and Dubai Sports City with brassware and accessories for its apartments and bathrooms. Kludi GmbH & Co. is a sustainable, leading manufacturer of high-end bathroom and kitchen fittings. Kludi RAK LLC caters to the Middle East, South Asia, and Africa with the best European technology and quality-ensuring processes. In his comments, Mr Farhad Azizi, CEO of Azizi Developments, said: “We are thrilled to be…

UAE-based Samana Developers has announced the launch of its key project, Samana Ivy Gardens 2, being set up at an investment of AED855 million ($233 million) in the Dubai Land Residence Complex within the Dubailand neighbourhood.   Spanning over a 1.5 million sq ft area, the key residential development features several key amenities including private pools, smart homes, gym, a steam and sauna room as well as a kids’ pool, a jogging track and a basketball court. It will also house a leisure pool deck, a barbeque area, a basketball court, table tennis, a cabana area, a shower area, and an aquatic gym. The Samana Ivy Gardens 2 boasts a climate-resilient design and features plenty of plantation to moderate the hot weather and has private pools in every apartment. The 35-storey…

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…

AQUA Properties has announced a significant milestone with the sale of over 900 units in its latest project, The Central Downtown, within just 100 days of its launch.   Demonstrating the robust demand for premium real estate in Dubai, The Central Downtown topped the charts in May, capturing an impressive 40.5% of all transactions in Arjan, according to Property Monitor.   Centrally located in Arjan, the project spreads over a sprawling 7-acre hub, making it the largest development in the community. The Central Downtown comprises four towers offering modern studios, and 1-3-bedroom apartments, featuring a 200,000 sq ft podium level with over 25 amenities. Residents will enjoy a golf simulator, wave pool, basketball court, outdoor cinema, padel tennis, and organic farm among…

Azizi Developments, a leading private developer in the UAE, has extended its collaboration with Xylem, the leading manufacturer of pumps, valves, heat exchangers and accessories for plumbing, wastewater, and HVAC. Xylem will now also supply Azizi’s fourth phase in Riviera, situated in MBR City, as well as Vista and Beach Oasis in Dubai Studio City, with the most technologically advanced, high-quality transfer-, booster-, and chilled-water pumps and sump pumps. Xylem is a prominent, highly accredited global brand for applied-water systems, providing an extensive selection of energy-efficient pumps, boosters, drives, valves, heat exchangers, controllers, and water systems for numerous applications in building services. In his comments, Mr. Farhad Azizi, CEO of Azizi Developments,…