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…

UAE-founded real estate developer with global aspirations, Damac Properties, has announced brand-new office openings in Beijing and Singapore.       With its sights firmly set on global expansion, the office openings signal the brand’s push and significant investment and commitment to APAC.   As UAE’s largest private real estate developer with headquarters in Dubai since 1982, Damac has grown exponentially to an impressive diverse portfolio, including luxury real estate developments, hospitality experiences, data centres, retail, fashion, and capital markets. In December 2023, Damac announced plans to enter the Chinese market with its entry into Shanghai, capitalising on the growing demand for the UAE and Damac’s portfolio from Chinese HNWI and…

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…

  Walid Al Zarooni -The Dubai South region is still untouched and offers attractive investment opportunities - The real estate sector is the most prominent beneficiary of the largest airport project in the world - Promising price prospects in Dubai South real estate in the near future      W Capital, - the leading Dubai real estate brokerage, stated that the expansion of Al Maktoum International Airport, the largest in the world, will drive and boost the Dubai real estate sector in general in the near future by enhancing demand for all types of real estate in the Dubai South area in the long term, which will attract increased interest due to its proximity to the airport. “The new project, which costs EAD128bn, is a major economic leap towards the future,…

Knight Frank Mena has announced the sale of Kempinski The Boulevard duplex penthouse - the most expensive apartment ever in the Downtown Dubai area - for a record price of AED80 million ($22 million). Listed by Knight Frank Mena, it is a four-bedroom Sky Collection Penthouse, located within Kempinski The Boulevard, that has a built-up area of 7,466 sq ft with the views of Burj Khalifa, said the top property consultant in a statement. Boasting five bathrooms, a powder room, two fully equipped kitchens, and furnished by Fendi, this residence offers the epitome of luxury living in one of Dubai's most sought-after addresses, it stated. Knight Frank Mena pointed out that this sale surpasses the previous record set in 2022, when a five-bedroom apartment in the Burj Khalifa was sold for AED73…

Property investors are increasingly targeting communities in some parts of Jebel Ali and neighbouring developments amid plans to move the operations of Dubai International Airport (DXB) to Al Maktoum International, according to a new analysis. The “new areas in focus” among those looking to own residential units now include Dubai South and other neighbourhoods like Dubai Hills Estate, Palm Jumeirah, Arabian Ranches and Al Furjan, PropertyFinder noted in a new report released on Wednesday. “Following the recent announcement regarding the shift of airport operations, searches regarding areas to own villas showed a significant uptick for interest towards Dubai South (Dubai World Central),” the real estate platform said. Late last month, Sheikh Mohammed bin Rashid…

Property investors are increasingly targeting communities in some parts of Jebel Ali and neighbouring developments amid plans to move the operations of Dubai International Airport (DXB) to Al Maktoum International, according to a new analysis.   The “new areas in focus” among those looking to own residential units now include Dubai South and other neighbourhoods like Dubai Hills Estate, Palm Jumeirah, Arabian Ranches and Al Furjan, PropertyFinder noted in a new report released on Wednesday.   “Following the recent announcement regarding the shift of airport operations, searches regarding areas to own villas showed a significant uptick for interest towards Dubai South (Dubai World Central),” the real estate platform said.   Late last month,…

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…