The occupier market in Dubai and Abu Dhabi saw strong activity in the first quarter, driven by increased demand from new rental registrations.   In Dubai, occupier activity remained strong during the first quarter. According to data from the Dubai Land Department, the total number of rental registrations reached 46,850, representing a 35.8% increase over the previous year. “This headline growth has been largely underpinned by a 51.1 percent increase in new rental registrations, which totaled 34,461. Renewed contracts registered a total of 12,389, marking a 6.1 percent growth from the previous year,” CBRE Middle East said in its UAE Office Market Review for the first quarter of 2024.   In comparison to other global markets, the current dynamics of Dubai’s…

Dubai’s real estate development and management leader, Wasl announces the launch and development of One B Tower – a new luxury high-rise situated in a prime location overlooking the picturesque Dubai Water Canal in Business Bay. The sale of residential units is set to take place on the 28th and 29th of May.   Located strategically on Sheikh Zayed Road, One B Tower is due to be completed by Q2 2028. The project strikes a balance between luxurious modern living and nature’s beauty.   The 48-storey tower comprises one-, two-, three-, four- and five-bedroom apartments, as well as two-, three- and four-bedroom duplexes, and a penthouse.   Plans for the luxurious tower were initially revealed in March to His Highness Sheikh Mohammed bin Rashid Al Maktoum,…

Private luxury property developer Omniyat Thursday said it sold a penthouse for Dh139 million ($37.8 million) in Burj Khalifa district, making it the most expensive property in the area.   The four-bedroom penthouse at the newly opened The Lana Residences, Dorchester Collection, spans over 16,594 sqft, overlooking the Marasi Marina between the Burj Khalifa District and the Dubai Design District.   Dubai’s luxury and branded market has seen massive growth over the last three years, driven by high-net-worth individuals flocking to the city.   According to Knight Frank’s latest report, 56 properties with a value of over $25 million were sold in Dubai last year while 12 properties worth $25 million were sold in the first quarter of this year.   Dubai…

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…

Dubai-based property brand Binghatti launches its latest project, One by Binghatti. The exclusive reveal will take place on 27th May 2024 at the Bvlgari Yacht Club in Jumeirah Beach.   The project’s design concept is inspired by the harmonious integration of diverse elements, culminated in a unified façade that captivates senses. The mega waterfront development is located in Dubai’s Business Bay district with seamless access to Down-town, offering boundless views of the world-famous Burj Khalifa and the Dubai Water Canal.   One by Binghatti manifests a unique metropolitan experience, located near Binghatti’s collection of ultra-premium branded residences, including Bugatti Residences by Binghatti, Mercedes Benz Places | Binghatti, and Burj Binghatti…

Eagle Hills announces the launch of its new project "Riga Waterfront," which aims to develop the waterfront on the Daugava River in Riga, the capital of Latvia. The project extends for five kilometers in a strategic location at the intersection of Riga's world heritage historic center, which is recognized by UNESCO, and the charming Art Nouveau district. It has been designed to match a modern lifestyle and contribute to transforming the city's living experience.   Riga is located on the shores of the Baltic Sea and is embraced by the majestic Daugava River. It is a city that UNESCO has designated as a World Heritage Site, undergoing a planned development that integrates the city's rich historical fabric with a new, comfortable modern lifestyle.   Mohamed Al Abbar, The…

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…

Dubai master developer Emaar Properties has announced the launch of its latest project, The Heights Country Club & Wellness, a mega project being set up in Dubai at an investment of AED55 billion ($15 billion).     Unveiling the key development at a grand event held at the Armani Dubai Hotel ballroom yesterday (May 20), Emaar said it is strategically designed to foster an environment of health and well-being, perfectly aligning with Dubai's leadership’s vision to enhance the quality of life and promote well-being across the emirate.   In addition to its chic townhouses and semi-attached villas, the development features a thoughtfully designed wellness centre, parks, ponds, lush greenways, and an overall community-wide country club experience throughout the…