The number of luxury properties with a value of $10 million plus available for sale has dropped by more than half as more millionaires tend to make Dubai their home and fewer are willing to sell their assets. “The laser-like focus of the global wealthy on Dubai is best reflected in the rapid drop in the volume of $10 million-plus homes for sale, which has fallen by 59 per cent across the city over the last 12 months to just 864 homes,” said Faisal Durrani, partner and head of research for Mena at Knight Frank. In the post-pandemic period, there is more demand coming from the end-users and long-term investors for the Dubai property market on the back of confidence in the local economy and the government’s handling of Covid-19. As reported by Khaleej Times earlier,…

DUBAI - Sales of homes in Dubai worth $10 million or more rose 6% in the first quarter versus last year, an industry report showed on Tuesday, as demand from the international ultra-rich for homes in the emirate showed little sign of abating.   A total of 105 homes worth an overall $1.73 billion were sold from January to March, up from around $1.6 billion a year earlier, according to property consultancy Knight Frank.   Activity was dominated by cash buyers, with palm tree-shaped artificial island Palm Jumeirah the most sought-after area, accounting for 36.3% of sales by total value, followed by Jumeirah Bay Island and Dubai Hills Estate.   Home to the world's tallest tower, the United Arab Emirates' Dubai is seeking to grow its economy through tourism, building a…

At 160 meters high, the mixed-use Infinity Tower has seen more than 70% of its construction completed, according to Infinity Towers for Urban Development. This substantial advancement exceeds the timetable established by the Administrative Capital for Urban Development. This significant event coincides with the start of President Abdel Fattah Al-Sisi’s second term in office and the first phase of the New Administrative Capital (NAC). Infinity Tower, which stands in the center of the NAC’s Central Business District (CBD), is a shining example of sustainability and modernity. Founder and Managing Director Assaad Salama disclosed that the tower’s design was a result of cooperation with the well-known Canadian company NORR Group. This collaboration has produced a…

According to industry insiders and recent research, the first quarter of 2024 saw a significant shift in investment trends in Dubai’s residential real estate sector, with Indians once again overtaking British investors as the most popular nationality. Apart from Indians, Americans are also becoming interested in Dubai’s real estate market. They, along with other major investor groups like British and Russians, are driving up demand, which in turn is driving up property values and rentals, especially in the luxury market. Along with other reasons like rising end-user demand and alluring investment yields in Dubai’s housing sector, the 5-year multiple-visit visa facility is cited as the main driver of the Indian investment boom. “The 5-year multiple visit visa has…

According to recent research, the United Arab Emirates (UAE) is among the best places in the world for entrepreneurs to establish a startup company in 2024. Out of 52 countries analyzed, the UAE ranked third in Business Name Generator’s analysis, indicating that it is a desirable place for start-ups. Several variables, such as GDP growth forecasts, tax rates, cost of living, WiFi speeds, and happiness scores, were evaluated to identify the greatest locations for startup launches. “Entrepreneurs face many important decisions when launching or expanding their business, and choosing the right location is one of the most crucial. The location of a business can have a significant impact on its success, affecting access to resources, market demand, and…

Being the first government department in the emirate to offer this service, the Real Estate Registration Department in Sharjah now provides ownership and usufruct deeds of various types in the digital wallet of the UAE Digital Identity (UAE Pass) app. Customers of the Department can now download ownership and private benefit deeds via the digital ID smart application on their phones (ownership, joint ownership, usufruct, or joint usufruct deed). In this context, Abdul Aziz Ahmed Al-Shamsi, Director General of Sharjah Real Estate Registration Department, confirmed that: “The Department is keen to provide an easy and smooth experience for customers while they use our services. We want them to complete their transactions efficiently, quickly, and effectively, which supports the…

UAE-based Al Habtoor Group said it has achieved a major milestone in the construction of its iconic 87-floor tower at Al Habtoor City, Dubai, with more than 23% of the work completed in addition to the piling phase.   Located in the prime area of Sheikh Zayed Road, on the picturesque banks of the Dubai Water Canal and in proximity to the Burj Khalifa and Dubai International Financial Centre (DIFC), Al Habtoor Tower is witnessing rapid development.   This progress underscores Al Habtoor Group's commitment to delivering unparalleled luxury and innovation, building on decades of experience and the successful development of iconic projects such as Burj Al Arab, Dubai International Airport Terminals, and the Armed Forces Officers Club in Abu Dhabi, said the Emirati group in a…

  Istanbul - ELIE SAAB, one of the World’s leading names in Haute Couture and esteemed luxury lifestyle brand and TOR HOLDING, a Turkish real estate developer known for its innovative projects and global collaborations, announce their partnership for the launch of two real estate projects in Turkey.   The collaboration marks a significant milestone in Turkey’s real estate sector, as the local luxury segment is undergoing a dynamic evolution with the presence of more joint partnerships combining international expertise with innovative regional approaches. The partnership aims to redefine luxury living in Turkey by blending Tor Holding’s expertise in property development with ELIE SAAB’s iconic design heritage.   The two ELIE SAAB branded…

Egypt - Al Ahly Sabbour Developments, a premier real estate developer in Egypt, has unveiled its bold business plan for the year, which entails the addition of approximately 2,000 new feddan by year’s end, as stated by Chairperson Ahmed Sabbour. Sabbour conveyed to Daily News Egypt the company’s robust expansion strategy, which has already seen a 36% increase in land assets in this year’s first quarter, amounting to 1,045 feddan. This growth includes 181 feddan in Mostakbal City’s initial phase, solidifying Al Ahly Sabbour’s role as a leading developer in the region. Moreover, the acquisition of 864 feddan in Ras Al Hekma on the North Coast bolsters the company’s footprint in this coveted area, complementing its North Coast endeavors. These projects…

The Real Estate Registration Department in Sharjah has announced the provision of the service of ownership and usufruct deeds of various types in the digital wallet of the UAE Digital Identity (UAE Pass) app, making it the first government department in the emirate to provide this service. This comes within the framework of its commitment to providing the best services to customers, and in an implementation of the UAE government’s vision for digital transformation and enhancing customer experience, The Department's customers can now download ownership and private benefit deeds (ownership deed, joint ownership deed, usufruct deed, or joint usufruct deed) through the digital ID smart application on mobile phones. In this context, Abdul Aziz Ahmed Al-Shamsi, Director-General of…

Speculators and holiday homeowners who used their Dubai properties just a couple of times in a year are increasingly opting to rent for full-year it out to benefit from the spike in rental returns. “With the increase in rentals, long-term speculators or holiday home owners who come twice a year to Dubai to their holiday home are forced to rethink because the same property which had a rentability of Dh150,000 earlier, today it is Dh450,000. So they are encouraged to rent their units also. The occupancy of 45 days – 15 days during Christmas and 30 days in summer – has improved to 365 days because a resident is living now,” said Imran Farooq, CEO of Samana Developers. In an interview with Khaleej Times, he said seen to eight per cent returns on rentals is very…

Flipping is virtually unheard of in the residential property market due to top developers now requiring around 30 to 50 per cent of payment before owners can sell it.   However, when it comes to commercial land, there is a lot of flipping happening as prices have rocketed by around 300 per cent in the past couple of years.   “As far as demand for residential units is concerned, whether you’re buying under Dh1 million or Dh10 million property, we don’t have a traces of flipping because 90 per cent of the market is controlled by top 15 developers. And reselling of the property by these developers is not allowed until you pay 30 per cent to 50 per cent, depending on the developer. Secondly, in most cases, there is an accelerated payment also. In my opinion, 90…