“W Capital” latest study   24% annual growth in off-plan property sales value Dubai Maritime City tops the list with the highest demand for off-plan sales, AED 4.24bn AED500bn in real estate sales expected in 2024 Off-plan sales activity comes in light of a group of buyers preferences to bank on the revenues, W Capital- the leading Dubai real estate brokerage – assessed off-plan real estate sales growth in the first quarter of 2024.The study expected 24% growth in sales to AED44.52bn, compared to AED35.9bn in the same period in 2023. W Capital stated in the report, which was based on data from the Dubai Land Department-DLD, that the number of off-plan sales transactions rose 27.48% on an annual basis in the first quarter of this year, to about 20.540…

In the first quarter of 2024, demand for ready properties increased in the United Arab Emirates as more tenants chose ownership over increasing rentals.   In contrast to the first quarter of 2023, when off-plan transactions skyrocketed, the first quarter of 2024 saw strong demand for existing projects in both Dubai and Abu Dhabi, according to data released by Property Finder.   Following the pandemic, rents have steadily increased over the last three years. Due to the extraordinary demand from the growing population, it is anticipated that this upward rental trend will continue in 2024 as well. Due to rising rental costs, UAE citizens are turning to purchasing real estate in Dubai and Abu Dhabi, which will lower their monthly payments and increase the value of their…

In the first quarter (Q1) of 2024 Abu Dhabi recorded spikes in ready transactions while Dubai sustained a growing interest for both existing and off-plan properties, says a report.   Unlike Q1 2023 where off-plan transactions soared high, Q1 2024 has opened up to a strong demand for existing projects across both Dubai and Abu Dhabi, said Property Finder, Mena’s leading property portal, which has revealed key data from its Market Watch digest report for Q1 2024.   Abu Dhabi recorded 814 residential transactions in the first quarter (Q1) of 2024 representing around 38% of the total transactions compared to 628 transactions that contributed to 27% of the total transactions in Q1 2023. This was a notable growth of 30% from Q1 2023   Existing/ready…

Dubai Janob Real Estate has announced launching the fouth phase of “Janob Bay” project, as a response to the high demand from the investors and buyers side to own in this exceptional project. After selling all the limited units offered earlier, the company has worked to accelerate the launch of new phases to this project. And also announced the hiring of ‘Kharafi Constructions’ to build the third, fourth, and fifth phase for a contract worth AED 1.5 billion. It is planned to finish the fourth phase during the first quarter of 2027, as it will contain 3, 4, 5 bedroom villas. And a limited 5, 6, 7 bedroom lux villas. The company have revealed earlier the hiring of ‘Jinko General Contracting’ earlier this year. Who will be handling the construction…

UAE –  Dubai South Properties has awarded an AED 1.50 billion contract to Al Kharafi Construction Company to build the third, fourth, and fifth phases of the South Bay project. The company launched the fourth phase of the project, which is slated for completion in the first quarter (Q1) of 2027, according to a press release. The fourth phase is set to include 138 units comprising three-, four-, and five-bedroom villas and a limited number of five seven-bedroom mansions.   Nabil Al Kindi, CEO of Dubai South Properties, said: “We are confident that the expertise of the appointed contractor will help us realise this project, which will be an ideal option for those seeking quality living with world-class amenities.” “The sell-out of each phase upon…

    Real estate developer Sobha Group on Wednesday said it has set up a second furniture factory by signing a land lease agreement with Dubai Industrial City (DIC) with an investment valued at Dh450 million.   It is located across an 84,000 square metre land plot with a built-up area of 50,000 sqm. The company will manufacture a range of products including sofas, seats, armchairs, chairs, beds, car and airplane seats, assembled and flat-pack cabinets for the local market and for export customers.   The new facility will reinforce the local industrial sector through initiatives such as ‘Make it In the Emirates’.   “Sobha Furniture at Dubai Industrial City will contribute to Dubai’s and the UAE’s manufacturing landscape in the…

The sale of an AED 148 million villa in Emirates Hills has set a new record for a real estate deal in Dubai. The 19-bedroom estate sold for the fourth-highest price ever for an Emirates Hills home.   This luxurious villa was sold by Dubai Sotheby’s International Realty, and it is currently the third most expensive villa sold in Dubai this year.   Located in the gated community of Emirates Hills, this magnificent villa boasts one of the largest living spaces in Dubai, spanning 80,000 square feet of land and 55,700 square feet of living space.   “This sale underscores the luxury real estate market’s vitality in Dubai and highlights the unparalleled luxury and exclusivity that Emirates Hills offers to its residents,” said a spokesman for Dubai…

To mark a significant sales milestone reached at its upscale development, The Burj Binghatti Jacob & Co. Residences, Dubai-based developer Binghatti has partnered with internationally renowned high jewelry and watchmaking brand Jacob & Co. Almost 50% of the project has sold out in just nine months since sales launch.   There is a growing amount of market anticipation for the opening of this architectural marvel as construction moves forward quickly. According to the statement, the hyper-tower promises to provide an unrivaled living experience that embodies urban luxury with its sleek design, unmatched lifestyle offerings, and panoramic views of the cityscape.   According to the developer, when the 104-story Dubai building is finished, it will be the tallest…

In a landmark real estate deal, Dubai Sotheby's International Realty has successfully brokered the sale of the third most expensive villa in Dubai this year, commanding an impressive selling price of AED148 million ($40.2 million).   Spanning a 80,000 sq ft area, this extraordinary property is located within the Emirates Hills community known for its luxurious residences and exclusive lifestyle.   The 19-bedroom villa, which has a built up area of 55,700 sq ft, is being being handled by agents Leigh Borg and Timothy Ogunniyi.   Dubai Sotheby's International Realty said this sale also ranked as the fourth-highest sale ever achieved in Emirates Hills.   "Notably, this villa stands out not just for its price but also for its grandeur and scale. It boasts the…

Jubail Island Investment Company (JIIC) has unveiled Bada Al Jubail, an exclusive beachfront community featuring luxurious mansions on Jubail Island, at a development value of AED4 billion, spanking over 446,000 square meters of land with 8 kilometres of beach frontage.   Plot areas on Bada Al Jubail will range from 2,000 sqm to 6,000 sqm, with nine typologies of mansions ranging from 1,100 sqm to 3,000 sqm.   Mounir Haidar, Managing Director of JIIC, said, “Following the soft launch of Bada Al Jubail, which received an overwhelmingly positive response, and with the recent handover of the residential units on Jubail Island, homeowners are beginning to appreciate the island's unique value proposition. This is attracting affluent buyers and investors seeking a unique…

Dubai-based Azizi Developments has announced that work is nearing completion on its Creek Views II - a AED350 million ($95.2 million) luxury development located on the shores of Dubai Creek in Dubai Healthcare City - and is scheduled for handover soon.   Strategically located in the most central part of the city, the development comprises 587 residences across 116 studios and 436 one- and 35 two-bedroom units, and features, among other amenities, two swimming pools, a sauna, a steam room, a fully equipped gym, and a children’s play area.   Creek Views II’s unique design represents Dubai’s journey from its traditional past to a modern, reinvented future, stated the developer.   Structure, blockwork, internal plaster, HVAC, tiling works, the swimming…

To give residents more job opportunities, the Land Department (DLD) announced on Sunday that it had inked an agreement with nine developers, both private and government-backed, to assign a specific percentage of their projects to be sold through Emirati brokers.   In a deal signed with Emaar Properties, Expo Dubai, Deyaar, Damac Properties, Azizi Developments, MAG, Sobha Realty, Ellington Properties, and Al Bait Al Duwaliy Real Estate Development, the regulator said the aim is to “allocate a 10 percent to 15 percent quota of their projects to be sold through Emirati brokers.”   To help local talent progress in the real estate industry, the agreement was signed as part of the “Dubai Real Estate Programme.”   Furthermore, the agreement calls for…