Highlights of the week | 16th October – 22nd October
Dubai’s residential property investments surge 17% in 2023, driven by high demand (16th October)
Residential property investment in Dubai surged by 17% in the first 269 days of 2023, totaling 45,169 deals compared to 38,731 in the same period last year, according to a market study by Realiste. In terms of value, the increase was even more substantial, at 25%. Notably, the Off-Plan housing market saw a 33% rise in investment deals and a 43% increase in value during the first nine months of 2023 compared to the same period in 2022. High demand from both local and international investors is driving the city’s real estate market.
Read more at Dubai residential property investment deals surge 17% in first 9 months of 2023 – Arabian Business
Azizi Developments launches outdoor advertising campaign for Azizi Venice project in Dubai (16th October)
Azizi Developments has launched an outdoor advertising campaign in Dubai to promote its latest project, Azizi Venice. The project is located in Dubai South, covering over 136 hectares and is positioned to be part of a smart and forward-thinking metropolis. It offers proximity to the city’s attractions, direct access to an upcoming metro station, and connectivity through the Etihad Rail Network for residents. This campaign aims to create awareness and interest in the development among potential buyers and investors.
Read more at Azizi Venice Project Coming to Dubai South as Seen on UAE’s OOH – INSITE OOH Media Platform
Dubai’s booming Real Estate market boosts furniture sales and home decor trends (16th October)
Homeowners are seeking intricate designs, pastel colors, and sustainable options hence, giving rise to sectors like the home decor space. Materials like ceramics and glass, nude colors, gold plating, and black-and-white aesthetics are highly sought after. Additionally, Sulin Sugathan, President and Director – Retail at Royal Furniture addresses sustainability in the furniture industry, challenges and opportunities, and the balance between offering international designs and competitive pricing.
Read more at Royal Furniture seeks to cash in on booming real estate market (zawya.com)
Developers in Dubai adjust pricing strategies for Off-Plan properties amid strong demand (17th October)
Dubai developers are pricing their Off-Plan properties more aggressively as demand for luxury properties continues to surge. In Q3 2023, secondary market transactions constituted 63% of the total value of sales, while Off-Plan properties made up 37%. The changing dynamics of the property market, increased demand for quality and status, and higher liquidity are some of the reasons behind this pricing shift. Despite rising prices, international investors continue to invest in Dubai’s real estate market, indicating a promising future for developers.
Read more at Dubai real estate: Why are developers aggressively pricing off-plan properties? – Construction Week Online
Dubai’s Real Estate market fairly valued despite soaring demand (17th October)
Dubai’s real estate market remains fairly valued despite significant price increases, according to ZāZEN Properties. Demand for both renting and buying properties in the cosmopolitan city has surged, with annualized real price growth at 14.6% and annualized rental price growth at 20.3% from mid-2022 to mid-2023. Factors contributing to this growth include Dubai’s reputation as a geopolitical safe haven, overseas investments, streamlined visa regulations, a favorable business environment, and a focus on sustainable developments.
Read more at Dubai real estate achieves new heights in Q3 while market remains fair value (zawya.com)
Meydan announces launch of Naya at District One (17th October)
Meydan has launched a new residential development, Naya at District One, located in the prestigious Mohammed Bin Rashid Al Maktoum City. The new development is managed by Nakheel and will offer an elevated lifestyle for residents, underlining Meydan and Nakheel’s commitment to building happiness and prosperity. Naya at District One features three distinctive, green-roof towers comprising spacious one, two, three and four-bedroom apartments as well as Lagoon Villas that come with private gardens and terraces offering a range of amenities for residents.
Read more at Dubai real estate: Meydan launches Naya at District One – Arabian Business
Dubai Rental Dispute Center introduces ‘Metaverse Litigation’ for Real Estate disputes (18th October)
The Dubai Land Department’s Rental Dispute Center (RDC) has launched its ‘Metaverse Litigation’ platform, leveraging metaverse technology for real estate litigation sessions. The RDC also unveiled its ‘Judicial Probe’ service, which integrates AI to provide a complete portfolio of litigation services. This enables litigants to initiate and receive rulings on cases quickly and without judicial intervention. The RDC is embracing cutting-edge technologies to enhance its rental judicial system and provide more efficient and user-friendly services to its customers.
Read more at Dubai: DLD to use metaverse, AI to solve rental disputes (gulfbusiness.com)
Dubai’s Omniyat aims to boost its property portfolio to US$ 15 Billion in next 2 years (18th October)
Omniyat is aiming to grow its property portfolio by 50% to US$ 15 Bn in the next two years amid plans to launch new projects and acquire assets, according to its chairman and chief executive. It recently acquired a new waterfront development called Marasi Bay Marina from Dubai Holding as it continues to boost its portfolio. They also launched another new project called Orla Infinity, part of the US$ 2 Bn Orla collection, at Palm Jumeirah on Tuesday and aims to start one more project in Downtown Dubai by the end of the year. Orla Infinity will have 20 duplex residences.
Read more at Dubai’s Omniyat aims to boost its property portfolio to $15bn in next two years (thenationalnews.com)
PMR property showcases ultra-luxury project on UAE billboards (18th October)
PMR Property, has launched a creative concept campaign on UAE billboards to showcase their collaboration with renowned architectural firm Foster + Partners. The campaign features futuristic architecture with rounded lines, asymmetry, and glass as the main industrial material. The project consists of two distinct buildings, each housing six exceptional mansions, offering a high level of luxury and unique lifestyle amenities. The campaign emphasizes sophistication and contemporary design with strategically placed billboards in Dubai.
Read more at PMR Property Redefines the Standards of Luxury Via Outdoor UAE Creative Campaign – INSITE OOH Media Platform
Wasl sets Guinness World Record for Highest Running Track on a Building in Dubai (18th October)
Dubai-based real estate company Wasl has achieved a Guinness World Records title for the ‘Highest Running Track on a Building.’ The Sky Track, situated on the 43rd floor of the 1 Residences tower within the Wasl development, is located 157 meters above the ground and offers a 335-meter rooftop track with spectacular views of Dubai, including the Burj Khalifa and Zabeel Park. The achievement marks Al Wasl’s second recognition by Guinness World Records.
Read more at Dubai unveils highest running track on 43rd floor, gets Guinness World Record honour – GulfToday
Karma Developers and DECA Properties partner to develop housing projects in Dubai (18th October)
The surging demand for residential properties in Dubai is triggering new alignments in the industry, with Karma Developers, a prominent player in the luxury segment in the UAE, and DECA Properties, a globally leading development management company with operations in the US and Europe among other countries, moving to join hands to develop housing projects across some of the prime locations in the city investing AED1.3 Bn in housing projects across Dubai. The companies are set to roll out several residential schemes in prime locations over the next three months.
Read more at Dubai real estate market sees new deal between Karma Developers, DECA Properties – Arabian Business
Dubai’s Real Estate market sees shift towards end-user demand (19th October)
Dubai’s real estate market is experiencing a shift towards end-user demand, with end-users comprising 52% of buyers in the third quarter, up from 45% in the previous quarter as reported by Betterhomes. Rising rents and a desire for long-term stability are driving renters into the sales market, leading to a surge in demand for mortgages. The real estate market saw 28,249 transactions in Q3, a 23% increase from the same period in 2022, with villa and townhouse transactions rising by 34% and apartment transactions decreasing by 4%. The total value of properties sold in Q3 reached AED 79.3 Bn, a 49% increase from Q3 2022, led by villa and townhouse sales.
Read more at Dubai realty matures as end-users dominate (zawya.com)
New research reveals latest sales and rental prices in Dubai’s most popular areas for living and working (19th October)
Sales prices for residential properties in Dubai have risen by up to 34% in some areas in the last year, with commercial properties increasing as much as 29%, according to leading real estate advisory firm, Chestertons MENA. Rental rates for homes have climbed by up to 36%, with commercial leasing rates seeing hikes of more than a third in some business zones.
Swiss property developer DHG Properties to launch first UAE project in JVC (19th October)
DHG Properties, a renowned Swiss property developer with an extensive track record spanning over three decades, confirms that it is on track to launch its first project in the UAE, before the end of 2023. UAE residents will be able to purchase their unit at the property’s flagship development, in one of the up-and-coming and most popular areas in the city, Jumeirah Village Circle.
Read more at Dubai real estate: DHG Properties on track to launch its new JVC project – Construction Week Online
Turkish Real Estate developer Atıs Yapi launches office in Dubai’s City Walk (19th October)
Atıs Yapi, a leading Turkish real estate developer, has opened its first office at City Walk in Dubai as part of its international expansion plans. This move follows the signing of bilateral agreements and memorandums of understanding worth US$ 50.7 Bn between the UAE and Turkey. Atıs Yapi aims to cater to the growing demand in the UAE’s real estate sector, offering comprehensive real estate solutions in ideal locations. Atıs Yapi is known for innovative design and high-quality construction and plans to develop a competitive portfolio of residential and commercial projects in the UAE.
Read more at Turkish realty giant Atıs Yapi enters UAE market with opening of first office in Dubai – GulfToday
London Gate’s Maya V sold out in the first hour of launch (19th October)
London Gate revealed plans for its flagship ventures including Marina 106, Nadine I & II and Maya V which will be situated in coveted Dubai locations. Within the first hour of the launch itself, Maya V was fully sold out, reinforcing the company’s strength in the market. Having established their reputation in countries around the world, London Gate is bringing London’s timeless elegance to Dubai’s vibrant and urban landscape. Marina 106, situated in Dubai Marina, will soar 434 meters high, offering 649 luxurious living spaces, including one to four-bedroom apartments and deluxe duplexes, with breathtaking city views. Nadine I & II, inspired by the architectural wonders of Venice and Rome, will create a vibrant community in Al Furjan, while MAYA-5 in JVT will provide interconnected living spaces designed for families, offering 1, 2, and 3-bedroom homes.
Read more at London Gate’s Maya V sold out in the first hour of launch – GulfToday
Dubai’s residential rents surge over 40% in popular neighborhoods in Q3 (20th October)
In the third quarter, Dubai’s popular residential neighborhoods saw rents surge by more than 40% compared to the previous year due to strong demand. Villa tenants experienced the largest annual cost increases, with three-bedroom units in Dubai Hills rising up to 46% year-on-year and MBR City’s four-bedroom properties posting a 42% yearly leasing rate increase. The cost of renting commercial space in Dubai also substantially increased, with hikes of over a third in some business areas. Sales prices also saw significant growth, increasing by up to 28%. The Dubai Land Department reported strong interest from buyers, with the volume and value of sales transactions increasing by 22% and 40%, respectively.
Read more at Residential rents in Dubai’s popular locations rise by up to 46% (zawya.com)
Dubai witnesses 1,524 Real Estate transactions worth AED 8.2 Billion in a week (21st October)
Dubai recorded a total of 1,524 real estate and property transactions worth AED 8.2 Bn in the week ending on October 20, 2023, according to the Dubai Land Department (DLD). The transactions included 232 plots that were sold for AED 2.57 Bn and 1,292 apartments and villas that were sold for AED 3.08 Bn. The top three transactions were land sales in Al Hebiah Fourth (AED 65.13 Mn), Al Thanayah Fourth (AED 56.67 Mn), and Al Yufrah 4 (AED 51 Mn). Palm Jabal Ali recorded the most transactions for the week, followed by Al Hebiah Fifth and Madinat Hind 4. Mortgage transactions for the week amounted to AED 2.03 Bn, with the highest being a land in Business Bay mortgaged for AED 788.28 Mn. 133 properties were granted between first-degree relatives, amounting to AED 563 Mn.
Read more at Dubai records $2.23bln in weekly real estate transactions (zawya.com)
