Highlights of the week | 4th March – 10th March 2024

Dubai’s branded residences market anticipates significant growth (5th March)​

Dubai is poised for continued expansion in branded residences, with standalone projects driving 78% of new developments in the next four years. Over the past decade, Dubai’s branded residences sector has surged by 410%, from ten projects in 2014 to 51 presently. The proportion of hotel brands is anticipated to decline from 78% of existing projects to 51% of future developments by 2028, resulting in a 63% market share by 2029, compared to the global average of 78%. Dubai developers are increasingly looking to non-hotelier brands like automotive and fashion to enhance design and marketing strategies. Robert Gill, Director of De Leeuw International, emphasized the region’s remarkable growth and the potential for mainstream brands to expand their brand identity. ​

Read more at Branded residences sector poised for solid growth in Dubai (zawya.com)​

A quarter of all new buildings to be 3D printed by 2030 (5th March)​

Dubai’s vision to have 25% of new constructions 3D printed by 2030 is gaining traction as local companies, such as 3DXB and AC3D, advance talks with contractors and developers to integrate this cost-efficient technology into future projects. While traditionally cautious, the construction industry is slowly embracing 3D printing for its potential to offer quicker, cheaper, and environmentally friendly building solutions. With projects potentially starting as early as 2025, stakeholders are optimistic about the widespread adoption of this innovative approach, which could have far-reaching benefits beyond Dubai, including addressing global housing crises and reducing CO2 emissions. Despite challenges, such as regulatory hurdles and the need to build momentum, companies like 3DXB and AC3D are actively engaging with developers and authorities to make this project successful.​

Read more at Dubai companies eye 2025 start for 3D printed homes projects (thenationalnews.com)​

Dubai real estate market sees 27% surge in February transactions (5th March)​

In February, Dubai’s real estate market surged by 27%, recording 11,900 deals compared to 9,371 in February 2023. Transaction values reached almost AED 36.6 Bn, marking a 35% increase from the same month in 2023. Two-bedroom apartments were the most sought-after rental option, comprising 35% of total searches on Property Finder. Off-plan properties showed higher demand, with a 31% volume increase with the value of these transactions increasing by 18.5% year-on-year, reaching around AED 13 Bn, compared to AED 11 Bn in February 2023. Home seekers favored apartments (59%) over villas/townhouses (41%), while in rentals, 80% searched for apartments and 20% for villas/townhouses. Top areas for apartment ownership searches included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. ​

Read more at Dubai realty sales surge 27% in February (zawya.com)​

Record-breaking AED 26 Million sale at Address Beach Residences JBR (6th March)​

A 4-bedroom unit at Address Beach Residences JBR has set a new benchmark for secondary sales in the building, fetching AED 26 Mn (US$ 7.1 Mn), this transaction marks the highest secondary sale in the building and the third highest overall. The deal achieved AED 7,125 per Sqft, surpassing the previous record of AED 6,672 per Sqft for a three-bedroom unit.​

Read more at Knight Frank wins record-breaking secondary sale deal at Dubai’s JBR (zawya.com)​

Dubai Land Department partners with leading platforms to empower local talent in real estate sector (6th March)​

Dubai Land Department (DLD), represented by the Real Estate Regulatory Agency (RERA), has forged partnerships with Property Finder, Bayut Web Publishing, and Dubizzle to enhance skills and awareness in Dubai’s real estate industry. These collaborations aim to provide specialized training programs for citizens, improve service efficiency, and promote smart digital services in alignment with industry standards.​

Read more at UAE: New partnership to boost local talent in real estate sector (zawya.com)​

Dubai’s RERA calculator update to impact tenants (6th March)​

The Real Estate Regulatory Authority (Rera) in Dubai has updated its index, affecting tenants who have been living in properties for more than two years. The updated calculator, effective from March 1, provides landlords and tenants with information on potential rent increases upon renewal, aligning future renewals more closely with market rents. Areas with the highest rent increases over the past two years, notably central villa communities and waterfront apartment areas, will be most affected. Industry experts anticipate rent hikes of 10 to 20 percent in certain areas following the revision. However, the updated calculator is expected to contribute to long-term rent stabilization by reducing the gap between renewal prices and market rates. Previously, the calculator resulted in significant disparities between renewal prices and market rents, leading to limited market activity and insufficient property supply, especially in sought-after villa communities. ​

Read more at Dubai RERA calculator updated: Will rents rise? (zawya.com)​

Karl Lagerfeld Inspires luxury living in Dubai’s Taraf Villas (6th March)​

Abu Dhabi’s luxury residential community, Taraf, has joined forces with renowned German fashion icon Karl Lagerfeld to craft an exclusive residential venture. Inspired by 18th-century Parisian elegance, the project comprises 51 residences with 5 to 7 bedrooms, ranging from 721 to 1790 Sqms. Reflecting a blend of opulence and ingenuity, the design features a fashion-inspired runway linking the villas to the clubhouse, offering breathtaking views of the Burj Khalifa. Managed by Yas Holding Group, the project aims to redefine luxury living, delivering not just homes but works of art. It symbolizes Taraf’s dedication to luxury and innovation, combined with Lagerfeld’s unparalleled design expertise. Pier Paolo Righi, CEO of Karl Lagerfeld, noted that the project harmonizes tradition with modernity, providing homeowners and investors an exclusive glimpse into Karl’s distinctive vision of luxury living.​

Read more at Taraf, Karl Lagerfeld unveil new Dubai residential villa community (zawya.com)​

CBRE predicts robust yields for prime UAE real estate in 2024 (7th March)​

CBRE Research projects strong yields for prime real estate in the UAE in 2024, with residential properties expected to yield 6.25% to 7.5% and prime offices yielding 6.5% to 7.25%. The UAE’s real estate projects, valued at US$ 409 Bn, represent 24.4% of the GCC’s total. Despite a slight decrease in transaction volumes, Dubai’s housing market anticipates continued price growth, driven by new high-end properties. CBRE also forecasts robust activity in the office sector and increasing retail rents, particularly in Dubai and Abu Dhabi, due to a shortage of quality stock. ​

Read more at UAE real estate yields likely remain strong, study shows (zawya.com)​

Confident Group debuts in UAE luxury property market with Confident Lancaster (7th March)​

Confident Group, a leading Indian real estate brand, has debuted in the UAE luxury property market with its first project, Confident Lancaster, in Dubai. Completed in just 11 months, Confident Lancaster sets a new standard for luxury living in the city. The launch event, attended by Dr. Roy C. J, chairman of Confident Group, Rohit Roy, head of Confident Group’s Dubai division, and Engr. Walid Salah, marked the group’s entry into Dubai on its 18th anniversary. With over 203 projects spanning nearly 100 Mn Sqft, the group plans to introduce five more projects in Dubai. Developed in collaboration with Engr. Walid Salah and Vision Constructions, Confident Lancaster offers one and two-bedroom configurations with premium amenities.​

Read more at Confident group makes Dubai debut with Lancaster project (zawya.com)​

Guide for handling Dubai rent fluctuations using the RERA calculator (7th March)​

Rent fluctuations are a common occurrence in Dubai, influenced by market dynamics and supply-demand factors. To ensure tenants aren’t overpaying during lease renewals, the Dubai Land Department’s Real Estate Regulatory Agency (RERA) offers a helpful online tool called the RERA calculator. This tool provides insights into justified rental increases and average market rates with just a few clicks. To use the calculator, check your Ejari / tenancy contract, visit the Dubai Land Department’s website, and fill out a form with your residence details. The calculator calculates the maximum percentage of rent hike based on the rent, with the maximum increase being up to 20% if the rent is 10% less than the market value. The calculator can be exported as a PDF.​

Read more at Dubai: Got rent hike notice? How to use Rera calculator to check if increase is fair (zawya.com)​

Dubai tenants brace for rent hikes as RERA Index gets updated (7th March)​

Dubai residents are anticipating a higher-than-usual rental increase due to the Real Estate Regulatory Authority (Rera) index update. The revised index is likely to affect tenants living in the same properties for over two years. Despite the looming hike, many residents are not planning to move out, as they cannot find similar apartments for less than AED 70,000 in the current market. A Khaleej Times Poll found 55% of respondents could pay 5 to 10% more for rent this year. ​

Read more at ‘Too much for us to afford’: Dubai residents dread rent increase after Rera index update (zawya.com)​

Abu Dhabi Housing Authority unveils new visual identity (9th March)​

The Abu Dhabi Housing Authority (ADHA) has launched a new visual identity to promote sustainable housing and improve the lives of UAE nationals. The new identity features a logo inspired by traditional Arish Houses and Emirati palm frond weaving, with contemporary design elements and modern architectural plans. The ADHA aims to enhance community living standards, foster well-being, and promote family stability in the emirate. The authority has made significant achievements, such as enhancing the Housing Benefits Policy for low-income households and streamlining the process of availing housing services. Since its establishment in 2012, the ADHA has provided over 40,000 residential plots and 16,000 built houses, with over 48,000 housing loans approved and 4,000 beneficiaries receiving exemptions.​

Read more at Abu Dhabi Housing Authority launches its new visual identity (zawya.com)​

Sharjah Real Estate market thrives with AED 3.1 Billion in transactions for February 2024 (11th March)​

The Sharjah Real Estate Registration Department reported AED 3.1 Bn in real estate transactions for February 2024, with 4,458 transactions across various regions. The sales transactions reached 1,048 representing 23.5% of the total number of transactions. Mortgage transactions were 355 representing 8% of the total with a total value of AED 581.4 Mn. The remaining transactions amounted to 3,055, which represented 68.5% of the total number of transactions. The sector is thriving, attracting local and international investments due to government incentives. ​

Read more at Sharjah real estate transactions hit $844mln during February (zawya.com)​

ROSHN group expands SEDRA project with 4,860 new residential units in Riyadh (5th March)​

ROSHN Group announced the expansion of its “SEDRA” project in Riyadh with a new phase comprising 4,860 residential units spread over 1.9 Mn Sqms. The phase will be released gradually, with 1,254 units available initially. CEO David Grover highlighted the success of previous phases and emphasized SEDRA 4’s blend of modern design and amenities like schools, hospitals, and a mall. The expansion features extensive public spaces, including the Kingdom’s largest Sports Dome, green areas, mosques, and retail centers. Positioned north of SEDRA 3 and accessible via Airport Road, SEDRA 4 offers connectivity to ROSHN Front amenities, universities, the airport, and a train station, enhancing the vibrant community atmosphere in North Riyadh.​

Read more at Saudi: ROSHN Group launches sales of fourth phase of flagship development ‘SEDRA’ (zawya.com)​

Talaat Moustafa Group partners with NHC to develop 27,000 residential units in Banan City, Riyadh (6th March)​

Talaat Moustafa Group, based in Saudi Arabia, has teamed up with the National Housing Company (NHC) to construct Banan City in Riyadh’s Al Fursan suburb. Their collaboration aims to erect over 27,000 residential units, comprising villas and apartments, to cater to Saudi families. Spanning 10 Mn Sqms, the project will provide sustainable amenities such as healthcare, education, commerce, and sports facilities, with 40% of the space dedicated to green areas. The agreement was formalized in the presence of Minister Majid bin Abdullah Al Hagail and NHC CEO Mohammad Albuty, marking a significant milestone in this ambitious project, which upon completion, will boast more than 50,000 housing units spread across a vast 35 Mn Sq m area, accommodating over 250,000 residents. ​

Read more at Talaat Moustafa, NHC to build 27,000 homes in Riyadh suburb (zawya.com)​

NEOM introduces Gidori a premier golf community on Gulf of Aqaba (7th March)​

NEOM, the visionary developer behind Saudi Arabia’s futuristic city, has unveiled Gidori, an exclusive private golf community situated along the Gulf of Aqaba coastline in northwest Saudi Arabia. Gidori combines world-class golfing facilities with upscale hospitality offerings, premium residences, and a range of sports and leisure amenities, all set within a modern community designed for residents and guests. The project features a striking beach-front complex with 190 luxury sea-view apartments, a championship 18-hole golf course, a refined clubhouse, private villas, and an 80-room boutique luxury hotel. With an emphasis on outdoor activities, including hiking, cycling, and water sports, Gidori promises an unparalleled living experience while upholding environmentally responsible coastal development standards.​

Read more at NEOM unveils new residential golf community in Saudi Arabia (zawya.com)​

Red Sea Global and Four Seasons to develop luxury wellness resort and private residences at Triple Bay AMAALA (7th March)​

Red Sea Global (RSG) and Four Seasons are teaming up to create a luxurious wellness resort and Private Residences project at Triple Bay AMAALA. This development aims to enhance the luxury hospitality scene in the region by offering 220 exclusive keys, including rooms, suites, villas with private pools, and 26 branded residential villas, along with other amenities and services. Set in the stunning Triple Bay AMAALA, the resort and residences will provide a tranquil environment for guests seeking relaxation and luxury living. This collaboration reflects a dedication to hospitality excellence and establishes a new benchmark for luxury resorts in the area. With a focus on wellness and meticulous attention to detail, the project is expected to attract discerning travelers and residents seeking top-tier luxury experiences.​

Read more at RSG & Four Seasons to develop new resort and residences at AMAALA Triple Bay (gccbusinessnews.com)​