January 26, 2024in DXB News

Dubai real estate: Record six months sees $49bn of property sales

61,000 Dubai property sales made for a record-breaking first six months of the year, according to W Capital analysis

The Dubai real estate sector saw a record AED179.34bn ($49bn) from 61,000 sales in the first half of 2023, according to analysis by W Capital.

The highest-ever semi-annual numbers show a persistent strength of demand within the Dubai real estate market, said the real estate brokerage firm.

Walid Al Zarooni, W Capital CEO, said: “The real estate sector continues to break records in terms of sales and transactions. The first half of this year recorded the best semi-annual performance in history, benefiting from the supportive factors within the market and the continued economic momentum”.

Dubai real estate record

The growth rate in terms of sales value amounted to 57 per cent on an annual basis during the first six months of 2023, compared to AED114.5bn ($31.1bn) in the previous year.

The number of deals increased by about 42 per cent, compared to 42,971 deals last year.

What’s more, June 2023 saw the highest ever value of transactions for the month, surpassing a total from 2009,

Al Zarooni said: “During June 2023, the real estate market in Dubai maintains a continuous state of momentum started in 2021, with 10,405 real estate sales deals with total value of AED30.3bn ($8.2bn), which is the highest number ever for the month of June, exceeding the historical number recorded in 2009 with a value of Dhs22.92bn ($6.2bn),” he continued.

Al Zarooni said that despite the Eid Al Adha holiday, which lasts for four days, the value of real estate transactions during the current month will be the fourth highest on monthly basis in, after the months of last March, last May and last November, with values of AED34.1 ($9.3bn), AED33.9 ($9.2bn) and AED30.8bn ($8.4bn), respectively.

Al Zarooni said that Dubai has the best infrastructure in the world in all sectors, added to keenness to adopting the best technologies and constantly modernise the infrastructure.

This boosts the development and growth of Dubai’s economy.

The CEO expected all factors would be pushing record sales, and it might exceed the barrier of AED300bn ($82bn) for the first time in 2023, with the support of the unprecedented demand from foreigners, businessmen and wealthy people of various nationalities to own a property in Dubai.

H1 year Total value of deals in AEDbn No. of deals
H1 2023 179.3 60,997
H1 2022 114.5 42,917
H1 2021 61 16,870
H12020 31.4 51,041
H12019 37.5 17,046
H12018 40.2 17,368
H12017 63.7 24,900
H1 2016 49.2 20,175
H1 2015 65.5 23,796
H1 2014 73.9 28,902
H12013 61.9 27,679
H12012 53.5 17,202
H12011 35.6 16,547
H12010 54.4 30,589
H12009 89.3 50,786
H12008 59.8 9,805
H12007 18 2,782
H12006 9.4 1,238
H12005 9.9 1,692
H12004 6 1,545
H12003 3.2 1,005
H12002 2.7 1,206
H12001 1.7 735
H12000 0.862 516

 

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SOURCE: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-record-six-months-sees-49bn-of-property-sales
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January 26, 2024in DXB News

Dubai: Property prices stabilising after 2 years of increase

‘Several developers are seeking to accelerate their construction programmes with the aim of bringing handovers forward by 3-6 months’

Property prices in Dubai are stabilising after rallying for over two years, with records set in Dubai with an uber-luxury apartment being put up for sale for a whopping Dh750 million.

Prices in the affordable areas are nearly stabilising but high-end and luxury segments of the property market are still witnessing an uptick in the rates. This shows that affluent people are still investing in the property market – a trend that started soon after the pandemic.

As per Henley & Partners figures, it is estimated that around 4,500 high-net-worth individuals will flock to the UAE, mainly Dubai, this year to make the Emirates their home.

This has helped the local market set new records across beachfront locations including Palm Jumeirah, Jumeirah Bay Island, Bluewaters and Madinat Jumeirah Living, as well as ‘desert destinations’, such as Tilal Al Ghaf.

However, putting large ticket sales aside, sales price growth appeared to be slowing with quarterly increases of 2 per cent for apartments and 3 per cent for villas. Annual changes stood at 14 per cent and 15 per cent, respectively.

In the second quarter, Dubai continued to record a flurry of new project launches, which are now reaching levels not seen since the pre-global financial crisis of 2008-09. It saw the launch of the $20 billion The Oasis by Emaar and the multi-billion dollar Palm Jebel Ali are among other projects launched by Al Habtoor, Danube Properties and some European developers.

According to real estate consultancy Asteco, around 11,000 residential units were delivered over the second quarter of 2023, with the majority of this stock – 9,400 – comprising apartments. Although villa supply slowed over the quarter, it is expected to pick up again in the second half of the year. The pace of supply is forecasted to further increase thereafter with close to 20,000 completions planned for 2024-25.

“In fact, we understand that several developers are seeking to accelerate their construction programmes with the aim of bringing handovers forward by 3-6 months,” added Asteco.

Where are apartment prices still rising/falling?

In the first half of 2023, around 17,000 units were delivered while another 12,900 are expected to be completed by the end of 2023.

According to Asteco figures for April-June 2023, prices in the high-to-luxury-end and mid-to-high-end areas are rising though at a slower pace ranging between three to four per cent.

Prices in Dubai International Financial Centre, Palm Jumeirah, The Greens and The Views and Jumeirah Lake Towers are still on the rise at an average of four per cent quarter-on-quarter.

While prices in Downtown, Business Bay, Dubai Marina, and Jumeirah Beach Residence and Jumeirah Village witnessed a three per cent rise in prices in the previous quarter. However, Discovery Gardens, Sports City and International prices have stabilized, seeing zero per cent growth in the previous quarter.

Where are villa prices still rising/falling?

The emirate saw 3,650 villas being completed during the January-June period while another 2,850 are set to be completed by the end of this year.

Villas and townhouse prices in the Meadows witnessed the highest surge, rising by six per cent quarter-on-quarter followed by a five per cent rise in Dubai Hills Estate, Jumeirah Park and Arabian Ranches. Meanwhile, Damac Hills 2 (Akoya Oxygen), Jumeirah Village and The Springs recorded a three per cent hike while Palm Jumeirah saw a two per cent rise in villa rates.

Palm Jumeirah, Business Bay and Downtown have been the star performer throughout the post-pandemic period on the back of strong demand for high networth individuals, achieving record sales. But the slowdown in the price rise reflects that the market is heading towards stability and more steady returns for investors. This is also another sign of a maturing market and returns are more stable in the mid-single rate.

The market trends reflect that mid to high-end properties will continue to offer decent returns to investors, going forward, while the affordable segment has apparently reached its peak and may not offer as good returns as the luxury segment.

 

SOURCE: https://www.khaleejtimes.com/business/dubai-property-prices-stabilising-after-2-years-of-increase

 

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January 26, 2024in DXB News

Dubai real estate market witnesses a 40% YoY spike with AED97.5bn sales in Q3 2023

Dubai saw a 6 percent growth in transactions between Q3 2023 and Q2 this year

Dubai’s real estate market remains fairly valued despite a continuous surge in demand for both rentals and purchases, according to ZāZEN Properties.

The cosmopolitan city has been witnessing substantial price growth, with annualised real price growth of 14.6 percent and annualised rental price growth of 20.3 percent from mid-2022 to mid-2023, figures that stand out globally.

The Dubai real estate sector continues its upward trajectory, with third-quarter results underlining this trend.

The Dubai Land Department (DLD) reported a total of 31,216 transactions from July to October, including 23,042 units, 3,158 buildings, and 5,016 plots.

These numbers represent an impressive 22 percent Year-over-Year (YoY) growth when compared to the same period in 2022.

Comparing the AED97.5 billion in sales transactions in the last quarter to the AED69.5 billion during the same period the previous year reveals a 40 percent increase. Moreover, the emirate saw a 6 percent growth in transactions between Q3 2023 and Q2 this year.

Madhav Dhar, COO, and founding member of ZāZEN Properties, attributes Dubai’s continued real estate growth to various factors.

He highlighted the city’s reputation as a geopolitical safe haven, attracting overseas investments, and the increasing focus on sustainable developments in the emirate.

“With the emirate ranked as a top 10 city to live in, migration from overseas is an ongoing trend. Dubai’s projected population growth of 5.8 million by 2040, combined with streamlined visa regulations, a favorable business environment, and a secure, luxurious lifestyle, are all factors driving international interest in the region and contributing to the growth in the real estate market.

SOURCE: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-market-witnesses-a-40-yoy-spike-with-aed97-5bn-sales-in-q3-2023
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January 26, 2024in DXB News

Dubai property transactions break 12-year record in 2021, reach Dh151 billion

Total value of property transactions in Dubai broke the 12-year record last year, reaching Dh151.07 billion, Property Finder said on Thursday.

In 2021, 59.6 per cent of all transactions were for secondary/ready properties and 40.4 per cent for off-plan properties. The off-plan market transacted 24,761 properties worth Dh45.5 billion and the secondary market transacted 36,480 properties worth Dh105.56 billion. This is also the highest secondary real estate sales transaction value since 2008.

When compared to 2020, Dubai real estate sector showed an increase of 74.77 per cent in sales transaction volume and an increase of 110.19 per cent in value. But when compared to pre-Covid times such as 2019, 2021 showed an increase of 55.47 per cent in volume and an increase of 90.10 per cent in value.

In the fourth quarter of 2021, a total of 17,942 transactions worth Dh46.75 billion were recorded with both volume and value of transactions being the highest since Q4 2013.

In Q4 2021, 55.9 per cent of all transactions were for secondary/ready properties and 44.1 per cent for off-plan units. The off-plan market saw 7,913 transactions worth a total of Dh16.92 billion and the secondary market transacted 10,029 properties worth Dh29.82 billion.

Q4 2021 when compared to Q4 2020 showed an increase of 64.12 per cent in sales transaction volume and an increase of 114.74 per cent in value. When compared to Q4 2019, Q4 2021 showed an increase of 47.53 per cent in volume and an increase of 97.59 per cent in value.

“Despite the fact that many decided to travel for the first time in over a year during the holidays, Q4 didn’t seem to see a slowdown in sales transactions. Investor sentiment remains strong, demand is still very high and supply is dwindling. This has put an upward pressure on prices as they still continue to rise and will most likely continue into H1 of 2022,” said Lynnette Sacchetto, director of research and data at Property Finder.

Property Finder said Expo 2020 Dubai appears to have had an impact on the local real estate market. Since its start on October 1, 2021, the Dubai real estate market has seen a total of 17,942 sales transactions worth Dh46.75 billion. This is the highest volume and value the Dubai real estate market has transacted during a quarter in over 8 years.

 

 

Source: https://www.khaleejtimes.com/property/dubai-property-transactions-break-12-year-record-in-2021-reach-dh151-billion

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January 26, 2024in DXB News

Arada enters Dubai property market with Dh240m land purchase at Palm Jumeirah

Dubai – Located on The Palm’s East Crescent, the 20,500sqm plot is located with views of the Burj Khalifa and Burj Al Arab

Arada, a Sharjah-based development company, has purchased the last remaining beachfront land plot on the Crescent of the world-famous, award-winning Palm Jumeirah, marking the fast-growing developer’s first project outside Sharjah and its entry into the Dubai property market.

Valued at Dh240 million, the plot has been bought from Nakheel, the master developer behind Palm Jumeirah. Located on The Palm’s East Crescent, the 20,500 square metre plot is located with views of the Burj Khalifa and Burj Al Arab to the east and the rest of the Palm and Dubai Marina to the south and west. The site is also close to the Waldorf Astoria Dubai Palm Jumeirah and the Sofitel Dubai The Palm.

Design work on Arada’s mixed-use project on Palm Jumeirah, which will contain residential, leisure and F&B components, has already begun. Full details will be revealed at the sales launch, scheduled to take place in the third quarter of 2022.

Prince Khaled bin Alwaleed bin Talal, vice chairman of Arada, said: “This is a landmark moment for Arada, allowing us to diversify into one of the world’s most respected and competitive real estate markets. Our exponential growth in less than five years has resulted in a reputation for delivering beautifully designed projects to an exceptionally high standard, and we look forward to bringing that capability to Dubai. We are especially pleased to be launching our first Dubai project at the globally renowned Palm Jumeirah, one of the emirate’s most ambitious and successful megaprojects.”

Arada’s projects include Aljada, Sharjah’s largest ever mixed-use megaproject where 5,000 units are currently under construction, and Masaar, an upscale forested community with 4,000 villas and townhouses. The developer has completed 2,200 homes in total, including five of the six phases as its first project, Nasma Residences.

 

Source: https://www.khaleejtimes.com/property/arada-enters-dubai-property-market-with-dh240m-land-purchase-at-palm-jumeirah

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January 26, 2024in DXB News

$28m (AED 102.8M) Dubai villa is the most expensive sale in Emirates Hills this year

A luxury villa in Dubai’s Emirates Hills has sold for Dh102.8 million ($27.9m) — the highest sale in the community so far this year.

The villa was sold by Myles Bush of Phoenix Homes, which said it is the second most expensive sale recorded in Emirates Hills.

The property, which sits on a plot of 38,000 square feet, has a built-up area of more than 20,000 square feet. It backs on to the Montgomerie Golf Club, and comes with five bedrooms, a private cinema, a swimming pool and a gym. It was sold by a Maltese businessman to an Indian entrepreneur.

Dubai’s prime property sector has boomed in the past year, with prices rising almost 60 per cent in the past 12 months.

Mr Bush, who sealed deals for Dubai’s most expensive villa in 2016, its largest land sale in 2017 and its largest residential lease in 2019, said the sale “underlines the positive growth trajectory we are seeing in local real estate”. He will receive a seven-figure commission as a result of Phoenix Homes’ 80 per cent commission model.

The deal follows the recent record set for the most expensive sale of a residential property in Dubai.

A villa on Palm Jumeirah was sold by Belleview Real Estate’s Conor McKay for Dh280m, eclipsing the previous record held for more than seven years by real estate broker Chris Boswell, who sold a Palm Jumeirah beachfront palace for Dh185m in 2015.

 

This Dh280 million property has a prime location on Dubai’s Palm Jumeirah. All photos courtesy Belleview Real Estate

“It’s interesting to note that this year’s record-breaking sale also came from an agency which offers its brokers a similar 80 per cent commission model,” Mr Bush said.

“This is clearly the way forwards for high-achieving agencies to attract the best talent.”

Also, an apartment at the Bulgari Resort and Residences in Dubai last month set a record for the highest price per square foot in the city. The three-bedroom property on Jumeirah Bay Island sold for Dh40m — which equates to Dh12,624 per square foot.

 

Dubai registered 25,972 property transactions in the first quarter of this year, the highest number of quarterly deals since 2010, according to Mo’asher, the emirate’s official sales price index issued by the Dubai Land Department in partnership with Property Finder.

The emirate’s property market has made a strong recovery from the pandemic-driven slowdown as the UAE’s economy improves, helped by fiscal and monetary measures.

Consultancy Knight Frank reported a record-breaking 93 ultra-prime home sales last year and another 32 ultra-prime deals in the first quarter of 2022, exceeding the second best annual total set in 2015.

Prime areas include Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, among others.

 

Source: https://www.thenationalnews.com/business/2022/05/17/28m-dubai-villa-is-the-most-expensive-sale-in-emirates-hills-this-year/

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January 26, 2024in DXB News

Dubai: Emirates Hills villa just got sold for Dh102.8 million

Dubai: Emirates Hills in Dubai is back in full bloom, with a Dh102.8 million villa sold, the second biggest deal in that super-luxury all-villa community.

It was owned by a Maltese businessman and sold to an Indian entrepreneur. The villa has a plot of about 38,000 square feet. “I’ve worked with the seller before, and both parties were wonderful people to deal with,” said Myles Bush, a founding partner in Phoenix Homes, the brokerage firm that was involved in the deal.

The home has a built-up area of 20,000 square feet plus and backs up onto the golf course. There are five bedrooms, a cinema, swimming pool and a gym. “This sale underlines the positive growth trajectory we are seeing in local real estate,” said Bush, who will receive a ‘seven-figure commission for his deal’.

Phoenix Homes offers an 80 per cent commission model in contrast to the 50:50 split that is the standard practice between agency and agent.

In recent months, Palm, Dubai Hills and Jumeira Bay had been drawing much of the buyer’s attention, along with clusters at MBR City. Emirates Hills, in contrast, had not been seeing too many deal flows, because for the most part sellers were waiting for the right time to list. And clearly, getting Dh100 million-plus counts as the right time.

“It’s interesting to note that this year’s record-breaking sale (for a Dh280 million villa on the Palm) also came from an agency which offers its brokers a similar 80 per cent commission model,” said Bush. “This is clearly the way forwards for high-achieving agencies to attract the best talent.”

Phoenix offers workspace for those who want it, and leaves each broker to decide if they want to contribute to marketing of their property portfolio.

APRIL’S VILLA PICKS
For villas and townhouses, the most popular choices were at Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills, and The Springs.

April property sales

There were just under 7,000 sales transactions in Dubai’s property market during April, raising Dh18.2 billion – and the highest ever achieved in the month since 2009.

Secondary transactions represented 60 per cent, with fewer offplan launches happening during the month of Ramadan. Even then, offplan sales fetched Dh5.33 billion, according to Property Finder data.

“All eyes were on the real estate performance post Expo 2020, and with April 2022 performing the highest since 2009, the data is a strong testament to the growing appeal for the Dubai real estate market,” said Scott Bond, UAE Country Manager. “We also see a positive sentiment for investment opportunities following various governmental initiatives, including the recent new categories added to the Golden Visa rules, making Dubai’s properties one of the most preferred investment assets for the long term.”

 

Source: https://gulfnews.com/business/property/dubai-emirates-hills-villa-just-got-sold-for-dh1028-million-1.1652775060094

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January 26, 2024in DXB News

SOLD! Emirates Hill’s Most Expensive Property Was Sold This Year For AED102.8 Million

Real estate is just as unpredictable as the crypto market. If you’ve seen Selling Sunset on Netflix, you’re definitely into drama, fashion, and most importantly, real estate. Seeing those luxurious houses, their selling price and the commission, probs made us all wanna trade in our 9-5 for real estate.

But it’s not just LA that has killer real estate, have you seen the lavish properties in Dubai? Emirates Hills is a community with some of the city’s most sought-after homes. They’re huge, they’re luxurious, and they’re surrounded by greenery.

A real estate company Phoenix Homes celebrated a BIG sale of a prestigious Emirates Hills villa worth AED102.8 million

This is the highest value deal in Emirates Hills this year

A founder partner in the company and one of the most experienced property experts, Myles Bush, sealed the deal! He was also behind the largest villa sale of 2017, the largest lease ever recorded in 2018, and the largest land sale in 2019.

This sale underlines the positive growth trajectory we are seeing in local real estate – and also serves to cement Phoenix Homes’ reputation as one of the top agencies in the city’s vibrant luxury segment”

He said.

This is the company’s first anniversary so of course, this WIN is massive! So who bought the AED102.8 million home? An Indian entrepreneur.

The villa is on a 38,000 square feet plot, and the villa itself is 20,000 square feet with 5 bedrooms, a private cinema, a swimming pool and a gym

Source: https://lovin.co/dubai/en/latest/sold-emirates-hills-most-expensive-property-was-sold-this-year-for-aed102-8-million

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January 26, 2024in DXB News

Dubai: Indian entrepreneur buys second most expensive villa in Emirates Hills

A villa in Emirates Hills has been sold for a whopping Dh102.8 million, becoming the second highest ever sale in the prestigious community.The villa, which has a plot of some 38,000 square feet and a built-up area of 20,000 sq ft, was sold by a Maltese businessman to an Indian entrepreneur.

Emirates Hills is one of the city’s most well-established and upmarket neighbourhoods, featuring an array of unique, mansion-esque villas situated on leafy streets surrounding the Montgomerie Golf Club.

The sprawling mansion also backs onto the golf course. The property features floor-to-ceiling windows, five huge bedrooms, a private cinema, a swimming pool and a gym.

Ultra-prime homes in Dubai have been in extremely high demand as a large number of high net worth individuals flocked to the Emirate due to the successful handling of the pandemic by the government.

Of late, high-end areas such as Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, and Downtown have seen prices climb by over 44 per cent.

Myles Bush, a founding partner in the Phoenix Homes, sealed the Dh102.8 million villa deal.

“This is another notch in my career progression. I was behind the largest villa sale of 2017, the largest lease ever recorded in 2018, and the largest land sale of 2019. I’ve worked with the seller before, and both parties were wonderful people to deal with. We have no doubt that future business will be done with both parties. This sale underlines the positive growth trajectory we are seeing in local real estate,” he said.

[email protected]

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January 26, 2024in DXB News

Dh41 million luxurious villa sold in Dubai

The sale represents the third highest real estate transaction in Dubai over the last six months.

Real estate broker PH Real Estate on Tuesday announced that it has brokered the largest villa sale in Dubai’s Emirates Hills in the past six months.

The property, which sold for Dh41,195,000 earlier this month, represents the third highest real estate transaction in Dubai over the same time period.

The villa is over 2,000 sq. m and sits atop 3,237 sq. m of landscaped property.

“PH Real Estate is delighted to once again have solidified such a high-profile transaction,” said Myles Bush, CEO.

“Selling villas valued at over $10 million right now is a wonderful indication of a market on the up!”

Emirates Hills, a luxury gated community developed by Emaar Properties, is a hot spot for Dubai’s most elite residents.

Emirates Hills boasts private parks, tranquil walking paths and the world-class 18-hole Montgomerie Championship Golf Course.

 

Source: https://www.khaleejtimes.com/business/real-estate/dh41-million-luxurious-villa-sold-in-dubai
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