DXB News – Page 2 – Phoenix Homes Real Estate

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

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

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/

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

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

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.

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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

January 26, 2024in DXB News

In Dubai property, offplan prices are rising much faster than ready homes – what should buyers do?

Dubai: Scouting for a property to buy in Dubai? If you are thinking that buying a ready home will turn out to be costlier, check out the data from the first six months of this year. Because offplan sales are having a good year – and at higher prices too.

Average prices for one-bed offplan apartments launched during this period are higher by a whopping 46 per cent from a year ago, at Dh1.2 million. A ready apartment saw only a 14 per cent increase at Dh1.1 million, according to data from DXBInteract.com.

Posher areas, higher asking rates

One reason for the near 50 per cent increase in offplan proce tags could be because the recent wave of launches have taken place in Downtown Dubai, Jumeirah, Al Wasl, Safa Park, and the Dubai Water Canal. Also, developers are adding more features – such as individual pools attached to apartments rather than a common one for the building, premium fitness facilities, etc. – to make their offplans stand out from the rest.

For end-user buyers, the surge in offplan launch prices will be a bit of concern, more so as mortgage rates are also on the march. And there will be another rate hike this month, making the cost of buying an offplan unit on mortgage far expensive than at any point since 2019-20.

The rate hikes have already managed to depress mortgage-backed buys. In first-half 2022, mortgage transactions ‘slumped’ 37 per cent in value to Dh43.4 billion and 15 per cent in volume to 11,280 homes, the DXBInteract.com report says.

“For end-users, developers will need to start offering more incentives, and not just low down payments,” said an estate agent. “With investor-buyers, the main attraction would be the UAE Golden Visa – and its 10-year residency – for property values of Dh2 million and over.”

Just recently, Samana Developers said it’s offering ‘free’ golden visas for any buyer picking up a Dh2 million or over home at any of its projects. Or with a combined value that exceeds the Dh2 million. “We have seen around 35-40 per cent of buyers merging two properties to reach the Dh2 million threshold to qualify for the Golden Visa,” said Imran Farooq, CEO of Samana. (According to the developer, the authorities will start issuing these visas from September. Earlier, a buyer had to have Dh10 million worth of property to qualify.)

DH115B WORTH OF H1 SALES

There was a 60% increase in sales to 43,000 properties in the first-half of 2022, for a combined value of Dh115 billion. That’s an 87% increase over the same period last year.

In full offplan mode

With villas, ready properties are still lording it over apartments on prices. An average ready villa price was at Dh2.6 million, up 6 per cent, in the first-half of this year, while an offplan was at Dh1.7 million, a gain of 9.6 per cent from a year ago. Incidentally, sales of ready villas were down 20 per cent during this period. (In Dubai’s Dh100 million and over villa/mansion space, there is no such thing as a slowdown happening.)

Developers in Dubai are keeping the offplan pipeline running hot, with a 130 per cent rise in launches totalling 130,000 units from 67 projects in these last six months. There were a further 17 projects announced but without details on the available units, according to DXBInteract.com.

“Genuine demand is driving Dubai’s property value gains – from relocations, from investors eyeing opportunities ahead of the FIFA World Cup in Doha, and global investors seeking a safe haven,” said the estate agent.

Source: https://gulfnews.com/business/property/in-dubai-property-offplan-prices-are-rising-much-faster-than-ready-homes—what-should-buyers-do-1.1657253230788

January 26, 2024in DXB News

Myles Bush Sell Largest Ticket Villa in Emirates Hills

Award-winning real estate brokers today announced that it has brokered the largest villa sale in Emirates Hills in the past six months.

The property, which sold for AED 41,195,000 earlier this month, represents the third highest real estate transaction in Dubai over the same time period.

Exclusively listed, the luxurious villa is over 2,000 square metres and sits atop 3,237 square metres of expertly landscaped property. Purchased by an Indian business man, the villa’s new owner hails from Morocco.

Myles Bush, former CEO of PHReal Estate feels that these kinds of high-end transactions show confidence in Dubai’s real estate market. “PHReal Estate are delighted to once again have solidified such a high-profile transaction,” he said.

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

PH Real Estate has a proven track record of successfully brokering some of the most prestigious real estate deals in Dubai since its inception in 2007.

Earlier this month the firm was awarded Dubizzle’s Top Quality Driven Agency award by leading online property sales and rental platform Dubizzle.com.

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

Home to some of the most wealthy individuals in Dubai, Emirates Hills boasts private parks, tranquil walking paths and the world-class 18-hole Montgomerie Championship Golf Course.

Source: https://www.cbnme.com/news/ph-real-estate-brokers-sell-largest-ticket-villa-in-emirates-hills/

January 26, 2024in DXB News

Dubai real estate market transactions hit $6.9 billion in June, highest sales figures in last 13 years

The Dubai real estate market recorded AED 22.7 billion sales in June – highest sales figures in the last 13 years – and reaching almost 71 percent of the total 2021 sales volume, Dubai Land Development (DLD) data revealed.

The June transaction figures are 32.88 percent higher in volumes and 24.21 percent in value terms on a sequential basis, compared to May 2022.

For the April-June quarter, Dubai’s property market transactions amounted to AED 59.29 billion, up by 6.81 percent compared to Q1 2022.

Last month’s property transaction figures were 41.23 percent higher in sales volume and 54.9 percent up in value terms to June 2021

According to data released by real estate consultancy Allsopp & Allsopp, the top three areas for June sales were Dubai Marina, Jumeirah Golf Estates and Downtown Dubai.

In Downtown Marina, the average sales price for June was AED 1.945 million, while it was AED 6.46 million in Jumeirah Golf Estates and AED 1.4 million in Downtown Dubai.

The top three seller nationalities in June, according to Allsopp & Allsopp, were British, Indian and Canadian, while the top three buyer nationalities in June were British, Indian and French.

Prior to this, June 2009 recorded the highest in terms of both real estate sales volume and value in Dubai.

As per the data, 60.45 percent of the transactions were in the secondary market and 39.55 percent in the off-plan market in June this year.

Lynnette Sacchetto, director of data and digital transformation at Allsopp & Allsopp said the Dubai real estate market has not disappointed this year with consistent growth month-on-month and quarter-on-quarter, despite global and local macroeconomic conditions.

“It is July and we have already reached 70.8 percent of total sales volume of 2021, which is significant to note. And I do not foresee these trends slowing down or shifting anytime soon,” Sacchetto said.

Allsopp & Allsopp also reported a 25 percent increase in rental contracts in the April-June period this year from Q1 of 2022.

The top three areas for rentals were Dubai Marina, Downtown Dubai and Dubai Hills Estate and the top three nationalities for tenants were British, Russian and Indian in June this year.

In Dubai Marina, Allsopp & Allsopp average rental in June was AED 132,771, while that in Downtown Dubai was AED 130,455 and Dubai Hills Estate AED 144,955.

DLD data for June showed Dubai recorded 8,838 total number of real estate transactions.

Source: https://www.arabianbusiness.com/money/wealth/money-wealth-real-estate/dubai-real-estate-market-records-6-9-billion-in-june-highest-sales-figures-in-last-13-years