Dubai Real Estate Market Review 06-Mar-2024
On the 5th of March, 2024, the Dubai real estate market recorded transactions totaling AED 1,780,276,375.68.
Dubai real estate: Buying vs. renting – what should people be doing in 2024?
For those planning on residing in Dubai for five years or more, the financial benefits of purchasing over renting become apparent when considering the overall return on investment.
Read the full article on Arabian Business
Dubai Land Department, Property Finder, Bayut and Dubizzle collaborate to empower local talents in the real estate sector
The Dubai Land Department (DLD), via the Real Estate Regulatory Agency (RERA), has formed partnerships with Property Finder, Bayut Web Publishing, and Dubizzle to enhance the real estate sector in Dubai by empowering local talent and raising sector awareness. These agreements, signed during the 'Tamkeen Real Estate Workshop', aim to provide exceptional real estate training, improve service efficiency, and align services with industry best practices. The initiative emphasizes citizen empowerment, offering free property promotion for newly licensed Emirati real estate agents and aims to develop high-level professionals through specialized training and support in their career development within the real estate market.
Read the full article on Zawya
Wealthy Indians investing in UAE, European realty for lifestyle, returns
UAE real estate prices are surging by 16-19% annually, with sustained demand partly due to robust diplomatic ties. Indian investments in international real estate, especially in Europe and Dubai, are increasing, fueled by the Golden Visa program and attractive rental yields over 7%. RBI data reveals a significant uptick in Indians purchasing property abroad, with remittances for real estate reaching Rs 240.2 crore in December 2023, marking a 38% year-on-year growth. Key destinations include Greece, Cyprus, Malta, Spain, the UAE, and Qatar, driven by immigration incentives and promising returns.
Read the full article on Money Control
Branded residences set for 410% increase as investors eye jewellery and motoring-themed property boom
Dubai is the global leader in branded residences as major lifestyle brands join hotels in luxury real estate market.
Read the full article on Arabian Business
Four Seasons, Bentley, Six Senses, Armani, Dorchester, Mercedes, One Only - Dubai attracted over 100 branded residences
Branded Homes, a leading authority on Dubai’s branded residences, reports significant growth in the city’s luxury branded real estate market, representing over 95% of such developments. With over 100 branded residences from prestigious names like Four Seasons, Bentley, and Armani, the sector shows strong interest and high returns on investment (20-200% over time) for owners. Ivan Siarbolin, a real estate expert at Branded Homes, highlights the appeal to ultra-high net worth individuals due to the luxury, services, and potential for capital appreciation. With high demand and limited supply, now is seen as an optimal time for investment in Dubai’s branded homes.
Read the full article on Fox40
Hilton and NABNI Developments Unveil Plans for Waldorf Astoria Residences Dubai Downtown, Targeting 2028 Completion
Hilton and NABNI Developments have partnered to launch the Waldorf Astoria Residences Dubai Downtown, set for completion in 2028, marking the first standalone Waldorf residence project outside the US. This collaboration aims to redefine luxury living in the UAE, with the project featuring design by Carlos Ott Architects and interiors by Hirsch Bedner Associates. Located in Downtown Dubai, the development underscores Hilton's expansion in the luxury segment and Dubai's appeal for high-end branded residences. This venture promises to set new benchmarks in sophistication and bespoke services, contributing to the growth of the luxury real estate market in the region.
Read the full article on BNN
Knight Frank wins record-breaking secondary sale deal at Dubai's JBR
Knight Frank facilitated a record-breaking AED26 million ($7.1 million) sale for a 4-bedroom unit in Address Beach Residences JBR, setting a new price per sq ft record.
Read the full article on Zawya
Dubai Real Estate Transactions as Reported on the 5th of March 2024
On the 5th of March, 2024, the Dubai real estate market recorded transactions totaling AED 1,780,276,375.68. The market activity was robust, featuring a mix of off-plan and ready properties, which collectively illustrate the dynamism and investor confidence in the real estate landscape of Dubai.
Off-Plan Properties: Off-plan properties represented a substantial portion of the day's transactions, amounting to AED 1,118,268,807.84, which is roughly 63% of the total value for the day. This category's transactions were dominated by flats, which contributed AED 819,174,189.31, making up approximately 73% of the off-plan transactions. Villas also showed significant activity, with transactions worth AED 272,536,672.00, translating to about 24% of the off-plan category. Hotel apartments and rooms, though the smallest contributor in this category, still accounted for a noticeable sum of AED 10,061,650.00, which is approximately 0.9% of the off-plan transactions.
Ready Properties: Ready properties, which represent completed units, accounted for AED 662,007,567.84, or 37% of the total transactions. Within this segment, flats were the primary contributors, with transactions amounting to AED 408,034,306.81, accounting for around 62% of the ready property transactions. Villas followed with a contribution of AED 148,069,639.00, roughly 22% of the segment. Hotel apartments and rooms also showed a healthy transaction volume, with AED 61,450,088.38 in sales, making up 9% of the ready properties' transactions.
This analysis indicates a higher investor interest in off-plan properties, especially flats, which could be attributed to various factors such as anticipated growth areas, developer incentives, or attractive payment plans. Ready properties maintain a steady share of the market, suggesting a balanced demand for immediate occupancy options.
In summary, the Dubai real estate market on March 5, 2024, demonstrates vigorous investment activity with a stronger inclination towards off-plan properties. The substantial transactions in flats across both categories highlight a continued preference for apartment living in the urban landscape of Dubai. The healthy volume in villa transactions reflects the demand for more spacious and family-oriented homes, while the movement in hotel apartments and rooms signifies sustained interest in Dubai's hospitality and tourism sector.
Data Source: Dubai Land Department