Dubai Real Estate Market Review 09-Feb-2024
Below are the latest real estate news and transactions.
Dubai real estate: Rent to remain ‘unchanged’ for villas but apartments to see price hike, expert says
Dubai’s real estate market saw record-high rents and strong growth in Q4 2023, with villa rents reaching a decade-high average and apartments continuing an upward trend.
Read the full article on Arabian News
Dubai apartment rents up 15% last year, sales prices climbed 10% as over 27,400 units enter market
UAE real estate specialist Asteco analysed Dubai property market for 2023 Q4 real estate report.
Read the full article on Arabian Business
Dubai’s real estate market: A beacon of luxury, sustainability, and quiet elegance
Dubai’s luxury real estate market is not merely surviving the global economic headwinds; it is thriving amidst them.
Read the full article on Arabian Business
Emaar Development profit surges 74% in 2023 amid robust property sales in Dubai
Emaar Development, a majority-owned subsidiary of Emaar Properties, reported a 74% increase year-on-year (YoY) in net profit to 6.6 billion UAE dirhams ($ 1.8 billion) in 2023.
Read the full article on Zawya
Dubai Land Department imposes Dh50,000 fine on 30 real estate companies
The Dubai Real Estate Regulatory Agency (RERA) fined 30 real estate companies for breaching advertisement regulations, emphasizing the necessity for accurate information, advertising licenses, and inclusion of QR codes in ads for property data verification. These measures aim to regulate the industry and prevent malpractices. RERA, under Ali Abdullah Al Ali's guidance, is committed to enhancing transparency and sustainability in the real estate sector, aligning with Dubai Land Department's (DLD) global leadership goals. Companies are urged to follow RERA's directives to ensure a safe and sustainable environment, while the public is advised against engaging with unpermitted ads.
Read the full article on Gulf News
fäm Properties Launches Nordic Luxe Development With First AED 10 Billion Villa Project ‘The Aurora Collection’
fäm Properties introduces Scandinavian-style luxury villas in Dubai, a venture by its CEO, Firas Al Msaddi, through Nordic Luxe Real Estate Development. This marks a notable diversification in Dubai's architectural scene, blending Middle Eastern luxury with Northern European minimalist design. The "Aurora Villa Collection" aims to infuse Nordic elegance, emphasizing uncluttered aesthetics, functionality, and comfort, with a project value of 10 billion Dirhams over five years. Catering to an exclusive market, the villas are priced between 70 to 350 million Dirhams. This initiative reflects Dubai's evolving property market tastes towards minimalist elegance and architectural diversity, expanding fäm Properties' portfolio and redefining luxury living in Dubai.
Read the full article on Haute Living
MERED announces strategic partnership with Pininfarina to develop ICONIC Tower in Dubai
MERED has partnered with the iconic design firm Pininfarina to develop the ICONIC Tower in Dubai, poised to be the tallest building in Dubai Internet City at 286.4 meters. This collaboration aims to set a new standard for ultra-luxury living with 311 exclusive apartments and world-class amenities including a private lounge, gym, cinema, infinity pool, and more. The project reflects a fusion of MERED's innovative real estate approach with Pininfarina's renowned design ethos, promising to deliver a landmark that epitomizes elegance, craftsmanship, and cutting-edge technology, further enhancing Dubai's ultra-luxury real estate market.
Read the full article on Gulf News
Dubai Real Estate Transactions as Reported on the 8th of February 2024
On February 8, 2024, Dubai's real estate market recorded transactions worth AED 1,616,229,620. The market showed a robust inclination towards off-plan investments with transactions amounting to AED 1,071,078,728, indicating investor confidence in the future development of Dubai's property landscape.
Off-Plan Market Activity
The off-plan segment constituted the majority of the transactions, capturing around 66% of the total daily transactions with sales of AED 1,071,078,728. The flat category was the frontrunner, securing AED 883,801,829. Villa transactions were also strong, recording sales of AED 175,704,577. Hotel apartments and rooms, while smaller in volume, contributed AED 8,383,442 to the off-plan segment.
Ready Property Transactions
Ready property transactions represented approximately 34% of the total market activity, amounting to AED 727,513,529. The sales of flats in the ready segment reached AED 318,351,315, demonstrating continued demand for completed units. Villas also performed well, with sales of AED 72,340,651. The hotel apartments and rooms category showed a healthy transaction volume with AED 22,974,850 in sales.
Market Implications
The prevailing preference for off-plan properties suggests a market that is optimistic about Dubai's growth trajectory and potential for property value appreciation. The considerable volume of flat transactions in both the off-plan and ready segments underscores a consistent demand for residential spaces, likely driven by Dubai's growing population and economic dynamism. Villas and hotel apartments & rooms exhibit a healthy market presence, catering to a segment interested in luxury and hospitality real estate investments.
Conclusion
The real estate transaction data for February 8, 2024, highlights a dynamic and forward-looking Dubai property market. The substantial investment in off-plan projects reflects the market's appetite for new developments and its trust in the emirate's real estate stability. This pattern reaffirms Dubai's status as a premier destination for property investors and end-users alike, underpinned by its strategic initiatives and global appeal.
Data Source: Dubai Land Department