Dubai Real Estate Market Review 16-Jan-2024
Below are the latest real estate news and transactions.
Dubai Sales of $25 Million Homes Double as Global Elite Move In
Wealthy buyers spent $2.27 billion on luxury homes last year
Most expensive transaction was for a $136 million apartment
Read the full article at Bloomberg
Why It’s a Good Time to Buy Property in Dubai | Next Gen | Muhammad Binghatti
Exciting collaboration as Binghatti and Mercedes-Benz join forces to create a residential tower in the heart of Dubai. Following a project-launch with Bugatti and Jacob & Co, Khaleej Times sat down with Muhammad Binghatti to discuss real-estate, iconic design, and property investment.
Watch the full interview at Khaleej Times
Deyaar announces new Rosalia residences in Al Furjan
Rosalia Residences by Deyaar offers a range of spacious apartments suitable for families, including one, two, and three-bedroom units in Al Furjan, Dubai.
Read the full article at Arabian Business
Dubai developer Danube Properties to build 101-storey tower in Business Bay
Danube Properties has announced the construction of Bayz101, a 101-storey tower in Dubai's Business Bay, set to be one of the world's tallest residential buildings. With a total of 1,346 apartments, this project is Danube's largest in terms of units and space, covering 2.1 million square feet. Prices range from Dh1.2 million for studios to Dh5.8 million for four-bedroom apartments, with many larger units featuring private swimming pools. The tower will also include a rooftop pool, health club, and jogging track. Bayz101, valued at over Dh3 billion and expected to complete in 2028, marks Danube's 28th real estate project in Dubai. Rizwan Sajan, the company's chairman, highlights the project as a "historic moment" and a realization of the company's ambitions. This announcement follows recent luxury project launches in Dubai by Arada and London Gate, and Sankari Properties' plan for a $1 billion development in Business Bay. Dubai's property market continues to thrive, with CBRE reporting significant annual price increases and record sales of high-value properties in 2023.
Read the full article at The National
Dubai records $2.75bln in weekly real estate transactions
During the week ending January 12th, the Dubai Land Department (DLD) reported real estate transactions totaling AED 10.1 billion. This included the sale of 209 plots for AED 2.19 billion and 2,100 apartments and villas for AED 4.84 billion. The highest-value transactions were land sales in Al Hebiah Sixth (AED 138.65 million), Business Bay (AED 105 million), and Palm Jabal Ali (AED 47.36 million). Al Hebiah Fifth led in transaction volume with 44 sales worth AED 163.91 million, followed by Hadaeq Sheikh Mohammed Bin Rashid and Madinat Hind 4. The top three apartment and villa sales were in Al Wasl (AED 66 million), Al Thanayah Fourth (AED 46 million), and Al Hebiah Fourth (AED 40.02 million). Mortgaged properties for the week reached AED 2.28 billion, and 82 properties worth AED 799 million were granted to first-degree relatives.
Read the full article at Zawya
Dubai Real Estate Transactions as Reported on the 15th of January 2024
On January 15th, Dubai's real estate market witnessed significant activity totaling AED 1.895 billion in transactions, indicating robust investor confidence and a dynamic property landscape.
The off-plan segment, which includes properties sold prior to their completion, contributed significantly to the day's figures, with flats leading the way at AED 890.5 million. This was followed by villa transactions, which amounted to AED 199.7 million, demonstrating a healthy demand for residential units. The off-plan market also saw a modest AED 18.8 million in hotel apartments and rooms, culminating in a substantial off-plan total of AED 1.126 billion.
On the other hand, ready properties, or those completed and ready for occupancy, also showcased solid performance. Flats in this category accounted for AED 560.1 million in sales, underscoring the ongoing preference for immediate move-in residential options. Villas followed with AED 129.1 million, reflecting a steady interest in more spacious living accommodations. Ready hotel apartments and rooms added AED 22.1 million to the total, bringing the cumulative amount for ready property transactions to approximately AED 769.6 million.
The distribution between off-plan and ready transactions underscores a diverse market where both immediate and future property investments are actively pursued. The figures suggest a balanced real estate environment where various types of properties—be it residential flats, luxurious villas, or hotel accommodations—are in demand. This breadth of activity is a positive sign for the industry, indicating a multifaceted appeal to investors and end-users alike.
This report indicates a dynamic start to the year for Dubai's property market, reflecting optimism and an appetite for investment in the emirate's diverse real estate offerings.
Data Source: Dubai Land Department