Dubai Real Estate Market Review 26-Jan-2024
Below are the latest real estate news and transactions.
Arada sales hit $1.9bn amid Sharjah real estate boom
Sharjah real estate saw property market increase, Arada doubles sales.
Read the full article on Arabian Business
OMNIYAT announces new luxury residences
Named VELA VIENTO, the development will be the second property in the area from OMNIYAT after VELA, which was launched earlier this year in Dubai.
Read the full article on Arabian Business
Abu Dhabi reduced service charges by 6% on jointly owned properties last year
In 2022, Abu Dhabi decreased service and community charges for joint property owners by 6%, resulting in a Dh39.7 million ($10.81 million) fee reduction, as reported by the Abu Dhabi Real Estate Centre (Adrec). This move aimed to boost real estate investment and offer competitive pricing for homeowners. The UAE's property market, including Abu Dhabi and Dubai, witnessed significant growth, with Abu Dhabi registering Dh46.33 billion in real estate transactions in the first half of the year. The reduction in fees was part of Abu Dhabi's ongoing effort to attract investors and enhance the real estate sector's competitiveness, following previous reductions in 2020 and 2021.
Read the full article on The National
Omniyat launches third premium project within Marasi Bay
Dubai developer Omniyat is expanding its ultra-luxury portfolio with the launch of Vela Viento, a high-end residence in Marasi Bay, Dubai. This project, part of the Dorchester Collection, features 92 premium residences, showcasing architectural and French interior design excellence through partnerships with Foster + Partners and Gilles & Boissier. Vela Viento, along with its sister property Vela and The Lana Hotel, will enhance Marasi Bay's status as an ultra-luxury enclave. The residences boast landscaped terraces, panoramic views, private pools, and unique features like ‘hanging’ dining rooms in some units. Luxurious amenities include a high-altitude infinity pool, a wellness spa, and access to neighboring properties' facilities. Dorchester Collection will manage the residences, emphasizing their commitment to luxury living and hospitality.
Read the full article on Zawya
Nabni to develop new 12-storey luxury property in Dubai
Nabni Developments (formerly Al Jaziri Properties) in Dubai has introduced Avenue Residence 6, a luxurious 12-storey apartment complex in the Al Furjan community, set to complete by Q3 2025. This sixth installment in the Avenue Residence series offers 96 boutique residences, including one-, two-, and three-bedroom apartments with maid's rooms. These chiller-free apartments feature smart home automation, Italian design, and panoramic views of Dubai. Located near Discovery Gardens metro station, the project emphasizes luxury with high-end materials, Siemens kitchen appliances, marble-finished porcelain tiles, and Tooy Chandeliers. Amenities include a temperature-controlled pool, a TechnogymTM-equipped fitness center, a kids' play area, and a BBQ space.
Read the full article on Zawya
Over 50 deals worth $26.6bn sealed during Real Estate Future Forum
Saudi Arabia's property sector is poised for a significant boost, with over 50 deals worth around SR100 billion ($26.6 billion) concluded at the Real Estate Future Forum. This event, aligning with the Kingdom's goal of creating 1 million housing units, highlighted innovations, challenges, trends, and sustainable financing in the property market. Key discussions included the impact of natural factors on the industry, the role of the non-profit sector in providing housing for needy families, and efforts to meet customer needs in the sector. The forum also introduced a real-estate identity for inheritances to streamline estate divisions. Attended by 300 speakers from 85 countries, it featured 30 dialogue sessions and 25 workshops on strategic real estate topics.
Read the full article on Arab News
Dubai Real Estate Transactions as Reported on the 25th of January 2024
On January 25, 2024, the real estate market in Dubai recorded a staggering total of AED 2,032,333,745 in transactions. The market was dominated by off-plan property transactions, which contributed significantly to the overall figures.
Of-Plan Transactions
Off-plan properties saw the highest volume of transactions, with flats leading at AED 1,265,060,327. Villas, while a smaller segment, showed a healthy interest with transactions worth AED 67,821,911. Hotel apartments and rooms, perhaps due to their niche market, registered transactions totaling AED 19,732,658. The total off-plan transactions amounted to AED 1,352,614,896, capturing approximately two-thirds of the market activity for the day.
Ready Property Transactions
Transactions for ready properties, those that are completed and move-in ready, also made a significant contribution to the market. Flats continued to be the preferred choice, with transactions worth AED 459,485,903. Villas followed with AED 143,065,851, and hotel apartments and rooms closed the day at AED 30,255,018. The total for ready property transactions was AED 679,718,849.
The predilection for off-plan flats suggests a robust investor confidence in future developments and potential long-term gains. The data indicates a buoyant market with a strong appetite for both residential and commercial properties, signifying a stable or growing economy with a possible influx of domestic or foreign investment.
The healthy figures in the ready property market reflect ongoing demand for immediate occupancy, potentially driven by a growing population or a shift towards property ownership over rental.
Data Source: Dubai Land Department