Property in UAE is bustling with activity this week. An upcoming luxury tower generates significant buzz promising to redefine the skyline. Sales in Dubai secondary property market in August 2023 saw 10.2% decrease from last year. Additionally, Dubai property market exhibits mixed trends balancing between rapid growth and subtle shifts. The luxury segment especially penthouses is experiencing a notable boom with certain locations showcasing high ROI potential. This guide below helps you explore the details of property updates this week.
Jumeirah Village Circle (JVC) offers high ROI and areas like Downtown Dubai and Dubai Marina promise capital appreciation for investors eyeing Dubai mid-range property market. Key criteria for selecting mid-range properties include ROI, net yield, service charges, and location. The ideal holding period for such properties depends on investment goals and market conditions. For instance, BLVD Heights, Downtown Dubai saw one-bedroom units' prices rise from AED 1.8 million to over AED 2.1 million within six months due to increased demand. The current trajectory for Downtown Dubai's mid- and lower-range properties is optimistic with many returning to 2014 price levels. Unique apartments, especially in Old Town, have surpassed previous values. The Golden Visa program and other government incentives fuel this growth. The future looks promising for Downtown Dubai real estate with continued growth anticipated in the mid- and lower-range segments.
Further Details: https://www.khaleejtimes.com/business/what-are-the-best-locations-for-an-investor-seeking-to-buy-mid-range-property-in-dubai
Dubai-based real estate developer, Imtiaz Developments, unveiled a new AED390 million ($106.2 million) project named Luxor by Imtiaz. The development is in Jumeirah Village Circle (JVC) representing a significant landmark in the firm's trajectory. "Aligning with Vision D33 showcases not only our commitment to forward-thinking development but also our expertise in architectural design," stated Masih Imtiaz, CEO of Imtiaz Developments. Luxor by Imtiaz promises a high-end living experience featuring retail spaces, studios, and one to two-bedroom apartments. The complex notably offers direct access to Central Park and an elevated sky garden on the 16th floor. Amenities include a Fitness Center, Business Center, Club Room, Kids Play Area, and a Luxor Movie Theater. Sustainable features comprise electric parking stations and advanced water tap systems. The project, on the contrary, is set to be completed in the third quarter of 2026.
Further Details: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-imtiaz-developments-announces-new-106mn-luxury-living-project
MAG introduced its AED2 billion ($545 million) luxury tower, Keturah Business Bay, aiming to revolutionize residential experiences with its 'Bio Living' concept. Set for completion by Q3 2027, the development follows the success of Keturah Reserve and Keturah Resort. The tower uses Biophilic Design to combine nature and architecture improving the well-being of its residents. "Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, stated, "The project's meticulous design is aimed at elevating and enriching the lives of its occupants." The tower will offer studios to two-bedroom apartments, ranging from 600 to 2,200 sq. ft., and feature amenities like an outdoor pool, gym, and retail spaces. Unique double-volume interiors optimize air circulation, and the open-plan design, devoid of corridors, promotes fluid movement. Unit prices will be disclosed by the end of 2023.
Further Details: https://www.arabianbusiness.com/industries/real-estate/uae-real-estate-mag-reveals-new-545mn-luxury-tower-keturah-business-bay
In August 2023, the Dubai secondary property market witnessed a decline with sales dropping by 10.2% compared to the previous year. While the market experienced a slowdown after an initial surge post-COVID-19 easing, off-plan properties observed a significant 58.7% growth. On the rental front, average rents saw a 21.7% increase year-on-year slightly decelerating from July's 22% rise. Despite variations, Dubai's overall residential property sector continued to thrive. August recorded a total of 11,328 transactions marking a 22% year-on-year increase. Cumulatively, until August 2023, transaction volumes reached a record high of 79,605 surging by 41.7% from the previous year. Average property prices in August also rose by 19.6% compared to last year. Taimur Khan from CBRE hinted at a softening growth in Dubai's prime property segment, while Asteco's Q2 2023 report highlighted Dubai's superior performance against global counterparts, despite economic challenges.
Further Details: https://www.zawya.com/en/business/real-estate/dubais-secondary-home-sales-drop-102-rent-hikes-moderate-p9ryr7d2
Dubai luxury property market experienced unexpected demand in the post-pandemic era with prices hitting record levels. The market saw penthouses become the symbol of uber-luxury attracting high net-worth individuals from Western Europe and the US. Recently, a unit in Bugatti Residences by Binghatti was priced at Dh750 million. Petri Mannila, head of luxury at Penthouse.ae, attributes this demand to uncertainties in affluent countries leading to a 75% relocation rate of their buyers to Dubai. Besides, penthouses in locations like Palm Jumeirah and Downtown are fetching prices between Dh5,000 and Dh15,000 per square foot. The luxury segment including penthouses and villas has observed substantial price increases and is predicted to maintain an upward trajectory. The market has grown over tenfold since 2020 with the first half of this year nearly matching the entire $10 million-plus deal count of 2022.
Further Details: https://www.zawya.com/en/business/real-estate/dubais-luxury-property-market-soars-powered-by-record-breaking-penthouse-deals-ywqoqjhl
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