UAE property news is in the spotlight this week—many notable new launches promising competitive returns for investors. Samana Developers and Roya Lifestyle Developments introduce their high-end residential projects setting new benchmarks in luxury. Alongside these residential unveilings, the Dubai office rental market is experiencing a significant surge driven by an influx of Asian corporates. In the highlights below, you'll see the continued allure of Dubai as a premier real estate destination showcased in our top 5 insightful news stories from the sector.
Samana Developers launched a Dh300 million residential project, Samana Golf Views, in Dubai Sports City. This development is the first in the area to feature built-in private pools within its apartments and overlooks The Els Club Golf Course spanning over 298,935.90 sq ft. The project comprises 243 apartments including 128 studios, 52 one-bedrooms, 60 two-bedrooms, and three three-bedrooms emphasizing healthy and sustainable living. Prices start from Dh 649,000 (US$ 176,692) with an eight-year flexible payment plan. The development offers amenities like a main swimming pool, leisure pool deck, kids' pool, sports courts, and more scheduled for delivery in Q2 2026. The developer also facilitates investors in converting apartments into serviced apartments for short-term leasing guaranteeing a competitive 24% return on investment. The project's location offers easy access to major roads and proximity to popular attractions in Dubai.
Further Details: https://www.khaleejtimes.com/business/samana-developers-launches-dh300-million-project-in-dubai-sports-city
Dubai's property market may face a long-term shortfall with a projected population growth of six million by 2033 and 7.8 million by 2040. This growth, driven by external factors like the Dubai Economic Agenda 'D33', will necessitate a large-scale residential development boom, virtually doubling the city's current housing stock. By the end of 2028, the property market expects 85,200 homes to be delivered, 69% being apartments. Despite 40,000 homes projected for completion this year, an average of just 8,500 homes per year is scheduled between 2024 and 2028, a 75% reduction in home deliveries. This momentum hints at continued upward pressure on prices, with a 4.8% increase in Q2 2023 and a 17% spike over 12 months. Villa prices have seen a 51% growth since January 2020 averaging AED 1,520 per square foot.
Further Details: https://www.zawya.com/en/business/real-estate/dubai-set-to-see-housing-shortage-as-population-explodes-iova7hda
Roya Lifestyle Developments announced the launch of SLS Residences, marking its inaugural project in Palm Jumeirah and the first outside America. The ultra-luxury residences will be licensed and operated by Ennismore, a renowned lifestyle hospitality company set to open in 2026 on the West Crescent of Palm Jumeirah. The development features 113 units encompassing two and three-bedroom apartments, and three and four-bedroom duplexes, with some ground-floor units boasting private gardens. Premium amenities include a private beach, chef's table, fitness area, and The Social House offering boutique fitness spaces, private dining, and entertainment rooms. Louis Abi Abboud, Deputy Head at Ennismore, emphasized the partnership with Roya as a strategic endeavor aiming to elevate Dubai's luxury standards. The residences offer residents exclusive beach access and breathtaking Dubai Marina skyline and Palm Jumeirah views crafted by international design firms.
Further Details: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-sls-residences-launches-at-palm-jumeirah
Dubai office market is witnessing a significant uptick in demand ranking it the eighth most expensive globally for prime offices based on rents. This surge is attributed to the increasing presence of Indian and Chinese companies. In Q2 2023, leasing activity from US and European corporates stood at 72%, up from 55% in Q1. However, the Dubai Office Market highlighted a "gradual inflow" of Asian firms, particularly from India and China. Notably, China National Petroleum Corporation (CNPC) and India's Bajaj Allianz Life established their spaces in Dubai in H1 2023. This influx has led to Dubai to outperform cities like Paris, Shanghai, and Delhi in office rental values. Additionally, post-pandemic recovery has rejuvenated Chinese investments in the GCC, with the residential sector in Dubai benefiting. Moreover, A report by Allsopp & Allsopp indicated an 8-10% price increase in premium units, driven by Russian and returning Chinese investors.
Further Details: https://www.zawya.com/en/business/real-estate/indian-and-chinese-businesses-driving-up-rentals-in-the-dubai-office-market-yd5gq0f0
In the first half of this year, Dubai's ultra-luxury property sector witnessed the sale of 176 high-end homes amounting to AED3.1bn ($845m). This surge positions Dubai as the fourth most active global city in the ultra-luxury real estate market. The city has seen a 62% increase in ultra-high-net-worth individuals (UHNWIs) from 2012 to 2022 with current figures indicating 68,400 millionaires, 206 centi-millionaires, and 15 billionaires residing in Dubai. Predictions suggest a 24% growth in UHNWIs across the Middle East over the next five years, with the majority choosing Dubai as their primary residence. "Dubai has increasingly become a magnet for the world's affluent, offering an unparalleled blend of luxury, security, and robust investment returns. Particularly, elite neighborhoods like Palm Jumeirah and Emirates Hills stand out as epitomes of this allure," said Unique Properties CEO Arash Jalili.
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