According to data released on Thursday, the volume and value of transactions in Dubai’s real estate sector reached record highs last month. Property Finder’s market performance highlights for May show that there were 17,713 registered transactions in total, which is a 53% increase over May 2023. To Dh46.5 billion, the total value of these deals rose by 38%. Read this also: Dubai South Properties’ latest real estate offering sells out in four hours. The data indicates that the market had a significant surge in volume, which exceeded the highest value recorded in December 2023 by 30% and the prior peak reached in March 2024 by 10%. Of those who rented, 78% preferred apartments, while 22% were thinking about townhouses or villas. Forty percent of prospective tenants selected unfurnished apartments, whilst fifty-eight percent preferred furnished ones. There were several options available to tenants searching for villas or townhouses; over 57% of them preferred unfurnished apartments, while 42% chose furnished ones. 35% of renters favored one-bedroom apartments, 33% two-bedroom apartments, and 19% studios while looking for an apartment. The distribution of those interested in villas/townhouses was roughly equal: 43% wanted three-bedroom homes, and 38% wanted larger, four-bedroom ones. Read this also: In Makkah, work on ten upscale residential complexes has started. Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Jumeirah Lake Towers were among the most popular neighborhoods for apartment rentals. When renting villas or townhouses, Jumeirah, Dubai Hills Estate, Damac Hills 2, Umm Suqeim, and Al Barsha were among the most popular options. Of those looking to buy a house, 41% desired a villa or townhouse, and 59% preferred an apartment. A total of 32% of investors expressed a preference for one-bedroom flats, 36% for two-bedroom apartments, and 14% for studios. Forty percent of those searching for townhouses or villas desired three bedrooms, while forty-six percent desired four bedrooms or more. Read this also: April saw a 28% increase in Qatari real estate sales. Among the most sought-after ownership regions were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. The most sought-after neighborhoods for owning villas or townhouses were Palm Jumeirah, Al Furjan, Dubai South (Dubai World Central), and Ubai Hills Estate. Interest in Dubai South has increased with the construction of Al Maktoum International Airport, suggesting that mixed-use communities are gaining popularity. With 11,107 transactions, the off-plan market reached its highest volume and value to date in May. 9,837 transactions hit the previous peak in April 2009; this represents a 13% increase since then and suggests a positive trend for long-term investment in the nation. Read this also: With $796.8 million, global private money is aiming for the real estate markets in Abu Dhabi and RAK. The off-plan market had deals valued at over Dh22.7 billion, which is a 25% increase over the previous peak set in September 2023. The current market, which saw 6,606 documented transactions with volumes rising by roughly 8.8% annually, continued to sustain Dubai’s real estate industry. By May 2023, the value of these transactions had risen from Dh19.7 billion to around Dh23.8 billion, a 21 percent annual growth. Property Finder’s chief revenue officer, Cherif Sleiman, stated: “May 2024 has demonstrated once more that the UAE’s real estate market is here to stay. This month has seen a noteworthy increase in transaction volume and value, surpassing pre-pandemic figures as well as YoY. This month’s record-breaking increase in off-plan investments indicates a rising desire for long-term investments with the potential for large profits and community-focused living. Read this also: Self-driving cars will be available at Abu Dhabi’s SHA Wellness Island Emirates. Numerous new projects that are in the works are meeting this need and offering a range of pricing points so that future communities won’t be constrained by a particular standard of living. According to our first White Paper, which was unveiled at our second Annual PF Connect, the variety of current and off-plan offerings has been identified as a major factor in why consumers are thinking about relocating to the United Arab Emirates. We’ll keep doing our share to improve property searches that meet modern demands, and we’ll collaborate with partners and authorities to provide consumers with all the information they need to make informed decisions when looking for a place to call home.

Within four hours of going on sale, the last phase of South Bay, a unique development in the center of Dubai South’s Residential District, was successfully sold, according to Dubai South Properties. Read this also: In Makkah, work on ten upscale residential complexes has started. The company’s strategic approach to project launch and the strong sales of all previously announced units over several phases are highlighted by the current launch, which also reflects the tremendous demand for real estate in the area. 160 units made up the new phase, which was split between semi-detached villas with four and five bedrooms and townhouses with three and four bedrooms. Read this also: April saw a 28% increase in Qatari real estate sales. South Bay development phase has sold out by Dubai South Properties. All of the stages’ construction contracts have been given, and on-site work has begun. When finished, South Bay will have more than 800 roomy villas and townhomes. More than 200 opulent villas on the seafront. a lagoon spanning one kilometer. Over three kilometers of café-lined coastal promenade Several beaches A hangout cutting-edge fitness facilities lush parks A retail center A well-known spa children’s clubs Aquarius pools of water A park with lakes personal beaches Read this also: With $796.8 million, global private money is aiming for the real estate markets in Abu Dhabi and RAK. “We are pleased with the huge interest the project has garnered since its launch, given its unique value proposition and the state-of-the-art amenities that will enrich the lifestyles of future residents,” stated Nabil Al Kindi, CEO of Dubai South Properties. The fact that every apartment has been sold out confirms Dubai South’s appeal to investors and consumers as well as the renown it has earned because to its advantageous location, amenities, and connections. “At Dubai South, we support the government’s goal of drawing one million people to the region after Al Maktoum International Airport is finished. Our distinctive projects offer premium units, such as townhouses, villas, and apartments, that promise an upscale living experience.” Read this also: Arabian Hills Real Estate unveils a $5.9 billion project. To enhance the comfort and convenience of its tenants, Dubai South has been making improvements to the Residential District’s amenities. These consist of a 50,000-square-foot hypermarket, a mosque, retail establishments, sports courts, parks, gas stations, and a public bus line that links the neighborhood to the Expo Metro station. Subject to KHDA permits, a GEMS Founders School in Dubai South has also started accepting students for the 2024–2025 school year. Currently, the Residential District is home to approximately 25,000 people who value its distinct way of life, abundance of amenities, and various gated residential neighborhoods with townhouses and flats.

Work on 10 five-story residential structures has started as part of The Kidana Al Wadi project, which is strategically positioned for accommodations in Mina and will span a 33,000-square-meter area near the Jamarat facility, according to the Royal Commission for Makkah City. Read this also: April saw a 28% increase in Qatari real estate sales. The project, which is being constructed in conjunction with Kidana Development Company, intends to enhance the urban landscape, enable circulation across the property, and improve visitor services. Situated in close proximity to the Jamarat facility, the project is a component of the holy site’s urban development initiatives aimed at augmenting housing capacity via contemporary architectural design and enhanced amenities to enhance pilgrims’ comfort. Read this also: With $796.8 million, global private money is aiming for the real estate markets in Abu Dhabi and RAK. With 30,000 pilgrims’ capacity, the Kidana Al Wadi project intends to improve visitor services, improve the urban landscape, and ease movement inside the site. According to the Makkah City Royal Commission, the Kidana Al Wadi project, which has a total building area of 165,000 square meters, will feature modern kitchens, medical clinics, a main prayer hall, outdoor seating areas, control rooms, dining halls, and waste management facilities for each building. Read this also: Arabian Hills Real Estate unveils a $5.9 billion project. There are systems in place to effectively handle bus and pedestrian traffic, and temperature control technologies are included in every one of these buildings. The paper states that twenty power plants with a combined capacity of more than thirty megawatts provide electrical supply, and internal corridors are designed to assist crowd movement.

Since more houses were sold in April of this year, Qatar’s real estate market has flourished. There were 201 properties sold nationwide in April 2024, up 28% from the same month the year before. Read this also: With $796.8 million, global private money is aiming for the real estate markets in Abu Dhabi and RAK. Al Rayyan had 49 properties as of April 2024, up 11% over the previous year. Al Wakra had 45 (309%), Umm Slal 22 (29.4%), Al Shamal 8 (700%), Al Khor, and Thakhira 10.5 (110%) buildings. The National Planning Council revealed numbers that showed annual reductions in the municipalities of Doha, Al Daayen, and Al Sheehaniya. Sales of real estate in the nation reached QR811.6 million in April 2024. In terms of attracting investment, the real estate industry in Qatar is among the fastest expanding, coming in second only to the energy sector. Read this also: Arabian Hills Real Estate unveils a $5.9 billion project. There were 466 building permits issued in Qatar in April 2024 compared to April 2023, a 21.7 percent increase. With 235 additions and 12 fence permits in April 2024, the new building permits made up 219 of the construction permits issued overall. Since building licenses are seen as a key indicator of the health of the construction industry, which is vital to the country’s economy, building permit data is particularly essential. Read this also: Self-driving cars will be available at Abu Dhabi’s SHA Wellness Island Emirates. Throughout the first three months of this year, the real estate market in Qatar grew. The first quarter of 2024 witnessed transactions in the real estate industry of QR4.253 billion. Long-term growth in the market is anticipated due to a number of infrastructure projects and advancements, the spread of industry throughout the nation, investment-friendly policies put in place by the Qatari government, and a desire for safe investment. Read this also: Oman’s property market is growing. The total value of real estate transactions peaked in January 2024 at QR1.919 billion. In February 2024, there were real estate transactions valued at QR1.391 billion, whereas in March of this year, there were deals valued at QR942 million.

A survey claims that high-net-worth people (HNWIs) from all over the world are prepared to spend $408.3 million in Abu Dhabi and an extra $388.5 million in Ras Al Khaimah on residential real estate. Read this also: Arabian Hills Real Estate unveils a $5.9 billion project. As to the second annual Destination Dubai research by global property consultancy Knight Frank, HNWIs are showing a moderate interest in purchasing real estate in the UAE capital, with only 23 percent indicating a desire to do so. As one’s personal net worth rises, this pattern swiftly reverses. In fact, only 14% of people with a net worth between $2 and $5 million are interested in buying real estate in Abu Dhabi, but 57% of people with a net worth above $15 million wish to purchase residential real estate in the capital of the United Arab Emirates. Additionally, Knight Frank emphasizes the effectiveness of the “Visit Abu Dhabi” campaign, noting that 67% of HNWIs worldwide with a net worth of over $20 million and 50% of expat HNWIs based in the GCC say that the department of culture and tourism in Abu Dhabi has positively influenced them to travel to the city. Read this also: Self-driving cars will be available at Abu Dhabi’s SHA Wellness Island Emirates. The movement of domestic buyers from renting to ownership has been greatly aided by the relatively constant residential values in Abu Dhabi over the past four years, according to Shehzad Jamal, Partner, Strategy & Consultancy, MEA. Additionally, at about Dh1,000 per square foot, residences in Abu Dhabi are still roughly one-third less expensive than those in Dubai, which increases the allure of home ownership in the area for local purchasers. The emirate is currently recording rising deal volumes as a result of the increased activity of international purchasers. Abu Dhabi saw a record 15,653 real estate transactions in 2023 (up 73.7 percent from 2022), with a total value of Dh87.1 billion across all sectors—up from Dh61 billion in 2022. Interestingly, 1,098 non-resident investors were invited into the capital in 2023—a 175% rise from 2022. Read this also: Oman’s property market is growing. “While 40% of HNWIs plan to purchase in Abu Dhabi purely for investment reasons, 8% are keen on a primary residence in the city, and a further 15% would consider buying a second home in the UAE capital,” stated Faisal Durrani, Partner – Head of Research, MENA. The city, which has frequently lagged behind Dubai in this regard, is experiencing a watershed moment. Additionally, the March sale of a three-bedroom penthouse marketed under the Nobu name marked a noteworthy turning point for the residential market in Abu Dhabi. This is due to the fact that it is the most expensive property ever sold in the capital, both in terms of total price and price per square meter, as well as the fact that it announces Abu Dhabi’s becoming a capital hub for the world. In fact, this is demonstrated by the fact that, last year, the percentage of Aldar’s total property sales that went to foreign customers who did not live in the UAE increased from just 3% to 28%. Top attractions in the capital According to Knight Frank, the most sought-after destination for high net worth individuals (HNWIs) to acquire real estate is Abu Dhabi island (21%) despite not being classified as an investment zone for foreign purchasers. Saadiyat Island (16%), home of the Guggenheim and Louvre museums as well as the November Formula One Grand Prix, has been identified as the second most probable neighborhood to be the target of a real estate purchase. “Saadiyat Island villas have done well over the last 12 months, with prices rising by 10% over that time,” Jamal continued. But for more than three years, prices have remained stuck at a glass ceiling of about Dh1,500 per square foot, which may be one of the reasons why purchasers are drawn to this area. In comparison, the cost of a villa at Dubai’s Palm Jumeirah is currently about Dh7,000 per square foot. Saadiyat Island (32%), Maryah Island (24%), and Saadiyat Island (33%), are the top three locations in Abu Dhabi chosen by expat HNWIs residing in the GCC.

With great pride, Arabian Hills Real Estate Development Company has officially opened Arabian Hills Estate, its eagerly awaited flagship project. Situated on the road that links Dubai and Al Ain, this amazing project has a total value of AED 22 billion and is just 45 minutes away from the famous Burj Khalifa location. 244 million square feet make up its area. Read this also: Self-driving cars will be available at Abu Dhabi’s SHA Wellness Island Emirates. Arabian Hills Estate will raise living standards in the capital of the United Arab Emirates in keeping with Abu Dhabi 2030’s sustainable development goal. The project will set the bar for sustainable living and design, with the goal of creating a completely integrated community. To satisfy their every need, the locals may anticipate a broad range of amenities, such as schools, healthcare facilities, and a variety of entertainment choices. Arabian Hills Estate offers a one-stop shop for people seeking a contemporary way of life or a leisurely weekend away from the bustle of the city. Arabian Hills Real Estate Development Company and Ara Real Estate Development, the esteemed real estate branch of Core International Holdings Group, collaborated strategically to produce this project. To ensure the realization of the Arabian Hills Estate concept, Ara Real Estate Development is in charge of overseeing and coordinating all facet of real estate development operations. “Since its launch in late April, the Arabian Hills Estate project has garnered considerable attention from individual investors seeking a new residence and companies eager to join the project’s vision,” stated Hani Sabri, CEO of Core International Holdings. In the years to come, we want the project to become a renowned location that provides a distinctive way of life amidst beautiful gardens and first-rate amenities. With an emphasis on residential plots between 12,000 and 132,000 square feet, the project is divided into 14 parts.

The “AI-enabled autonomous transportation ecosystem” will be provided to the island community of SHA Emirates in Abu Dhabi. An agreement has been reached between Imkan Properties and Bayanat, an AI business listed on the ADX, regarding the construction of a smart mobility infrastructure at SHA Island Emirates in AlJurf. Dubbed the first “healthy living community” in the world, the island spans 380 hectares and 1.6 kilometers of seafront. Read this also: Oman’s property market is growing. “A highly autonomous and sustainable infrastructure on a wellness-focused island, minimizing the reliance on manned vehicles for the transportation of people, goods, and services” is the stated goal of the Memorandum of Understanding that was signed. According to Bayanat, the island will use manned vehicles as little as possible. While Bayanat will develop the digital infrastructure for autonomous cars and unmanned systems, including HD maps and location, Imkan will construct the project’s physical infrastructure. Additionally, Bayanat will introduce its Smart Mobility Solutions. Read this also: Dubai’s Elevate fintech raises $5 million to capitalize on the surge in freelancing Suwadain AlDhaheri, CEO of Imkan, and Abdulla Al Shamsi, COO of Bayanat, signed the MOU. The statement from Al Shamsi read, “We are excited about this joint project with IMKAN Properties, which will combine our expertise to create a unique concept globally: an autonomous vehicle-equipped island that promotes healthy living.” Al Shamsi claimed that by offering a sophisticated virtual duplicate of the island’s whole infrastructure, Bayanat’s “digital twin” technology will assist Imkan in realizing his vision for SHA Island Emirates. Read this also: A significant bridge on the Garn Al Sabkha-Sheikh Mohammed bin Zayed Road is opened by RTA. How is it going to operate? “This technology will ensure smooth and effective operations without human intervention by enabling real-time monitoring and management of autonomous transportation systems,” a statement read. The digital twin developed by Bayanat will facilitate predictive maintenance, enhance traffic efficiency, and raise the security and dependability of self-driving cars. Read this also: Gardenia Plaza Mall in New Cairo, the latest project of Mekky Developments, is unveiled. “We think that the island’s transportation infrastructure will play a crucial role in enabling this objective,” Shamsi continued. Our extensive experience in creating EV infrastructure and other smart mobility solutions will enable us to build an EV-friendly, dependable, and peaceful transportation network on the island. This is not Bayanat’s first experimentation with autonomous driving technology. The TXAI experiment was initiated in 2021 in cooperation between Abu Dhabi Mobility and Bayanat. This project is the first Level 4 autonomous ride-hailing service in the MENA region. Read this also: Amidst the expanding UAE luxury market, Discovery Dunes offers a premium residential neighborhood exclusively for its members. The fleet of autonomous vehicles, which consists of minibuses, robo-taxis, and ART (autonomous road transport), has performed about 16,000 rides and covered over 500,000 kilometers since its introduction.