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Future Trends and Projections for Dubai Real Estate through 2024

Dubai Real Estate’s Future: Trends and Forecasts for 2024

May 28, 2024

The residential real estate industry is still growing. Record-breaking numbers of transactions were made in 2023, with sales and rental prices rising by 18% and 26%, respectively, year over year. This trend is anticipated to continue in 2024 and will be one of the real estate developments in Dubai​ (D&B Dubai)​​ (Altitude Real Estate)​. Read this also: Ras Al Khaimah has introduced Raha, a new island getaway, as the real estate boom continues Former Head of Colife Ilnara Muzafyarova predicted that short-term rentals (up to six months) would increase by 20% from 2023 to 2024, while long-term rentals (more than six months) would increase by 15%. She projects that the real estate market will grow organically, as seen by growing property values, an increase in the number of high-rise buildings being constructed, and a sharp increase in real estate transactions​ (Livin’ Experts)​​ (Realtree Properties)​. Read this also: The Unexpected Almal Real Estate Development Al Marjan Island Hotel & Residences AI. Innovations. According to the most recent data, PropTech investment in Dubai’s real estate sector reached an astounding $100 billion last year and is predicted to increase by 5% in 2024. The confluence of innovation is changing the way people discover and buy real estate. Features like 3D floor plans, virtual visits, and artificial intelligence-driven market analysis give customers a remarkable ability to visualize both built-in and off-plan properties​ (D&B Dubai)​​ (Realtree Properties)​. Read this also: Binghatti has announced “One by Binghatti,” a new project in Business Bay This real estate trend is directly related to the desire for increased clarity and openness in transactions. Providing customers with comprehensive and trustworthy data, along with innovation, is strengthening market certainty even further in the housing sector. For example, Property Finder offers its users a plethora of features that make property hunting much simpler than it has ever been. By giving purchasers all the information they need to make better-informed real estate decisions, this has helped satisfy the growing demand to close information gaps for them. Undoubtedly, comparable platforms will be introduced, and those that now exist will be enhanced​ (Livin’ Experts)​​ (Realtree Properties)​. Read this also: A property in the Burj Khalifa area sold for a record-breaking Dh139 million In the real estate sector, Dubai has been in the forefront of manageable advancement drives, and this trend is accelerating. Tenants and investors are becoming more drawn to environmentally friendly developments that emphasize green areas, energy efficiency, and sturdy structural practices. The city’s commitment to ecological sustainability is being reflected in the plethora of upgrades taking place in areas like Dubai South and Dubai Creek Harbour​ (D&B Dubai)​​ (Livin’ Experts)​. Read this also: Owing to a spike in demand, the occupier market in the UAE is still robust By 2024, the fusion of AI and technology will redefine real estate and promote increased openness and trust​ (D&B Dubai)​​ (Realtree Properties)​. Companies that Manage Properties The necessity for management businesses to take over the management of an owner’s flat arises from the amount of real estate purchases and the ongoing growth in demand for rentals. This is because most owners do not reside in Dubai or the UAE and must rent out their apartments. These businesses also assist tenants looking to rent an apartment in Dubai. In addition to offering all of these services, businesses such as Colife also assist with apartment purchases, helping clients choose the best options based on their in-depth knowledge and extensive real estate market experience​ (Altitude Real Estate)​​ (Livin’ Experts)​. Read this also: Wasl, One B Tower, is launching a new landmark project on Sheikh Zayed Road International proptech business Colife specializes in property management and rentals. Colife offers complete property buying and management services. 2018 saw the founding of the business. Colife began conducting business in Dubai in 2021. In just five years, Colife Global expanded from a small startup to a sizable global business​ (D&B Dubai)​​ (Livin’ Experts)​. Structure: Colife Management specializes in the management and rental of apartments, giving property owners the chance to earn passive income; Colife Invest is a real estate purchase service; and Colife Rent is an opportunity to rent apartments with included services, contemporary interiors, and free events for tenants. State-sponsored Projects The government of Dubai has consistently taken the initiative to shape the real estate market and establish trends for 2024. Development will be encouraged, for instance, by the Golden Visa program, which provides property owners with a permanent residence guarantee. Additionally, Dubai’s real estate developers will probably concentrate most of their efforts on the growing middle class. This is consistent with government initiatives such as the introduction of long-term residency visas and the reduction of transaction costs​ (Altitude Real Estate)​​ (Realtree Properties)​. In-Market Given the highs and lows experienced in the more expensive segments of Dubai’s real estate market in the past, 2024 is indicating that purchasers are starting to favor mid-range properties since they are regarded as safer investments. Many factors contribute to this stability, including developer-provided attractive payment choices and reasonable prices​ (Altitude Real Estate)​​ (Realtree Properties)​. Read this also: Dubai International Financial Centre Welcomed 23 Million Passengers | Growth of 8% From last Year The act of diversification It is projected that the Dubai residential market will grow by approximately 15% in 2024, propelled by a robust economy and robust enterprises. Dubai is supporting this development by shifting its focus from oil to other industries, such as innovation and the travel sector. There will be a demand for real estate as the population is predicted to grow from 3.5 million in 2023 to 5.5 million by 2030. The UAE economy is predicted to grow by 4% in 2024, which would help the housing market even more​ (Altitude Real Estate)​​ (Realtree Properties)​. Read this also: Tonino Lamborghini presents a 241-unit opulent building in RAK In summary, Dubai’s real estate market continues to be vibrant, adaptable, and full of opportunities. Having a clear understanding of these Dubai real estate trends and expectations for 2024 will help you make

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As the real estate boom continues, Ras Al Khaimah has introduced Raha as a new island resort.

Ras Al Khaimah has introduced Raha, a new island getaway, as the real estate boom continues.

May 28, 2024

Ras Al Khaimah is capitalizing on the current real estate boom, particularly in upscale hotels and serviced apartments, by introducing the new “Raha Island” destination. This project is situated in Mina Al Arab and is spearheaded by the master developer, RAK Properties. Raha Island will feature an array of amenities including extensive retail spaces, marinas, beach clubs, and numerous recreational opportunities​ (Offplan Projects)​​ (RAK Properties)​. RAK Properties’ CEO, Sameh Al Muhtadi, emphasized the project’s goal to not only meet but exceed the high demand for luxury, meticulously designed developments​ (Property Finder)​. The project joins a series of luxury-focused launches in the region, such as Aldar’s Nikki Beach and Emaar’s Address brand. Significant hotel projects, including the Wynn resort on Al Marjan Island, are also in progress, reflecting the area’s rising investment appeal​ (RAK Properties)​. Raha Island will boast over 2.5 kilometers of accessible public beaches, offering residents and visitors ample opportunities for water sports and leisure activities. The new marinas on the island are designed to be ideal for a range of aquatic adventures or a relaxing day out on the water​ (Offplan Projects)​​ (Property Finder)​. For further reading on related developments and to see more about the current real estate trends in Ras Al Khaimah, you can check the following sources: RAK Properties on Raha Island Gateway Residences 2 in Mina Al Arab New real estate projects in Ras Al Khaimah

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The Unexpected Al Marjan Island Hotel & Residences by Almal Real Estate Development

The Unexpected Almal Real Estate Development Al Marjan Island Hotel & Residences

May 28, 2024

On Ras Al Khaimah’s Al Marjan Island, a beautiful hotel and residential complex is about to rise, bringing in a new era of opulent hospitality and leisure. With its unique architecture and immersive wellness, dining, and entertainment experiences, the award-winning luxury developer Almal Real Estate Development and the esteemed Palladium Hotel Group created the Unexpected Al Marjan Island Hotel & Residences, which is anticipated to completely change the island’s landscape. Read this also : Binghatti has announced “One by Binghatti,” a new project in Business Bay. Dmitriy Starovoitov, the founder of Almal Real Estate Development, says, “The launch of our Al Marjan project marks a new milestone for us, and we are immensely proud to be shaping the luxury hospitality and entertainment scene in the UAE and Ras Al Khaimah”​ (Rus Tourism News)​. “Our partnership with The Unexpected Hotels & Residences is a testament to our dedication to providing exceptional experiences to discriminating tourists.” This is the Spanish hotel chain’s maiden trip to the United Arab Emirates​ (Hotel & Catering News ME)​. Read this also : A property in the Burj Khalifa area sold for a record-breaking Dh139 million. The Unexpected Al Marjan Island Hotel & Residences, which will cost $280 million (Dh1 billion) and open in the second half of 2026, is a tasteful fusion of modern architecture and natural features. Its 422 well planned hotel and apartment units provide unparalleled comfort, seclusion, and unobstructed views of the Arabian Gulf​ (Breaking Travel News)​. Completing the list of attractions are an infinity rooftop pool, a lively beach club, a spa and wellness center, pocket gardens, and five different restaurants offering real foreign food​ (Rus Tourism News)​. Architectural genius:  The magnificent architectural concept of the Unexpected Al Marjan Island Hotel & Residences is realized by a design that melds well with the surrounding environment and the flowing waves of the ocean. Thanks to the outstanding work of the Design & Architecture Bureau (DAR), “The Unexpected Al Marjan Island Hotel & Residences embodies a seamless blend of luxury and natural beauty,” remarks Mohammad Khader, Head of Project Development at Almal Capital Investments. “They have been instrumental in turning our vision into reality and setting a new standard for luxury hospitality in the region with their innovative approach and meticulous attention to detail”​ (Hotel & Catering News ME)​. Read this also : Owing to a spike in demand, the occupier market in the UAE is still robust. Light-colored materials, creative lighting, and design elements enable the home to change dramatically from day to night to capture both the energetic nightlife and the tranquil calm. He continues, “Dynamic lighting elements enhance the sensory experience by mimicking the gentle movements of the sea, such as an LED-lit archway and a canopy of backlit fabrics.” “This careful planning makes sure the building blends in with the seaside environment during the day and comes to life at night, beckoning discovery and magic”​ (Rus Tourism News)​. Read this also : Wasl, One B Tower, is launching a new landmark project on Sheikh Zayed Road. Before launch sales: Sales of the hotel and residential apartments in this megaproject are presently open, giving investors a special chance to participate. The hotel’s pre-launch special rates start at Dh1.6 million. There are several different room sizes available: junior suites are 566 square feet, suites are 1,005 square feet, ordinary rooms are 460 square feet, and premium rooms start at 1,420 square feet​ (Hotel & Catering News ME)​. Prices for homes begin at Dh1.7 million. One-bedroom apartments start at 1,122 square feet, two-bedroom apartments at 2,544, and studios at 522 square feet​ (Rus Tourism News)​. Read this also : How NABNI Developments is reshaping Dubai’s real estate market with sustainable sophistication “We are thrilled about the opportunities this project presents and can’t wait to welcome guests to enjoy the outstanding offerings and life-changing experiences that are in store for them,” says Starovoitov​ (Rus Tourism News)​. One of several significant turning points in Almal Real Estate Development’s quest to elevate the standard for opulent lodging and real estate in the United Arab Emirates is the Unexpected Al Marjan Island Hotel & Residences. For its exceptional work on the Harrisoni La Mer project, which includes two opulent houses on La Mer Island, the company has won The Private Villa Project of the Year award at the Pillars of Real Estate Awards 2024​ (Rus Tourism News)​.

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Binghatti has announced "One by Binghatti," a new project in Business Bay.

Binghatti has announced “One by Binghatti,” a new project in Business Bay.

May 27, 2024

Property developer Binghatti, situated in Dubai, has declared that it will launch One by Binghatti, its newest residential building. The Bvlgari Yacht Club in Jumeirah Beach will host the VIP launch event on May 27, 2024. Situated in the well-liked Business Bay district of Dubai, One by Binghatti will provide convenient access to Downtown Dubai. It will offer vistas of famous buildings like the Burj Khalifa across the river. One by Binghatti: All the information you require. An email statement from the company on Thursday stated that the integrated design idea strives to combine several features into a single facade. The waterfront project will be next to other high-end Binghatti-branded apartments, including Burj Binghatti Jacob&Co apartments, Mercedes Benz Places, and Bugatti Residences. “We are pleased to present One by Binghatti, our most recent innovation. With every project, our goal is to give our clients a unique and genuine experience,” stated Binghatti CEO Muhammad BinGhatti. “One by Binghatti is a demonstration of exceptional architectural craftsmanship with its prime location, phenomenal design, and unparalleled lifestyle offering.” Street soccer, paddle tennis, and basketball courts will be provided in addition to adult and kid-only swimming pools. A jacuzzi, steam room, sauna, and gym will be available. Among the outside features are a viewing deck, a running track, and sunken seating.

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A property in the Burj Khalifa area sold for a record-breaking Dh139 million.

A property in the Burj Khalifa area sold for a record-breaking Dh139 million.

May 27, 2024

The four-bedroom Penthouse at The Lana Residences sold for Dh139 million, setting a new record and making it the most expensive home in Dubai’s Burj Khalifa neighborhood. The property was sold by Dubai’s innovative real estate company, OMNIYAT. The Lana, a hotel and residential facility managed by Dorchester Collection, debuted in April 2024 and was curated by OMNIYAT. Nestled between the Dubai Design District and the Burj Khalifa District, the Lana Residences, part of the Dorchester Collection, Dubai, offer stunning views of the Marasi Marina. Situated in the center of the 12-kilometer seaside promenade of Marasi Bay, it offers a spacious boat berth. Read this also: Owing to a spike in demand, the occupier market in the UAE is still robust. “We bring together purpose, design, innovation, and unique storytelling to create rare experiences, and nowhere is this more apparent than with The Lana and the Lana Residences, Dorchester Collection, Dubai,” stated Mahdi Amjad, Founder and Executive Chairman of OMNIYAT. This is a sanctuary, not just a residence, with every element carefully chosen to create a feeling of balance and harmony. In 2017, OMNIYAT’s penthouse at the Dorchester Collection’s One Palm Jumeirah in Dubai sold for Dh102 million. The Dorchester Collection’s Sky Palace at AVA at Palm Jumeirah, Dubai, sold for Dh220 million in 2023. Read this also: Wasl, One B Tower, is launching a new landmark project on Sheikh Zayed Road. “We bring together purpose, design, innovation, and unique storytelling to create rare experiences, and nowhere is this more apparent than with The Lana and the Lana Residences, Dorchester Collection, Dubai,” stated Mahdi Amjad, Founder and Executive Chairman of OMNIYAT. This is a sanctuary, not just a residence, with every element carefully chosen to create a feeling of balance and harmony. In 2017, OMNIYAT’s penthouse at the Dorchester Collection’s One Palm Jumeirah in Dubai sold for Dh102 million. The Dorchester Collection’s Sky Palace at AVA at Palm Jumeirah, Dubai, sold for Dh220 million in 2023.

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Owing to a spike in demand, the occupier market in the UAE is still robust.

Owing to a spike in demand, the occupier market in the UAE is still robust.

May 27, 2024

Due in large part to higher demand from newly registered renters, the occupier market in Dubai and Abu Dhabi experienced robust activity in the first quarter. Occupier activity in Dubai was robust in the first quarter. The overall number of rental registrations reached 46,850, up 35.8% from the previous year, according to figures from the Dubai Land Department. “An increase in new rental registrations of 51.1 percent, or 34,461, has been a major contributor to this headline surge. CBRE Middle East reported in its UAE Office Market Review for the first quarter of 2024 that the number of renewed contracts registered was 12,389, representing a 6.1 percent increase from the previous year. The present occupier market characteristics in Dubai continue to attract multinational firms when compared to other global marketplaces. Free zone sites nonetheless account for a sizable amount of market activity despite a scarcity of supply. According to a commercial real estate services company, developers are speeding up upcoming projects in both free zone and non-free zone sites to satisfy growing demand. It stated that “a wide range of sectors continue to drive demand in Dubai’s occupier market, with the financial services sector, specifically hedge funds and assets management firms, being notable sectors of demand.” The UAE’s occupier market continued to see healthy levels of demand in the first quarter of this year, according to Taimur Khan, head of Research Mena in Dubai. This is mostly because of the nation’s robust economic growth, which continues to draw occupiers. Although occupier demand is anticipated to stay strong over the next years, the scarcity of high-quality assets will probably impede future market activity. According to Khan, “strong performance across all segments is expected to be supported by the limited number of developments in the pipeline in both Abu Dhabi and Dubai.” Going forward, we anticipate that premium assets—in particular, Prime and Grade A stock—will continue to beat the market because of the rising demand brought on the Within this market sector, the average occupancy rate in Dubai grew from 90.1 percent to 91.3 percent in the first quarter of 2024. “Rental rate rises are being driven by the combination of rising occupancy levels and a dearth of high-quality inventory. The average rent for Prime, Grade A, Grade B, and Grade C climbed by 7.6%, 17.9%, 21.6%, and 16.8% in the first quarter of 2024, respectively. The average annual rental rates for Prime Grade A, B, and C apartments were Dh255, Dh192, Dh162, and Dh131 per square foot as of the first quarter of 2024. We foresee sustained good performance in Dubai’s occupier market, given the restricted quantity of forthcoming constructions and the shortage of high-quality stock. In the first quarter of 2024, the institutional-grade buildings in Abu Dhabi had an average occupancy rate of 94%, up from 92.5% the year before. “The rise in rental rates is still being supported by these higher occupancy levels. According to CBRE, the average growth rates for Prime, Grade A, and Grade B rents were 6.6%, 3.4%, and 9.7%, respectively, in the year ending in the first quarter of 2024.” Dubai Real Estate Investment Opportunities are plentiful and varied, offering significant potential for investors. The top residential areas in Dubai for expats continue to see high demand due to their attractive amenities and lifestyle offerings. The Dubai commercial real estate growth is another key area of interest, driven by both local and international businesses. For those looking to invest in Dubai property, understanding the nuances of the market is crucial. The demand for office space in Dubai is on the rise, particularly in luxury real estate sectors. Comparing free zone vs. non-free zone properties can help investors make informed decisions. Regularly updated Dubai real estate market insights provide valuable information on trends and opportunities. The impact of economic growth on Dubai real estate cannot be overstated, as it continues to attract investors and businesses. Developers are focusing on high-quality real estate developments in Dubai to meet the rising demand for premium assets. The performance of Prime and Grade A stock is particularly noteworthy, with limited new supply expected to keep these segments strong. Looking at upcoming real estate projects in Dubai, there is optimism about the future market performance. Meanwhile, the Abu Dhabi real estate market also shows positive trends, mirroring some of the dynamics seen in Dubai. The ongoing trends in Dubai property rental are indicative of a robust market, driven by high occupancy rates and rising rental rates. Access to comprehensive real estate services in Dubai is essential for navigating this competitive landscape. Understanding the occupier market dynamics in the UAE provides a clearer picture of overall market health and opportunities. Finally, tailored real estate investment strategies in Dubai can help investors maximize their returns in this vibrant market.

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Wasl, One B Tower, is launching a new landmark project on Sheikh Zayed Road.

Wasl, One B Tower, is launching a new landmark project on Sheikh Zayed Road.

May 27, 2024

Wasl, the premier real estate development and management business in Dubai, has announced the opening and construction of One B Tower, a brand-new, opulent high-rise with a prominent location that offers stunning views of Business Bay’s Dubai Water Canal. Read this also : How NABNI Developments is reshaping Dubai’s real estate market with sustainable sophistication Residential unit sales are scheduled for May 28 and 29. Strategically situated on Sheikh Zayed Road, One B Tower is anticipated to be finished by the second quarter of 2028. The design creates a harmonious blend of opulent contemporary living and scenic natural surroundings. Read this also : A 72-unit lifestyle residential property in Dubai is launched by Symbolic. One, two, three, four, and five-bedroom flats, as well as two, three, and four-bedroom duplexes and a penthouse, are housed in the 48-story tower. His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai, was initially shown the blueprints for the opulent tower in March. It is a component of the “One Billion Meals Endowment” program. Read this also : Tonino Lamborghini presents a 241-unit opulent building in RAK. “The One B Tower is an incredible addition to Dubai’s portfolio of luxurious and iconic landmarks,” stated Mohamed Al Bahar, Head of Business Management, Wasl. The real estate industry in Dubai is a bright example of ambition and creativity, and this project satisfies consumer demand for upscale developments.

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