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More tenants are turning into owners in UAE, increasing the demand for ready properties

More tenants are turning into owners in UAE, increasing the demand for ready properties

In the first quarter of 2024, the demand for ready properties surged in the United Arab Emirates, driven by an increasing number of tenants opting for ownership over rising rentals. Unlike the first quarter of 2023, which witnessed a surge in off-plan transactions, the first quarter of 2024 saw robust demand for existing projects in both Dubai and Abu Dhabi, according to data released by Property Finder. Read this also : Dubai South Properties Awards $408 Million Contract to Al Kharafi Construction Following the pandemic, rents have steadily risen over the last three years. With the growing population fueling extraordinary demand, it is expected that this upward rental trend will persist in 2024. Consequently, UAE residents are transitioning towards purchasing real estate in Dubai and Abu Dhabi to reduce their monthly payments and capitalize on property appreciation. Read this also : Introducing La Maison Amal: A Wellness Oasis in Al Barari’s Ultra-Luxury Community “2024 has ushered in an interesting and promising phase of growth. We observe a more diversified demand, and we are optimistic about its implications in the coming months,” stated Cherif Sleiman, Chief Revenue Officer of Property Finder. In Dubai, the existing/ready market recorded nearly 19,600 transactions in the first quarter of 2024, representing 54% of all transactions, up from approximately 15,000 transactions in the same period the previous year. This marked a significant 30% increase in volume compared to Q1 2023. Read this also : Qatar Residential Market Holds Steady in Q4: Insights from ValuStrat Transaction values in Q1 2024 constituted 68% of the total sales transaction value, amounting to Dh78.2 billion, compared to 60% in Q1 2023. The current/ready transaction value surged from Dh53.6 billion in Q1 2023 to Dh46.6%, reflecting substantial growth. The Dubai Land Department (DLD) reported a notable increase in the total number of sales transactions in Q1 2024, with over 36,000 transactions, up from 31,000 transactions in Q1 2023, indicating a remarkable 17% increase. Read this also : Burj Binghatti Jacob & Co. Residences: A Resounding Success with 50% Units Sold In Abu Dhabi, real estate recorded 814 residential transactions in Q1 2024, accounting for approximately 38% of all transactions, a significant rise from 628 transactions in Q1 2023. The existing/ready transaction value contributed Dh1.74 billion, or 29%, to the total sales transaction value. Although the number of residential sales transactions slightly decreased to around 2,145 transactions compared to 2,286 transactions in Q1 2023, there was a notable 20% decline in the off-plan market volume year over year, indicating a shift towards ready properties. Read this also : Understanding Dubai’s Vehicle Black Points System: Duration and Prevention Tips Overall, the surge in demand for ready properties in both Dubai and Abu Dhabi reflects a growing preference among tenants to transition into property ownership, signaling positive momentum in the UAE real estate market for the foreseeable future.

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Dubai South Properties Awards $408 Million Contract to Al Kharafi Construction

Dubai South Properties Awards $408 Million Contract to Al Kharafi Construction

Dubai South Properties has awarded a lucrative contract worth AED 1.50 billion to Al Kharafi Construction Company for the construction of the third, fourth, and fifth stages of the South Bay project. The fourth phase of the project, spearheaded by Al Kharafi Construction, is already underway and slated for completion in the first quarter of 2027. This phase will comprise 138 units, including five seven-bedroom mansions and a select number of three-, four-, and five-bedroom villas. Read this also : Introducing La Maison Amal: A Wellness Oasis in Al Barari’s Ultra-Luxury Community Nabil Al Kindi, CEO of Dubai South Properties, expressed confidence in the appointed contractor’s expertise, emphasizing their pivotal role in realizing this project. He highlighted South Bay’s allure as an ideal choice for those seeking quality living paired with world-class amenities. Read this also : Qatar Residential Market Holds Steady in Q4: Insights from ValuStrat Al Kindi underscored the sell-out success of each phase upon its market launch, underscoring South Bay’s distinctive appeal. He reiterated Dubai South’s commitment to developing projects that meet the demand for premium residences while enhancing residents’ lifestyles. Located adjacent to Expo Road in Dubai South’s residential district, South Bay promises an array of planned features, including approximately 800 villas and townhouses, 200 waterfront mansions, a kilometer-long lagoon, and three kilometers of waterfront promenade with cafes and beaches. Read this also : Burj Binghatti Jacob & Co. Residences: A Resounding Success with 50% Units Sold The project boasts an extensive list of amenities, including a clubhouse, state-of-the-art fitness centers, lush parks, retail outlets, a spa, kids’ clubs, waterparks, swimming pools, and private beaches. Additionally, plans to construct Grade A logistics facilities at Dubai South’s Logistics District were recently unveiled by Aldar Properties and Dubai South in April. Read this also : Dubai Population Surges: A Look into the First Quarter of 2024 By leveraging the expertise of Al Kharafi Construction and the vision of Dubai South Properties, the South Bay project aims to redefine luxury living in Dubai’s burgeoning residential landscape.

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Introducing La Maison Amal: A Wellness Oasis in Al Barari's Ultra-Luxury Community

Introducing La Maison Amal: A Wellness Oasis in Al Barari’s Ultra-Luxury Community

Launched recently, La Maison Amal emerges as a beacon of wellness in Dubai’s prestigious Al Barari neighborhood, poised to make waves in the emirate’s real estate landscape. Read this also : Qatar Residential Market Holds Steady in Q4: Insights from ValuStrat This five-bedroom residential gem is celebrated for seamlessly blending opulent living with tranquility and a focus on well-being. Maria Morris, CEO and founder of Maria Morris Real Estate, underscores that La Maison Amal responds to the evolving preferences of today’s ultra-high-net-worth (UHNW) buyers, who crave experiences beyond traditional luxury. Read this also : Burj Binghatti Jacob & Co. Residences: A Resounding Success with 50% Units Sold “In light of the shift towards wellness post-COVID, La Maison Amal sets a new benchmark in ultra-luxury living, where every inch embodies wellness and health-consciousness,” Morris affirms. The property’s pinnacle is its top floor, boasting a cutting-edge gym ensconced within floor-to-ceiling glass walls, providing not only a luminous and serene ambiance but also sweeping vistas of the verdant surroundings. Read this also : Dubai Population Surges: A Look into the First Quarter of 2024 In pursuit of fostering a health-centric lifestyle, Potenza Wellness was engaged to craft a dedicated space featuring state-of-the-art treatments, including Exercise With Oxygen Therapy (EWOT), a photobiomodulation bed, PEMF therapy, a lymphatic drainage suit, an ice plunge pool, and an infrared sauna-equipped steam room. The integration of fine art, a burgeoning trend in luxury real estate globally, is evident in La Maison Amal, as developers recognize its capacity to elevate property allure and exclusivity. Read this also : Understanding Dubai’s Vehicle Black Points System: Duration and Prevention Tips In a bid to resonate with affluent buyers seeking an elevated lifestyle, internationally acclaimed Ecuadorian artist Coco Valdez has been appointed as Art Director for the project. The debut of this wellness-centric venture coincides with the sustained attraction of global affluent buyers to Dubai’s thriving prime and super-prime real estate market, enticed by the allure of lavish residences. Amidst Al Barari’s luxurious villas, verdant landscapes, and serene lakes, the community has emerged as a sought-after destination for both local and international buyers, offering exceptional value and a welcoming, family-friendly ambiance.

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Qatar Residential Market Holds Steady in Q4: Insights from ValuStrat

Qatar Residential Market Holds Steady in Q4: Insights from ValuStrat

The residential sector in Qatar maintained its stability throughout the fourth quarter (Q4) of 2023, as indicated by the ValuStrat Price Index (VPI). Notable increases in prices were observed in areas like West Bay Lagoon and Muaither, rising by 1% compared to the previous quarter. The addition of 795 houses during Q4 2023 pushed the residential stock past 343,500 units. Read this also : Burj Binghatti Jacob & Co. Residences: A Resounding Success with 50% Units Sold International research and valuation consulting experts noted that out of the projected 12,500 homes for 2023, nearly 11,000 were delivered the preceding year. Noteworthy projects in Q4 2023 included residential buildings in Lusail, Al Serdal (120 apartments), and Al Kharaej (150 units). On the contrary, The Lane Residence, the first residential building on Lusail Boulevard, introduced by Just Real Estate, featured 79 apartments over 11 stories. Simultaneously, JMJ Group Holding unveiled JMJ Waterfront Residence, an opulent waterfront skyscraper. Read this also : Dubai Population Surges: A Look into the First Quarter of 2024 In Lusail City, the project comprised 172 one- and two-bedroom apartments and chalets. Plans for Q1 2024 included over 2,200 units, with a focus on Lusail City and The Pearl Island. Apartment prices in The Pearl Island, Lusail, and West Bay Lagoon remained steady compared to the previous quarter, at QR10,400, QR10,160, and QR9,620 per sq m, respectively. Read this also : Dubai Population Surges: A Look into the First Quarter of 2024 Transaction volumes witnessed quarterly and annual increases of 14% and 33%, respectively. The median ticket size for residential units remained stable quarter-on-quarter at QR2.7 million, with a 5.3% year-on-year decrease. In Q4 2023, residential house transactions were prominent in areas like Umm Salal and Al Rayyan, with 114 sales recorded, marking a 31% year-on-year decline in volume and a 19% annual decrease in value to QR1.4 billion. Comparing 2022 to 2023, The Pearl Qatar and Al Qassar saw notable increases in transaction values and volumes of 82% and 44%, respectively. Read this also : Understanding Dubai’s Vehicle Black Points System: Duration and Prevention Tips The ValuStrat Q4 2023 report highlighted a 7.4% decrease in the median monthly rental value of residential units compared to the previous year, remaining stable quarterly. Apartments in Qatar were leased at a median rate of QR6,250 per month, with one-bedroom apartments at QR5,750, two-bedroom apartments at QR6,750, and three-bedroom apartments at QR8,250. To enhance transparency, the Ministry of Municipality introduced the first phase of the Qatar Real Estate Platform in 2023, comprising 80 indicators to benefit the industry.

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Burj Binghatti Jacob & Co. Residences: A Resounding Success with 50% Units Sold

Burj Binghatti Jacob & Co. Residences: A Resounding Success with 50% Units Sold

In a significant milestone for the upscale development, The Burj Binghatti Jacob & Co. Residences, Dubai-based developer Binghatti has joined hands with globally acclaimed high jewelry and watchmaking brand Jacob & Co. Nearly 50% of the project has been sold within just nine months since its sales launch. Read this also : Dubai Population Surges: A Look into the First Quarter of 2024 Excitement is palpable in the market as construction progresses swiftly towards the completion of this architectural gem. The hyper-tower promises an unparalleled living experience, boasting urban luxury through its sleek design, exceptional lifestyle amenities, and breathtaking panoramic city views. Read this also : Understanding Dubai’s Vehicle Black Points System: Duration and Prevention Tips Upon completion, the 104-story Dubai building will stand as the tallest residential skyscraper worldwide, according to the developer’s statement. The successful culmination of this state-of-the-art project underscores Jacob & Co.’s unwavering commitment to the emirate and reaffirms Dubai’s status as the premier destination for buyers and investors seeking ultra-luxury real estate opportunities. Read this also : Zayed Housing Programme: A Key Contributor to Housing Solutions in 2023 Binghatti hails it as an extraordinary architectural and business triumph, a feat rarely seen in the realm of ultra-luxury real estate. This collaboration between Binghatti and Jacob & Co. sets a new standard for the industry, showcasing the value of their partnership and the persistent demand for luxury real estate in Dubai. Read this also : Expo Sharjah Plans Expansion to Attract New Exhibitors and Boost Economic Growth Jacob Arabo, Chairman and Founder of Jacob & Co., expresses his elation at the global market’s overwhelming response to Burj Binghatti Jacob & Co. Residences. The sell-out of Phase 1 and rapid uptake of Phase 2 underscore the project’s immense allure. Arabo commends the collaboration with Binghatti in delivering this iconic global landmark in Dubai. Read this also : Exclusive Ramadan Offer: 50% Discount on Haramain High-Speed Railway Tickets for Umrah Travelers He emphasizes that The Burj Binghatti Jacob & Co. Residences, adorning the Dubai skyline, continues to enjoy remarkable success. Arabo underscores Jacob & Co.’s motto and design ethos, “Inspired by the Impossible,” which propels the development of Burj Binghatti Jacob & Co. Residences forward. Arabo highlights the ambitious nature of the project, poised to break the world record for the highest residential tower ever constructed. The swift sales of the most prestigious units within the 104-story tower and its groundbreaking architecture exemplify a significant milestone in the real estate domain.

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Dubai Population Surges: A Look into the First Quarter of 2024

Dubai Population Surges: A Look into the First Quarter of 2024

Dubai’s dynamic landscape witnessed a remarkable surge in population during the initial quarter of 2024, with an impressive increase of over 25,700 residents. This spike can be attributed to a multitude of factors, prominently the influx of foreign investors and laborers into the thriving emirate. Read this also : Understanding Dubai’s Vehicle Black Points System: Duration and Prevention Tips Comparing the statistics with the corresponding period of the previous year unveils an even swifter growth trajectory. According to the latest data furnished by the Dubai Statistics Centre, the population of this bustling hub for trade, finance, and tourism soared by 25,776 individuals, reaching a total of 3,680,785 residents between January and March of 2024. This acceleration surpasses the previous year’s growth of 25,489, signifying a robust influx of foreign professionals seeking opportunities in Dubai. Read this also : Dubai Real Estate Industry Poised to Deliver 34,000 Units in 2024 One of the pivotal drivers behind this exponential growth is the introduction of the latest residency programs, notably the golden and silver visas, which have enticed a plethora of affluent individuals from diverse corners of the globe to settle in the United Arab Emirates. As a consequence of this population boom, there has been an upsurge in demand for consumer goods and rental properties. Projections by the UAE Central Bank indicate a forecasted inflation rate of 2.5% for 2024, although it remains notably below the global average. Read this also : Zayed Housing Programme: A Key Contributor to Housing Solutions in 2023 However, it is anticipated that the influx of foreign laborers may witness a deceleration in the coming years, following a substantial surge over the past three years. Data from the Dubai Statistics Centre reveals a staggering growth of 269,300 residents since January 2021, averaging at 6,900 new residents per month. Read this also : Dubai to Allocate 15% of Property Sales to Emirati Brokers The Central Bank of the UAE, in its fourth quarter 2023 report, predicts subdued inflationary pressures stemming from domestic demand, owing to the anticipated slowdown in migration inflows and non-oil output. Looking ahead, Dubai and the UAE are poised for further population expansion, fueled by the influx of international businesses attracted to the region’s robust economic growth. This influx is anticipated to generate a plethora of job opportunities, consequently propelling the population growth trajectory upwards in the forthcoming years.

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Understanding Dubai’s Vehicle Black Points System: Duration and Prevention Tips

Understanding Dubai’s Vehicle Black Points System: Duration and Prevention Tips

The implementation of Dubai’s black point system by the Dubai Police aims to foster safer driving habits among motorists. However, accruing excessive black points can lead to severe penalties such as vehicle confiscation or license suspension. It’s crucial to understand that these points are not permanent and can be mitigated. In this article, we delve into the duration of black points and offer insights on how to avoid them. Read this also : Dubai Real Estate Industry Poised to Deliver 34,000 Units in 2024 Duration of Black Points in Dubai: Black points on a driver’s record in Dubai remain valid for one year. It’s imperative to ensure that the total accumulation of black points does not exceed 24 within this timeframe. Surpassing this limit results in the revocation of the driver’s license, with suspension periods ranging from 3 to 6 months. Repeat offenders, accumulating 24 black points for the third time, face a year-long license suspension and are required to undergo a driving course and test after each suspension. Read this also : Zayed Housing Programme: A Key Contributor to Housing Solutions in 2023 Strategies to Reduce and Prevent Black Points: Utilize Redemption Programs: For individuals with fewer than 24 black points, enrolling in classes offered by the Department of Traffic Police or participating in Redemption Programs can aid in reducing accumulated points. Leverage Discount Offers: Take advantage of special discount offers, particularly during events like Ramadan, to minimize fines and penalties. Read this also : Dubai to Allocate 15% of Property Sales to Emirati Brokers Utilize Black Point Transfer System: If fines were incurred by someone else driving your vehicle, consider transferring the black points to the responsible party to evade additional penalties. Avoid Major Offenses: Steer clear of major traffic violations that carry significant black points, such as causing damage to property, transporting passengers without a permit, or carrying hazardous substances without permission. Stay Informed: Familiarize yourself with lesser-known traffic violations that carry substantial black points to avoid inadvertently accumulating points. Read this also : Expo Sharjah Plans Expansion to Attract New Exhibitors and Boost Economic Growth Traffic Violations and Black Points: Offenses with 23 Black Points: Causing serious injuries, driving under the influence, and driving without number plates are considered serious violations with severe consequences. Offenses with 12 Black Points: Running red lights, exceeding noise regulations, and using fake driver’s licenses are examples of dangerous driving behaviors. Offenses with 6 Black Points: Operating oversized vehicles, speeding excessively, and engaging in reckless driving maneuvers pose significant risks to road safety. Read this also : Exclusive Ramadan Offer: 50% Discount on Haramain High-Speed Railway Tickets for Umrah Travelers Preventing Traffic Fines: Adhere to Safety Measures: Always wear seat belts, adhere to speed limits, and avoid driving under the influence of alcohol or drugs. Practice Defensive Driving: Maintain alertness, avoid distractions, and prioritize safety while driving to prevent accidents. Follow Traffic Regulations: Respect traffic signals, avoid illegal maneuvers, and yield to emergency vehicles to ensure safe road behavior. Read this also : Unlocking Freedom: 4 Criteria for Applying for the UAE Green Visa as a Skilled Worker By adhering to these guidelines, motorists can mitigate black points, uphold road safety, and minimize the risk of incurring traffic fines in Dubai.

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