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Dubai Real Estate Witnesses Surge in Rent Prices: Dubizzle Annual Property Market Report

Dubai Real Estate Witnesses Surge in Rent Prices: Dubizzle Annual Property Market Report

March 1, 2024

Dubizzle’s highly anticipated Dubai Annual Property Market Report reveals a staggering 66% increase in rents within the Dubai real estate market, defying global trends. The report, based on primary data collected throughout 2023, showcases significant trends and robust demand, supported by high rental yields and favorable economic conditions in the UAE. Read Here More : Aldar Properties Reports 40% Increase in 2023 Net Profit, Declares Dh1.3 Billion Dividends In 2023, Dubai’s real estate sector flourished, driven by business-friendly regulations attracting more tenants to the market. Investors with a keen interest in the city were encouraged by the upward trajectory of rental prices, particularly in the luxury segment. The year was dubbed the “Year of Affordable Villas,” with DAMAC Hills 2 emerging as the most sought-after area for villa rentals, boasting an average annual rent of AED96,000. Other popular villa rental areas include Mirdif, JVC, and Dubailand, offering attractive options below AED 200,000. Read Here More : Rise in Luxury Property Prices in Dubai and Manila Defies Global Trends: Knight Frank Report Dubai also witnessed substantial rent increases in areas like Dubailand and Al Barsha, with annual rental prices for apartments soaring by 32% in JVC and a staggering 66.67% in DAMAC Hills. Luxury apartment demand surged, with Dubai Marina retaining its status as the most affluent neighborhood for apartment rentals. Downtown Dubai and Business Bay also experienced notable increases in average rental prices, reflecting a growing appetite for upscale living. Read Here More : Emaar Unveils Exclusive Lifestyle Destinations Worth AED 91 Billion The report highlights dubizzle’s leading position in the real estate market, evidenced by extensive online engagement and strong transaction numbers. The positive sentiment in the market is expected to persist in 2024, with continued growth projected. Dubizzle’s Annual Property Sales market also witnessed significant growth in 2023, fueled by investor interest in Dubai’s business-friendly environment and booming off-plan sales. Notable increases were observed in the average sales price of both luxury and affordable apartments and villas. Read Here More : Emaar Unveils Exclusive Lifestyle Destinations Worth AED 91 Billion Areas with the best Return on Investment (ROI) for apartments include Liwan and Green Community, while DAMAC Hills 2 emerged as the top neighborhood for reasonably priced villas. Luxury villa seekers are increasingly drawn to Dubai Hills Estate, reflecting an overall increase in search interest. The research also identifies areas with high ROI, such as Silicon Oasis and Jumeirah Village Circle for apartments, and Jumeirah Village Circle and DAMAC Hills for villas. These areas present lucrative investment opportunities as Dubai residents increasingly opt for homeownership over renting. Overall, the report underscores Dubai’s resilient real estate market and robust investor interest, positioning the city as a promising destination for property investment and long-term residency.

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Rise in Luxury Property Prices in Dubai and Manila Defies Global Trends: Knight Frank Report

Rise in Luxury Property Prices in Dubai and Manila Defies Global Trends: Knight Frank Report

March 1, 2024

Knight Frank’s latest report highlights a notable trend in the luxury residential property market, with prices continuing to rise in 2023 despite declining trends in other major cities like New York and London. According to the report released on Wednesday, luxury property prices globally experienced a 3.1% increase, fueled by double-digit gains in cities such as Manila and Dubai, which offset declines observed elsewhere. Click Here to Read More : Emaar Unveils Exclusive Lifestyle Destinations Worth AED 91 Billion The property markets faced significant challenges in the past year, including rising borrowing costs, inflation, and economic uncertainty, resulting in a sharp decline in transaction volumes. However, the resilience of luxury property prices can be attributed to several factors, including increased investment by the wealthy as stock markets rebounded. Manila emerged as the top performer among the 100 markets tracked by Knight Frank, with prices surging by 26%. Dubai and the Bahamas followed closely, ranking second and third, respectively. Conversely, luxury prices in New York and London experienced a 2% decline in 2023 and currently stand 8% and 17% below their recent peaks, according to Knight Frank’s flagship The Wealth Report. Read Here more : Emaar Honors Dubai’s Top 20 Real Estate Companies Liam Bailey, global head of research at Knight Frank, commented, “As wealth portfolios recovered in 2023, affluent buyers targeted residential property in the world’s luxury markets.” Kate Everett-Allen, head of international residential and country research, noted a softer landing for prices compared to initial predictions amidst the pandemic-fueled property boom. In contrast to the residential sector, the commercial real estate market faces challenges, particularly with the increasing trend of remote work impacting office spaces. Vacancy rates are rising, and office buildings are experiencing devaluation, intensifying the downturn in commercial real estate. Read Here more : Emaar Properties Achieves 15% Surge in Property Sales to $11 Billion Knight Frank’s data also reveals a significant decline in global investment in commercial real estate, falling by 46% in 2023 to $698 billion, primarily due to a retreat by American investors. Industrial and logistics sectors surpassed offices to become the most invested sector, indicating shifting investor preferences. Looking ahead, private real estate investors are expected to capitalize on market dislocations, with increased activity anticipated in 2024. Knight Frank suggests that these investors will play a pivotal role in shaping the recovery of the real estate market in the coming year.

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Emaar Unveils Exclusive Lifestyle Destinations Worth AED 91 Billion

March 1, 2024

Emaar Properties, renowned for its innovative architectural landmarks, has introduced two groundbreaking projects: The Heights Country Club in Dubai and Grand Club Resort adjacent to The Oasis. These ventures, totaling AED 91 billion, reflect Emaar’s commitment to setting new standards in high-end living experiences while strategically expanding its portfolio to include villas and townhouses, expected to drive sales and profitability. Click Here to Read more : Emaar Properties Achieves 15% Surge in Property Sales to $11 Billion The Heights Country Club, spanning 81 million square feet and valued at AED 55 billion, redefines premium high-end living. It offers an exclusive retreat, blending state-of-the-art amenities with serene landscapes to create a haven of comfort and elegance. The Grand Club Resort, covering 60 million square feet with a development value of AED 41 billion, epitomizes wellness and opulence. Meticulously designed, it hosts world-class wellness facilities, delivering an unparalleled luxury hospitality experience. Click Here to Read more : Aldar Properties Reports 40% Increase in 2023 Net Profit, Declares Dh1.3 Billion Dividends Mohamed Alabbar, commenting on these transformative destinations, emphasized Emaar’s role in elevating Dubai’s global stature. He stated, “With The Heights Country Club and Grand Club Resort, we are reshaping Dubai’s luxury real estate landscape. These developments underscore our commitment to excellence and our vision of creating unrivaled lifestyle destinations.” Click Here to Read more : Dubai Customs Achieves Record-Breaking 17.15 Million International Visitors in 2023 In line with Emaar’s ethos, both projects prioritize environmentally conscious designs, aligning with sustainable development goals and future-ready living spaces. These exclusive destinations signify a harmonious blend of exclusivity, sustainability, and innovative design, setting new benchmarks for high-end real estate in the UAE.

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Emaar's Recognition of Dubai's Top 20 Real Estate Companies

Emaar Honors Dubai’s Top 20 Real Estate Companies

March 1, 2024

Emaar Properties, renowned for its iconic developments, recently celebrated the outstanding achievements of Dubai’s top 20 real estate companies in 2023. This recognition highlighted their exceptional sales performance within a dynamic market landscape. The prestigious ceremony, hosted at the Armani Hotel in Downtown Dubai, was graced by the presence of His Highness Mohammed Alabbar, the visionary founder of Emaar, alongside esteemed senior officials. Click Here for More Properties – Properties for Sale These distinguished companies stood out among 5000 registered entities, showcasing unparalleled excellence in their annual sales achievements. The event underscored their unwavering commitment to innovation, customer satisfaction, and industry leadership. Read more Here : Emaar Properties Achieves 15% Surge in Property Sales to $11 Billion A highlight of the evening was the awards presentation, with recipients honored by having their names prominently displayed on the illustrious Burj Khalifa. This symbolic gesture acknowledged their significant contributions to Dubai’s real estate sector and its skyline. During his address, His Highness Mohammed Alabbar commended the winners for their outstanding performance, emphasizing Emaar’s commitment to fostering a collaborative ecosystem. He stressed the importance of innovation and resilience in navigating market dynamics, urging stakeholders to embrace change and strive for excellence. Click Here for More Properties – Properties for rent The event provided a platform for networking and celebration, bringing together industry leaders, innovators, and visionaries to reflect on past achievements and plan for the future. As Dubai positions itself as a global real estate hub, the contributions of these top 20 companies are instrumental in shaping its prosperous future. Here are the top 20 companies along with their ranks: Read more Here : Aldar Properties Reports 40% Increase in 2023 Net Profit, Declares Dh1.3 Billion Dividends   Aeon & Trisl AX Capital S Y Capital Estates Metropolitan Properties H&S Real Estate Union Square House Scorpion Property Unique Properties Xperience Realty Homes 4 Life Home Square Provident Real Estate R E M Hamptons International Top Millions Real Estate Signature Realty Driven Properties Raku Real Estate Upstream Properties D & B Properties

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Emaar Properties Achieves 15% Surge in Property Sales to $11 Billion

Emaar Properties Achieves 15% Surge in Property Sales to $11 Billion

February 13, 2024

Emaar Properties, Dubai’s largest publicly traded developer, has announced a remarkable 70% year-over-year increase in net profit for the fiscal year 2023, solidifying its position as a key player in the real estate market. Read this also : Aldar Properties Reports 40% Increase in 2023 Net Profit, Declares Dh1.3 Billion Dividends The real estate giant experienced impressive growth in 2023, with revenues reaching Dh26.7 billion ($7.3 billion) and net profit soaring to Dh11.6 billion ($3.2 billion), marking a 7% and 70% increase respectively from the previous year. Emaar attributed this exceptional performance to the flourishing tourism sector, a consistent uptick in retail sales, and a robust demand for real estate. Read this also : Dubai Customs Achieves Record-Breaking 17.15 Million International Visitors in 2023 Property sales witnessed a significant uptick, surging by 15% to peak values of Dh40.3 billion ($11 billion). Furthermore, Emaar substantially boosted its EBITDA by 63% from 2022 to 2023, reaching Dh16 billion ($4.4 billion). Mohamed Alabbar, Founder of Emaar, expressed satisfaction with the company’s accomplishments in 2023, crediting strategic initiatives implemented over the past two years and improvements in consumer confidence for driving business dynamics, particularly in real estate and retail. Looking ahead, Alabbar expressed optimism for 2024, anticipating a positive performance across shopping centers, hotels, and property sales. Emaar remains committed to unveiling innovative projects and delivering unparalleled offerings across all business divisions. As of December 31, 2023, the group’s revenue backlog from property sales stood at Dh71.8 billion ($19.5 billion), indicating a substantial increase driven by sales during the fiscal year. Emaar Development reported Dh11.9 billion ($3.2 billion) in revenue and Dh8 billion ($2.2 billion) in EBITDA in 2023, representing an 89% increase over 2022. The revenue backlog from property sales in the United Arab Emirates reached Dh62.1 billion ($16.9 billion) by the end of 2023, signaling approximately 50% year-over-year growth. Breakdown of earnings: Commercial leasing, retail, and shopping mall businesses contributed Dh5.8 billion ($1.6 billion) in revenue in 2023, with an EBITDA of Dh5 billion ($1.4 billion), excluding gains from the sale of Namshi. Emaar’s global real estate division reported Dh2.9 billion ($0.8 billion) in property sales and Dh3.1 billion ($0.9 billion) in revenue in 2023, with Egypt and India driving international operations’ performance. The hospitality, leisure, and entertainment sectors witnessed a 20% increase in revenue in 2023 over 2022, reaching Dh3.4 billion ($0.9 billion), fueled by strong domestic spending and a steady tourism sector recovery.

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Aldar Properties Reports 40% Increase in 2023 Net Profit, Declares Dh1.3 Billion Dividends

Aldar Properties Reports 40% Increase in 2023 Net Profit, Declares Dh1.3 Billion Dividends

February 13, 2024

In an impressive feat for the third consecutive year, Aldar Properties surpassed expectations, recording a 40% surge in net profit to Dh4.4 billion in 2023. This remarkable achievement was complemented by a revenue of Dh14.2 billion, marking a substantial 26% increase. Read this also : Dubai Customs Achieves Record-Breaking 17.15 Million International Visitors in 2023 The Abu Dhabi-based developer, expanding its footprint across various regions including Dubai, Ras Al Khaimah, London, and Western Europe, has proposed a dividend payout of 17 fils per share, totaling Dh1.3 billion for the fiscal year 2023. With a compounded annual growth rate (CAGR) of 9% over the past decade, Aldar underscores its commitment to delivering sustainable shareholder value through consistent dividends. Read this also : Abu Dhabi Enters Advanced Talks for Ras El Hekma Development in Egypt Amidst its expansion endeavors, Aldar unveiled the Nikki Beach project in Ras Al Khaimah and initiated its inaugural project in Dubai, the Haven, during the final quarter of 2023, coinciding with a net profit surge to Dh1.4 billion. Chairman Mohammed Khalifa Al Mubarak highlighted Aldar’s intensified growth trajectory in 2023, emphasizing the company’s focus on accelerating earnings growth through a robust pipeline of new developments and the optimization of its recurring income portfolio. Notably, Aldar recently announced plans to allocate Dh5 billion towards the creation of an additional portfolio of assets aimed at bolstering recurring income streams. Read this also : Dubai Land Department Achieves Record Performance in 2023: A Look at the Numbers With a substantial liquidity position comprising Dh2.9 billion in free cash and untapped credit facilities amounting to Dh7.5 billion, Aldar stands firm with a “strong” financial standing, poised for further growth and investment opportunities.

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Dubai Customs Achieves Record-Breaking 17.15 Million International Visitors in 2023

Dubai Customs Achieves Record-Breaking 17.15 Million International Visitors in 2023

February 13, 2024

In 2023, Dubai Customs reached a remarkable milestone by managing 46,870,957 bags from 206,396 flights, averaging 128,400 bags per day. The primary focus remains on enhancing traveler satisfaction and elevating their overall experience. Read this also : Abu Dhabi Enters Advanced Talks for Ras El Hekma Development in Egypt With a workforce of over 845 inspection officers and the aid of 77 cutting-edge baggage inspection devices, the Passenger Operations Department played a pivotal role in facilitating the arrival process for passengers. Notably, Dubai Customs significantly contributed to the record-breaking 17.15 million foreign visitors in 2023. Read this also : Dubai Land Department Achieves Record Performance in 2023: A Look at the Numbers Director of Passenger Operations, Ibrahim Al Kamali, underscored the department’s pivotal role in expediting customs procedures and ensuring passengers’ contentment upon their arrival at Dubai airports. Leveraging artificial intelligence and modern technologies, the department is committed to implementing advanced traveler systems to revolutionize the customs inspection industry. Read this also : Transferring Property to Family Members in Dubai: A Comprehensive Guide The recent launch of the “iDeclare” app, compatible with all smart devices, empowers passengers to declare their personal belongings and luggage beforehand, reducing customs clearance time at the red channel to under four minutes. Khaled Ahmed, Senior Manager of Airport Terminal 1 at the Passenger Operations Department, emphasized Dubai Customs’ meticulous planning to streamline traveler processes during peak periods at Dubai International Airport, including the Hajj season, winter holidays, and New Year’s festivities. Read this also : Key Investment Opportunities in Dubai and Saudi Arabia for Foreign Investors in 2024 Given Dubai’s vibrant ambiance and diverse events, the city attracts a significant number of visitors year-round. To ensure optimal customs services for travelers, Dubai Customs’ Passenger Operations Department has devised an action plan that includes augmenting the number of inspectors during peak times and conducting daily meetings and collaborations with strategic partners such as Emirates Airlines, Dubai Airports, and other carriers.

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