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Dubai Office Space Market Defies Remote Work Expectations with 44,000 Square Meters of New Developments

Dubai Office Space Market Defies Remote Work Expectations with 44,000 Square Meters of New Developments

February 2, 2024

In a surprising move contradicting remote work expectations, Dubai is set to witness the construction of 44,000 square meters of high-quality office space in free zones during 2024, responding to the city’s surging demand. Read this also : In 10 Years, Sharjah Millionaires Projected to Surge by 120%; Dubai Ranks Third in BRICS Bloc Wealth Commercial real estate company CRC’s report reveals plans for new constructions or expansions at 6 Falak in Internet City and Sweid One in Jumeirah Lakes Towers (JLT). The recent addition of 92,000 square meters of gross leasable area in 2023 has brought the total stock size to 9.2 million square meters. Read this also : Uptown Dubai’s Second Phase Breaks Ground Despite initial projections related to post-pandemic remote work trends, the Dubai office market experienced a remarkable 44% increase in buyer leads for office purchases. This unexpected surge indicates persistent investor confidence, leading to further growth in 2024, driven by rising demand, population growth, and a healthier market. In 2023, the average price of office properties in Dubai was AED 1,120 per square foot, reflecting an increase from AED 1,006 in 2022. Although slightly below the previous high of AED 1,198 per square foot in 2014, the market’s resilience is evident. The total value of office space sold in Dubai in 2023 amounted to AED 4.78 billion (AED 1.3 billion). Read this also : Yas Holding’s Taraf Launches Luxury Residences “Cello” in Jumeirah Village Circle The city’s commercial real estate market witnessed a substantial increase, selling 12,215 units for a total of AED 91 billion in 2023, compared to AED 52.1 billion and 9,724 transactions in 2022. CRC points out that regulations concerning visas per square foot of office space play a crucial role in the rising demand. As companies expand and hire more employees, the need for larger premises grows to accommodate visa allowances in proportion to office size. Read this also : Sharjah’s Real Estate Market Achieves 6-Year High in 2023 Transactions The top locations for office sales included Jumeirah Lakes Towers, Business Bay, Sheikh Zayed Road, Motor City, and Barsha Heights. Tecom and Media City secured the fourth and fifth positions, respectively, in both office sales and commercial leasing. This unexpected upturn in the Dubai office space market challenges conventional expectations, emphasizing the city’s resilience and adaptability to evolving work dynamics.

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In 10 Years, Sharjah Millionaires Projected to Surge by 120%; Dubai Ranks Third in BRICS Bloc Wealth

In 10 Years, Sharjah Millionaires Projected to Surge by 120%; Dubai Ranks Third in BRICS Bloc Wealth

February 2, 2024

A recent report by Henley & Partners reveals a significant surge of 120% in Sharjah’s millionaire population over the next decade. This projection positions Dubai as the third-richest city within the newly expanded BRICS bloc. Read this also : Uptown Dubai’s Second Phase Breaks Ground Dubai has secured its spot among the top ten wealthiest cities in emerging markets, experiencing a remarkable 78% growth in millionaires, reaching 72,500 between 2013 and 2023. Tenth place is claimed by Abu Dhabi, witnessing a 75% increase in millionaires, totaling 22,700. Invest in Dubai Real Estate : Click here for Properties for Sale Leading the list is Beijing with 125,600 millionaires, followed closely by Shanghai with 123,400. Mumbai, India, secures the fourth position with 58,800 millionaires, while Shenzhen, China, takes the fifth spot with 50,300 millionaires. Read this also : Yas Holding’s Taraf Launches Luxury Residences “Cello” in Jumeirah Village Circle Interestingly, Sharjah, although not ranking among the top ten richest cities, has surpassed both Dubai and Abu Dhabi in wealth growth. The emirate is expected to see a remarkable 120% increase in wealth between 2023 and 2033. Currently housing 4,100 high-net-worth individuals (HNWIs), Sharjah’s HNWI population is anticipated to exceed 9,000 by 2033. Get the Highest ROI with NBS Real Estate : Click to see Properties for Rent in Dubai  Andrew Amoils, Head of Research at New World Wealth, notes, “Despite accounting for less of the UAE’s wealth than Dubai and Abu Dhabi, Sharjah’s wealth is growing at a slightly faster rate than both these cities in percentage terms.” Read this also : Sharjah’s Real Estate Market Achieves 6-Year High in 2023 Transactions Over the next decade, Bengaluru is predicted to experience the fastest wealth growth at a rate of 125%, while Cape Town, Riyadh, and Jeddah are expected to grow at rates of 100%, 90%, and 85%, respectively. By 2033, Riyadh is expected to have over 35,000 HNWIs, doubling its current estimate of 18,200. Jeddah’s HNWI population is projected to increase from 7,500 to over 15,000 by 2033. Read this also : Navigating Dubai Service Charges: A Comprehensive Guide for Home Buyers With the recent inclusion of the UAE, Saudi Arabia, Egypt, Ethiopia, and Iran, the BRICS bloc has doubled in size, amassing $45 trillion in investable wealth. Over the next decade, an 85% increase in the millionaire population is expected, with 1.6 million people on the block possessing investable assets surpassing $1 million, including 549 billionaires and 4,716 centimillionaires.

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Uptown Dubai’s Second Phase Breaks Ground

Uptown Dubai’s Second Phase Breaks Ground

February 2, 2024

DMCC, a flagship free zone and Government of Dubai Authority on commodities trade and enterprise, is expanding its real estate portfolio with the commencement of the second phase of Uptown Dubai. The groundbreaking ceremony, led by Swissboring Overseas Piling Corporation for foundation and enabling work, marks a significant milestone in the development. Read this also : Yas Holding’s Taraf Launches Luxury Residences “Cello” in Jumeirah Village Circle Swissboring’s priorities include implementing basement retention systems for the two towers’ three basement levels, foundation work for the towers and podium levels, construction of upcoming bridges, dewatering operations, and excavation of the entire phase-two plot. Invest in Dubai Real Estate : Click here for Properties Phase Two involves the construction of two mid-rise towers in the Uptown Dubai neighborhood, standing at 23 and 17 stories, respectively. These towers will encompass 86,000 square feet of retail and food and beverage (F&B) space, along with 753,000 square feet of Grade A commercial office space, aligning with the upscale character of the urban community. Read this also : Sharjah’s Real Estate Market Achieves 6-Year High in 2023 Transactions With the addition of these towers, more than half of the district’s planned towers have been completed, joining Uptown Tower and the two residential towers within Mercer House, recently opened by Ellington Properties. Get the Highest ROI :Rental properties are here : Click Now Uptown Dubai’s central attraction, The Plaza, will be surrounded by nine towers, offering a vibrant array of events, including immersive art installations, music, film, and fashion shows. Read this also : Navigating Dubai Service Charges: A Comprehensive Guide for Home Buyers Upon completion, Uptown Dubai will boast a gross floor area (GFA) of 5.8 million, with 2.5 million dedicated to commercial office space. CEO and Executive Chairman Ahmed Bin Sulayem highlighted the success of Uptown Tower’s opening last year, housing branded residences, a luxury hotel, and top global companies. The groundbreaking of Phase 2 aims to replicate this success, contributing to the expansion of the business district and enhancing DMCC’s overall value proposition.

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Yas Holding's Taraf Launches Luxury Residences "Cello" in Jumeirah Village Circle

Yas Holding’s Taraf Launches Luxury Residences “Cello” in Jumeirah Village Circle

February 1, 2024

A new pinnacle of refined living emerges as Taraf, the real estate division of Yas Holding, introduces a collection of premium residences at the heart of Jumeirah Village Circle (JVC) in Dubai. This venture signifies a sophisticated blend of modern design and lifestyle, reinforcing Yas Holding’s commitment to excellence in the United Arab Emirates’ real estate landscape. Read this also : Sharjah’s Real Estate Market Achieves 6-Year High in 2023 Transactions Named “Cello,” this project offers a diverse array of apartments catering to contemporary living, ranging from open studios to spacious one-to-three-bedroom residences and four-bedroom penthouses. Characterized by distinctive architectural designs and serene interiors, Cello residences create a seamless transition between work and leisure. Situated in proximity to Halfa Park, Community Park, Circle Mall, JSS International School, and Five Jumeirah Village, Cello ensures convenient access to retail stores, restaurants, bars, and cafes. Additionally, its strategic location near Al Khail Road and Hessa Street facilitates easy connectivity to the rest of the city, enhancing its appeal for both business and leisure pursuits. Read this also : Navigating Dubai Service Charges: A Comprehensive Guide for Home Buyers CEO of Yas Holding Group, Low Ping, expressed enthusiasm, stating, “Cello will be Taraf’s second project in Jumeirah Village Circle, growing our presence in this desirable location and deepening our roots in Dubai.” As Yas Holding enters its second year in real estate, the company remains optimistic about Dubai’s growing market, hinting at further announcements throughout 2024. Featuring residences ranging from 430 to 5,000+ sq ft, each property is meticulously designed to strike a perfect balance between functionality and ambiance. The emphasis on detail and comfort is evident throughout, offering residents a living experience beyond expectations. Cello boasts an array of amenities, including fitness centers, a multipurpose room, a large swimming pool, a kids’ pool, an outdoor movie theater, an outdoor gym, a zen reading area, and a barbecue area. These facilities enhance the overall lifestyle quotient of the development. Ahmad Shibel, CEO of Taraf, emphasized that Cello Residences aim to provide more than just a residence but a lifestyle where every detail exceeds expectations. The modern design integrates dynamic facades with LED lights for captivating nighttime displays, emphasizing sustainability through optimized natural ventilation and lighting. Read this also : Unveiling the Charms of Jumeirah Islands: Your Ultimate Area Guide The meticulously landscaped grounds and elevated podium areas create tranquil communal spaces, harmonizing with nearby amenities. Cello Residences embody contemporary living, emphasizing harmony and rhythm in daily life in this urban oasis within JVC. This exceptional project not only represents a significant addition to JVC’s real estate landscape but also underscores Yas Holding’s dedication to crafting spaces that resonate with the evolving needs of modern living.

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Sharjah's Real Estate Market Achieves 6-Year High in 2023 Transactions

Sharjah’s Real Estate Market Achieves 6-Year High in 2023 Transactions

February 1, 2024

In 2023, Sharjah witnessed a remarkable surge in real estate transactions, reaching its highest level since 2017. This upswing indicates a growing interest among capitalists, businesspeople, and investors, driven by the potential for significant returns in both short- and long-term scenarios. The Sharjah Real Estate Registration Department reported a substantial 13% increase in the volume of property transactions, amounting to Dh27 billion. This expansion reflects not only an increase in transaction size but also in the overall area covered and investor engagement. Read this also : Navigating Dubai Service Charges: A Comprehensive Guide for Home Buyers Abdulaziz Ahmed Al-Shamsi, Director General of the Sharjah Real Estate Registration Department, attributes this growth to the “strength and versatility” evident in Sharjah’s real estate market in 2023. Key Highlights: Diverse Investor Participation: The number of nationalities involved in real estate transactions reached 103, showcasing a significant 21% increase in diversity compared to 2022. The total number of properties traded increased by 12%, indicating a growing global interest in Sharjah’s real estate. Read this also : Unveiling the Charms of Jumeirah Islands: Your Ultimate Area Guide Foreign Investor Impact: Non-Arab foreign investors played a substantial role, contributing to a remarkable 165% increase in trading volume and a 131.7% increase in the number of properties traded. Mortgages accounted for Dh7.5 billion in transactions, signifying a robust financial engagement by foreign investors. Regional and Local Contributions: Gulf nationals and Arab citizens collectively represented 22% of the total investments, with Dh1.6 billion and Dh6 billion, respectively. UAE citizens took the lead, contributing 56% of the investments. Invest in Dubai Real Estate : Properties for Sale : Click Here Detailed Breakdown: Foreign nationals constituted 21% of the total transactions, amounting to Dh6 billion. Indian investors led the pack, trading 1,469 properties valued at Dh2.8 billion. Syrian investors contributed Dh1.1 billion through 609 properties. Other noteworthy contributions came from Iraqi, Jordanian, Egyptian, and Pakistani investors. This surge in real estate activity positions Sharjah as a thriving and attractive market for a diverse range of investors. The data underscores the region’s resilience and potential for sustained growth. For those seeking investment opportunities, Sharjah’s real estate market in 2023 presents a promising landscape marked by diversity, strength, and noteworthy returns.

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Navigating Dubai Service Charges: A Comprehensive Guide for Home Buyers

Navigating Dubai Service Charges: A Comprehensive Guide for Home Buyers

February 1, 2024

Are you considering purchasing a home, villa, or apartment in Dubai? It’s crucial to acquaint yourself with the city’s applicable service charges. In this blog post, we’ll provide a thorough overview of Dubai service fees, shedding light on government-imposed charges and offering advice on managing your expenses efficiently. Whether you’re a novice buyer or an experienced investor, this post is tailored to meet your needs. Read this also : Unveiling the Charms of Jumeirah Islands: Your Ultimate Area Guide Dubai homeowners commonly incur service charges, payments made to property management businesses for the maintenance of common spaces, encompassing sanitation, security, and landscaping. In certain instances, these charges may also cover utilities like water and electricity. The amount of service fees varies based on factors such as property size and location. For instance, residences in Dubai’s downtown typically incur higher service fees than those in other neighborhoods. Invest in Dubai Real Estate : Properties for sale : Click here Read this also : Retal Signs $12.8 Million Agreement for Residential Buildings in Khobar Understanding Dubai Service Fees: Government Imposition: Service fees in Dubai are government-imposed, necessitating payment regardless of service usage. Fixed and Variable Fees: Fixed Fees: Unchanging month to month, e.g., monthly water payments. Variable Fees: Subject to change based on usage, e.g., fluctuating electricity costs. When contemplating real estate in Dubai, it’s essential to factor in service fees. Consult your real estate agent for insights into expected monthly service costs, allowing for a more accurate budget for your new home. Dubai Real Estate for Rentals : Click here for Rentals Properties Read this also : Ras Al Khaimah Unveils ‘RAK Central’ – The Northern Emirates’ Largest Business District Breakdown of Service Charges: The overall cost of service fees in Dubai hinges on various factors: Community Location: The property’s area. Project Type: The building or sub-community. Property Usage: Whether residential or commercial. Common Service Charges Include: Services Maintenance Utilities (DEWA) Management Insurance Master Community Developers may also levy a Sinking Fund, serving as reserves for significant future repairs or maintenance. This fund covers various aspects, including roof repairs, common area systems, and utilities for district cooling. Read this also : Dubai Real Estate Achieves AED 3 Billion in Transactions on Tuesday, DLD Reports Service Fees Across Dubai: Downtown Dubai: Service fees range from AED 20 to AED 30 per square foot. Annual fees for an 800-square-foot apartment could range from AED 16,000 to AED 20,000. Jumeirah Lake Towers (JLT): Comparable service fees to Downtown Dubai. Annual fees for an 800-square-foot apartment range from AED 16,000 to AED 24,000. Read this also : Abu Dhabi Office Sales Surge 38.7% YoY in Q4 2023, Reveals ValuStrat Report Emirates Living: Similar service fees to Downtown Dubai. Annual fees for an 800-square-foot apartment range from AED 16,000 to AED 24,000. Jebel Ali: Substantially lower service fees compared to Downtown Dubai. Annual fees for an 800-square-foot apartment range from AED 600 to AED 12,000. Read this also : Dubai International Financial Centre (DIFC) Area Guide: The Pinnacle of Urban Living Strategies for Cost Reduction: Compare Costs: Explore and compare service fees before making a decision. Negotiate: Negotiate for lower fees with property management firms or developers. Inclusive Fees: Look for properties where service fees include utilities. While service fees are a necessary aspect of property ownership in Dubai, there are avenues to manage expenses. Choose wisely, negotiate strategically, and stay informed to create an accurate budget for your new home.

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Unveiling the Charms of Jumeirah Islands: Your Ultimate Area Guide

Unveiling the Charms of Jumeirah Islands: Your Ultimate Area Guide

February 1, 2024

Nestled within the prestigious Emirates Living area, Jumeirah Islands stands as a beacon of luxurious living, courtesy of Nakheel Properties. This gated housing development boasts 736 residences, each unique in size and design, organized into six distinct clusters inspired by various architectural themes. Read this also : Retal Signs $12.8 Million Agreement for Residential Buildings in Khobar From the elegance of European and Islamic designs to the allure of Mediterranean, Oasis, Tropical, and Contemporary villas and townhouses, Jumeirah Islands offers a diverse array of living options. Distinguishing itself further, the community showcases three distinctive styles: Garden Hall, Master View, and Entertainment Foyer. For those with a penchant for grandeur, there are also 31 opulent mansions within a secluded enclave. Read this also : Ras Al Khaimah Unveils ‘RAK Central’ – The Northern Emirates’ Largest Business District Adding to the allure is the Jumeirah Islands Pavilion, a hub for commercial and leisure facilities within the community. Residents relish the proximity to iconic landmarks like the Burj Al Arab, Burj Khalifa, and the lavish resorts of Palm Jumeirah. Road Access: Strategically positioned just east of Sheikh Zayed Road (E11), between interchanges 5 and 6, Jumeirah Islands enjoys seamless road access. It lies inland from Dubai Marina and Jumeirah Lakes Towers, offering convenience and connectivity. Read this also : Dubai Real Estate Achieves AED 3 Billion in Transactions on Tuesday, DLD Reports Proximity to Landmarks: Living in Jumeirah Islands means being a short drive away from various attractions: 12 minutes to Ibn Battuta Mall 22 minutes to Dubai Mall 14 minutes to Palm Jumeirah 14 minutes to The Walk JBR 30 minutes to La Mer by Meraas 31 minutes to Al Maktoum International Airport 16 minutes to Mall of the Emirates 46 minutes to Dubai International Airport 19 minutes to Burj Al Arab Public Transport: Benefitting from the proximity of the Dubai Metro, with Nakheel Harbour and Jumeirah Lakes Towers stations nearby, residents enjoy convenient public transport options. Read this also : Abu Dhabi Office Sales Surge 38.7% YoY in Q4 2023, Reveals ValuStrat Report Schools and Universities: Jumeirah Islands offers a variety of educational institutions, including Chubby Cheeks Nursery, Oakfield Early Learning Centre, Kids Kingdom in JLT, and Raffles Nursery in Emirates Hills. Renowned schools like Emirates International School, Delhi Public School, and Regent International School are easily accessible. The American University in Dubai and various options in Knowledge Park contribute to the educational landscape. Read this also : Luxury Living in Dubai: Branded Residences Lead the Market with 100% Rental Premiums Clinics and Hospitals: With a clinic within the Jumeirah Islands Pavilion, residents have immediate access to healthcare facilities. Al Zahra Hospital and Saudi German Hospital are within a 10-minute reach, along with clinics like Life Medical JLT and NMC Family Clinic. Pros and Cons: Pros: Proximity to Facilities and Amenities Pet-Friendly Community Cons: Weekends Can Get Busy Commutation is Most Convenient with Personal Vehicle Ownership Discover the epitome of luxurious living in Jumeirah Islands, where architectural grandeur meets unparalleled convenience. Embrace a lifestyle that harmonizes opulence with practicality in this coveted Dubai community.

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