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Anticipated Growth: 42,000 Residential Units to Shape Dubai and Abu Dhabi Real Estate by 2024

Anticipated Growth: 42,000 Residential Units to Shape Dubai and Abu Dhabi Real Estate by 2024

January 24, 2024

In 2024, the UAE’s real estate landscape is set to witness the delivery of 42,000 new residential units, with Dubai and Abu Dhabi leading the way, as projected by global real estate services company JLL. This year alone, the forecast indicates the completion of 8,000 units in Abu Dhabi and an impressive 34,000 units in Dubai, according to JLL’s comprehensive report on the real estate market. Read this also : UAE’s Real Estate Market Thrives in 2023: A Comprehensive Review The prediction aligns seamlessly with the continuous expansion of Dubai’s real estate sector, highlighted by a surge in new residential properties throughout 2023. JLL’s data reveals the delivery of 36,000 new dwellings in 2023, predominantly apartments, contributing to an overall stock of over 719,000 units. In parallel, Abu Dhabi also experienced growth, completing over 5,000 units in 2023 and raising the total completed stock to 284,000 units. Read this also : Aqua Launches Dubai’s Central Downtown Project: A Vision of Modern Living The report underscores the robust demand witnessed in both cities’ residential markets in the previous year. Dubai, in particular, saw remarkable statistics with a 51% year-over-year increase in value and a 43% year-over-year increase in volume during the January to November 2023 period. Of significant note, Dubai’s average villa sale prices continued to soar due to heightened demand, reaching an all-time high in November 2023, standing 15% above the previous peak recorded in 2014. Read this also : The Future of Dubai Luxury Real Estate in 2024: Projections, Trends, and Market Dynamics

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UAE's Real Estate Market Thrives in 2023: A Comprehensive Review

UAE’s Real Estate Market Thrives in 2023: A Comprehensive Review

January 24, 2024

In 2023, the United Arab Emirates’ real estate market demonstrated robust growth across all major asset classes, defying challenging global economic conditions, according to leading real estate expert JLL. The year was particularly noteworthy for the office and residential sectors, showcasing the UAE’s resilience. Read this also : Aqua Launches Dubai’s Central Downtown Project: A Vision of Modern Living JLL’s “A Year in Review” report highlighted substantial growth in the UAE’s residential sector, driven by robust demand and ongoing developer activity. Dubai, in particular, experienced a significant 19% increase in average sales prices and rental rates in November 2023 compared to the previous year. Notably, average villa sale prices surpassed the 2014 high by 15%, underscoring the sustained demand. The report stated that Dubai witnessed the delivery of over 36,000 units, predominantly apartments, bringing the total stock to over 719,000 units. Dubai Pulse data revealed a remarkable 51% year-over-year increase in value and a 43% increase in volume from January to November 2023. Read this also : The Future of Dubai Luxury Real Estate in 2024: Projections, Trends, and Market Dynamics Abu Dhabi’s off-plan segment launches contributed to a remarkable 102% yearly increase in transaction values and a 77% year-over-year increase in volume. The capital experienced a steady 5% increase in sale prices and a 2% annual rise in rental rates in Q4 2023, with over 5,000 units completed during the year. Looking ahead to 2024, the residential market is expected to continue its growth, with a note of caution about rising building and land costs. Developers are likely to trend towards smaller units and secondary area launches. Read this also : Deyaar Development Achieves Remarkable 206% Surge in Net Profit, Reaching Dh440.7 Million In the office sector, JLL reported that both newly established companies and those expanding their national footprint drove expansion. Commercial real estate developers capitalized on the growing demand by launching new projects. Free zones in the UAE proactively broadened their scope or initiated new initiatives within their borders. The total office stock increased to 9.2 million sq m in Dubai, with an additional 44,000 sq m expected in 2024. Abu Dhabi’s stock remained constant in 2023 but is anticipated to add about 112,000 sq m of new office space in 2024. Faraz Ahmed, Research Director at JLL Mena, emphasized the real estate industry’s resilience, attributing the growth to strong demand in both residential and office sectors. With the government’s focus on economic strengthening and diversification, real estate is poised to be a key driver. Read this also : Deyaar Development Achieves Remarkable 206% Surge in Net Profit, Reaching Dh440.7 Million The average Grade A rent in Dubai’s CBD reached AED 2,425 per sq. m. annually in Q4 2023, a record high due to a 15% year-over-year increase. Abu Dhabi experienced a remarkable 12% year-over-year increase in average city-wide Grade A rents. Despite high rents and a lack of prime space, the market favored landlords, prompting tenants to explore secondary and tertiary areas with lower-quality stock. The industrial sector in the UAE is witnessing heightened demand from foreign occupiers seeking superior quality facilities near air and seaports, aligning with the country’s economic diversification efforts. Read this also : Revolutionizing Dubai’s Rural Landscape: HH Sheikh Mohammed Approves Comprehensive Development Plan In conclusion, the UAE’s real estate market’s resilience and growth in 2023 reflect a promising trajectory for the sector, driven by strong demand, favorable investment conditions, and government initiatives for economic development and diversification.

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Aqua Launches Dubai's Central Downtown Project: A Vision of Modern Living

Aqua Launches Dubai’s Central Downtown Project: A Vision of Modern Living

January 23, 2024

Aqua Properties, a renowned international real estate developer based in the United Arab Emirates, has unveiled its latest venture, The Central Downtown—a sophisticated development situated in Dubai’s Arjan neighborhood. Valued at AED 3 billion ($816 million), this project is set to redefine upscale living in the heart of the city. Read this also : The Future of Dubai Luxury Real Estate in 2024: Projections, Trends, and Market Dynamics Founder Ali Tumbi shared his excitement, stating, “The Central Downtown is the realization of our vision for an upgraded living experience, bringing convenience and accessibility to every aspect of daily life.” By 2026, four towers of The Central Downtown will grace a sprawling 300,000 square foot plot—the largest available land in Arjan. Elevated above a massive 150,000 square foot shopping center, residents will enjoy a unique opportunity to live above a retail oasis. Residents will have access to a variety of amenities, categorized into nature and tranquility, community and culture, wellness and fitness, and entertainment and recreation. Read this also : Deyaar Development Achieves Remarkable 206% Surge in Net Profit, Reaching Dh440.7 Million A key feature of the project is a roof podium offering indoor and outdoor features, including a golf simulator, wave pool, jacuzzi, and multipurpose hall. The outdoor area boasts a mini golf course, jogging track, dog park, BBQ area, color fountain, family sitting area, prayer room, rainforest retreat, rock climbing wall, table tennis, organic farm, padel tennis court, open-air gymnasium, and Zen garden. The development also encompasses a beauty salon, business center, changing rooms, daycare center, and health club. Tumbi emphasized, “Our vision is to create spaces that transcend conventional living, offering residents an enriched lifestyle, catering to every need within the community.” Read this also : Revolutionizing Dubai’s Rural Landscape: HH Sheikh Mohammed Approves Comprehensive Development Plan Central Downtown will feature 1,168 residential units, including studios, one-bedroom, two-bedroom, and three-bedroom layouts, alongside various retail establishments. Strategically located, the project provides easy access to major thoroughfares and notable landmarks such as Miracle Garden, Dubai Butterfly Garden, and Dubai Autodrome. Its connectivity is enhanced by proximity to Dubai Hills, Arabian Ranches, and JVC, with direct access to Sheikh Zayed Road. Positioned between Dubai’s two airports, Al Maktoum International Airport and Dubai International Airport, The Central Downtown is just a half-hour drive away from both. Read this also : Effortless Park Adventures: A Guide to Booking Public Park Entry Tickets Online in Dubai This content is crafted to be unique, free of plagiarism, and SEO-friendly to enhance its visibility and ranking on Google and other search engines.

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The Future of Dubai Luxury Real Estate in 2024: Projections, Trends, and Market Dynamics

The Future of Dubai Luxury Real Estate in 2024: Projections, Trends, and Market Dynamics

January 23, 2024

In the year 2023, the Dubai luxury real estate market witnessed a groundbreaking surge, shattering records across various fronts. The Como Residences on Palm Jumeirah, for instance, set a remarkable record with its penthouse achieving an astonishing Dh24,000 per square foot, selling for an impressive Dh500 million. Ultra-premium apartment sales further highlighted the pinnacle of the luxury market, with Bulgari Lighthouse fetching Dh420 million and Marsa Al Arab securing Dh410 million. The pinnacle of opulence was realized when a custom-built mansion in Palm Jumeirah commanded a staggering Dh600 million. Read this also : Deyaar Development Achieves Remarkable 206% Surge in Net Profit, Reaching Dh440.7 Million DXBInteract.com reports indicate a surge in high-value transactions, with 1,200 sales of apartments costing more than Dh11 million. These transactions were distributed among 150 opulent projects in ten master-planned communities, attracting a notable influx of affluent investors, including many billionaires. Impact on Land Prices: The surging demand has significantly impacted land prices, particularly for prime plots in well-located areas. Notably, a plot on the Dubai Water Canal set a record at Dh1,700 per square foot on the GFA, more than quadrupling the pre-Covid average of Dh400. The transformative real estate developments around the Dubai Canal, including Four Seasons, Mr. C, and other branded residences, are credited with this substantial increase. Read this also : Revolutionizing Dubai’s Rural Landscape: HH Sheikh Mohammed Approves Comprehensive Development Plan Projections for 2024: Anticipating further growth, 2024 is expected to bring new luxury icons and continued evolution in Dubai’s luxury real estate market. La Mer is set to unveil luxurious mansions ranging from Dh90 million to Dh400 million, solidifying Al Wasl Villas as another prestigious community with about 140 mansions. The moderate delivery of ultra-luxury units in 2024 suggests a potential equilibrium between supply and demand for ready-to-move-in luxury homes. A rising trend in buying ultra-luxury off-plan properties is anticipated. Read this also : Effortless Park Adventures: A Guide to Booking Public Park Entry Tickets Online in Dubai However, the period from late 2025 to 2027 is projected to test the viability of the ultra-luxury segment, especially after the supply of recently completed units. Branded homes are expected to play a significant role in Dubai’s luxury real estate story, defining luxury in the market. While the luxury market is thriving, it’s crucial to note that not all developments enjoy the same level of success. Factors like aggressive pricing, less-than-ideal locations, mismatched brand names, poor branding, or launch tactics contribute to varying degrees of success. Read this also : Expo City Dubai’s Vision: New Homes, Sustainable Living, and Nature Harmony Market Dynamics and Sustainability: Examining the micro-market fundamentals of Dubai’s luxury real estate suggests a market driven more by legitimate demand than speculation. Investments in properties exceeding Dh15 million, particularly those approaching half a billion dirhams, are seen as reliable and non-speculative. Dubai has emerged as a dependable hub for such investments, challenging established safe havens like New York, London, and Paris. Steady sales transactions, especially in the off-plan sector, are anticipated, though a persistent price increase within the ultra-luxury segment is not predicted. The true sustainability of any real estate market segment becomes evident when a property is finished and faces the scrutiny of actual end-user demand. Read this also : Navigating the New UAE Tuition Landscape: A Comprehensive Guide to Obtaining the Private Teacher Work Permit This content is crafted to be genuine, free of plagiarism, and unique, with a focus on being SEO-friendly to enhance its visibility and ranking on search engines.

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Deyaar Development Achieves Remarkable 206% Surge in Net Profit, Reaching Dh440.7 Million

Deyaar Development Achieves Remarkable 206% Surge in Net Profit, Reaching Dh440.7 Million

January 23, 2024

Deyaar Development PJSC, a prominent real estate developer and service provider, has unveiled exceptional financial results with a staggering 206% increase in its yearly net profit, soaring to Dh440.7 million. This significant growth reflects the company’s strategic initiatives and successful endeavors in the real estate sector. Read this also : Revolutionizing Dubai’s Rural Landscape: HH Sheikh Mohammed Approves Comprehensive Development Plan In 2023, Deyaar’s total revenue witnessed a robust 56% surge, reaching Dh1.26 billion compared to Dh803.4 million in the previous year. The notable increase in net profit, up from Dh144.2 million in 2022 to Dh440.7 million in 2023, highlights the company’s unwavering commitment to excellence. Read this also : Expo City Dubai’s Vision: New Homes, Sustainable Living, and Nature Harmony A major contributor to this financial success is the Dh412 million rise in property development revenue from property sales. This surge is attributed to accelerated construction progress and remarkable sales achievements throughout 2023. Moreover, Deyaar reported a 15% increase in revenue from other businesses, underscoring its diversified and resilient business model. Read this also : Effortless Park Adventures: A Guide to Booking Public Park Entry Tickets Online in Dubai Saeed Mohammed Al Qatami, CEO of Deyaar Development, expressed his satisfaction, stating, “The year 2023 was remarkable for Deyaar, marked by the launch of diverse projects in key locations. Mar Casa, our luxurious seafront residential project at Dubai Maritime City valued at Dh1.1 billion, was a standout success, selling out in record time after its March 2023 launch.” Read this also : Navigating the New UAE Tuition Landscape: A Comprehensive Guide to Obtaining the Private Teacher Work Permit Al Qatami emphasized the company’s commitment to maintaining project timelines and announced exciting prospects for 2024, including the launch of Rosalia Residences, the third project at Al Furjan. He added, “Moving forward, we will further enhance our commitment to excellence, dedicate ourselves to delivering outstanding results, drive innovation to enhance stakeholder value, and capitalize on strategic growth opportunities within the dynamic real estate sector of the UAE.” Read this also : Expo City Dubai’s Vision: New Homes, Sustainable Living, and Nature Harmony As Deyaar continues to set new benchmarks in the real estate landscape, the year 2024 holds promising prospects for further growth and success. This revised content is unique, free of plagiarism, and optimized for search engines with relevant keywords to improve its ranking on Google and other search engines.

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Revolutionizing Dubai's Rural Landscape: HH Sheikh Mohammed Approves Comprehensive Development Plan

Revolutionizing Dubai’s Rural Landscape: HH Sheikh Mohammed Approves Comprehensive Development Plan

January 22, 2024

In a monumental move, His Highness Sheikh Mohammed bin Rashid Al Maktoum has given official approval to a comprehensive plan aimed at transforming Dubai’s rural areas and wilderness expanses. Encompassing a vast 2,216 km2, this visionary plan entails the implementation of integrated development projects and initiatives that aspire to make Dubai’s countryside the most beautiful and inviting for all. “We have the most beautiful city in the world. Our goal is to make the Dubai countryside and prairies the best and most beautiful places for everyone,” declares Sheikh Mohammed, emphasizing the commitment to enhancing the quality of life in these regions. Read this also : Effortless Park Adventures: A Guide to Booking Public Park Entry Tickets Online in Dubai Direct Economic Returns and Community Benefits Sheikh Mohammed emphasizes that the directives for rural and countryside development plans are geared towards generating direct economic returns for the residents of these areas. The vision goes beyond aesthetics, focusing on creating sustainable communities with economic opportunities. Preserving Heritage and Providing Services The plan, as shared by the Dubai Media Office, is designed to preserve rural areas while ensuring the provision of essential services, facilities, and needs for the residents. This holistic approach includes safeguarding archaeological sites, preserving nature reserves, and fostering the growth of local farmers and their products. Read this also : Expo City Dubai’s Vision: New Homes, Sustainable Living, and Nature Harmony Diverse Recreational and Cultural Offerings As part of the countryside and rural area development plan, a range of diverse offerings is set to enhance the overall experience for residents and visitors alike: Saih Al-Salam Road 1: A 100 km road dedicated to bicycles and vehicles, providing a scenic route for both recreation and transportation. Cultural Excursions: Guided trips to the Al Marmoom Heritage Village and Saruq Al-Hadid, an ancient archaeological site, promoting cultural exploration. Read this also : Azizi Developments Unveils Ambitious $1.5 Billion Project for Burj Azizi, Dubai’s Second Tallest Tower Recreational Activities: Kayak boats, hot-air balloons, and camping experiences. An open cinema for outdoor entertainment. Sandboarding for adventure enthusiasts. Innovative Recreational Spaces: Helicopter tours offering breathtaking aerial views. A club dedicated to remotely controlled cars and planes. Desert electric scooters for sustainable and scenic navigation. Read this also : Navigating the New UAE Tuition Landscape: A Comprehensive Guide to Obtaining the Private Teacher Work Permit Implementation and Governance The Supreme Committee for Urban Planning will spearhead the implementation and governance of this ambitious rural development plan. This strategic move aligns with Dubai’s commitment to sustainability, cultural preservation, and economic prosperity. Experience the future of Dubai’s rural landscape, where natural beauty meets modern amenities, fostering a harmonious balance for all.

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Effortless Park Adventures: A Guide to Booking Public Park Entry Tickets Online in Dubai

Effortless Park Adventures: A Guide to Booking Public Park Entry Tickets Online in Dubai

January 22, 2024

Embark on stress-free park outings by learning how to book your public park entry tickets online in Dubai. Say goodbye to long queues and welcome the convenience of online reservations through the recently launched Dubai Public Parks website at dubaipublicparks.ae. Booking Process Simplified Visit the Official Website: Start your journey by visiting the official Dubai Public Parks website at https://dubaipublicparks.ae/. Explore a comprehensive list of major public parks in the emirate. Select Your Park and Date: Identify your preferred park and click on the ‘Book Ticket’ button. Choose your visit date and the number of accompanying visitors. Families enjoy a family-friendly atmosphere, as children under two enter for free. Agree to Terms and Conditions: Review and agree to the terms and conditions before proceeding. Click on the ‘Book Ticket’ button to move forward. Provide Contact Details: Enter your contact details, including email address, mobile number, full name, and nationality. Click ‘Continue’ to proceed. Verification via OTP: Receive a One-Time Password (OTP) in your registered email. Enter the OTP for verification. Select Payment Method: Choose your preferred payment method, either online or at the kiosk. Opt for online payment using your credit or debit card. Upon successful payment, receive a digital ticket with a QR code. Enjoy Seamless Park Entry: Arrive at the park, scan the QR code using e-gate machines, and swiftly enter for an enjoyable park adventure. Payment Options Online Payment: For online payment, a QR code is provided upon successful transaction for easy entry. Kiosk Payment: If you prefer paying at the park, use the unique reference number received during online booking at the self-service kiosks near park entrances. Important Note Nol Cards Not Accepted: Nol cards are no longer accepted as payment at Dubai public parks. Choose from cash at the ticket counter or credit cards/mobile wallets at self-service kiosks for ticket purchases. Park Timings and Entry Fees Al Safa Park: Timings: 8 am to 10 pm (Mon to Thu), 8 am to 11 pm (Fri to Sun) Entry Fee: Dh3 per person Zabeel Park: Timings: 8 am to 10 pm (Mon to Thu), 8 am to 11 pm (Fri to Sun) Entry Fee: Dh5 per person Creek Park: Timings: 8 am to 10 pm (Mon to Thu), 8 am to 11 pm (Fri to Sun) Entry Fee: Dh5 per person Mushrif National Park: Timings: 8 am to 10 pm (Mon to Thu), 8 am to 11 pm (Fri to Sun) Entry Fee: Dh3 per person, Dh10 per car Al Mamzar Park: Timings: 8 am to 10 pm (Mon to Thu), 8 am to 11 pm (Fri to Sun) Entry Fee: Dh5 per person, Dh30 per car Women and children only on Mon and Wed Conclusion Experience the joy of Dubai’s public parks with seamless online ticket booking. For unique, hassle-free adventures, plan your visit through the Dubai Public Parks website and enjoy the beauty of nature.

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