$10 Billion in Transactions Fuels Dubai Real Estate Growth in February
In a significant uptick, Dubai’s property sales surged by 35 percent on an annual basis, as per the latest findings from Property Finder.
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February 2024 witnessed a notable 27% increase in Dubai’s real estate sales transactions over the previous year. The month saw over 11,900 transactions, a leap from February 2023’s 9,371. Capitalizing on the momentum of 2023, transaction values soared to nearly AED36.6 billion ($10 billion), up by 35 percent from the year before, underscoring the robustness and vitality of the market.
Cherif Sleiman, Chief Revenue Officer at Property Finder, expressed enthusiasm over the sustained growth seen in February, forecasting a promising year ahead for the real estate sector. The month’s performance highlighted a strong surge in market activity, with substantial growth in both the number and value of transactions. This growth, particularly pronounced in off-plan property demand, showcases the market’s resilience and the growing opportunities for investors and homebuyers.
Most Sought-After Locations
– Top apartment searches include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.
– Villas/Townhouses are most sought after in Dubai Hills Estate, Al Furjan, Arabian Ranches, Palm Jumeirah, and Mohammed Bin Rashid City.
– Rental hotspots for apartments mirror the top sales searches, while Villas/Townhouses see high demand in Dubai Hills Estate, Damac Hills 2, Jumeirah, Al Barsha, and Umm Suqeim.
Detailed Insights into Dubai’s Real Estate Market
Interest from potential buyers shows a split, with 59 percent looking for apartments and 41 percent for Villas/Townhouses. On the rental side, 80 percent of queries are for apartments, with the remaining 20 percent for Villas/Townhouses.
There’s a clear preference for furnished apartments among 60.7 percent of tenants, while 36.6 percent opt for unfurnished ones. In contrast, those renting Villas/Townhouses show a preference for unfurnished units at 55.5 percent, with 42.6 percent seeking furnished ones.
One-bedroom units are sought after by 36 percent of tenants, followed by two-bedroom units at 31 percent, and studios at 22 percent. For Villas/Townhouses, three-bedroom units are most popular at 42 percent, with a significant interest in four-bedroom or larger units at 35 percent. Ownership trends mirror this, with a preference for one-bedroom (33 percent) and two-bedroom apartments (35 percent), and a strong demand for larger Villas/Townhouses.
The existing property market saw a 23 percent year-on-year increase in transactions, totaling over 5,500, with the transaction value jumping 46 percent to AED23.5 billion ($6.4 billion).
Off-plan properties witnessed a higher year-on-year growth in demand, with a 31 percent increase in transactions and an 18.5 percent rise in value, totaling around AED13 billion ($3.5 billion).
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
A bold new corporate restructure to achieve its ambitious $27 billion portfolio goal
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Omniyat, a distinguished name in Dubai’s ultra-luxury real estate sector, has embarked on a transformative journey by unveiling a new corporate structure under the newly formed Omniyat Group. This strategic move aims to unify and drive success across its various branded companies, setting an ambitious target of a AED100 billion ($27 billion) total group portfolio over the next five years.
This announcement signifies a pivotal moment for Omniyat Group, reaffirming its dedication to reshaping the real estate landscape not only in Dubai but across the broader region. As part of its growth strategy, Omniyat plans to significantly expand its footprint in the ultra-luxury real estate segment, aiming for a total portfolio value of AED50 billion.
Established in 2005 by Executive Chairman Mahdi Amjad, Omniyat was conceived with the vision of revolutionizing the Dubai property market through the creation of unique living experiences. The company has consistently elevated the standards in real estate, driven by a policy of strategic diversification that has enabled it to explore various market segments.
In line with this strategy, Omniyat Group is set to announce a new real estate company in Q3 2024. This new venture will be part of a commitment to invest AED50 billion in new real estate divisions targeting multiple market segments. This initiative underscores Omniyat’s ongoing commitment to understanding market demands and delivering on its bold vision to be “the best in class, in every class.”
By continuously evolving and adapting to market needs, Omniyat Group stands poised to lead the future of real estate in the region, setting new benchmarks in luxury and innovation.
Commenting on the launch, Amjad said: “Nineteen years ago, I founded Omniyat with a clear mission to achieve the unprecedented in Dubai’s real estate sector. A city of superlatives, Dubai is globally renowned for its remarkable story of progress and achievement, and we wanted to bring iconic projects to Dubai’s skyline that stood apart for their design, innovation, and artistry.”
“Encouraged by the UAE’s robust growth and long-term vision and inspired by the success of our ultra-luxury brand, I am establishing Omniyat Group to invest in other brands and companies to address different segments of the UAE’s strong growing real estate market with an uncompromising principle of ‘Best in class, in every class’ we address.”
“Today, Omniyat Group has been announced to drive forward our mission to elevate the people at the heart of our business and contribute to a better life and environment for all stakeholders, employees, clients, and their loved ones,” he stated.
“Guided by an unwavering commitment to excellence, we will continuously strive to raise standards and curate experiences that make life better, in every sector we engage in,” he added.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
