$10 Billion in Transactions Fuels Dubai Real Estate Growth in February | Kanebridge News
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$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.

Wed, Mar 6, 2024 8:19pmGrey Clock 2 min

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).



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Tonino Lamborghini Unveils New Luxury Residences in Ras Al Khaimah

Tonino Lamborghini recently revealed a new luxury project comprising 241 units in Ras Al Khaimah, developed in partnership with Arista Developments.

Tue, May 21, 2024 2 min

Named the Tonino Lamborghini Residences, this project promises a fresh take on luxury living with its iconic design, cutting-edge amenities, and stunning sea views.

Set on Al Marjan Island, the development is adding 241 high-end units to the area’s real estate offerings, all reflecting the sleek, Italian elegance associated with the Lamborghini name.

These residences are designed to impress, featuring modern architecture that harmonizes with the scenic surroundings and interiors marked by meticulous craftsmanship and top-quality finishes.

Living in this one of the project’s units means access to a range of upscale amenities: a state-of-the-art fitness center, multiple swimming pools, beautifully landscaped gardens, and dedicated areas for children’s play. The complex also offers a business center with a conference room, an outdoor BBQ area, and a chic café, catering to all aspects of high-end living.

Arch. Abdulla Al Abdouli, Chief Executive Officer, Marjan, expressed excitement about the introduction of Tonino Lamborghini Residences to Al Marjan Island, noting the project’s blend of sustainable construction and smart home technologies. This integration, he mentioned, guarantees a luxurious lifestyle equipped with the finest modern amenities, reflecting the exquisite Italian craftsmanship. He is confident that this new venture with Arista Developments will significantly boost the allure of Al Marjan Island as a top lifestyle destination in Ras Al Khaimah for both investors and residents.

Tonino Lamborghini, President of the Tonino Lamborghini brand, said: “We are delighted to be among the pioneers in this remarkable new destination in one of the seven emirates of the UAE. Our heartfelt gratitude and recognition go to H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, for his visionary leadership and foresight, and for embracing innovative strategies to revitalize a region full of potential.”

Mr. Arthur Chu, Chairman of Arista Developments, highlighted the project’s ambition to capture the essence of the Tonino Lamborghini brand in every aspect of its design. He described the development of a prestigious residential tower on Al Marjan Island that will reflect the lifestyle and beauty synonymous with Lamborghini. From the sharp, well-defined lines of the exterior to the elegantly designed interior common areas, every detail is crafted to showcase the brand’s distinctive elegance and sophistication. Chu emphasized that the interior designs, personally crafted by Tonino Lamborghini, aim to fully immerse residents in the Italian brand’s luxurious identity.

The variety in housing options is vast, ranging from one and two-bedroom apartments to duplexes, sea view villas, signature villas, and exclusive penthouses.

The collaboration between Tonino Lamborghini and Arista Developments blends iconic Italian style with expert real estate craftsmanship. This venture marks Lamborghini’s first introduction to Ras Al Khaimah and represents a commitment to setting new standards in luxury and modern living.

 

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