Villa Transactions Drive Off-Plan Market Surge in May 2024
Indicating robust market confidence and economic stability
2 min
Dubai’s property market witnessed a significant rise in off-plan villa transactions, with a 209% increase in May 2024 compared to April 2024. This substantial growth reflects strong market confidence and economic stability in the region.
Overall, Dubai’s property market is showing consistent month-over-month growth. Total transactions in May rose by 47%, while total sales value increased by 54%, reaching AED 20.6 billion. This strong performance underscores the high demand and growing investor confidence in Dubai’s property sector.
Furthermore, May experienced a surge in apartment transactions, which soared by 38.55% compared to April. The value of apartments also climbed by 36%, reaching over AED 16.8 billion. Villas, on the other hand, witnessed an even more impressive increase, skyrocketing by 223% totaling over AED 3.7 billion, in contrast to AED 1.16 billion in April.
“Post COVID-19, people became more interested in larger spaces rather than apartments, leading to a high demand for villas,” said Sijo Jose, Off-plan Manager at Betterhomes. “The surge seen last month was due to the launch of new master communities by Aldar, DAMAC, and Emaar, which boosted sales. Additionally, with rising rents, people are preferring to buy instead of renting.”
The top five areas leading the surge in villa transactions are:
Haven
Tilal Al Ghaf
Dubai South
Reportage Village
MBR City
These areas have become hotspots for investors and homebuyers, offering a diverse range of luxury villas that cater to the growing demand for quality and exclusivity.
The increase in villa transactions and value demonstrates a growing preference for spacious and luxurious living spaces. The rise in apartment transactions also indicates a healthy demand for urban living, catering to a diverse range of buyers.
Developers are responding to this surge by launching new projects, offering a wide variety of options for investors and homeowners alike. The market is expected to continue its upward trajectory, providing lucrative opportunities for both buyers and developers.
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
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
2 min
Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
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
