Dubai’s Real Estate Brokers Forge Partnerships for Growth
This approach focused on collaboration, ethics, and sustainable growth.
2 min
Dubai’s growing assembly of more than 22,900 real estate brokers can combine to help build the greatest city in the world through a shift to more collaborative practices.
That is the vision behind a first of its kind educational program aimed at transforming the Dubai property market, with brokers maintaining healthy, ethical competition, while also forging partnerships that benefit the broader community.
Launched by Firas Al Msaddi, CEO of fäm Properties, the ‘Real Estate Blueprint’ offers a series of unique events and training initiatives combining to create a community hub for brokers focused on learning, networking, and building professional skills.
The first of these events, ‘The Game Changers’, drew almost 3,000 paying real estate professionals to the Coca Cola Arena last week.
Dubai’s first ever ticketed property show saw Al Msaddi share the stage with top US broker and reality TV star, Ryan Serhant, and Dr Mahmoud AlBurai, Dubai Land Department’s Senior Director, Real Estate Policies and Innovation.
“Through this event, and the others to follow, we’re shifting from the outdated mindset of one-way competition to a more collaborative effort, where brokers and agencies work together to foster a resilient and dynamic market,” said Al Msaddi.
“This is a new approach focused on collaboration, ethics, and sustainable growth. Game Changers laid the groundwork for this transformation and represented a commitment to raising the standard across the brokerage landscape in Dubai.”
During the event, Al Msaddi told brokers they had the opportunity to be part of building the greatest city in the world thanks to the visionary leadership of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
That message will be a central theme running through the ‘Real Estate Blueprint’ program of events and training initiatives, which deliver latest insights on data analysis, sales strategies, market trends, and branding.
“By sharing knowledge and collaborating, we’re paving the way for a more connected and transparent industry where brokers can thrive,” said Al Msaddi, who has generated sales worth billions of dollars, and trained thousands of agents, in building the emirate’s largest real estate brokerage.
Underlining Dubai’s status as a leading destination for real estate investment, a recent market report from fäm Properties revealed sales worth AED 141.9 billion in Q3 2024, setting an all-time record for a single quarter.
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
LEOS Developments is committed to creating environments that enhance the wellbeing of families
4 min
LEOS Developments, the award-winning British-born international real estate developer, launched Kensington Gardens, the UAE’s first of its kind residential community. With a gross development value of AED 1.1B for the first phase, this visionary project is nestled within Greenwood, Nakheel’s expansive 3.95 million sqm green development. Using advanced British technology, Kensington Gardens offers state-of-the-art living spaces that embody the very essence of luxury living, through modern design and timeless craftsmanship. At the heart of every residence, unique branded crystal chandeliers create an inviting ambience of peace and tranquility for its residents.
Kensington Gardens offers a groundbreaking approach to modern living, with British-standard craftsmanship at the core of its architectural design. Every residence is engineered with cutting-edge solutions and futuristic design concepts that provide a tranquil sanctuary for its residents to thrive. Effortlessly elevating everyday living spaces with expansive layouts and ample natural light, the project stands to foster a harmonious ambience that promotes balance, and rejuvenation of the mind, body and soul.
“Greenwood is set to become one of Dubai’s most iconic communities, perfectly aligned with the ambitious Dubai 2040 Vision,” said Rui Liu, Founder and Chairman of LEOS International Group. “We are thrilled to launch the very first project within this groundbreaking development. With 168 exquisite units, Kensington Gardens Phase 1 will be a landmark moment in Dubai’s urban transformation and an enduring symbol of innovation and lifestyle excellence.”
Situated right at the heart of the lush green community, the development offers meticulously designed 3, 4, and 5-bedroom townhouses starting from AED 3.2M and standalone 6 and 7-bedroom luxury villas starting from AED 6.9M.
There are 66 three-bedroom townhouses at Kensington Gardens with saleable area ranging from 2,720 to 2,766 sq.ft.
The saleable area for the 32 four-bedroom townhouses ranges from 3,089 to 3,151 sq.ft.
With a saleable area spanning 3,665 to 3,726 sq.ft, there are 34 units to choose from for five-bedroom townhouses options.
The 24 opulent six-bedroom villas boast a saleable area of 5,178 sq.ft.
Finally, a limited 12 units are available for the luxury seven-bedroom villas with a saleable area of 6,204 sq.ft. Each standalone villa features a private elevator and a serene 8m long private pool for an elevated living experience.
Kensington Gardens is equipped with state-of-the-art facilities, including a hydroponic vertical garden, providing fresh produce year-round. Smart home technology allows residents to seamlessly control their living spaces from lighting, temperature, security systems to automatic curtains through smartphones or voice commands. The homes also feature solar water heating, enhanced drainage system, rainwater harvesting system, and waterproofing with 10 years warranty. These facilities, combined with the community’s sustainable insulated building envelopes, not only ensure optimal climate control year-round but also minimize energy loss and save on electricity bills, offering residents an eco-friendly lifestyle.
As part of Greenwood, Nakheel’s largest and greenest development, Kensington Gardens serves as an oasis of wellness with direct access to 460,000 square meters of open spaces and a wide array of vibrant lifestyle experiences. From a sprawling 99,000 square meter central park and water lagoons to yoga and meditation parks, dog parks, outdoor gyms, and over 12 kilometers of jogging and cycling tracks, Greenwood is a haven for those seeking active and sustainable living. The development also includes retail and dining outlets, private schools, kindergartens, supermarkets, and healthcare services, all located within a freehold community.
As the first-ever addition to the Greenwood community, Kensington Gardens by LEOS Developments represents a unique opportunity for global investors and homeowners. At its core, the project offers undeniable elegance and sophistication, by embracing innovation through its unique design concept. From grand crystal chandeliers at the heart of every residence, to a wide array of lifestyle amenities, the project sets a benchmark that elevates not just lifestyles, but communities. With its potential for long-term returns and promising capital appreciation, the landmark development is a prime investment opportunity that will ultimately redefine the scope of luxury real estate in Dubai.
“LEOS Developments is committed to creating environments that enhance the wellbeing of families,” said Mark Gaskin, COO of LEOS Developments. “With Kensington Gardens, we’ve pushed the boundaries of design, by blending forward-thinking perspectives with timeless British architecture. This community is an exceptional addition to Dubai’s luxury residential landscape offering boutique living experiences that foster a sense of exclusivity and tranquillity for its residents.
Located just 16 minutes from Downtown Dubai and with direct access to major highways (E311 and E611) and Dubai’s new Blue Metro line, Kensington Gardens offers both convenience and serenity. Construction is expected to be completed by Q4 2027.
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
The project will deliver the next level of luxury, waterfront living in the heart of Mamana’s exclusive Bahrain Harbour
2 min
GFH Financial Group (GFH), in partnership with Infracorp, today announced on sidelines of Gateway Gulf Forum 2024, that they have signed with Kempinski to launch Harbour Heights Kempinski Hotel and exclusive branded residences. The project will deliver the next level of luxury, waterfront living in the heart of Mamana’s exclusive Bahrain Harbour, which is strategically positioned in downtown Bahrain within a key financial and lifestyle hub as well as in close proximity to other prominent leisure, business, and transportation centers in the Kingdom.
Kempinski Harbour Heights will offer unmatched panoramic views of the Bahrain Harbour and Marina and the adjacent Bahrain Bay. The project will comprise of Sky Villas, marking the first Kempinski branded villas with direct sea views, and 260 luxury apartments and hotel rooms. The villas and residences will be developed to the highest and most exacting design specifications and will benefit from premium lifestyle offerings including the highest swimming pool in Bahrain with 360 views, a sprawling roof top garden with kids play areas, indoor sports facilities, as well as an outdoor gym, tennis courts, and basketball court. Residences also benefit from an international fine dining offering, cigar lounge and meeting facilities, as well as exclusive access to the Kempinski hotel’s broad range of world-class services and amenities.
Sales are scheduled to launch before the end of 2024, with the hotel due for completion at the end of 2025 and the residences in the first half of 2026.
Commenting, Ms. Barbara Muckermann, CEO of Kempinski, said, “We are excited to develop Kempinski Harbour Heights as a landmark that epitomizes luxury and sophistication in Bahrain. This project reflects our commitment to delivering outstanding quality and a world-class lifestyle for owners and investors, setting a new benchmark in upscale, waterfront living in Bahrain. Each residence will be crafted with the utmost attention to detail, ensuring an environment that combines elegance with modern amenities for a truly elevated experience.”
Adding, Mr. Majed Al Khan, CEO of Infracorp, said, “We are very proud of the positive impact this landmark project will have for Bahrain. We are dedicated to supporting the Kingdom’s ongoing development and its Vision 2030 objectives by bringing exceptional projects to market that enhance both the residential and tourism offerings in the Kingdom. Kempinski Harbour Heights is a prime example of how we continue to attract world-class hospitality brands, setting a new standard in luxury living that complements Bahrain’s ambitious goals for economic diversification and international appeal.”
Harbour Heights is a groundbreaking development in Bahrain, encompassing residential, medical, retail, hospitality, and leisure facilities across 35,900 sqm at the core of Bahrain Harbour. With a total GFA surpassing 137,000 sqm, this avant-garde complex epitomizes luxury, uniqueness, and distinction, promising to introduce a new waterfront lifestyle experience to the Kingdom’s future vision. As a comprehensive mixed-use district, Harbour Heights is set to redefine modern living and elevate the standards of urban convenience and sophistication in Bahrain.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
The transaction underscores Dar Global’s prowess in executing high-value deals in some of the world’s most prestigious real estate markets.
2 min
Dar Global has successfully concluded the sale of the meticulously redeveloped residence No. 149 Old Park Lane in London, in partnership with Leconfield, a London-based property developer specialized in central London luxury market.
The transaction underscores Dar Global’s prowess in executing high-value deals in some of the world’s most prestigious real estate markets, further solidifying its position as a leading luxury property developer committed to growth and excellence.
One of Saudi Arabia’s first homegrown brands to be listed on the London Stock Exchange, with a 28-year legacy of excellence through Dar Al Arkan, it brings together the finest talent with expertise and innovation to create unique, one-of-a-kind second homes for discerning buyers worldwide.
CEO of Dar Global, Ziad El Chaar, said: “With a strong foundation steeped in legacy we excel in crafting bespoke luxury homes for today’s global citizen. Propelled by a driving ambition to become one of the top ten real estate developers in the world within the next 10 years, our team of talented visionaries are committed to delivering exceptional living spaces that serve as an investment opportunity as well as offer up a sophisticated lifestyle in some of the world’s most sought-after locations.”
“The sale of No. 149 Old Park Lane, part of Dar Global’s exclusive 1of1 portfolio, represents a significant milestone in the company’s global positioning and its expansion into the European market. Our 1of1 portfolio includes distinctive, independent estates that offer lifetime opportunities for ownership, designed to be passed down through generations,” added El Chaar.
Located on the iconic Piccadilly Street overlooking Green Park, No. 149 Old Park Lane is a timeless masterpiece. The residence retains many classical and Art Nouveau features, with high ceilings, spacious corridors, and grand furnishings adding to its allure. The property boasts three luxurious bedrooms with ensuites, a palatial master bedroom, a formal dining room, and a reception hall with stunning views of Green Park.
Dar Global operates across nine markets, comprising the UAE, Saudi, Oman, Qatar, Greece, China, Spain, Maldives, and the UK, with plans for further international expansion. Among its notable projects are the Urban Oasis tower by Missoni and DaVinci tower by Pagani in Dubai, Les Vagues residences by Elie Saab in Doha, SIDRA residences in Bosnia, and the AIDA master development in Oman, featuring a Trump-branded luxury resort and exclusive residences. Recently, Dar Global announced the appointment of Rothschild & Co. to explore opportunities for acquisitions and joint ventures in London and Saudi Arabia, as part of a strategic effort to expand its presence in these key markets.
Dar Global, continues to meet the highest global standards, attracting international investors, and catering to the needs of affluent global citizens. With clients from over 100 nationalities across more than 50 countries, Dar Global is well-positioned to offer real estate products for investment, as well as second and vacation homes across the globe.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
This offering includes 166 luxury apartments, ranging from one- to three-bedroom units.
2 min
Nabni Developments has officially launched Avenue Residence 7, a new residential project located within the bustling Al Furjan community in Dubai. This latest offering includes 166 luxury apartments, ranging from one- to three-bedroom units, and features a variety of Emirati-inspired amenities, including a peaceful outdoor Ghaf garden.
Positioned within walking distance of the Discovery Gardens metro station, Avenue Residence 7 is notable for being Nabni’s first Emirati-inspired off-plan project in the city, with convenient access to major highways enhancing its appeal.
The introduction of Avenue Residence 7 follows the successful sales of earlier phases, Avenue Residence 1 through 6, marking a continued trajectory of growth for Nabni. The striking 12-story building incorporates design elements inspired by Emirati culture, notably the Barjeel wind towers and traditional dhow boats. The layout will feature 63 one-bedroom units, 84 two-bedroom units, and 19 three-bedroom units.
Residents can expect carefully designed interiors with high-end finishes, where kitchens come outfitted with built-in appliances, and the overall aesthetic reflects sophistication and luxury.
The project promises a wealth of Emirati-inspired facilities, including two outdoor swimming pools, a residents’ lounge, a jogging track, and a fully equipped fitness studio, enriching the living experience for its inhabitants.
Anticipated to be completed in the first quarter of 2027, Avenue Residence 7 is positioned as a unique blend of Emirati heritage and modern design. Senior officials from Nabni highlighted the significance of this project during the launch event held at the Hilton, Al Habtoor City.
Khalid Alsuwaidi, Chief Commercial Officer of Nabni Developments, expressed excitement about the new residential offering. He noted that Avenue Residence 7 is designed to meet the growing demand for family-friendly living spaces, simultaneously expanding Nabni’s market presence in Dubai.
The launch event was attended by prominent figures within Nabni, including Co-Founder & Chairman Abdulrahman Abdulla Alsuwaidi and Co-Founder & CEO Badr Abdulla Alsuwaidi. They emphasized the firm’s commitment to embracing local culture while focusing on innovation, quality, and sustainability.
In constructing Avenue Residence 7, Nabni aims to prioritize environmental responsibility and energy efficiency. The use of sustainable stone materials, which are low-maintenance and durable, reflects the developer’s commitment to fostering a sustainable future for residents while ensuring long-term savings.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The signing ceremony between the two entities took place during the opening day of the Gateway Gulf Investor Forum 2024 organized at the Four Seasons Hotel in Bahrain.
3 min
Beyon BSC unveiled plans for its 380,000 square meter Digital City project, located in Hamala, through a key signing ceremony with Bahrain Real Estate Investment Company (Edamah), the real estate arm of Bahrain Mumtalakat Holding Company (Mumtalakat).
The signing ceremony between the two entities took place during the opening day of the Gateway Gulf Investor Forum 2024 organized at the Four Seasons Hotel in Bahrain. Through the signing, Beyon named Edamah as the development manager for its signature project, for which construction is expected to begin in 2025. Present at the signing ceremony were HE Sh. Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat and Chairman of Beyon and Edamah, as well as Andrew Kvalseth, CEO of Beyon, and Christopher Calvert, CEO of Edamah.
The Beyon Digital City project is anchored by the organization’s strategic intent to deliver digital transformation that tallies closely with Bahrain’s national digitalization drives. The project is designed to seamlessly integrate the facets of connectivity, technology, and real estate establishing a new standard for mixed-use developments in Bahrain and meeting the requirements of advanced digital lifestyles as well as international standards and frameworks for smart cities. Additionally, projects such as these have proven to be strategic enablers of both local and foreign direct investment and a means of economic stimulus, job creation and economic convergence across sectors.
Announcing the development, CEO Andrew Kvalseth said, “Beyon’s Digital City is more than just a project, it is a vision and benchmark for the future of urban living built upon the core tenets of Bahrain’s Vision 2030 that prioritize livability, sustainability, inclusivity and digitalization. We ourselves hold these values at the core of our business in Beyon, and believe in supporting this vision, and Bahrain’s position as a symbol of a modern, connected nation. We believe that this project will provide promising investment opportunities, especially for investors interested in sustainable growth and return on investment.”
Andrew Kvalseth further explained the main elements of the Digital City, “Beyon’s Digital City development, centers around three core pillars that mirror the organization’s brand principles and identity: People, Nature, and Technology. Stemming from these are plans for the project’s prioritization of life and livability, fostering of green spaces, and embracing innovation and digital integration.”
Functionally, the dynamic mixed-use environment will include Beyon’s main headquarters, as well as R&D centers, healthcare facilities, fitness and recreation centers, and educational premises. In addition, there will be contemporary office spaces, retail and dining areas, as well as hospitality and serviced apartments. At the heart of the development lies a 1.2 km green, vehicle-free, boulevard that seamlessly unites these spaces, promoting a harmonious lifestyle.
The project’s backbone is its advanced telecommunications infrastructure, which will power IoT and AI systems, enabling real-time, data-driven urban management for optimal operational efficiency. Residents and visitors will benefit from enhanced user experiences through seamless digital services and the flexibility to integrate future smart technologies.
In line with Beyon’s commitment to sustainability, the Digital City aims for LEED certification for its buildings, utilizing renewable energy sources and implementing efficient resource management practices. Additionally, smart transportation solutions, including electric and autonomous vehicles and IoT-enabled traffic systems, will be integrated to optimize mobility and minimize environmental impact.
In bringing this vision to life, Beyon has partnered with Edamah who have been appointed to handle the project’s development management. The decision is driven by Edamah’s ability to consistently, effectively and competently, deliver projects on time, in accordance with the highest international standards. Edamah CEO, Christopher Calvert, said, “We are excited to collaborate with Beyon on such a pioneering project. Our expertise in real estate development and construction will ensure that the Digital City is grounded in industry best practices while leveraging Beyon’s technological leadership to set new standards in smart, sustainable urban development. This partnership allows for a seamless fusion of real estate and technology, ensuring the project not only meets but sets new standards in smart, sustainable urban development.”
The Digital City project represents a new benchmark for the GCC region, championing innovative, sustainable, and people-centric urban living that aligns with Bahrain’s national initiatives for digitalization and economic diversification.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Total real estate sales in Q3 decreased slightly by 0.8% quarter-on-quarter, amounting to KD847 million, following a robust second quarter.
3 min
The Kuwait real estate market in Q3 2024 demonstrated a relatively stable performance, characterized by a rebound in residential sales and a notable increase in investment transactions, despite a decline in commercial activity. The overall trajectory suggests a gradual improvement in market dynamics, supported by the initiation of a monetary easing cycle in September.
Sales and Transaction Trends
Total real estate sales in Q3 decreased slightly by 0.8% quarter-on-quarter, amounting to KD847 million, following a robust second quarter. This stability was driven by strong activity in the residential and investment sectors, which saw increased transaction volumes despite the usual seasonal slowdown during the summer months. However, the commercial segment, which had previously experienced a surge, saw a significant drop of 50% quarter-on-quarter to KD146 million, although it remained above the quarterly average for 2023.
Residential sales reached KD384 million, marking the strongest quarterly performance in nearly two years. This sector recorded a remarkable 14% quarter-on-quarter increase and an 8.2% year-on-year growth, reflecting a recovery from earlier lows. Notably, September accounted for approximately 40% of total residential transactions, signaling a peak in activity not seen in over 16 months. Most residential sales were concentrated in the home segment, particularly within Kuwait City, Hawalli, and Al-Ahmadi governorates, while land sales primarily occurred in Hawalli, Mubarak Al-Kabeer, and Al-Ahmadi.
Price Movements
Despite the increase in transaction volume, residential prices continued their downward trend, marking the sixth consecutive quarter of decline. The overall NBK real estate price index saw a smaller decline of 1.4% quarter-on-quarter in Q3, recovering from five consecutive quarterly falls (-3.2% in Q2). This shift in pricing has helped to narrow the valuation gap between residential and investment properties, consequently driving demand. On the residential side, prices fell by 3.3% quarter-on-quarter, while investment real estate prices rose by 1% quarter-on-quarter. In contrast, while prices in residential areas remain elevated, particularly in central locations, affordability remains a concern, especially in Kuwait City compared to other Gulf Cooperation Council (GCC) countries.
The investment sector saw sales of KD317 million, representing significant growth of 42% quarter-on-quarter and 49% year-on-year, the highest level in nearly five years. Demand was particularly strong in Kuwait City and Hawalli, with a steady influx of non-Kuwaiti residents contributing to this trend, although rental prices rose modestly by 0.7% year-on-year during Q3.
Commercial Sector Challenges
The commercial real estate segment experienced a dramatic decline in activity due to its notorious volatility, particularly following a record high in Q2. The value of commercial sector sales in Q3 2024, despite the drop, remains around 15% higher than last year’s quarterly average. Media reports indicate that many commercial units were sold by real estate companies to settle debts with banks, particularly during Q2 when borrowing costs were high.
Applications and Infrastructure Developments
The pending housing applications continued to grow, reaching 97.7k by the end of Q3, reflecting a 1.1% quarter-on-quarter increase. This rise was primarily due to the Public Authority of Housing and Welfare (PAHW) suspending plot distributions while awaiting approval for a new distribution strategy. However, infrastructure developments in South Sabah Al-Ahmad and South Sa’ad Al-Abdullah cities are progressing, with significant contracts signed totaling KD262 million for infrastructure works. These projects involve the development of infrastructure for 17,380 units in South Sabah Al-Ahmad, of which 27% has been completed, and tendering for 23,551 units in South Sa’ad Al-Abdullah, expected to be completed by 2027. These efforts are anticipated to alleviate some of the housing pressures over time.
The volume of approved housing loans by the Kuwait Credit Bank rose significantly in Q3 2024, increasing by 31% quarter-on-quarter, attributed to the pickup in plot distributions from previous quarters. However, the value of disbursed loans fell by 1.0% quarter-on-quarter due to a decrease in government plot loans by 4%.
While the Q3 2024 real estate market reflects a mixed landscape, the overall indicators point toward a cautiously optimistic outlook. The combination of improving residential sales, a robust investment market, and ongoing infrastructure initiatives could lay the groundwork for a more vibrant real estate environment in the near future.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The innovative ‘folded earth’ topography of Expo Valley will create a unique microclimate, helping to reduce temperatures and noise pollution.
2 min
Expo City Dubai has taken a significant step in its residential development plans by appointing Ginco General Contracting as the main contractor for the upcoming Expo Valley community. This decision highlights the city’s commitment to creating a premier living environment that emphasizes sustainability and exceptional design.
With the majority of the villas and townhouses already sold, the engagement of Ginco paves the way for Expo Valley to welcome its first residents by 2026. Established in 1975, Ginco has a proven track record in the UAE, having successfully completed numerous residential projects for major developers. The company will manage the construction of 484 units in Expo Valley, which is one of five districts outlined in the larger Expo City master plan.
Ahmed Al Khatib, Chief Development and Delivery Officer at Expo City Dubai, remarked on the significance of the partnership, noting that the selection of Ginco General Contracting marks a key milestone in the progress toward developing Expo Valley. He expressed excitement about collaborating with them to deliver this exceptional community for future residents.
Gheyath Mohammad Gheyath, Founder and Chairman of Ginco, conveyed his enthusiasm for the project, stating that the newly announced master plan positions Expo City as a crucial player in Dubai’s growth. He expressed pride in contributing to Expo Valley, which aims to redefine sustainable living standards, and emphasized that their extensive experience in engineering and construction will ensure the project’s success.
Expo Valley will comprise a mix of individual plots and 484 high-end detached and semi-detached villas and townhouses, with prices ranging from AED 3.4 million to over AED 15 million. The residences are designed to meet the highest sustainability standards and are set against a backdrop of scenic landscapes, including a nature sanctuary and a lake.
The innovative ‘folded earth’ topography of Expo Valley will create a unique microclimate, helping to reduce temperatures and noise pollution. In addition to residential offerings, the community will feature wellness and recreational amenities, including gyms, clubhouses, swimming pools, and children’s play areas. Residents will enjoy convenient access to retail and dining options, all interconnected through pedestrian walkways and bike paths.
Strategically situated in Dubai’s growth corridor, Expo City Dubai is in proximity to the expanding Dubai Exhibition Centre and the new Al Maktoum International Airport. With easy access to major highways and metro connections, it provides residents and businesses with seamless travel options throughout the city and beyond
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
September sales fell 3.5% from a year earlier. In 2023, home sales hit their lowest point in 30 years.
5 min
Sales of existing homes in the U.S. are on track for the worst year since 1995— for the second year in a row.
Persistently high home prices and elevated mortgage rates are keeping potential home buyers on the sidelines. Sales of previously owned homes in the first nine months of the year were lower than the same period last year, the National Association of Realtors said Wednesday.
Existing-home sales in September fell 1% from the prior month to a seasonally adjusted annual rate of 3.84 million, NAR said, the lowest monthly rate since October 2010. Economists surveyed by The Wall Street Journal had estimated a monthly decrease of 0.5%.
September sales fell 3.5% from a year earlier.
After a sluggish 2023, economists and real-estate executives widely expected activity to pick up in 2024.
But mortgage rates have stayed higher throughout the year than some had forecast, including in recent weeks after the Federal Reserve’s interest-rate cut last month. That has kept home-buying affordability low .
Home prices have continued to rise, as inventory in many parts of the country is still below normal historical levels. Climbing home insurance costs and a coming election are also adding to buyers’ uncertainty.
“Home sales are stuck at low levels,” said Lawrence Yun , NAR’s chief economist. “Americans are really not moving.” Yun said he forecasts that existing-home sales for 2024 as a whole could match or be slightly below last year’s level.
Expectations that the Fed would cut rates this year caused mortgage rates to drop to 6.08% in September, a two-year low. But the move came too late in the year to lure buyers, real-estate agents say. Many families prefer to purchase in the spring and move houses between school years.
The reprieve in rates also didn’t last long. Mortgage rates have risen for three straight weeks to the highest level since August.
“That trickle up in rates, to right back where we were, just sucked the air out,” said Michael Read, owner of Bridgeway Mortgage & Real Estate Services in Morristown, N.J.
Mortgage rates tend to loosely follow the yield on the 10-year Treasury note, which has been above 4%. But the spread between mortgage rates and the 10-year has widened to above historical norms in recent years, which can push up borrowing costs.
Lenders often sell mortgages to investors. Those investors demand a bigger return, particularly when rate volatility is higher than normal, because mortgages are riskier than ultrasafe government bonds.
Uncertainty around the presidential election and “murkiness” around recent labor and inflation data haven’t helped, said Mike Fratantoni , chief economist at the Mortgage Bankers Association.
Mortgage applications have fallen for four straight weeks as rates have risen.
“It’s tough in this business,” said Alex Elezaj , chief strategy officer at United Wholesale Mortgage. “Once you think it’s going one way, it goes another.”
A drop in mortgage rates later this year or next would make home purchases more affordable, but that benefit could be offset if home prices continue to rise. In September, 42% of more than 1,000 people surveyed said they expect mortgage rates to fall in the next 12 months, but 39% said they expect home prices to rise over the same period, according to Fannie Mae .
The national median existing-home price in September was $404,500, a 3% increase from a year earlier, NAR said. While that is down from the recent high, it is the highest median home price for any September, Yun said. Prices aren’t adjusted for inflation.
Widespread frustration with the housing market has made affordability an important campaign topic . Both parties have offered proposals to bring down housing costs. Vice President Kamala Harris has rolled out plans for building more housing, for example, and offering help with down payments. Former President Donald Trump has proposed cutting regulations and allowing more building on federal land.
For the buyers who are able to jump into the market now, there is less competition and more room to negotiate. The typical home sold in September was on the market for 28 days, up from 21 days a year earlier, NAR said.
Lucy and Graham Schroeder tried buying a house in the suburbs of Madison, Wis., in 2023 and again this past spring, but they got outbid by other buyers. When they re-entered the market this summer, “it felt like something kind of shifted,” Graham Schroeder said. “Houses were kind of sitting a little bit.”
The couple bought a five-bedroom home in August for $585,000, about 5% below the listing price, and sold their smaller home for $330,000.
The number of homes for sale or under contract rose 23% in September from a year earlier, NAR said, but it remains below normal levels in many markets. Many homeowners who locked in low rates on their current mortgages a few years ago are staying put, because they are reluctant to take on a new loan at a higher rate.
At the current sales pace, there was a 4.3-month supply of homes on the market at the end of September. That is at the low end of what is considered a balanced market between buyers and sellers.
David Schlichter
Kaitlin Skilken and Matt Adler experienced the cool-down in the market firsthand. The couple competed against other buyers to purchase a house this spring in Wheat Ridge, Colo. But when they listed their townhouse in a nearby city for sale in June, it sat for almost two months.
Other units in the community were also sitting on the market, and the homeowner association’s insurance policy didn’t comply with every lender’s requirements, making it more difficult for buyers to get a mortgage, Adler said. “‘You only need one buyer,’ is what I kept saying,” Skilken said.
The couple sold the townhouse in September for the $475,000 asking price, and they paid a $12,000 credit to the buyers for some home repairs and to help lower the buyers’ interest rate.
Home-buying activity typically slows during the holiday season. Some real-estate agents say they expect sidelined buyers to re-enter the market in early 2025.
“It’s not like all of a sudden people have stopped needing to buy houses,” said David Schlichter, a real-estate agent in Denver. “You can only defer for so long.”
News Corp , owner of the Journal, also operates Realtor.com under license from NAR.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The luxury segment recorded a robust third quarter
2 min
Deep-pocketed buyers were busy this summer in the Hamptons, as sales of luxury homes in the affluent New York vacation-home market soared, according to third-quarter reports released Thursday.
“Every price range experienced increases in the number of sales in the third quarter, but the transactions over $5 million soared,” Robert Nelson, executive managing director of Brown Harris Stevens of the Hamptons, wrote in the brokerage’s report.
There were 55 transactions above $5 million, up from 31 a year earlier, marking a 77% increase, according to Brown Harris Stevens data.
The 16 ultra-luxury home sales, defined as properties over $10 million, accounted for 4% of sales, but made up 19% of the total dollar volume last quarter.
The median price of a luxury Hamptons home was $8.5 million in the third quarter, surging 38% from a year ago, according to a separate report from Douglas Elliman, which defines luxury as the top 10% of the market.
More properties in the beach towns are joining the $5 million club every year, according to Douglas Elliman, as this category has continued to double in market share.
The Hamptons has been surprisingly unaffected by this pre-election season that tends to temporarily dampen sales, said Philip O’Connell, executive managing director for Brown Harris Stevens in the Hamptons. Instead low rates have fuelled the market, enabling year-on-year sales to climb back up every quarter.
“A large segment of our buyer population comes from New York City. I think they see a bright future economically, which is driving their confidence in the market,” O’Connell said. “We have the expectation that the market will continue to be very active.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The 250-year-old structure in the South Street Seaport District had a colorful past before a developer converted it to apartments in the 1990s
3 min
An apartment atop the third oldest building still standing in Manhattan has hit the market for $1.825 million.
The two-bedroom duplex occupies the top two floors of the Captain Joseph Rose house in the South Street Seaport District, the third oldest building in Manhattan after the Morris-Jumel Mansion in Washington Heights and St. Paul’s Chapel near the World Trade Center. In 1773 it was a fashionable two-story home for Rose, a successful lumber merchant, but its more colourful history came a century later, during the Civil War era, when it was the site an infamous saloon known as “Kit Burns’ Rat Pit,” run by one of the founders of the Dead Rabbits gang.
Today, the 1,424-square-foot unit shows few signs of its unsavoury past. Located on a cobblestoned side street, the building still retains its brick facade and original Georgian-style, but the upper floors were added after a fire in 1904, and the interiors were completely restored by architect Oliver Lundquist when the building was converted to condos in 1997.
The sellers, who purchased the unit for $1.575 million in 2022, listed the property with Lindsey Stokes and Allison Venditti of Compass on Tuesday.
When Rose built the home on Water Street, the isle of Manhattan was smaller, and the home had direct access to the East River where he docked his merchant ship, Industry . By the turn of the century the ground floor had been converted to commercial use, and it was used as an apothecary, a cobbler shop, a watchmakers’ shop and a grocery.
Library of Congress
By the 1860s, the bustling South Street Seaport had begun to decline as shipping lines moved to larger ports along the Hudson River, and the neighbourhood deteriorated. The Joseph Rose building was purchased by Christopher “Kit” Burns, who opened a saloon called Sportsman’s Hall, a den of vice most notable for its rat pit—the largest in the city—where Burns staged “rat baiting” events, in which caged dogs compete to kill rats while spectators bet on the outcome.
Journalist James W. Buel described Sportsman’s Hall in a book on American cities published in 1883. “This place was once an eating cancer on the body municipal,” he wrote. “Within its crime begrimed walls have been enacted so many villainies, that the world has wondered why the wrath of vengeance did not consume it.”
In 1870, the saloon was shut down by the authorities, and Burns leased the building to the Williamsburg Methodist Church, which used it as a refuge for women. Burns, meanwhile, opened a rat pit down the block at 388 Water St.
As the years progressed, the building suffered fires in 1904 and again in 1976, after which it fell into disrepair and was seized for unpaid taxes. In 1997, the city sold the neglected building to developer Frank Sciame Jr. for just $1, who restored it and converted it to luxury condos.
The upper unit has traded hands several times in the decades since. Currently, the unit begins with a foyer that leads to an open plan living and dining area on the main level, with a staircase leading to two bedrooms on the upper level, and a private rooftop.
After purchasing the unit, the sellers worked with designer Lauryn Stone to renovate the upper level, reconfiguring the floor plan and remodelling the primary bathroom, according to Stokes. The interiors feature finished white oak floors and painted brick walls, with built-in shelves and a ventless fireplace in the living room, stone counters in the kitchen, a walk-in closet off the primary bedroom, and two rows of six-over-six panelled windows adding light and air.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Completion of the waterfront development is expected by 2026
2 min
RAK Properties, Ras Al Khaimah’s leading publicly listed property developer, announces the release of the final phase of Quattro Del Mar, its iconic waterfront development in Mina Al Arab. This follows the successful launch of the project during 2024 and subsequent to rapid sell-out of released units.
Located in Mina Al Arab, RAK Properties’ flagship waterfront community, Quattro Del Mar is a key addition to the destination’s holistic vision for urban island living. The development’s appeal lies in its diverse range of residences – from studios and one-bedroom apartments to spacious Sky Duplexes and Garden Townhouses – offering an exceptional island living experience. Residents will also enjoy a unique blend of premium amenities and easy access to the exclusive Nikki Beach Resort & Spa.
Ziad Hinnawi – VP Sales at RAK Properties said: “We’re thrilled to announce the release of the final phase of Quattro Del Mar. This exceptional development has generated tremendous interest, and we are confident this final release will be met with equally high demand. Quattro Del Mar represents a unique opportunity for discerning homeowners to experience an unparalleled lifestyle in the beautiful natural setting of Ras Al Khaimah.”
Quattro Del Mar’s four interconnected towers, each with a unique façade reflecting the shimmering Arabian Gulf, are built on a foundation of AI. This technology has enabled a design that prioritizes resident well-being, sustainability, and a sense of community.
Quattro Del Mar has been recognized for its outstanding design and impact, winning “Mixed-Use Project of the Year” at the Pillars of Real Estate Awards 2024, “Best Residential Project” at the Design Middle East Awards 2024 and a Platinum winner in “Best Residential Architecture” by XYZ Designers. These accolades highlight RAK Properties’ commitment to creating high-quality, sustainable, and innovative developments.
Construction is making good progress and Fäm properties is the exclusive broker for this final release.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This launch comes as part of Binghatti’s vision to double its project portfolio to over $27.2bln in the next 18 months
2 min
Binghatti Developers has unveiled its latest project, Binghatti Skyrise, located in the vibrant Business Bay area. This new development addresses the growing demand for luxury residences close to key landmarks like the Burj Khalifa and the Dubai Water Canal.
This launch aligns with Binghatti’s ambitious strategy to expand its project portfolio to over AED100 billion (approximately $27.2 billion) in the next year and a half.
Nestled in Business Bay, this expansive waterfront property boasts easy access to Downtown Dubai, offering breathtaking views of both the Burj Khalifa and the Dubai Water Canal.
Binghatti Skyrise is set to be an architectural gem, featuring a total of 3,333 contemporary residential units. The design philosophy reflects a harmonious blend of various influences, resulting in an eye-catching and cohesive exterior.
The Chairman, Muhammad BinGhatti, remarked that the project is a testament to their commitment to delivering exceptional residential experiences. He noted that the aim is to exceed expectations by creating innovative living spaces that merge luxury and functionality. The vision is to significantly influence Dubai’s real estate landscape while achieving their goal of expanding the portfolio to AED100 billion within the next 18 months.
The development promises convenient access to Dubai’s top attractions, commercial centers, and leisure spots.
Residents of Binghatti Skyrise will enjoy an array of over 15 premium amenities, including lavish swimming pools, a private golf course, tennis courts, a fully equipped gym, a children’s water park, and dedicated yoga and relaxation spaces.
With its prime location on one of the last remaining plots in Business Bay, Binghatti Skyrise represents a compelling investment opportunity, especially in a market known for its high demand and strong returns. The combination of cutting-edge design and world-class amenities aims to offer an unparalleled residential experience.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
Arisha Terraces will bring community living to the forefront with its residential rooftop hydroponic garden, two-level community center, and exceptional lifestyle amenities.
3 min
QUBE Development, a renowned international real estate developer with 30 years of experience, has announced the launch of off-plan sales for Arisha Terraces, a new residential development located in Dubai Studio City. The third project in QUBE’s expanding AED 2.6 billion property portfolio, Arisha Terraces features 419 modern units, spanning across four low-rise buildings, 122 different apartment layouts, and a range of studios, one-bedroom, and two-bedroom apartments. This development fosters a sense of community living, designed to give young families sustainable housing solutions through its energy-efficient design and range of modern amenities. Investors buying in Arisha Terraces will benefit from long-term capital appreciation due to its prime location and high demand for quality housing.
Inspired by the Arabic word for “pergolas,” Arisha Terraces draws inspiration from its natural surroundings, incorporating eco-friendly practices. This includes solar panels on the roof to reduce energy consumption, costs, and decrease service charges, as well as filtered and drinkable tap water in all units and common areas, reducing plastic waste. The low-rise buildings also feature a communal hydroponic rooftop garden where residents can grow fresh, organic produce.
Arisha Terraces fosters a social environment, housing a 2-level community center that serves as a social hub, complete with flexible co-working spaces, for remote professionals, alongside a cozy cinema lounge, a library, and a communal kitchen designed for sharing culinary moments. It also features a central courtyard that is designed as a multifunctional space for sports, relaxation, and social gatherings, including BBQ and firepit zones, along with wellness amenities such as a rooftop padel court and an indoor/outdoor gym and yoga studio.
All apartments are fitted with Bosch appliances and integrated smart home systems featuring environmental sensors to promote energy efficiency. Every unit is designed with outdoor living in mind, featuring spacious balconies or terraces, and select apartments include pergolas for enhanced privacy and outdoor enjoyment.
Located within Dubai Studio City, a growing hub for film and television production, Arisha Terraces is positioned for future growth. This prime location offers easy access to key business districts and lifestyle hubs across Dubai.
Leon Kolflaath, Project Director of Arisha Terraces, stated, “Arisha Terraces embodies the concept of “genuine living,” offering a truly authentic and sustainable home experience. This project blends exceptional design and high-quality craftsmanship with a strong sense of community. Located within Dubai Studio City, Arisha Terraces provides more than just a place to call home, it fosters a lifestyle centered on authentic experiences and a close-knit community. With a focus on premium finishes and meticulous attention to detail, it is designed to meet the needs of young families and professionals, offering a harmonious balance between modern convenience, well-being, and a deep connection to nature.”
Dubai’s real estate market continues to offer attractive benefits for investors, including long-term residency options and competitive payment plans for off-plan properties. As Studio City continues to grow into a key area for creative industries, Arisha Terraces by QUBE Development represents a remarkable opportunity for investors and residents seeking a sustainable, future-forward living experience.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
The company expects nearly 4,000 villas and townhouses to be delivered from leading developers in Q4 2024 with Yas Island alone accounting for 40% of all units delivered in Abu Dhabi
2 min
Abu Dhabi’s secondary market is set to go into overdrive as a record number of units are expected to be handed over in the last quarter of this year, according to Metropolitan Capital Real Estate (MCRE), a leading full-service real estate agency based in the capital.
MCRE expects nearly 4,000 villas and townhouses to be delivered from leading developers in Q4 2024 with Yas Island alone accounting for 40% of all units delivered in Abu Dhabi. This influx of new units is driving strong demand in the secondary market, which has already surpassed the total sales volume recorded for the entire year 2023, which stood at AED 7.59 billion.
“The Abu Dhabi secondary market is on track to achieve historic highs due to the unprecedented number of units entering the market. The gap between the secondary and off-plan markets is narrowing significantly, indicating a shift in buyer preferences towards ready-to-move-in properties,” said Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate.
“The growth in the secondary market is a testament to Abu Dhabi’s increasing appeal as a desirable location for both investors and residents. We are witnessing a surge in interest from both domestic and international buyers, drawn by the city’s unique attractions, safety and family-friendly environment,” he added.
According to data from MCRE, the secondary market in Abu Dhabi is currently outperforming the off-plan market. Secondary sales figures in Q3 2024 (AED 3.02 billion) exceed those of the previous year (AED 2.1 billion). In 2023, the off-plan market registered AED 23.1 billion in sales, while the secondary market reached AED 7.59 billion. This year (year-to-date), the secondary market has significantly narrowed the gap, reaching AED 8 billion compared to the off-plan market at AED 10 billion.
MCRE anticipates continued growth in the secondary market, with Q4 2024 sales expected to nearly double to AED 4 billion compared to the same period in 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Elton distinguishes itself by focusing on delivering high-quality products at excellent value
2 min
Elton Real Estate Development (Elton), a dynamic and visionary developer, is thrilled to announce its entry into Dubai’s thriving property market with its prestigious residential project. This marks the beginning of Elton’s ambitious plan to establish a strong footprint across the UAE markets.
Located in the prime area of Meydan Avenue, near District One, the project comprises premium residential building set on prominent corner plot, offering breathtaking views of the Burj Khalifa, Meydan Grandstand, and lush internal gardens. With three open sides, the plot promises residents an unmatched living experience in the heart of Dubai.
Anmoll D. Shroff, Founder and Chairman of Elton Real Estate Development, stated, “Dubai’s remarkable growth trajectory and visionary leadership make it one of the world’s most promising real estate markets. The city’s strategic location, progressive business policies, rich cultural diversity, and exceptional safety standards set it apart globally. Nowhere else can one experience the unique lifestyle, diversity, and opportunities Dubai offers, coupled with unparalleled safety and convenience. Initiatives like the Golden Visa create unique advantages for both developers and investors.”
He continued, “Dubai offers incredible value compared to other major markets. While downtown properties in cities like New York or Mumbai can reach $2,500 to $3,000 per square foot, prime properties in Dubai are available for around $1,000 per square foot. This price advantage, combined with high rental returns and a business-friendly environment, solidifies Dubai as a leading choice for real estate investment. We’re thrilled to contribute to and gain from Dubai’s dynamic real estate landscape.”
“With Dubai’s real estate market poised for transformative growth, we anticipate a 20-30% increase in transaction volumes in 2025 and a 10-15% rise in property prices. The city’s growth is fueled by strategic government initiatives, geopolitical conditions, and an influx of global residents. This sets the stage for a thriving property market that balances high demand with sustainable development across Dubai’s prime and emerging communities.”
Elton distinguishes itself by focusing on delivering high-quality products at excellent value. The company aims to offer superior products without the hefty premiums common in the market, demonstrating a commitment to quality and value.
Offering a glimpse into future plans, Shroff added, ‘Our intent is to achieve stable growth by prioritizing project delivery and solidifying our presence in the market. We are actively exploring prime locations like Arjan, Meydan Horizon, Furjan, Jumeirah Garden City, Jumeirah Village Circle and Dubai Island for our upcoming projects. Land acquisition negotiations are underway, and we aim to launch three to four new projects within the first year.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.
