GFH Financial Group and Infracorp Unveil the Luxurious Kempinski Harbour Heights

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.”