Dubai’s Real Estate Sees Dynamic Growth in Early 2024
The Dubai real estate market started 2024 with robust momentum, which signals an optimistic outset for Dubai’s lively property market.
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Industry exports revealed that the Real Estate sector had a 17% year-on-year growth in sales transactions, jumping to over 11,000 from 8,712 in January of the preceding year. In addition, the transaction values witnessed a substantial 27% growth, to nearly AED 35 billion from the year-ago period.
The market analysis also shows that the transactions for existing properties recorded an 8% year-on-year increase in volume, surpassing 5,000 transactions, and their value surged by 31% to AED 21 billion.
Off-plan properties also showed significant interest, with a 25% increase in transaction volume and a 21% rise in value, showcasing growing enthusiasm for new developments.
The split in the buyer interest was clear, as 58% leaned towards apartments and 42% towards villas and townhouses. On the rental front, a significant majority, 80%, opt for apartments, with the remaining 20% choosing villas or townhouses.
Location preferences for apartment purchases highlighted locations like Dubai Marina, Downtown Dubai, and Jumeirah Village Circle as top choices, whereas Dubai Hills Estate and Arabian Ranches are sought after for villas and townhouses. For rental hotspots, Dubai Marina and Dubai Hills Estate are leading for apartments and villas/townhouses, respectively.
When it comes to size, demand trends lean towards one-bedroom with 36% and two-bedroom apartments with 31%, as for studios the numbers reached 22%. Three-bedroom villas and townhouses are most popular at 43%, followed by properties with four bedrooms or more at 34%, reflecting similar buyer preferences.
In terms of furnishing, 62.2% of tenants prefer furnished apartments, whereas 36.1% are seeking unfurnished ones. For villa and townhouse rentals, a preference for unfurnished properties is evident at 57%, while furnished ones attract 42%
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.
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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
