$10 Billion in Transactions Fuels Dubai Real Estate Growth in February
In a significant uptick, Dubai’s property sales surged by 35 percent on an annual basis, as per the latest findings from Property Finder.
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February 2024 witnessed a notable 27% increase in Dubai’s real estate sales transactions over the previous year. The month saw over 11,900 transactions, a leap from February 2023’s 9,371. Capitalizing on the momentum of 2023, transaction values soared to nearly AED36.6 billion ($10 billion), up by 35 percent from the year before, underscoring the robustness and vitality of the market.
Cherif Sleiman, Chief Revenue Officer at Property Finder, expressed enthusiasm over the sustained growth seen in February, forecasting a promising year ahead for the real estate sector. The month’s performance highlighted a strong surge in market activity, with substantial growth in both the number and value of transactions. This growth, particularly pronounced in off-plan property demand, showcases the market’s resilience and the growing opportunities for investors and homebuyers.
Most Sought-After Locations
– Top apartment searches include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.
– Villas/Townhouses are most sought after in Dubai Hills Estate, Al Furjan, Arabian Ranches, Palm Jumeirah, and Mohammed Bin Rashid City.
– Rental hotspots for apartments mirror the top sales searches, while Villas/Townhouses see high demand in Dubai Hills Estate, Damac Hills 2, Jumeirah, Al Barsha, and Umm Suqeim.
Detailed Insights into Dubai’s Real Estate Market
Interest from potential buyers shows a split, with 59 percent looking for apartments and 41 percent for Villas/Townhouses. On the rental side, 80 percent of queries are for apartments, with the remaining 20 percent for Villas/Townhouses.
There’s a clear preference for furnished apartments among 60.7 percent of tenants, while 36.6 percent opt for unfurnished ones. In contrast, those renting Villas/Townhouses show a preference for unfurnished units at 55.5 percent, with 42.6 percent seeking furnished ones.
One-bedroom units are sought after by 36 percent of tenants, followed by two-bedroom units at 31 percent, and studios at 22 percent. For Villas/Townhouses, three-bedroom units are most popular at 42 percent, with a significant interest in four-bedroom or larger units at 35 percent. Ownership trends mirror this, with a preference for one-bedroom (33 percent) and two-bedroom apartments (35 percent), and a strong demand for larger Villas/Townhouses.
The existing property market saw a 23 percent year-on-year increase in transactions, totaling over 5,500, with the transaction value jumping 46 percent to AED23.5 billion ($6.4 billion).
Off-plan properties witnessed a higher year-on-year growth in demand, with a 31 percent increase in transactions and an 18.5 percent rise in value, totaling around AED13 billion ($3.5 billion).
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
55-storey residential tower in Downtown Dubai
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Fairmont Hotels & Resorts, a world-renowned luxury hotel brand within the Accor group, has partnered with UAE-based developer Sol Properties to unveil a prestigious residential development in Downtown Dubai, setting new standards in luxury real estate.
The 55-storey Fairmont Residences Solara Tower, the latest addition to Downtown Dubai’s skyline, offers breathtaking views of both the Burj Khalifa and the Dubai Fountain. Construction is currently in progress, with the project slated for completion by the third quarter of 2027.
This development seamlessly integrates Fairmont’s esteemed brand standards in luxury hospitality with Sol Properties‘ extensive expertise in high-end real estate, establishing new benchmarks in urban living. The residences feature meticulously designed spaces, blending elegance with timeless opulence.
Offering a range of spacious layouts and state-of-the-art amenities, these residences epitomize modern luxury living. Expansive terraces provide residents with stunning views of the Burj Khalifa and the iconic Dubai Fountain.
“We at Sol Properties and Fairmont Hotels & Resorts are elated to provide a completely new standard of luxury living in Downtown Dubai,” said its Founder and CEO Ajay Bhatia.
“Our goal is to provide residents with exclusive amenities and personalized services, thereby setting a new precedent for comfort and convenience for end users,” he stated.
“By combining Fairmont’s exceptional hospitality services with our integrated residential environment and attention to quality, this project is certain to offer residents unmatched lifestyle experiences,” he added.
Combining Fairmont’s exceptional hospitality services with Sol Properties’ commitment to quality, this project promises unparalleled lifestyle experiences. The residential development caters to the evolving needs of urban homeowners with a suite of premium amenities and services. Fairmont Solara Tower uniquely stands out by offering private swimming pools in selected apartments.
Residents will have exclusive access to a range of integrated amenities, including gourmet restaurants, fitness centers, and wellness facilities, providing a resort-like experience within their own homes.
Fairmont’s Global Chief Operating Officer Sami Nasser expressed excitement about adding this new branded residence to the Fairmont portfolio. “We are confident that our expertise in the field of luxury hospitality combined with our pioneer approach to residential projects will allow us to redefine the landscape of luxury residences in Dubai and the broader region,” he noted.
The project exemplifies the ongoing expansion and appeal of luxury living in Dubai, especially with the luxury residential real estate market projected to grow by more than 8% by 2029.
“Additonally, the project will redefine the concept of luxury residences with Dubai’s strategic location and investor-friendly regulations, which attract high-net-worth individuals and investors seeking to diversify their portfolios,” said Nasser.
Fairmont Residences Solara Tower Dubai joins a prestigious portfolio of 16 Fairmont-branded residences, with 22 more projects in the pipeline.
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
