Dubai Real Estate Navigates Towards a Historic Boom
Allsopp & Allsopp predicts a significant surge in Dubai’s real estate market, possibly the largest in a decade.
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Allsopp & Allsopp, a leading property specialist, provided a comprehensive analysis suggesting that Dubai’s real estate market is on the verge of experiencing its most substantial growth in a decade.
The firm analysis reports a notable increase in sales volume in the first quarter of the year, marking a 19.3% rise compared to the same period in 2023. This uptick surpasses the record-breaking sales volumes of Q4 2023, indicating a market that continues to strengthen.
The analysis by Allsopp & Allsopp reveals a significant trend towards affordability in the real estate market. It highlights that 30% of all properties sold were priced under AED1 million ($272,000), with the majority, 80%, being under the AED3 million ($817,000) threshold. This trend underscores a growing preference for more economically priced properties, coinciding with an increase in finance buyers over cash transactions.
Projections for Dubai’s Real Estate Boom
Dubai’s exit from the Financial Action Task Force FATF “grey list” has significantly influenced investment patterns, boosting the city’s appeal as a financially stable and secure destination for global investors and institutions. This enhanced credibility is expected to drive further investment into Dubai’s real estate sector.
The preference for off-plan properties remains dominant, prompting developers to accelerate the launch of new projects. The current pace sees a new project unveiled every 17 hours, a marked increase from the previous rate.
Key Market Findings
- Apartment sales lead the market with a 13% increase from the previous quarter’s record, highlighting the preference for apartment living.
- Prime residential areas, namely Jumeirah Village Circle, Dubai Marina, and Business Bay, remain the most sought-after locations.
- The sales value split shows apartments making up 61.2%, while villas and townhouses account for 38.8% of total sales.
Lewis Allsopp, Chairman of Allsopp & Allsopp, praised the market’s outstanding performance in Q1, highlighting the surge in sales transactions and the shift towards finance buyers. A record-breaking sale of a luxury villa for AED72 million ($20 million) in Al Barari was a highlight, contributing to a 41% increase in villa and townhouse sales.
With Dubai recently being named the most visited city worldwide and over 25,700 expatriates making it their home in the last quarter, the population growth is poised to further boost the real estate market. Allsopp & Allsopp stand by their prediction that Dubai is on the edge of its most significant boom in 10 years, fueled by ongoing investments and the increasing influx of new residents, marking a new era in Dubai’s real estate history.
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
