China’s Housing Glut Collides With Its Shrinking Population
Many cities are stuck with empty homes that they will likely never fill, adding to the country’s economic woes
7 min
China’s real-estate bust left behind tens of millions of empty housing units. Now that historic glut of unoccupied property is colliding with China’s shrinking population , leaving cities stuck with homes they might never be able to fill.
The country could have as many as 90 million empty housing units, according to a tally of economists’ estimates. Assuming three people per household, that’s enough for the entire population of Brazil.
Filling those homes would be hard enough even if China’s population were growing, but it’s not. Because of the country’s one-child policy , it is expected to fall by 204 million people over the next 30 years.
“Fundamentally, there are not enough people to fill the homes,” said Tianlei Huang, a research fellow at the Peterson Institute for International Economics.
Some unused real estate will be bought up and lived in, especially if more government support—which economists have been calling for —convinces Chinese buyers that values will rise again. Big cities like Beijing, Shanghai and Shenzhen will almost certainly absorb their excess housing, given their dynamic economies and migrant inflows, which have helped keep their populations growing.
The problem is much harder to solve in smaller cities, which often have weaker economic prospects and declining populations. In China, researchers informally group cities into tiers, and many of the nearly 340 cities classified as third-, fourth- and fifth-tier—with populations from few hundred thousand to several million people—are struggling economically.
Young residents are leaving. At least 60% of China’s third-, fourth- and fifth-tier cities saw their populations shrink from 2020 to 2023, according to Wall Street Journal calculations based on official data.
Those cities have more than 60% of China’s housing inventory, according to Harvard economics professor Kenneth Rogoff . Many encouraged developers to build more—even when their populations were falling—because land sales and construction boosted economic growth and fattened local governments’ wallets.
Figuring out what to do with unneeded property is becoming more urgent as China’s economy languishes . In May, Beijing unveiled a rescue package in which the central bank would provide up to $42 billion in low-interest loans for Chinese banks to lend to state-owned firms, which would then buy empty properties and turn them into affordable housing.
By the end of June, banks had only used 4% of that quota. Economists say that even with cheap loans, it doesn’t make sense to convert empty properties, because the rents would be too low for firms to earn a profit.
Beijing recently ramped up measures to support the ailing economy and the property market, including cutting interest rates, lowering down payments for second homes and allowing home buyers to refinance their mortgages . However, economists said that more is needed to pull China’s economy out of the rut.
China’s Ministry of Housing and Urban-Rural Development and the State Council Information Office didn’t respond to questions.
Robin Xing , chief China economist at Morgan Stanley, said China’s government should introduce a more comprehensive bailout that involves buying up excess inventory in China’s 30 to 50 largest cities and turning it into public housing , without worrying about profit. Estimated cost: $420 billion.
That wouldn’t include empty homes in third-, fourth- and fifth-tier Chinese cities. Putting more money into those units, many economists say, wouldn’t make sense because there aren’t enough people to live in them anyway.
Many will become long-term burdens to cities and investors who get saddled with assets they can’t sell and which have lost their value, yet still must be maintained. Some will just wither away, economists say.
Cheap as cabbage
An abandoned development called State Guest Mansions, on the edge of Shenyang, a city in northeastern China, gives an idea of what that could look like. Construction stopped years ago, with more than 100 half-built villas in the style of grand European homes.
During a recent visit, goats roamed the complex. Grandeur Place, the building that used to house the sales showroom, looked like a post-apocalyptic opera house , with a dilapidated chandelier hanging from the ceiling. It remains unclear what will be done with the complex, whose developer has defaulted on its debt.
Shenyang at least has a growing population. In Hegang, a frigid city near China’s border with Russia, the population has declined to 940,000 from 1.09 million in 2010.
A few years ago, when Hegang’s market was hot, property enthusiasts posted online messages touting homes they said were as cheap as cabbage.
Prices now are even lower, according to an online property broker, and sales have stalled. Hegang’s inventory of unsold homes more than doubled from 2019 to 2022. Assuming a typical home size of around 1,200 square feet—the average in China in its 2020 census—only 534 residential homes in Hegang sold in 2022, according to official data on total square feet for residential real estate sold.
A 650-square-feet apartment in the city centre was recently listed for just under $9,300.
Zhou Yongzhi, a part-time stock trader who grew up there, said most high-rise apartment buildings in the city centre are dark at night. “Hegang is my hometown, and I want to see it flourish. But I don’t see much hope for it in the next 10 to 20 years,” he said.
Hegang’s government didn’t respond to requests for comment.
Rogoff, the Harvard professor, said he believes there will be some cities in China in which a quarter of the housing is empty.
In such places, “it is very hard to maintain law and order, even probably in China,” he said. “I think it’s going to be a big social and governance problem in the future.”
Complex issue
China’s property glut developed over a years long construction boom that ended in 2021, when Beijing, worried about a bubble, tightened credit for builders. It quickly became clear that developers had overbuilt .
It’s hard to determine exactly how big the problem is. China doesn’t provide an official count of empty units, so economists must devise estimates using vacancy rates, building permits and other data sources. They estimate the number is in the tens of millions—including several kinds of empty properties, each with its own challenges.
Of the up to 90 million units that are unoccupied, as many as 31 million were fully or partially built but never sold. Such properties could be bulldozed, but many are tied up in litigation related to developers’ bankruptcies. In many cases, cities and developers hope to finish them.
Another 50 to 60 million units were bought but remain empty. Many Chinese, lacking other good ways to invest their money, poured excess cash into speculative properties—often in smaller cities, where prices were cheaper—without any intention of living in them.
Approximately 74% of Chinese households in first- and second-tier cities owned more than one home across China, while nearly 20% owned three homes or more, according to a recent survey by Citi Research.
These homes are potentially more difficult to deal with because their owners still hope for appreciation. Many are in partially occupied buildings that can’t be torn down.
An additional 20 million units were sold but were left largely unbuilt by developers due to cash-flow problems and poor market conditions. The owners still want them, but developers don’t have money to finish them.
Venice on the Sea
Many builders set their sights on smaller cities when times were good. Bigger cities were getting expensive, and investors seemed willing to buy anywhere so long as prices kept climbing.
Smaller cities embraced the activity. Many issued robust population-growth forecasts, despite evidence China’s population was peaking, because it helped them secure more resources from provincial governments and justify more building projects.
In Qidong, where the Yangtze River empties into the East China Sea, local officials struggled for years to lure major investments such as factories. Selling land to developers helped them meet growth targets. Qidong’s land sales revenue more than doubled from $932 million in 2017 to $2 billion in 2021, according to data compiled by Shanghai-based Wind Information.
Developers, in turn, marketed Qidong as an ideal bedroom community for Shanghai, a two-hour drive away.
The city’s population peaked at 1.1 million in 2020 and has declined for three consecutive years. The number of local jobs has been declining since 2007.
One of the new projects, Venice on the Sea, has 40,000 units, an artificial beach and a five-star resort. Residents can enjoy faux Venetian canals and pathways dotted with Greek and Roman statues.
Xiang Dayu, a property agent there, remembers feverish demand during peak years. Some buyers openly discussed buying apartments for mistresses. Others were willing to pay without inspecting homes in person.
But most people—many from Shanghai—bought homes as investments and left them empty, Xiang says. Now, most units sit unoccupied much of the year, with occupancy rising to only around 60% during peak summer months.
Many owners are trying to sell, with dozens of units listed on auction websites or marketed on Douyin, China’s version of TikTok. In one video recently posted to Douyin, a landlord showed a property agent around a 1,030-square-foot unit, which the owner said he bought in 2016 for around $101,000 after a beach trip to Qidong with friends.
“I thought the unit had a nice view, so I bought it there and then. I never lived here, not even once, and bought it completely for investment purposes,” he said in the video. He is now trying to sell the place for around $63,100.
Venice on the Sea was built by now-bankrupt China Evergrande Group. To the north sits another massive, largely empty residential complex built by defaulted developer Country Garden . To its south is an unfinished compound developed by China Sunac Group , which also defaulted. To its west: acres of farmland.
Local government officials didn’t respond for comment.
Ghost cities
In other countries that have had overbuilt property markets, it has sometimes taken years for excess supply to be absorbed—if ever.
In Japan, a 1990s real-estate bust and a shrinking, ageing population left millions of empty homes. Tearing them down proved hard due to legal hurdles, such as when the owner can’t be located. The number of empty units grew to 9 million last year from 8.5 million in 2018, with houses littering Japan’s landscape.
In China, many owners of empty properties are likely to keep maintaining their units, since management fees in China are low and property taxes are only levied in special cases. Tough personal-bankruptcy rules in China make it hard to walk away from properties, and many want to hang on to them for a possible market rebound.
Still, some economists fear a negative spiral in which declining home prices spur more owners to try to unload empty units, depressing values for everyone.
Prices for new and existing homes in major Chinese cities fell 5.7% and 8.6% in August from a year earlier, respectively, according to National Bureau of Statistics data.
Property prices in most cities have returned to 2017 and 2018 levels, said Yi Wang, head of China real-estate research at Goldman Sachs. If prices drop to 2015 levels, many more owners might choose to sell unoccupied properties. That’s because 2015 was the beginning of the last boom, and owners who bought early won’t want to see their units’ values fall below what they paid, Wang said.
That might be inevitable, though, given China’s falling population.
“I don’t think the housing oversupply problem has a solution, really,” said Huang, of the Peterson Institute. “Fundamentally, it’s the problem of declining demographics. Ghost cities will remain ghostly.”
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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
In April 2025, Sharjah’s real estate sector experienced 7,206 transactions valued at AED 4 billion, driven by government policies, urban expansion, population growth, and increasing demand for real estate units.
2 min
Sharjah’s real estate sector had a strong performance during April 2025, recording 7,206 transactions with a trading value of AED 4 billion across various areas of the emirate. The total traded area of sales transactions reached approximately 10.3 million square feet, which reflects the continued momentum and growth in Sharjah’s real estate market, according to figures released by Sharjah Real Estate Registration Department.
The real estate sector in Sharjah is also witnessing a significant leap reflecting the market’s growth and the rising range of investors. This transformation is driven by a number of integrated factors that have enhanced the emirate’s attractiveness, making it a promising investment destination. The flexible government policies and supportive legislation have contributed to providing a stable regulatory environment that encourages long-term investment. Moreover, major development projects and well-planned urban expansion have also played a pivotal role in attracting local and foreign capital.
This transformation is driven by rapid population growth and increasing demand for real estate units, which has led to a diversity of real estate products offered to meet the needs of various segments. Major real estate transactions were recorded during April 2025, such as “Al-Majaz 3” deal with a value of AED 115 million, which highlights the growing confidence in the emirate’s real estate market. Additionally, the wide geographical distribution of sales transactions, which covered 117 areas, reflects the expansion of the investment landscape and the market’s ability to respond to investors’ aspirations.
The data issued by the Sharjah Real Estate Registration Department indicated that the total number of transactions reached 7,206, which included 1,415 sales transactions, representing 19.6% of the total, and 413 mortgage transactions, representing 5.7%, and with a value of AED 866.8 million. Furthermore, the number of initial contract transactions reached 751, representing 10.4%, ownership certificate transactions reached 3,453, representing 48%, and the number of ownership deeds reached 1,174, representing 16.3% of the total transactions.
Sales transactions took place in 117 areas distributed across the various cities and regions of the Emirate of Sharjah. These properties included residential, commercial, industrial, and agricultural land. As for their types, 785 lands were traded, 338 of units in towers, and 292 of built-in land transactions.
“Al-Majaz 3” recorded the highest real estate deal for a built-in land, valued at AED 115 million. The same area also recorded the highest mortgage transaction for a built-in land, valued at AED 130 million.
The total number of sales transactions in Sharjah reached 1,312. “Al-Metraq” area ranked the highest in terms of number of sales transactions, with 365, followed by “Muwailih Commercial” area with 156, “Tilal” area with 152, and “Al-Khan” area with 64 transactions.
In terms of the areas with the highest trading value, “Muwailih Commercial” ranked the highest with a trading value of AED 348.4 million, followed by “Tilal” area with AED 310.6 million, “Al-Sajaa Industrial” area with AED 168.4 million, and “Al-Majaz 3” area with AED 136 million.
In the Central Region, a total of 66 sales transactions were recorded, most of which were in the “Industrial Area 3”, with a number of 19 transactions, and had the highest trading value, with AED 16.8 million.
As for the city of Khor Fakkan, it recorded 24 sales transactions, in which “Al-Harai Commercial”, “Hay Al-Bardi 2” and “Hay Al-Luleya” areas, recorded 4 transactions each. Meanwhile, “Hay Al-Bardi 5” had the highest trading value, with AED 4.2 million.
Finally, and in Kalba, 11 sales transactions were recorded, led by “Al-Tarif 5” area with 5 transactions, which was also the highest in terms of the trading value, at AED 1.3 million.
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
Qatar is promoting economic diversification and growth through private sector initiatives like Web Summit, with the real estate sector showing potential for global investment.
2 min
Qatar is advancing efforts in economic diversification and accelerating the pace of economic growth by continuously creating new opportunities for businesses and investors through a diverse range of initiatives and incentives.
The country’s real estate sector has significant potential for growth. This positions Qatar at the forefront of global investment, fostering a sustainable and attractive business environment that benefits the national economy and fulfils future generations’ aspirations.
Qatar’s success in diversifying its economy will be vital in reducing reliance on the government sector. Offices in secondary areas have the potential to meet demand from smaller private sector companies; however, many office properties will require upgrading and retrofitting to meet modern office standards, Cushman & Wakefield said in its latest Qatar real estate market overview for the first quarter (Q1) of 2025.
“We expect developers to consider building new office buildings in prime locations in the next two years; however, increased office rental rates will need to become evident to support the business case for new construction.”
In February, HSBC joined a growing list of companies that announced they will be relocating their headquarters to Msheireb Downtown. The bank will occupy approximately 3,000 sqm.
Recent activity remains dominated by government bodies acquiring office space in Lusail and West Bay, with more than 150,000 sqm being leased in the past eighteen months.
To reduce reliance on the public sector for office demand, Qatar has been promoting the growth of private sector through various initiatives. Web Summit successfully inaugurated its Qatar edition in 2024 and held its second conference this February of this year. The first two Web Summit events have reportedly seen several companies, particularly those in e-commerce, payment solutions, and digital marketing, laying the groundwork for setting up in Qatar.
Supply of modern office buildings in Lusail, Wet Bay, The Pearl Island and Msheireb Downtown has reached three million sqm. This represents approximately 55 percent of all purpose-built office supply in Doha. The recent increase in the take-up of offices in prime areas has seen Grade A office availability fall to 10 percent. Overall availability in the office sector is estimated to be closer to 20 percent, the report noted.
Meanwhile the residential rental market remained relatively in Q1, 2025. Demand remains strong for high-specification apartment buildings in prime locations with high occupancy rates evident in areas such as Viva Bahriya, Abraj Bay and Lusail Marina.
Aqarat hosted the first Real Estate Brokers’ forum in Q1 which aimed to enhance cooperation between the government and the real estate sector and illustrated the government’s commitment to developing a well-regulated and transparent real estate market in Qatar.
In March, the Cabinet approved a draft decision by the Ministry of Justice to organize the initial real estate registry. This draft, prepared in coordination with the Aqarat aims to provide a legislative framework for recording data on real estate units and for documenting the rights and legal dispositions that apply to them.
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.
Emaar Properties PJSC reported a strong Q1 2025 performance, with property sales reaching AED 19.3 billion, a 42% increase from Q1 2024, and a record dividend, with a stable outlook from S&P Global.
4 min
In Q1 2025, Emaar Properties PJSC carried forward its momentum from last year and delivered a strong performance, continuing to redefine industry benchmarks and drive sustainable growth across its diversified portfolio. This performance highlights the company’s operational excellence, customer-centric approach, and commitment to creating value for all stakeholders.
Key Highlights of the Q1 2025 Results:
- Sales Growth: Emaar achieved property sales of ~AED 19.3 billion (US$ 5.3 billion); an increase of 42% over Q1 2024 sales of ~AED 13.5 billion (US$ 3.7 billion).
- Backlog Growth: The company’s revenue backlog from property sales increased to ~AED 127 billion (US$ 34.6 billion) as of 31 March 2025, marking a 62% increase from the same period last year and indicating strong revenue growth for the coming years.
- Revenue Growth: Emaar recorded revenue of AED 10.1 billion (US$ 2.8 billion) in Q1 2025, an 50% increase compared to the same period in 2024.
- Profitability: The company reported an EBITDA of AED 5.4 billion (US$ 1.5 billion), up 24% from same period last year, with a healthy margin exceeding 53%. Net profit before tax also rose by 27% to AED 5.4 billion (US$ 1.5 billion) compared to Q1 2024.
- Dividend: Emaar recently declared and paid a record dividend of AED 8.9 billion (US$ 2.4 billion) to its shareholders.
- Customer Satisfaction: Emaar continues to lead in customer satisfaction by prioritizing the highest standards in design, product quality, and community services.
- Focus on Talent Development: Investing in young talent remains a key priority, with training and development initiatives aimed at preparing the next generation of leaders in the UAE.
- Cost and Efficiency Focus: The company maintains a strong focus on managing costs efficiently while maximizing value and performance across all business lines.
- Sustainability Initiatives: Emaar continues to advance its sustainability strategy, emphasizing resource efficiency, waste management, and responsible sourcing practices. We have achieved our third ESG rating upgrade in four years from MSCI, underscoring our unwavering dedication to environmental, social and governance principles.
- Credit Rating: S&P Global upgraded Emaar’s credit rating to BBB+ with a stable outlook, reflecting the confidence in Emaar’s solid financial position and growth prospects.
Mr. Mohamed Alabbar, founder of Emaar, stated: “Every quarter is an opportunity to reinvent what’s possible — not just in how we build, but in how we think, lead, and connect. These results are more than numbers; they reflect the ambition of a team that refuses to stand still, and a community that inspires us to go further. At Emaar, we don’t follow momentum — we create it. Our journey is powered by people with bold ideas, by a culture that rewards curiosity, and by a commitment to shape the future with purpose and precision.”
UAE Build-To-Sell Property Development
Emaar Development PJSC (DFM: EMAARDEV), continued its momentum with strong property sales and project deliveries. With the successful launch of 12 projects in Q1 2025 across all master plans in the UAE, Emaar’s property development business in the UAE achieved yet another record quarterly property sales of AED 16.5 billion (US$ 4.5 billion), representing an increase of over 28% compared to Q1 2024.
Emaar Development’s revenue for Q1 2025 reached AED 5 billion (US$ 1.4 billion), a growth of 43% over the same period in 2024 and achieved net profit before tax of ~AED 2.8 billion (US$ 753 million), reflecting a growth of 49% over Q1 2024. The consolidated revenue of Emaar Properties from its property development business in the UAE during Q1 2025 reached AED 6.9 billion (US$ 1.9 billion), including Dubai Creek Harbor.
Revenue backlog from property sales in the UAE increased to ~AED 112 billion (US$ 30.5 billion) as of 31 March 2025. The company’s strong performance reflects continued demand for high-quality residential developments in Dubai, with new projects planned for launch throughout the year.
Shopping Malls, Retail, and Commercial Leasing
Emaar’s shopping malls, retail, and commercial leasing operations recorded revenue of AED 1.5 billion (US$ 408 million) in Q1 2025. During the same period, the portfolio achieved an EBITDA of AED 1.3 billion (US$ 354 million). This performance is primarily attributed to improvement in lease rentals on renewal, continued growth in tenant sales and sustained healthy occupancy rates across key assets. As of 31 March 2025, our mall assets maintained an average occupancy of 98%.
International Development
Emaar’s international real estate operations recorded property sales of AED 2.8 billion (US$ 762 million) in Q1 2025, reflecting continued demand across key markets, and revenue amounted to AED 626 million (US$ 170 million) during the same period. The performance of international operations was primarily driven by strong results in India and Egypt. Revenue from international real estate operations represent approximately 6% of Emaar’s total revenue in Q1 2025.
Hospitality, Leisure, and Entertainment
Emaar’s hospitality, leisure, and entertainment divisions generated revenues of AED 1.1 billion (US$ 299 million), supported by buoyant tourism and a surge in domestic demand. Emaar’s UAE hotels, including those under management, reported an average occupancy of 82% in the first quarter of 2025. The company expanded its hospitality portfolio with the addition of 2 new hotels, featuring over 600 keys, further reinforcing its strong presence in the sector.
Recurring Revenue
Emaar’s diverse and sustainable recurring revenue-generating portfolio, encompassing malls, hospitality, leisure, entertainment, and commercial leasing, achieved strong results in Q1 2025. The portfolio recorded a revenue increase of 11%, reaching AED 2.6 billion (US$ 707 million) for Q1 2025, and an EBITDA of 2 billion (US$ 545 million) showcasing a growth of around 10% compared to the same period last year. This portfolio continues to provide stable income streams and robust cash flows for the group. EBITDA from this portfolio constituted 37% of Emaar’s total EBITDA in Q1 2025.
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.
UAE real estate stocks attract investors due to strong fundamentals and market demand, with Dubai and Abu Dhabi’s property markets hottest globally. Concerns about rising component prices and supply chain volatility may impact projects.
2 min
With strong fundamentals, real estate and construction stocks continue to capture investor attention across the UAE. According to eToro’s recent Retail Investor Beat survey, 52.5% of investors see real estate and construction as the most promising sector over the next 12 months, ahead of even the fast-growing technology sector, which came in at 42%.
Dubai and Abu Dhabi’s property markets remain two of the hottest globally, fueled by population growth, foreign investment, and demand for premium developments. This strength has translated into solid returns for listed developers in the last year, such as Emaar Properties (+72%) and Aldar (+40%). Aldar’s Q1 results, reported in late April, showed why this real estate is attracting investor attention with a 33% rise in net profit and a 42% jump in development sales. What’s helping businesses like Aldar and Emaar is the UAE’s stable economic environment, which continues to support their growth.
Developers like Emaar and Aldar are also integrating sustainable practices, with projects like Dubai Hills Estate targeting green certifications, enhancing long-term investor appeal.
Although it’s been a great year, the period ahead doesn’t come without risks. Developers across the UAE are growing increasingly concerned about the rising price of key construction components such as steel, aluminum, etc., driven by President Donald Trump’s tariff rollout. Those cost pressures could cloud projects from a timing perspective.
Uncertainty from tariffs could drive investors to focus on stability and yield, something property in the UAE can offer. Therefore, the positive is that real estate in the region will be seen as something of a safe haven, which would mean continued demand for developers. Emaar, for example, doubled its dividend to AED 8.8 billion, fueled by record property sales and strong market demand. That dividend looks set to keep increasing over the next few years as its cash flow continues to grow with continued market expansion and growth.
Another advantage is the region’s diversified trade relationships, which help cushion against sharp import cost spikes. However, ongoing global supply chain volatility could still push up material costs and pressure short-term profitability.
Real estate remains one of the most dynamic and widely supported sectors in the UAE, with investors clearly bullish on the industry, given that it is a sector that offers both growth and yield opportunities. Global macro headwinds will remain an overhang for the whole world, but the UAE, particularly real estate, looks well versed to navigate the challenges ahead.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Dubai’s office market is experiencing strong growth, with 45% rental price increase in Q1 2025, driven by core sectors and agile companies, offering tailored leasing terms and refurbishment strategies.
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Dubai’s office market continues to demonstrate strong fundamentals, with rising demand, increased occupier activity, and a dynamic shift in market behavior. According to Savills latest Dubai Office Market in Minutes – Q1 2025, the emirate has entered a new phase of growth, characterized by elevated rental price levels, reduced vacancy, and increasing competition for prime commercial space.
Dubai saw average year-on-year office rental price growth of 45% across 22 sub-markets in Q1 2025. Key business districts such as DIFC, Business Bay, Downtown Dubai, and TECOM are performing particularly well, with occupancy rates in DIFC reaching 98%. As a result, well-located, Grade A spaces are increasingly sought after by both regional and international occupiers.
In parallel, Dubai recorded a 4.9% rise in net effective occupier costs in Q1 2025, as outlined in Savills global cost benchmarking report. This metric captures the total cost to occupiers, including base rent, fit out expenses, and other related costs, offering a more comprehensive view of overall leasing expenditure. The increase places Dubai among the most active and competitive prime office markets globally. The city now ranks 8th globally for total prime office occupancy costs, averaging USD 148.90 per sq ft per annum, a reflection of the emirate’s continued appeal as a gateway hub for the Middle East, Africa, and South Asia.
“This growth reflects confidence in Dubai’s long-term positioning,” said Toby Hall, Head of Commercial Agency at Savills Middle East. “Companies are looking at Dubai not just as a regional base, but as a global node for innovation, finance, and enterprise. The rise in rents and costs mirrors the demand for quality and the limited availability of premium space.”
Demand continues to be driven by core sectors such as financial services, consulting, and technology & media, which accounted for more than half of Savills transactions in Q1. Smaller, agile companies are also increasingly active, particularly in sub-markets offering value and accessibility, including Dubai South and Expo City.
The Dubai Chamber of Commerce welcomed 70,500 new companies in 2024, marking a 4.6% increase year-on-year and further signaling growing confidence in the business environment. As new entrants look for flexible, well-connected, and high-specification workplaces, many are turning to serviced office operators, who continue to expand into community-centric and mixed-use locations.
While supply of Grade A stock remains tight in established districts, landlords are responding proactively, offering more tailored leasing terms, enhanced amenities, and refurbishment strategies to meet evolving occupier expectations. Some strata landlords in Business Bay, for instance, are now quoting rents comparable to DIFC, underscoring the broader uplift in perceived value across sub-markets.
Lease renewals remain a preferred option for many businesses, particularly outside DIFC, where RERA rental protections provide added stability in a rising cost environment. Occupiers are also reviewing how space is used, prioritizing functional layouts, optimization, and long-term adaptability over expansive floorplates or elaborate fit-outs.
Looking ahead, new office developments are in the pipeline, although most are already seeing significant pre-commitment levels. This indicates continued market confidence and suggests that competition for high-quality space will remain a key theme through 2025.
“Dubai’s office market is evolving, not tightening,” added Hall. “The data shows growing maturity, where rental increases reflect sustained interest, strong business fundamentals, and a shifting view of Dubai as a long-term destination for global enterprise.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Mercure Khamis Mushait, the first internationally branded hotel in the Aseer region, offers 93 modern rooms, a dining restaurant, coffee shop, gym, swimming pool, meeting room, and 24/7 services.
2 min
Mercure, a locally-inspired brand from Accor, announces the opening of Mercure Khamis Mushait in the Aseer region, under the management of Amsa Hospitality.
Located 15 kilometers away from Abha International Airport, the hotel is the first internationally branded hotel in Khamis Mushait offering 93 modern and comfortable rooms. Infused with Mercure’s signature warmth and deep connection to place, the hotel blends authentic Saudi hospitality with the rich cultural offerings of the Aseer region.
Designed for business and leisure travelers, Mercure Khamis Mushait features an all-day dining restaurant, a coffee shop, a modern gym, an indoor swimming pool, and a fully equipped meeting room. Guests can also enjoy the convenience of 24/7 in-room dining and laundry services.
The hotel’s design incorporates locally-inspired elements, with thoughtfully curated interiors across its rooms and public spaces that pay tribute to the region’s cultural richness.
Since its founding in 1973, Mercure has been dedicated to unveiling the treasures surrounding each address, creating a truly local experience for guests. Through its “Discover Local” program, Mercure ensures that guests are instantly immersed in a locally inspired atmosphere. The brand has recently achieved a historic milestone by surpassing 1,000 hotels worldwide.
Hameed Ali, General Manager, said: “We take immense pride in bringing Mercure’s renowned hospitality to the Aseer region. Our dedicated team is committed to providing guests with a unique blend of local character and exceptional service, whether visiting for business or leisure.”
Aamir Riaz, Chief Operating Officer of Amsa Hospitality, said: “We at Amsa Hospitality are beyond delighted to start welcoming guests to Mercure Khamis Mushait. We thank the Accor team for their excellent collaboration and look forward to continuing our work together to make sure our guests experience the warmth of Mercure.”
Paul Stevens, Chief Operating Officer of Accor’s Premium, Midscale, and Economy Division in the Middle East, commented: “The rising demand for midscale and economy brands in Saudi Arabia’s secondary cities highlights the nation’s rapidly evolving hospitality landscape. Mercure Khamis Mushait is a key milestone in Accor’s commitment to expanding its footprint in alignment with Vision 2030 enhancing tourism and economic diversification. As the first opening under the master development agreement with Amsa Hospitality, it paves the way for additional hotels in key cities like Ha’il, Jubail, and Al-Ula. Together, we are bringing our globally recognized brands, including Handwritten Collection, ibis Styles, Mercure, and Novotel closer to travelers seeking quality, comfort, and local authenticity.”
To celebrate its opening, members of ALL – Accor’s award winning loyalty program, can take advantage of 20% savings on the best available rate and 4Xbonus reward points. The offer is available until 31 August 2025, with a flexible cancellation policy and blackout dates, including Eid Al Adha.
Mercure Khamis Mushait is owned by Amsa Hospitality and is the first hotel to open under the master development agreement with Accor.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Dubai-based Union Square House successfully brokered the sale of two luxurious apartments at Jumeirah Residences Asora Bay for $63.7 million, solidifying its position in the high-end real estate market.
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Dubai-based real estate brokerage Union Square House (USH) has shattered records in luxury property transactions. The firm has successfully brokered the sale of two ultra-luxurious apartments at Jumeirah Residences Asora Bay by Meraas, located in the prestigious La Mer district of Dubai, for a staggering $63.7 million (AED 234 million) to a single buyer.
The first unit is a 6-bedroom simplex spanning 18,182 sqft, sold for about AED 164 million, while the second is a 4-bedroom simplex covering 7,728 sqft, sold for AED 69.5 million. Jumeirah Residences Asora Bay offers only 29 exclusive apartments managed by Jumeirah—a global leader in luxury hospitality and a member of Dubai Holding, ensuring a rare and highly sought-after opportunity.
Manoj Khatwani, Sales Director at Union Square House, who facilitated the sale, stated: “This project is unparalleled. There’s nothing like it. The project redefines luxury and exclusivity. The specifications are better than anything Dubai has ever seen. The views are unparalleled—Arabian Sea views and Burj Khalifa skyline views. It surely sets the new standard for Dubai luxury.”
This record-breaking transaction highlights Union Square House’s continued leadership and dominance in the high-end real estate market, further solidifying its reputation as a trusted partner in Dubai’s luxury property sector.
Gaurav Aidasani, Founder & Managing Director, Union Square House Real Estate Broker added: “We are incredibly proud to have brokered this record-breaking transaction for Meraas at Jumeirah Residences Asora Bay. This sale not only highlights the luxury and exceptional quality of Dubai’s real estate offerings but also showcases the strong demand for unparalleled living experiences in the city’s most sought-after locations. Our commitment to excellence remains unwavering, and we continue to lead the way in high-end property transactions in Dubai.”
“We would also like to extend our appreciation to Dubai Holding for their continued commitment to creating world-class products that set new benchmarks for excellence. Their dedication to quality and innovation plays a pivotal role in making these landmark deals possible,” Gaurav concluded.
Jumeirah Residences Asora Bay offers an unparalleled lifestyle with a collection of exquisite apartments and a stunning penthouse, ranging from four to seven bedrooms. Each residence is a masterpiece, thoughtfully crafted with private amenities and shared spaces that create a retreat of both grandeur and intimacy. Designed for those who seek more, Jumeirah Residences Asora Bay redefines hospitality with an innovative approach, providing an exceptional living experience.
In a city where towering structures rise from the flat desert landscape, Jumeirah Residences Asora Bay offers a new perspective—one that redefines both architecture and nature. Unlike the conventional skyline standing tall above the sands, this project introduces a landscape of its own, with two majestic hills carved into the coast, each embracing the natural beauty of the sea. It is a vision where architecture merges seamlessly with the land, creating an enclave of serenity that invites exploration.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Australia’s State of Victoria is inviting Qatari investors to invest in sectors like renewable energy, health, sports, agri-food, education, and technology.
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The State of Victoria, Australia, is extending a strong invitation to Qatari investors, highlighting a wealth of strategic investment opportunities across sectors such as renewable energy, health, sports, agri-food, education, and technology.
Speaking to The Peninsula, Gönül Serbest, Commissioner for Victoria to Europe, the Middle East, Türkiye, and Africa at the Victorian Government Trade and Investment, emphasized the growing potential for collaboration between Qatar and Australia’s fastest-growing state.
“Qatari investors will find Victoria offering a compelling, stable, and globally connected investment environment,” Serbest said. “As Australia’s fastest growing state, Victoria contributes around 25 percent of the national GDP and population, and Melbourne has consistently ranked as one of the world’s most livable cities.”
With a population exceeding 7 million, Victoria offers a highly skilled and diverse workforce, backed by a $129bn startup and innovation ecosystem. “Melbourne is among the top 40 global startup hubs,” Serbest noted. “It provides a fertile ground for Qatari tech and innovation-driven investments, which aligns closely with Qatar’s national vision to strengthen its own startup ecosystem.”
Sport has also become a cornerstone for bilateral engagement, with Victoria’s capital, Melbourne, recognized globally as a leader in sports tech, event management, and infrastructure. “Melbourne is the sporting capital of Australia and a global hub for sports tech and innovation,” Serbest said. She also highlighted the recent successful trade mission timed with the SportNXT conference, which welcomed key Qatari participants, including representatives from the Qatar Foundation and Aspire Academy.
“As part of the delegation, we were thrilled to welcome to Melbourne, sporting legend and icon Tim Cahill, an enduring ambassador for Australia-Qatar relations,” Serbest said. “His presence spotlighted the strength of our people-to-people ties and the powerful role sport plays in uniting our two nations.”
Looking ahead, Victoria plans to build on this momentum with a return trade mission to the Gulf region, focusing on deepening partnerships in sports, technology, and innovation. “We are preparing to bring Victorian companies from the sports sector to Qatar and beyond, to explore business partnerships and knowledge exchange,” she confirmed.
Education and edtech are also on Victoria’s radar for collaboration. “We’ll be engaging stakeholders at the next WISE Summit, Qatar’s premier global platform for education innovation,” Serbest said, pointing to Victoria’s position as “Australia’s education state,” with 11 universities (two ranked in the global top 50), 12 technical institutes, and over 1,000 private education providers.
In clean energy, Victoria is setting the pace with a target of 95 percent renewable electricity by 2035 and net zero emissions by 2045 — five years ahead of Australia’s national target. Serbest stressed that “Victoria is investing approximately $35bn in new renewable energy projects, which aligns with Qatar’s ambitions to diversify its energy sources.
Agriculture remains another core pillar of the pitch. “Victoria is widely recognized as Australia’s agricultural powerhouse,” she said.
“We produce over one-third of the country’s food exports, valued at $40bn, and we’re a leader in sustainable farming and agtech. This presents tremendous potential for Qatari investors seeking access to the Asia-Pacific through a trusted agricultural base,” Serbest concluded.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
MAG, a UAE-based real estate developer, has signed a $3 billion tokenization agreement with MultiBank Group and blockchain innovator Mavryk, marking the largest global real-world asset tokenization initiative.
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MAG, a leading real estate developer in the UAE, has signed an historic $3 billion tokenization agreement with MultiBank Group, the world’s largest financial derivatives institution based in Dubai, and Mavryk, a leading blockchain innovator.
This marks the largest real-world asset (RWA) tokenization initiative globally to date, MAG said.
The initiative highlights the imminent launch of $MBG, the utility token at the core of MultiBank’s next-generation digital finance ecosystem.
The partnership will bring MAG’s high-value real estate developments — The Ritz-Carlton Residences, Dubai, Creekside, which is part of the Keturah Resort, and Keturah Reserve — onto the blockchain, making them available to global investors via MultiBank.io’s fully regulated RWA marketplace. Once launched, holders of the RWA assets will be able to earn yield distributed daily on the MultiBank.io platform.
The $MBG token will power access, staking, fee payments, and platform engagement, positioning it as the infrastructure layer behind institutional-grade digital asset offerings.
As part of the agreement, MAG will provide its premium real estate inventory for tokenization, while Mavryk will deliver the blockchain infrastructure to support on-chain asset issuance and DeFi integrations. MultiBank Group will oversee regulatory compliance, secondary market liquidity, and platform governance — all reinforced by the $MBG token’s multi-layered utility.
Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, said: “At MAG, we have always been driven by excellence and a passion for shaping the property landscape of tomorrow. Partnering with MultiBank Group marks a milestone in broadening access to high-value developments and unlocking liquidity via blockchain, while preserving uncompromising standards of transparency and stakeholder protection.”
“This isn’t just a real estate deal — it is a flagship use case for the $MBG token. By enabling seamless access to $3B in tokenized property, MultiBank becomes the bridge between regulated finance and next-generation investment infrastructure. This is how we make Web3 real.” said Zak Taher, Founder and CEO of MultiBank.io.
Alex Davis, Founder and CEO of Mavryk, commented: “This collaboration represents a paradigm shift in how real-world assets are accessed and traded. By leveraging our advanced tokenization and DeFi infrastructure, we are transforming landmark developments into borderless, liquid investment opportunities. Together with MAG and MultiBank Group, we are laying the technological foundation for a transparent, scalable future where institutional-grade assets are available at the click of a button.”
With a buyback-and-burn model tied to platform revenues, and staking rewards designed to incentivise long-term engagement, MultiBank Group provides tangible value for both retail and institutional users. From discounted fees and VIP tiers to launchpad access and real-world asset exposure, the $MBG token is engineered to reward participation and drive ecosystem demand, a statement said.
The initial tokenization of $3 billion is just the beginning and the platform is built to scale up to $10 billion in assets, setting the stage for a new era of programmable ownership and compliant digital investing — with $MBG at its foundation, it added.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Dubai’s real estate market experienced a 77.4% YoY increase in transactions in April, driven by off-plan inventory, investor confidence, regulatory clarity, and expanded foreign ownership zones. New launches from Tier 1 developers attracted demand, with a 9.2% population increase.
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Dubai’s real estate market continued its upward trajectory in April, with AED 46.18 billion in transactions; a 77.4% year-on-year increase, according to Springfield Properties’ latest market report. Off-plan inventory drove performance, supported by investor confidence in phased masterplans, regulatory clarity, and expanded foreign ownership zones.
This surge reflects more than short-term momentum. It signals a shift in how capital is aligning with Dubai’s long-term urban strategy; with structured developments, trusted developers, and infrastructure-led communities driving investor attention.
“Investor behavior is evolving,” said Farooq Syed, CEO of Springfield Properties.
“Off-plan buyers today are not chasing short-term trades; they’re aligning with master planned communities that offer credibility, phased delivery, and predictable resale opportunities”.
New launches in April from Tier 1 developers; including projects in Grand Polo Club & Resort, Dubai Design District, and The Valley, attracted strong demand, backed by flexible payment plans and future-focused community design.
The secondary market remained steady, especially in established areas like Downtown Dubai, JVC, and Dubai Hills Estate, where buyer interest in completed, title-ready units continued to hold.
Dubai’s population reached 3.93 million in April, up from 3.6 million a year prior – a 9.2% increase that continues to underpin demand across both the ownership and rental segments. This demographic expansion, coupled with job creation and long-term residency incentives, has created stable end-user momentum.
Syed added: “This investor maturity – enabled by stronger regulation, infrastructure integration, and developer trust, is reshaping Dubai’s real estate market into a more resilient and globally attractive ecosystem”.
Rental activity remained active with 29,057 contracts signed, reaching a total value of AED 2.48 billion. Prime villa communities like Al Barari and MBR City recorded rental price growth of over 4%, highlighting sustained appetite for lifestyle-led housing.
Syed concluded: “We’re entering a phase where investor confidence is increasingly anchored in governance, delivery capability, and urban integration. Dubai’s market is no longer simply growing – it’s maturing, and that distinction matters for capital deployment. The fundamentals are aligning for long-term resilience”.
With forward-looking regulation, deepening market transparency, and demand sustained by demographic expansion, Dubai’s real estate outlook for Q2 2025 remains robust.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Dubai Land Department delegation visited the AED 1.8 billion ‘Rukan’ project, developed by LMD, offering modern living options and green spaces. The project includes Rukan Villas, Lofts, Towers, and Residences, catering to various lifestyles.
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A delegation from Dubai Land Department, led by His Excellency Director General Marwan Ahmed Bin Ghalita, visited the completed first and second phases of the ‘Rukan’ project, valued at AED 1.8 billion within Dubailand and developed by LMD, a real estate developer with a diverse portfolio spanning the UAE, Egypt, Spain, and Greece. The delegation was joined by Hamad Al Abbar, Managing Partner of LMD, and his team.
Rukan is a key project for LMD, offering a range of housing options, including townhouses, lofts, apartments, and villas. The development emphasises a balance between modern living and green spaces, with parks, recreational areas, and amenities designed for families and residents of all types.
Commenting on the project, Hamad Al Abbar, Managing Partner of LMD said: “Rukan is designed to offer flexible living solutions, with spaces that cater to different lifestyles. The project’s focus on green spaces and community amenities makes it an attractive option for families.”
The Rukan development includes various residential types to accommodate diverse needs; Rukan Villas offer spacious townhouses in a gated environment, while Rukan Lofts provide modern, natural living spaces with expansive balconies. Rukan Tower, an eight-story building, offers apartments with terraces and easy access to major roads, while Rukan Residences, a five-story building, provides a mix of studio, one, two, and three-bedroom duplexes, surrounded by landscaped green spaces and recreational facilities.
Founded in 2007, LMD has solidified its position in the real estate sector. The company has developed several residential and commercial projects in Dubai, including Continental Tower, Marina Living, Boutique XII, Boutique 23, La Boutique, The Pier Residence & Taiyo Residences.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Dar Global and The Trump Organization have launched the Trump International Hotel & Tower in Dubai, marking the Middle East’s first project.
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Dar Global, the London-listed luxury real estate developer, and The Trump Organization have announced the launch of Trump International Hotel & Tower, Dubai, reaffirming their confidence in the region’s long-term growth potential and commitment to delivering exceptional value to investors and residents alike.
This landmark project marks the Middle East’s first and only Trump International Hotel & Tower and represents the fifth collaboration between Dar Global and the Trump Organization.
Building on the success of developments such as Trump Tower Jeddah in Saudi Arabia and Trump International Golf Club and Hotel in AIDA, Oman’s most luxurious beach master community, this new icon is set along Sheikh Zayed road at the entrance of Downtown Dubai with exclusive views to Burj Khalifa and the Sea.
Trump International Hotel & Tower, Dubai blends world-class hospitality with exclusive residential offerings and is poised to further elevate the city’s thriving real estate and tourism sectors.
Occupying 80 floors at 350m, Trump International Hotel & Tower, Dubai presents lavish hospitality offerings comprising exquisite rooms and suites, private lounges, personalized service, and world-class amenities for guests. Adding to its allure, The Trump – a private, members-only club, offers unmatched exclusivity and experience for select members.
With sweeping views of the Burj Khalifa, the property will feature an exclusive resort-style pool dedicated to residents only. Furthermore, residents and guests will enjoy access to the highest outdoor pool in the world, offering an unparalleled swimming experience with breathtaking panoramic views.
Crowning the tower, two distinctive penthouses with sky pools epitomize the best of design elegance and exclusivity, setting a new benchmark for luxury living in Dubai. Inspired by the legendary Trump Tower Penthouse on New York’s 5th Avenue, these breathtaking duplexes boast floor-to-ceiling windows that capture sweeping views of the Dubai skyline. Every detail – from bespoke finishes to meticulously curated interiors – speaks to a lifestyle of unparalleled elegance and uncompromising luxury.
Eric Trump, Executive Vice President of The Trump Organization, said: “Trump International Hotel & Tower, Dubai is a project that reflects our unwavering commitment to excellence, luxury and innovation. We are honored to partner once again with Dar Global on this landmark development, bringing unparalleled quality and world-class amenities to Dubai’s luxury market. Dubai is a global destination that shares our vision for iconic development, and we’re proud to expand the Trump brand in one of the most dynamic cities on earth.”
Ziad El Chaar, CEO of Dar Global, added: “Dubai’s vibrant economy and strategic location make it a prime destination for global investment, and Dar Global recognizes this potential. The Trump International Hotel & Tower, developed alongside the Trump Organization, is perfectly positioned to capitalize on this growth, offering investors a unique opportunity to participate in Dubai’s success story while benefiting from the strength and prestige of the Trump brand as well as Dar Global’s expertise in luxury real estate development.”
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.
Majid Al Futtaim has chosen United Engineering Construction Company – Dubai (UNEC) as the main contractor for Plagette 32 and Amara, two residential developments in Tilal Al Ghaf, Dubai. The contract, valued at AED 736 million, includes 148 luxury villas, interior fit-out, and Beach Club construction.
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Majid Al Futtaim, a leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa, and Central Asia, has officially appointed United Engineering Construction Company – Dubai (UNEC) as the main contractor for Plagette 32 and Amara, two landmark residential developments within Tilal Al Ghaf, its flagship lifestyle destination in Dubai. UNEC, a multi-award-winning general contracting company with over 40 years of regional expertise, brings a proven track record in delivering high-quality, large-scale projects across the UAE.
Valued at AED 736 million, the contract encompasses the full scope of works for 148 luxury villas, including their interior fit-out, as well as the shell and core construction of the Beach Club. It also includes in-plot and public realm landscaping, gatehouses, ancillary structures, and shallow infrastructure, ensuring the comprehensive delivery of both developments.
Commenting on the announcement, Ahmed El Shamy, CEO of Majid Al Futtaim Properties said: “Breaking ground on Plagette 32 and Amara marks a significant milestone forward in bringing our vision for Tilal Al Ghaf to life. These developments reflect our unwavering commitment to crafting exceptional, design-led communities that harmoniously blend natural beauty, architectural excellence, and elevated living. The appointment of UNEC as our main contractor reinforces our focus on quality, innovation, and delivering on refined, future-forward homes. We look forward to seeing these residences take shape and to welcoming our residents to a new era of sophisticated living.”
Plagette 32 is one of the exclusive waterfront neighborhoods within Majid Al Futtaim’s Tilal Al Ghaf, designed to offer residents a refined yet relaxed lifestyle that feels like a permanent escape. It brings together sophisticated architecture and resort-style living, with interiors curated by the acclaimed Bergman Design House, a luxury studio with a portfolio spanning high-end hospitality, residential, and even superyacht projects. Comprising 28 elegant Club Villas and four striking Water Bungalows, each home features private gardens, expansive terraces, and fluid indoor-outdoor spaces that embrace Dubai’s year-round sunshine. At its center, a vibrant Beach Club, in partnership with Sunset Hospitality, will anchor the community with elevated leisure and dining experiences.
Just a short stroll away, Amara offers a distinct take on modern community living. The neighborhood will feature 116 twin villas set around a landscaped central park, where water features and green spaces weave through the development to create a calming, nature-first environment. With a focus on eco-conscious materials, contemporary design, and seamless connectivity between homes and shared spaces, Amara is poised to become a serene, design-forward sanctuary for families and individuals alike.
Engr Abdul Halim Muwahid, Chairman of UNEC, said: “We at United Engineering Construction (UNEC) are proud to be awarded and entrusted with the delivery of two of Dubai’s most anticipated residential developments. Our long-standing expertise in high-quality construction, paired with a deep commitment to excellence, will guide every stage of Plagette 32 and Amara’s development. These projects set a new benchmark for luxury living, and we are honored to play a role in realizing Majid Al Futtaim’s bold vision. With a shared focus on quality, innovation, and precision, we look forward to bringing these exceptional communities to life.”
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.
KORO Development, a new real estate brand under ALTA Real Estate Development, has launched its first residential project in Jumeirah Garden City, offering a dynamic residential experience.
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KORO Development, a new real estate brand under the umbrella of the ultra-luxury developer, ALTA Real Estate Development, proudly announces the official launch of Koro One — its debut residential project located in the vibrant heart of Jumeirah Garden City.
Marking the first chapter in KORO’s mission to redefine urban living, Koro One offers a dynamic residential experience shaped by real life in motion. Rooted in ALTA’s legacy of design excellence, KORO brings a fresh, energetic approach to modern city life — building homes that are deeply connected to the city’s rhythm.
A New Standard for City Living
Koro One introduces a curated mix of studios, one and two bedroom apartments and a singular three-bedroom duplex residence, each designed for residents who live fast-paced, connected lives. KORO One is designed around the needs of the modern city professional with a huge open atrium that soars the full height of the building, beautifully designed internal and roof-top gardens, a state of the art fitness and wellness floor by Technogym and vibrant communal areas including an incredible co-working space and lounge, tailored fostering productivity, connection, and creativity.
Located in Jumeirah Garden City — one of Dubai’s most walkable, character-filled neighborhoods — Koro One puts residents at the center of it all. With easy access to Sheikh Zayed Road, DIFC, Downtown Dubai, J1 and Kite beaches, nightlife, and cultural hubs, Koro One is built for those who want the city at their doorstep.
“At KORO, we’re not just building homes — we’re building the ultimate urban launchpads,” said Abdulla Al Tayer, MD at KORO Development. “Koro One is designed for people who move fast, think big, and live connected — a place that gives you access, community, and the energy to keep going.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Dubai’s property market is undergoing a transformation, with LEOS Developments launching nine projects in 2025 focusing on diversification, sustainability, and design-led living to address rising prices, saturated prime districts, and increased investor competition.
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As Dubai’s property market surges toward pre-2008 peak levels, real estate developers are adopting a more calculated approach to expansion in 2025, pivoting from aggressive growth. LEOS Developments, in the past 18 months, has launched nine distinctive projects across Dubai, each reflecting a shift toward diversification, sustainability, and design-led living.
With rising prices, saturated prime districts, and increased competition for investor attention, industry leaders are recalibrating strategies to spread risk and maintain long-term value. This strategic approach is most visible in newly emerging districts. For example, in Dubailand, where average price-per-square-foot rose 38% in 2024 according to primary data, LEOS recently unveiled Weybridge Gardens 4, a mid-rise residential development offering 294 units, including private-pool sky villas and wellness-inspired rooftop amenities. The project exemplifies a wider trend of lifestyle-driven housing designed for a new generation of investors seeking returns without compromising on quality or innovation.
In Greenwood, LEOS is developing Kensington Gardens, part of a 3.95 million square meter master community designed around sustainable infrastructure, wellness, and British-inspired architecture. With over 90% sold, it reflects the growing demand for lower-density alternatives to Dubai’s more saturated hubs.
These projects form part of LEOS’ broader over AED 5 billion pipeline, which spans multiple districts and market segments, from urban residences in JVC to wellness-first communities like Knightsbridge in Meydan’s District 11. This portfolio diversification is not just a growth strategy, but a response to shifting investor priorities of stable returns, livability, climate-adaptive infrastructure, and more recently sustainability.
Sustainability in amenities such as solar panel systems, smart water infrastructures, and biodiversity strategies, as seen in the Knightsbridge project, respond to both environmental mandates and evolving investor expectations.
As Dubai’s market continues to evolve, LEOS Developments is positioning itself not only as a prolific builder, but as a forward-thinking player redefining how and where investment value is created in the city.
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.
