Deyaar Launches New Luxury Residence Project on Al Reem Island

Dubai’s commercial office market is reaching new heights, with unprecedented demand driving occupancy rates and rental growth across prime business districts, as detailed in Savills Q3 2024 Dubai Office Market report. Driven by a substantial rise in new business registrations and expansion activities by existing firms, including those in finance and technology sectors, the city’s real estate landscape is more competitive than ever, positioning Dubai as a top global business destination.

According to the report, over 24,000 new businesses were registered in the first half of 2024, marking a 5% year-on-year growth. This surge underscores the strong economic momentum fueled by the Dubai Economic Agenda (D33) and highlights the emirate’s reputation as a hub for international trade and innovation. Key business areas such as DIFC, Downtown, and Business Bay now boast occupancy rates between 95% and 97% reflecting robust demand for high quality office spaces.

Average Grade A rental values surged by 25% year-on-year, with specific locations like Business Bay and Downtown experiencing jumps of 44% and 36%, respectively. DIFC’s premier properties lead the market, reporting rent increases as high as 25% while new developments such as DIFC Square and Immersive Tower are set to add over 10 million square feet of premium office space by 2028.

“Dubai’s office market growth underscores its appeal as a global business hub, bolstered by ease of setup, favorable tax conditions, and a strategic location,” said Toby Hall, Head of Commercial Agency at Savills Middle East. “Businesses are establishing or expanding their presence here, recognizing the value of high-quality office spaces that support talent attraction and growth. This demand signals further market evolution in the years ahead.”

Paula Walshe, Director of Transactional Services at Savills Middle East, added, “The unprecedented rental increases and high occupancy rates demonstrate Dubai’s standing as a premier destination for global business expansion. We’re seeing strong interest from international firms, especially in finance and technology, prioritizing flexible office spaces to meet their ambitious growth targets and align with Dubai’s strategic vision.”

In addition, the rise of hybrid working models has led to a growing demand for flexible workspaces, with companies opting for open-plan layouts and co-working solutions like those offered by Executive Centre and Cloud Spaces. These spaces are particularly attractive for startups and new entrants seeking flexible lease terms and a rapid operational setup.

Demand for office space is concentrated in areas with prime offerings, yet more affordable options are also experiencing significant rental increases, as seen in Dubai Science Park and Dubai Investments Park, which recorded a 37% year-on-year rise. Expo City is emerging as a competitive option, offering high-quality facilities with strong transport links at a lower price point than the central business districts.

The report projects that this demand will continue through the year as more businesses set up in Dubai to take advantage of its strategic location, supportive business environment, and high-quality infrastructure.

Al Habtoor Real Estate celebrated their luxurious residential project, The Residences, Al Habtoor Grand, reaching the above-ground construction phase in a record time.

Hosted at the prestigious Al Habtoor Grand Resort, the evening marked a significant milestone with the construction now reaching above-ground and was attended and celebrated by 400 to 500 elite agents specializing in high-end developments and esteemed VIPs, who received personalized video invitations from Mohammed Khalaf Al Habtoor, Vice-Chairman and CEO of the Al Habtoor Group.

The event began with a warm welcome to guests, setting an anticipatory tone for a special announcement: Al Habtoor Real Estate introduced a remarkable incentive for top-performing external agents in November and December—the opportunity to win a Bentley. This grand gesture, aimed at inspiring and rewarding excellence, energized the audience.

After the announcement, a technical presentation offered insights into the project site, leading seamlessly to a speech by Mohammed Khalaf Al Habtoor, Vice-Chairman and CEO of the Al Habtoor Group. The night continued with captivating performances by a renowned band, followed by breathtaking fireworks that lit up the sky. Guests were treated to an exquisite selection of canapés and fine drinks, making it an unforgettable evening of celebration and elegance, capped off by the successful booking of 100 units during the evening.

In the vibrant landscape of Abu Dhabi’s real estate sector, few names resonate as profoundly. Founded by Mubarak Al Amry, Mi Casa Property Solutions has blossomed from a simple idea into a multifaceted powerhouse dedicated to enriching lives through property ownership.

In this exclusive interview, Al Amry reflects on the inspirations behind Mi Casa‘s establishment and the company’s remarkable evolution over the years. He emphasizes not just the importance of transactions, but the meaningful relationships built with clients, each property serving as a legacy for generations to come.

With a unique approach that prioritizes quality and a commitment to community-building, Al Amry shares insights into the current market trends, the strategic use of technology, and the company’s ambitious plans for the future.

What inspired the establishment of the Mi Casa Property Solutions, and how has it evolved over the years?

The journey of Mi Casa Property Solutions has been incredibly inspiring and rewarding. When I established this real estate company, my goal was not just to build a business, but to provide people with an asset that could become an essential part of their lives. We don’t just sell property; we offer an experience that holds lifetime value for our clients.

This is not just an investment; it’s a legacy that people pass on to the next generation. With this philosophy, we have built strong relationships with our clients, turning each interaction into a journey rather than just a transaction.

When I hire my team, I focus not on their real estate experience but on their diversity and passion for helping others. Each team member’s mission is to provide clients with the best service and experience possible, positively impacting their lives. In this way, our company has evolved, consistently focusing on delivering value to our clients.

Today, Mi Casa is not just a company in real estate but also plays a role in community building and legacy creation. We stand firm on our values and strive to give every client the best experience of their lives.

Mi Casa Property Solutions offers a wide range of services in the real estate sector. How do you ensure that you maintain a high standard across all these services?

Yes, our portfolio is indeed quite diversified, but we make it a priority to ensure that every service we provide satisfies our clients 100%. This commitment is the reason our clients return to us for various services.

To achieve this, we have specialized consultants for each area who excel at their jobs. They understand the nuances of the real estate market and are dedicated to delivering top-notch service. By investing in their expertise and training, we ensure that our services consistently meet high standards.

We believe in never compromising on quality, which is reflected in our client satisfaction. This approach not only enhances our reputation but also strengthens the trust our clients place in us. Ultimately, our goal is to provide exceptional experiences across all our services.

What distinguishes you from the other companies in the UAE?

While many property companies may seem similar, what sets Mi Casa apart is our versatile approach and unique listings. We don’t just sell individual apartments or villas; we provide opportunities across entire buildings, including commercial and residential properties. This comprehensive range allows us to meet diverse investment needs, offering our clients the flexibility to expand their portfolios with properties that stand out in the market.

We believe in quality over quantity. Rather than having a large team, we prefer 10 highly skilled consultants who excel at their work. This allows us to maintain a high standard of service and expertise in every transaction.

Our focus on providing exceptional quality and unique listings ensures that we deliver a superior experience to our clients, distinguishing us from other property advisory and management companies in the UAE.

How do you see the current real estate market in Abu Dhabi, and what trends are you noticing in both residential and commercial sectors?

The Abu Dhabi real estate market is currently thriving, with positive trends in both residential and commercial sectors. In residential real estate, there’s a strong demand for high-quality, affordable housing, as families seek spacious homes with modern amenities. Additionally, sustainable and smart living solutions are gaining popularity.

In the commercial sector, we’re seeing increased demand for flexible workspaces as companies adapt to hybrid models, and retail is shifting towards experiential environments that enhance customer engagement.

Overall, the market is becoming more competitive, with a focus on quality and innovation. We at Mi Casa are committed to staying ahead of these trends to meet our clients’ evolving needs.

Your company aims to achieve both owners’ and tenants’ satisfaction. Can you share some of the strategies you employ to ensure a balanced approach that meets the needs of both parties?

At Mi Casa, we see ourselves as catalysts in the real estate process, ensuring that both owners and tenants are satisfied. Our approach is centered on effective communication, which is crucial for preventing any misunderstandings or issues between the two parties.

We prioritize transparency and responsiveness, making sure that both owners and tenants feel heard and valued. We provide regular updates and facilitate open dialogue to address any concerns promptly. For us, both owners and tenants are equally important clients, and their satisfaction is our top priority.

By fostering a collaborative environment, we create a positive experience for everyone involved, ultimately leading to long-term relationships and trust.

How do you foresee the role of technology evolving in the real estate market, and what is Mi Casa’s strategy to stay at the forefront of these changes?

I foresee technology playing a transformative role in the real estate market, enhancing efficiency and client experiences. At Mi Casa, we are committed to staying ahead by investing in advanced tools like data analytics, virtual reality, and AI-driven automation. By continually training our team and fostering a tech-forward culture, we ensure that we leverage these innovations to provide personalized services and streamline operations. Our goal is to not only adapt to these changes but to lead the industry in delivering exceptional value to our clients.

What are your expansion plans? Are there any new markets or services you are looking to explore?

At Mi Casa, our ambition is to elevate the company to new heights, and we are consistently working towards that goal. We are currently engaged in several important projects. we plan to introduce some exciting new initiatives soon. For now, we believe it’s best to focus on our work and when the time is right, we will reveal our new steps to the market. Your support is invaluable to us as we embark on this journey of expanding and exploring new markets and services.

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.

GFH Financial Group (GFH), in partnership with Infracorp, today announced on sidelines of Gateway Gulf Forum 2024, that they have signed with Kempinski to launch Harbour Heights Kempinski Hotel and exclusive branded residences. The project will deliver the next level of luxury, waterfront living in the heart of Mamana’s exclusive Bahrain Harbour, which is strategically positioned in downtown Bahrain within a key financial and lifestyle hub as well as in close proximity to other prominent leisure, business, and transportation centers in the Kingdom.

Kempinski Harbour Heights will offer unmatched panoramic views of the Bahrain Harbour and Marina and the adjacent Bahrain Bay. The project will comprise of Sky Villas, marking the first Kempinski branded villas with direct sea views, and 260 luxury apartments and hotel rooms. The villas and residences will be developed to the highest and most exacting design specifications and will benefit from premium lifestyle offerings including the highest swimming pool in Bahrain with 360 views, a sprawling roof top garden with kids play areas, indoor sports facilities, as well as an outdoor gym, tennis courts, and basketball court. Residences also benefit from an international fine dining offering, cigar lounge and meeting facilities, as well as exclusive access to the Kempinski hotel’s broad range of world-class services and amenities.

Sales are scheduled to launch before the end of 2024, with the hotel due for completion at the end of 2025 and the residences in the first half of 2026.

Commenting, Ms. Barbara Muckermann, CEO of Kempinski, said, “We are excited to develop Kempinski Harbour Heights as a landmark that epitomizes luxury and sophistication in Bahrain. This project reflects our commitment to delivering outstanding quality and a world-class lifestyle for owners and investors, setting a new benchmark in upscale, waterfront living in Bahrain. Each residence will be crafted with the utmost attention to detail, ensuring an environment that combines elegance with modern amenities for a truly elevated experience.”

Adding, Mr. Majed Al Khan, CEO of Infracorp, said, “We are very proud of the positive impact this landmark project will have for Bahrain. We are dedicated to supporting the Kingdom’s ongoing development and its Vision 2030 objectives by bringing exceptional projects to market that enhance both the residential and tourism offerings in the Kingdom. Kempinski Harbour Heights is a prime example of how we continue to attract world-class hospitality brands, setting a new standard in luxury living that complements Bahrain’s ambitious goals for economic diversification and international appeal.”

Harbour Heights is a groundbreaking development in Bahrain, encompassing residential, medical, retail, hospitality, and leisure facilities across 35,900 sqm at the core of Bahrain Harbour. With a total GFA surpassing 137,000 sqm, this avant-garde complex epitomizes luxury, uniqueness, and distinction, promising to introduce a new waterfront lifestyle experience to the Kingdom’s future vision. As a comprehensive mixed-use district, Harbour Heights is set to redefine modern living and elevate the standards of urban convenience and sophistication in Bahrain.

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.