Dubai’s property market is expected to achieve a 7% growth
Dubai’s property market is set to experience a growth spurt, with anticipated price increases of 5% to 7% this year, building on the back of a record $117 billion in real estate transactions in 2023.
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Experts at D&B Properties predict a continuation of this upward trend, driven by strong buyer demand. The sector’s growth is underpinned by a combination of government initiatives, economic resilience, and significant investor interest, which are all expected to contribute to further market expansion.
Cautious Optimism for the Future
Despite the positive outlook, there’s a note of caution regarding potential shifts in the latter part of 2024, especially within the luxury real estate segment. Soliman Hossameldin, the Director of Digital Marketing at D&B Properties, emphasizes Dubai’s attractive qualities for investors, including its strategic location, world-class infrastructure, and dynamic business environment. These factors, combined with the city’s status as a global hub, ensure a continuous demand for real estate investments, offering lucrative opportunities for capital appreciation and rental yields.
Resilience and Surge in Transactions
The resilience of the UAE’s property market is notably demonstrated by its performance, especially in Dubai and Abu Dhabi. Enhanced by governmental policies and sustained economic growth, the market has seen a surge in transactions, particularly in Dubai, which recorded a significant increase in new property deals. Forecasts predict a price rise of 5% to 7% in Dubai and 3% to 9% in Abu Dhabi.
Record-Breaking Year for Dubai Real Estate
The previous year marked a milestone for Dubai’s real estate sector, with 116,116 transactions totaling AED429.6 billion ($117 billion). This represented a remarkable year-over-year increase in both the number of transactions and their value, underscoring the market’s attractiveness and resilience to global investors. With investors hailing from diverse regions including India, China, the UK, Europe, CIS countries, Latin America, Mexico, and Canada, the market’s global appeal is evident. The anticipated post-pandemic recovery in China is expected to further enhance demand and investor confidence.
The Evolving UAE Property Market
As the property market in the UAE continues to evolve, stakeholders are advised to remain cautious and adaptable to changing market dynamics. Collaboration among developers, investors, and policymakers is essential to fostering sustainable growth and ensuring long-term market stability.
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
Dar Global strengthens ongoing relationship with the Trump organization
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Dar Global, an international luxury real estate developer, and The Trump Organization, known for its prestigious properties and iconic developments worldwide, have announced plans for a new project in Jeddah, Saudi Arabia.
This agreement builds on the successful Trump International Oman project within the AIDA development, one of the largest premium mixed-use real estate ventures globally, which has already garnered significant acclaim.
Aimed at the luxury Saudi Arabian market and international investors, this development advances Dar Global’s strategy of capitalizing on opportunities in key Saudi cities. As the international arm of Saudi mega-developer Dar Al Arkan, this project marks Dar Global’s debut in Jeddah and will enhance its real estate portfolio in the country. Listed on the London Stock Exchange, Dar Global currently has US$5.9 billion worth of projects in development across six countries: the UAE, Oman, Qatar, the UK, Spain, and Bosnia.
Ziad El Chaar, CEO of Dar Global, commented: “We are delighted to strengthen our ongoing relationship with The Trump Organization and expand our portfolio by delivering premium properties to redefine Saudi Arabia’s high-growth real estate market. The new agreement in Saudi Arabia will leverage the strengths of both organizations to attract more international investors and vacationers. This collaboration underscores our commitment to grow our footprint by elevating the standards of luxury living in the region.”
Eric Trump, Executive Vice President of The Trump Organization, said: “We are thrilled to expand our footprint in the Middle East and bring the Trump standard of luxury to the region through our long-standing relationship with Dar Global. This collaboration embodies our shared vision of creating landmark developments that exude luxury, quality, and sophistication. Together with Dar Global, we are setting new benchmarks for excellence, aiming to meet the demand for iconic properties in key markets.”
Dar Global PLC is a highly differentiated international real estate business, primarily focusing on developing second homes for internationally mobile customers in desirable locations across the Gulf Cooperation Council (GCC) and Europe, including downtown Dubai, Muscat in Oman, and the Costa del Sol region in Southern Spain.
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
