Dubai’s Real Estate Sees Dynamic Growth in Early 2024
The Dubai real estate market started 2024 with robust momentum, which signals an optimistic outset for Dubai’s lively property market.
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Industry exports revealed that the Real Estate sector had a 17% year-on-year growth in sales transactions, jumping to over 11,000 from 8,712 in January of the preceding year. In addition, the transaction values witnessed a substantial 27% growth, to nearly AED 35 billion from the year-ago period.
The market analysis also shows that the transactions for existing properties recorded an 8% year-on-year increase in volume, surpassing 5,000 transactions, and their value surged by 31% to AED 21 billion.
Off-plan properties also showed significant interest, with a 25% increase in transaction volume and a 21% rise in value, showcasing growing enthusiasm for new developments.
The split in the buyer interest was clear, as 58% leaned towards apartments and 42% towards villas and townhouses. On the rental front, a significant majority, 80%, opt for apartments, with the remaining 20% choosing villas or townhouses.
Location preferences for apartment purchases highlighted locations like Dubai Marina, Downtown Dubai, and Jumeirah Village Circle as top choices, whereas Dubai Hills Estate and Arabian Ranches are sought after for villas and townhouses. For rental hotspots, Dubai Marina and Dubai Hills Estate are leading for apartments and villas/townhouses, respectively.
When it comes to size, demand trends lean towards one-bedroom with 36% and two-bedroom apartments with 31%, as for studios the numbers reached 22%. Three-bedroom villas and townhouses are most popular at 43%, followed by properties with four bedrooms or more at 34%, reflecting similar buyer preferences.
In terms of furnishing, 62.2% of tenants prefer furnished apartments, whereas 36.1% are seeking unfurnished ones. For villa and townhouse rentals, a preference for unfurnished properties is evident at 57%, while furnished ones attract 42%
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
