Knight Frank: Dubai’s Luxury Home Sales Reach Record High in 2024

Emaar Properties PJSC (DFM: EMAAR) today held its Annual General Meeting (AGM), where the Board of Directors reviewed the company’s financial performance for 2025 and outlined its strategic priorities for the period ahead.

During the AGM, shareholders approved a 100% dividend payout, amounting to AED 8.8 billion (US$ 2.4 billion), reflecting the company’s commitment to delivering sustained value to its shareholders and in line with the dividend policy announced in December 2024. The meeting also included the approval of the auditor’s report for 2025, together with the Board’s report on the company’s activities and financial position.

Emaar’s financial results for 2025 highlighted another year of strong operational momentum and growth across its key business segments. The company recorded its highest-ever property sales of AED 80.4 billion (US$ 21.9 billion), representing a 16% increase compared to 2024. Emaar’s revenue backlog from property sales reached AED 155 billion (US$ 42.1 billion), providing strong visibility for future revenue recognition.

Total revenue for 2025 reached AED 49.6 billion (US$ 13.5 billion), reflecting a 40% year-on-year increase, while EBITDA grew by 33% to reach AED 25.6 billion (US$ 7 billion). Net profit before tax reached AED 25.7 billion (US$ 7 billion), marking a growth of 36% compared to the last year.

Emaar’s diversified portfolio continued to drive performance across its core businesses, including property development, malls, hospitality, leisure, and international markets. The company remains focused on delivering its projects as scheduled while maintaining a strong emphasis on quality, customer experience, operational excellence, and long-term sustainable growth.

Mohamed Alabbar, Founder of Emaar, said: “Our 2025 performance reflects the strength of the UAE’s leadership and the clear vision that continues to shape Dubai as one of the world’s most dynamic and trusted destinations for investment and growth. This environment enables companies like Emaar to plan with confidence, innovate, and deliver long-term value. I would also like to recognize the dedication of our teams whose commitment to quality and execution continues to drive our success.”

Looking ahead to 2026, Emaar will continue to introduce new developments and lifestyle destinations while further enhancing its operational capabilities and expanding its footprint across key markets.

S&P Global expects no liquidity pressures on four of its rated developers amid the US-Israel and Iraq war.

The companies rated include Dubai-listed Emaar Properties, PNC Investments, Omniyat Holdings and Damac Real Estate Development.

Developers were active in the sukuk and debt capital markets to raise funds to finance land acquisitions in 2025-2026, the rating agency said in a new report.

Damac and Omniyat each issued $600 million sukuk in February and March 2026, respectively, while PNC Investments and Omniyat issued $1.25 billion and $900 million, respectively, in 2025.

“Debt maturities remain quite manageable in 2026 for the companies without the need to raise new funding,” S&P stated.

Capital expenditure (capex) needs for pure developers are limited, while investments in small community projects are expected to generate recurring revenue.

“Damac, Omniyat and PNC investments are negligible over our forecast horizon (2024-2027),” the report added.

However, Emaar has sizable, planned annual capex plans of AED10-11 billion ($2.72-3 billion) in 2026-27, much of which is earmarked for Dubai Creek Mall, the Dubai Creek Tower, the development of residential units for leasing and investments in mall assets, especially the expansion of Dubai Mall.

“We think a significant portion of the company’s investment remains flexible as some projects can still be delayed, if needed,” the report said.

Although it is still early to draw definitive conclusions, S&P expects investment decisions to be recalibrated or postponed for all developers.

Commitments for assets nearing completion are likely to proceed, but companies with flexibility will prioritise liquidity and cash flow over new
investments and land purchases, the report said.

Artificial intelligence is opening new avenues of information to home buyers, sellers, and renters. It’s changing the way people shop for real estate—for better or worse.

After 30 years of living in Manhattan, event designer Michelle Rago decided to look beyond the city for a house, ultimately settling on Lambertville, the leafy New Jersey town where she spent part of her youth.

“I was touring the house across the street when my current home popped up on the MLS. My realtor looked at me and said, ‘Michelle, turn around…this house is now available and it’s fabulous,’” she recalled. “I literally jumped up and down, got tears in my eyes and we ran across the street. It was love at first sight. I made an offer the next day and the rest is history.”

Designed entirely around entertaining, flow and light, the house was expanded with a new formal dining room, grand entry foyer, powder room, service spaces, back porch, river-facing balcony, scullery and wine room. The staircase was re-engineered to create vertical drama, and the entire first floor was rebuilt post-lift to improve circulation. Outside, the grounds were reimagined into a park-like setting for gatherings, with a freestanding garage transformed into a late-night dance shack, a wink to Rago’s party-loving spirit.

Throughout construction, measures were taken to protect both the legacy and the landscape, including the preservation of a 150-year-old tree and the decision to return part of the property back to public use for the towpath.

“There was very little about doing a gut renovation of a 100-year-old property that could have been anticipated. The original construction and additions over the years were reflective of the times but certainly didn’t meet the state building codes of today or address the challenges of climate change. But its history is its heart, and makes every challenge worth it,” Rago said. “I am fascinated by the fact that George Washington and his troops were loitering on my stoop. I feel as if I have been entrusted with that history and that informed many of my choices.”

Mansion Global caught up with Rago, 61, who shared a more in-depth look at the renovation.

The one tip I’d offer to someone undertaking a renovation is… it is essential to stay true to what your passions are and ignore trends. Be true to what you enjoy and how you spend your time. Don’t worry if white marble is the “suggested” material for an island or if televisions are expected to be installed everywhere. Design a home and experience that is a reflection of how you spend your time.

The biggest challenge I faced during the renovation was… I did this project on my own so the biggest challenge was trusting my gut and teaching myself about the process. Navigating state codes and the reason something may not be possible takes patience and creativity.

My favorite room after the renovation is… when push comes to shove, my bedroom and bath are my sanctuary. There is nothing more indulgent than waking up on my meticulously designed bespoke bed and being surrounded by the art I have curated while the fire is cracking to my favorite music, cup of tea in hand.

The most dramatic change is… the six-foot addition that runs the length of the house to accommodate a foyer powder room, formal dining room, scullery and elevator.

The one expense I didn’t expect was… When the house was lifted I did not anticipate that the original brick and mortar on the first floor would be compromised. It was immediately apparent that the entire first floor would need to be rebuilt. Although overwhelming at the time, it did create the opportunity for me to rethink the footprint of the first floor.

I decided to renovate instead of buying a different/turnkey house because… it’s not possible for me to accept things as they are. A spec house would honestly be my worst nightmare.

The renovation ended up costing… the purchase of the Sears and Roebuck home was $825,000, and to lift it was another $100,000.

Saudi-based Dar Al Majed Real Estate Company has announced that it has signed an addendum to the credit facilities agreement previously concluded with Banque Saudi Fransi (BSF).

The addendum includes increasing the credit limit of the facilities granted to the company from SAR550 million ($146.4 million) to SAR684.5 million ($182.2 million).

This funding will be mainly used for Dar Al Majed’s expansion plans as well as development of its real estate projects, said the company in its filing to Saudi bourse Tadawul.

The amended financing will run until December 31, 2028, it stated.

The original facilities agreement with Banque Saudi Fransi was signed in November 2023, and disclosed in the company’s prospectus, said the statement.

The new addendum extends that agreement and sets a credit ceiling for project funding, it added.

Access Consult, a Dubai-based architectural and engineering consultancy, is marking a new phase of growth after delivering more than 800 projects across the UAE over the past 27 years. The firm has evolved into a full-service design and engineering consultancy supporting developers and public sector clients with end-to-end delivery, from concept design and authority approvals through to construction supervision and handover.

Access Consult provides fully integrated architectural, structural, MEP, interior design, quantity surveying, project management, and supervision services, all delivered through in-house teams. This one-stop model allows the company to manage projects from A to Z while maintaining direct control over quality, timelines, and regulatory compliance. With a strong footprint across the UAE and a focus on Dubai,  Access Consult has signed 10 new projects, completed three major developments, and grown its team by approximately 30 to 35% in the past year alone. This momentum supports the nation’s We the UAE 2031 vision for future-ready development, as 400,000+ units are under construction or planned for the next four years in Dubai alone.

The company’s portfolio features developers across residential, commercial, retail, healthcare, and mixed-use projects, serving private and public sectors. The firm works closely with government stakeholders, including Dubai Municipality and Dubai Electricity and Water Authority. Landmark developments across Dubai include the Edition Hotel Dubai, DSO Radison Blu Hotel, ALTA Tower, Guzel Towers, the Famous Marina Mosque and many more. Access Consult also supports major organisations such as National Bonds and regional developers across residential and commercial real estate, while also working on selected international projects across the EMEA region.

Arch. Mohamed Salah Seguen, CEO at Access Consult member of Excellence Consortium, said: “At Access Consult, we are very deliberate about how we grow. As a mid-sized consultancy, every project and every client relationship matters. Our focus is to deliver quality design, practical engineering, and dependable supervision from the first concept through to handover. Clients choose Access Consult for our fully in-house delivery, strong regulatory expertise, and speed without compromising standards. Looking ahead, our vision is to strengthen our position as a trusted UAE consultancy while expanding our capabilities to support more complex, design-led developments across the region.”

A core differentiator for Access Consult is its fully digital approach to design coordination and project delivery. By managing architectural and engineering workflows through integrated digital systems and overlapping design phases, the company typically reduces design and approval timelines by 30 to 50%. During construction, its structured supervision processes and on-site engineering teams help shorten delivery schedules by a further 20 to 30%, depending on project scope and contractor performance. This approach is reinforced by Access Consult’s position within a wider group of specialist companies, giving clients access to additional expertise across project management, façade engineering, and technical consultancy when required.

Building on nearly three decades of operation in the UAE, Access Consult continues to position itself as a trusted partner for developers seeking streamlined project delivery, regulatory expertise, and integrated design services under one roof. Looking ahead, Access Consult is prioritising continued investment in digital delivery processes while strengthening its presence across high-growth residential and commercial developments. Longer term, the company will broaden its business model to include project development and management services, building on its technical foundation and market experience.

With more than 800 projects completed and a growing multidisciplinary team, the firm remains focused on shaping practical, high-quality built environments that support the region’s evolving development landscape.

Dubai-based real estate developer TownX has partnered with Regeny, a leading electric vehicle (EV) charging solution provider, to operate 29 state-of-the-art EV charging spots at Luma Park Views, Jumeirah Village Circle.

With this partnership, Luma Park Views will now feature the highest number of EV charging slots in the city, reflecting TownX’s commitment to sustainability and the future of transportation. This expansion is a significant step towards promoting a greener and more sustainable urban environment.

TownX has also appointed Green Parking, the industry’s leader in retail parking management, to oversee the parking operations for over 20,000 square feet of retail space within the development. The partnership ensures efficient and innovative management of parking facilities while enhancing the overall retail experience for visitors.

Haider Abduljabbar, Executive Director at TownX stated: “Today’s announcement is a monumental step for both TownX and the city of Dubai. With the highest number of EV charging spots at Luma Park Views, we’re taking bold strides in supporting the future of clean transportation. This move underscores our dedication to sustainability and the reduction of our carbon footprint, aligning with the UAE’s vision for a green and innovative future.”

Anish Racherla, CEO, Regeny commented: “We are thrilled to collaborate with TownX to install and operate EV charging spots at Luma Park Views. This partnership not only supports the growing demand for EVs in Dubai but also aligns with our mission to provide reliable and eco-friendly charging solutions. Together, we are paving the way for a cleaner, more sustainable Dubai.”

Cement sales volumes across the Kingdom of Saudi Arabia fell in February on both an annual (10.5% decline) and monthly basis (16.3%) to 4.28 metric tonnes, thus reflecting softer demand mainly due to Ramadan season, said a report by Al Rajhi Capital, a leading financial services provider in the kingdom.

Yamama Cement recorded 11.6% y-o-y growth, commanding 15.2% market share in the month of February, it stated.

Al Rajhi Capital said the clinker inventory too fell by 0.3% m-o-m to 42.7MT with Southern cement holding the highest inventory (20 months of LTM avg. sales).

This is mainly driven by Ramadan related seasonality which is expected to persist for the majority of the March month. Last year, the impact was largely absorbed in the month of March.

Among the coverage companies of Al Rajhi Capital Research, only the Yamama Cement recorded y-o-y growth of 11.6%. while all other companies posted y-o-y decline.

Geographically, the Eastern region was the sole gainer that reported growth of 1.5% y-o-y, mainly driven by Eastern Cement (+16.7% y-o-y). While the Northern and Southern region sales plunged 21.8% and 16.1%, respectively, it stated.

On its clinker inventory, Al Rajhi Capital said it fell by 0.3% m-o-m to 42.7 MT as of February 2026. Among its coverage companies, Riyadh Cement holds the lowest inventory levels (4 months of LTM average sales vs. industry average of 11 months), followed by Saudi Cement as well as Yamama Cement at 6 months, and Qassim Cement at 9 months, said the financial powerhouse in its report.

Najran Cement has an inventory of 13 months, followed by Arabian Cement and Yanbu Cement at 14 and 15 months, respectively. Southern Cement had the highest inventory level of 20 months, it added.

The local real estate market witnessed remarkable quantitative and qualitative growth in February, with 20.4 percent increase in the number of deals, equivalent to 98 transactions, and 69.64 percent increase in value, amounting to KD252.82 million year-on-year compared to February 2025.

The newspaper obtained a copy of the monthly report from the Real Estate Registration and Documentation Departments at the Ministry of Justice, revealing the registration of 577 real estate transactions worth KD615.83 million in February this year, compared to 479 transactions worth KD363.01 million within the same period last year.

This growth is attributed to the increased transactions in the commercial, investment, residential and nursery sectors, while transactions in the crafts and retail sectors declined.

The residential sector ranked first in terms of the number of transactions, accounting for 61.8 percent of total monthly trading with 357 deals valued at KD169.32 million, compared to 334 deals valued at KD138.04 million within the same period last year.

This is 6.9 percent increase in volume (23 additional deals) and 22.6 percent increase in value (KD31.28 million), reflecting the growing value of private transactions year-on-year amidst regulatory developments in the sector.

The investment sector also recorded significant annual growth, with 158 transactions valued at KD164.31 million.

This is 27.4 percent increase in the number of transactions (34 additional deals) and 12.8 percent increase in value (KD18.76 million), compared to 124 transactions valued at KD145.55 million in February last year, indicating the sector’s continuous attractiveness to investors.

The commercial sector achieved outstanding annual performance, registering 255 percent quantitative growth (23 additional transactions) and 224 percent qualitative increase (KD127.25 million).

The total number of commercial transactions reached 32, valued at KD183.94 million, compared to nine transactions worth KD56.7 million in February 2025.

This shows the rising demand for commercial real estate since the beginning of the year. On the other hand, the industrial real estate sector experienced a remarkable decline, with 77.7 percent decrease in the number of transactions (seven fewer transactions) and 92.4 percent decrease in value (KD19.85 million). Only two transactions were recorded, valued at KD1.63 million, compared to nine transactions worth KD21.48 million in February last year.

The retail sector witnessed a decline of 66.6 percent and a qualitative decline of 20.9 percent, recording only one transaction worth KD1.5 million, compared to three transactions worth KD1.24 million during the same period last year. The nurseries sector recorded 21 transactions worth KD79.28 million, and the warehouses sector recorded six transactions worth KD 15.85 million, compared to no transactions recorded in both sectors in February last year.

Dubai’s real estate market is moving away from the speculation-led dynamics that characterized 2014’s high, toward a more regulated, capital-driven environment in 2026. 

According to new data from Dubai-based real estate advisory VVS Estate, strategic capital now drives approximately 40% of the city’s real estate market. This shift, based on the firm’s proprietary data, including customer insights, sales trends, and market analysis, is reshaping how risk, liquidity, and long-term value are evaluated across the market.

“While property cycles are often described in terms of volatility and momentum, Dubai’s current evolution is structural in nature, shaped by regulatory depth, improved transparency, and increasingly disciplined capital participation,” said Valentina Rusu, Founder of VVS Estate.

This trend is further highlighted in Savills Middle East’s Dubai Residential Market Report 2025, which highlights a notable change in transaction composition. According to data, the proportion of residential transactions priced above AED 5 million (USD 1.36 million) has risen to 9%, reflecting sustained appetite for higher-value residential assets.

VVS Estate believes growth at the top end of the market typically indicates strategic capital deployment rather than short-term speculative activity, reinforcing the market’s transition toward long-term investment behavior.

This up-market trend is supported by capital-flow data. According to JLL, investor-led activity continues to dominate Dubai’s residential sector. JLL’s Middle East and Africa Market Review and Outlook 2025 shows that off-plan transactions, widely viewed as a proxy for strategic capital allocation, account for over 60% of total residential transaction value, equivalent to approximately AED 223 billion (USD 60.72 billion).

Taken together, Savills’ pricing data and JLL’s capital-flow analysis point to a market increasingly shaped by deliberate allocation decisions rather than momentum-driven participation.

Insights from Property Finder further show that premium and branded residences now represent a growing share of overall transactions. With a higher proportion of deals occurring above AED 2,500 (USD 681) per sq ft, citywide averages have naturally moved higher.

“This is not inflation,” said Rusu. “It reflects a segmentation shift. Comparing today’s market directly with 2014 without adjusting for product mix oversimplifies the analysis.”

Dubai reached its previous market peak in September 2014. A decade later, prices have not only recovered but surpassed those levels.

According to the Dynamic Price Index published by Property Monitor, average apartment prices reached approximately AED 1,484 (USD 404) per sq ft in early 2025, more than 20% above the 2014 high, before exceeding AED 1,600 (USD 436) per sq ft by mid-2025.

However, VVS Estate notes that price recovery alone does not define market quality. “In 2014, growth was largely momentum-driven,” Rusu explained. “Today, performance is supported by regulatory reinforcement, escrow discipline, standardized registration, and improved execution transparency. The difference is structural.”

One of the most consequential changes since the previous cycle has been the strengthening of regulatory frameworks under the oversight of the Dubai Land Department.

Contract registration now operates within defined timelines through centralized systems, while escrow accounts follow milestone-based release mechanisms aligned with construction progress. These measures do not eliminate market risk, but they significantly reduce procedural uncertainty and execution risk.

“This regulatory depth has materially reshaped Dubai’s risk profile and increased its appeal to institutional and long-horizon capital,” Rusu said.

Market depth further reinforces this transition. Data from DXB Interact shows sustained secondary-market liquidity across prime communities, even at elevated price points, which is a hallmark of mature property markets.

Investor behavior increasingly reflects disciplined capital allocation, with buyers focusing on net yields after service charges, resale comparable, supply-pipeline concentration, and developer delivery consistency.

“Speculative markets depend on entry enthusiasm,” Rusu noted. “Structured markets depend on exit depth.”

According to VVS Estate, the most significant change underway in Dubai’s property market is behavioral rather than price-driven. Participation is shifting from excitement-led entry to allocation-driven decision-making, where capital is deployed strategically rather than reactively.

Investors are increasingly viewing Dubai as a structured capital environment, defined by regulatory clarity, liquidity depth, and global positioning, rather than a purely high-growth trade. That shift may be quiet, but it is what underpins durability.

The first phase of Keturah Ardh, Dubai’s first heritage-wellness integrated luxury community, has sold out, with all 558 luxury townhouse plots acquired in just six months for AED1 billion.

fäm Properties, the exclusive master agency for master developer MAG Group, today confirmed the milestone, which reflects solid demand for premium residential land in Dubai, particularly freehold townhouse plots, one of the most limited and sought-after asset classes in the city’s luxury market.

“The sellout speaks for itself,” said Firas Al Msaddi, CEO of fäm Properties. “Residential plots with approvals for luxury townhouses are among the scarcest product types in Dubai, and buyers and investors responded accordingly.”

“True heritage-wellness communities are rare, and over the past four years, this segment has consistently led the market in both performance and investor interest.”

Located in the Al Rowaiyah First District, Keturah Ardh brings together traditional Arabic architectural principles with a fully integrated modern wellness approach. The 558 luxury townhouse plots are spread across 93 meticulously planned clusters, and phase one was brought to market with attractive payment plans.

The broader master plan blends Arabic heritage with advanced wellness concepts to create a self-contained lifestyle community. The name ‘Ardh,’ meaning ‘earth’ or ‘land’ in Arabic, reflects its ties to culture and nature.

The project reflects MAG Group’s 45-year dedication to quality and innovation, with amenities including spa and sauna facilities, yoga and pilates areas, running and cycling tracks, and extensive green spaces. Mature landscaping includes trees sourced from Italy, Spain, Thailand, and Africa.

Infrastructure is being delivered in Q1 2026, with construction starting in Q4 2026, and full completion expected by 2030.

Keturah Ardh is the fourth major project in the Keturah luxury portfolio, following Keturah Reserve, Keturah Resort: The Ritz-Carlton Residences at Al Jaddaf, and Keturah Bahar.

Commercial real-estate firms have a bruising fight on their hands: convincing investors that you need humans to sell stores, warehouses and offices.

Executives also play down the risks of disruption. They say most property deals remain complex negotiations grounded in proprietary market intelligence and longstanding relationships that technology can’t replicate.

“We don’t get our brokerage leads online somewhere,” CBRE Chief Executive Robert Sulentic said on his company’s earnings call.

Real estate shares recently regained some of the ground they lost. But numerous AI startups pouring into real estate are also stoking fears.

“The threat is the 28-year-old broker with AI who can deliver in two hours what used to take you two weeks,” said Francis Huang, co-founder of Apers AI, a startup that designs AI systems for allocating capital in commercial real estate.

Real estate is the latest industry where investors are assessing whether AI will hollow out labor-intensive business models and compress margins at companies that sell expertise at high prices.

The biggest threat to commercial real-estate services firms, however, may not be that bots replace brokers. It is that AI quietly shrinks the office-using economy itself.

If companies can do the same work with fewer employees, they may need fewer desks, fewer floors and fewer leases, putting a long shadow over one of the industry’s largest fee pools. Big office real-estate investment trusts are all down. SL Green Realty shares have fallen more than 15% this year.

CBRE’s Sulentic acknowledged the risk, saying that “if there are less office workers in the long run as a result of AI, there will be less demand for office space.” But any such shift, he added, would take time and wouldn’t be an imminent threat to his business.

Commercial real-estate companies generate tens of billions of dollars in revenue each year with a formula built on relationships, local market intelligence and the human touch in negotiating complex deals. Top brokers walk the floors of countless buildings, swap insights over bad coffee, and turn years of schmoozing into multimillion-dollar commissions.

Still, new technologies have blindsided these firms before. CoStar Group pushed into the data business, creating dominance over information on building size, age, tenants and sale prices—data that the established firms once controlled and now pay CoStar dearly to access.

CoStar’s rise was “one of the biggest failures of our industry,” JLL CEO Christian Ulbrich said in a 2019 interview with The Wall Street Journal. “It describes the arrogance of the successful incumbent.”

JLL has since invested in AI and other new technologies. The firm and others have also managed to keep technology challengers from pushing them out of brokerage, the industry’s prize business. Repeated attempts by startups to digitize leasing and sales have struggled to gain traction, especially at the top end of the market where relationships are critical and pricing information is closely guarded.

Consider office leasing, one of the core businesses. Asking rents offer tenants only a narrow glimpse of the real economics buried in the deal, said Stephen Sheldon, an analyst with William Blair.

Blue Square Real Estate Developments may be new to the UAE residential market, but the team behind the brand is anything but new to building, operating, and scaling successful businesses across the GCC and the wider Middle East.

Founded by a group of highly respected real estate and business leaders with more than 30 years of cross-regional experience, Blue Square brings together expertise spanning real estate, construction, hospitality, food and beverage, and mixed-use development. Their combined track record reflects a legacy of delivery, operational excellence, and long-term value creation across multiple industries.

Now headquartered in Dubai, Blue Square Real Estate Developments is focused on creating thoughtfully designed communities in the UAE’s most dynamic locations. Their first residential launch, Vayla Residences on Dubai Islands, marks the formal entry of this experienced group into the UAE property market.

While Vayla is Blue Square’s first official UAE development, the founders’ history of successful projects extends across Lebanon, Egypt, Kuwait, and the wider GCC, including:

• Albergo Suites, Beirut – serviced residences connected to the iconic Hotel Albergo, offering full five-star hospitality services.
• Danny Residences, Lebanon – a boutique mountain development, fully sold out.
• Qatameya Coast Villa, Egypt – a luxury beachfront villa in one of Sahel’s most exclusive compounds.
• Furjan Townhouses, Dubai – a boutique cluster of ten contemporary homes in Jebel Ali.

Beyond real estate, the group’s expertise is reinforced through Future Scaffolding & Aluminium Industries, a Dubai-based industrial firm supplying and installing formwork systems and aluminium structures for major residential, commercial, and infrastructure projects across the region. The company’s commitment to safety, precision, and quality craftsmanship has supported some of the Middle East’s most prominent developments.

The founders are also co-creators of some of the region’s most recognised consumer brands through Kout Food Group and Al Homaizi Food Industries. Their portfolio includes Pizza Hut, Burger King, Applebee’s, Taco Bell, IHOP, Subway, and the prestigious Al Rifai Roastery, now present across the GCC and North Africa.

This cross-industry experience has shaped Blue Square’s development philosophy: build with operational discipline, design with purpose, and deliver with long-term value in mind.

With Vayla Residences on Dubai Islands, Blue Square is bringing this proven mindset to the UAE’s next generation of residential communities.

In 2020, a house hunter in Boise, Idaho, could peruse over 20 properties for sale before encountering one listed for $1 million or more. Today, it would only take about five.

Take Nashville, he says, where $1 million listings grew from 8.1% of all listings to just under 18% according to the website’s data. “It was almost like two different eras.”

The pandemic’s housing rush—followed by its deep freeze caused by rising prices and mortgage rates—also played a part. Home price nationally have increased more than 50% since before the pandemic, according to the S&P Cotality Case-Shiller index measuring price changes nationally. Higher mortgage rates cooled the surge, but didn’t reverse pandemic-era gains.

Buyers wading into the market this spring should keep their eye on local supply, which will likely determine price changes from here. More options will absorb more buyers and soften increases, while fewer could lead to bidding wars.

“Unless housing supply increases, these additional potential buyers becoming active in the market could simply push up home prices,” Lawrence Yun, the National Association of Realtors’ chief economist, said recently.

Commercial real estate investors have a debt problem. And after years of pretending otherwise, lenders are now getting tired of acting like they don’t. The delinquency rate for office loans in commercial mortgage-backed securities climbed to a record 12.34% in January. As Peter Grant explains, the winding down of that extended period of forbearance reflects two factors. One, lenders are betting that mortgage rates aren’t going back to the historic low levels seen during the pandemic. And second, creditors increasingly believe that structural changes around the workplace and hybrid work have permanently reduced demand for most office space.

The House and Senate recently passed their first significant bills in decades aimed at solving America’s housing shortage. Rebecca Picciotto offers a handy scorecard summing up what these two bills hope to achieve, from streamlining environmental reviews to making it easier to build manufactured housing. Both housing packages also include efforts to help Americans secure mortgages.

Lenders to Commercial Real Estate Owners: Pay Up Now

Refinancing property debt has become difficult since interest rates started to soar in 2022. Many lenders initially extended maturing loans they made when borrowing costs were far lower, hoping that either interest rates would fall or that cash flows would grow. It is a strategy known as “extend and pretend.”

The delinquency rate for office loans in commercial mortgage-backed securities in January, the highest level since Trepp began tracking in 2000. The surge in defaults reflects lenders’ views that mortgage rates won’t go back to historic-low levels and that demand for most office space has been permanently reduced.

The House and Senate recently passed their first significant bills in decades aimed at solving America’s housing shortage. Now, the two chambers will work on fine-tuning and reconciling both bills into one proposal and sending it to President Trump’s desk.

Data Points

• 7.6%: The average residential-rental vacancy rate across the 50 largest U.S. metro areas in 2025, up from 7.2% the year before, according to the U.S. Census’s Housing Vacancies and Homeownership Survey and Realtor.com. Markets with vacancy rates above 7% generally favor renters, and January marked the 29th straight month of year-over-year rent decline for rental properties of up to two bedrooms.
• 1%: The vacancy rate for U.S. data centers at the end of 2025, according to JLL. Despite robust construction levels, 92% of the development pipeline has secured commitments from future tenants, lowering concerns that the sector is overbuilding.