Office Conversions Find New Life After Property Values Plunge
Office-to-residential conversions are gaining traction, helping revitalize depressed business districts.
4 min
Developer efforts to convert emptying office towers into residential buildings have largely gone nowhere. That may be finally changing.
The prospect of transforming unused office space into much-needed housing seemed a logical way to resolve both issues. But few conversions moved forward because the cost of acquiring even an aging office building remained too high for the economics to pencil out.
Now that office vacancy has reached record levels, sellers are willing to take what they can. That has caused values to plunge for nothing-special buildings in second-rate locations, making the numbers on many of those properties now viable for conversions.
Seventy-three U.S. conversion projects have been completed this year, slightly up from 63 in 2023, according to real-estate services firm CBRE Group. But another 309 projects are planned or under way with about three-quarters of them office to residential. In all, about 38,000 units are in the works, CBRE said.
“The pipeline keeps replenishing itself,” said Julie Whelan , CBRE’s senior vice president of research.
In the first six months of this year, half of the $1.12 billion in Manhattan office-building purchases were by developers planning conversion projects, according to Ariel Property Advisors.
While New York,  Chicago  and Washington, D.C., are  leading the way, conversions also are popping up in Cincinnati, Phoenix, Houston and Dallas. A venture of General Motors and Bedrock announced Monday a sweeping redevelopment of Detroit’s famed Renaissance Center that includes converting one of its office buildings into apartments and a hotel.
In Cleveland, 12% of its total office inventory is either undergoing conversions or is planned for conversion. Many projects there are clustered around the city’s 10-acre Public Square. The former transit hub went through a $50 million upgrade about 10 years ago, adding fountains, an amphitheater and green paths.
“You end up with so much space that you paid so little for, that you can create amenities that you would never build if you were doing new construction,” said Daniel Neidich, chief executive of Dune Real Estate Partners, a private-equity firm that has teamed up with developer TF Cornerstone to invest $1 billion on about 20 conversion projects throughout the U.S. in the next three years.
Conversions won’t solve the office crisis, or make much of a dent in the U.S. housing shortage . And many obsolete office buildings don’t work as conversion projects because their floors are too big or due to other design issues. The 71 million square feet of conversions that are planned or under way only account for 1.7% of U.S. office inventory, CBRE said.
But city planners believe that conversions will play an important part in revitalising depressed business districts, which have been hollowed out by weak return-to-office rates in many places.
And developers are starting to find ways around longstanding obstacles in larger buildings. A venture led by GFP Real Estate is installing two light wells in a Manhattan office-conversion project at 25 Water St. to ensure that all the apartments will get sufficient light and air.
Cities such as Chicago, Washington, D.C., and Calgary, Alberta, have started to roll out new subsidies, tax breaks and other incentives to boost conversions.
The projects are breathing new life into iconic properties that no longer work as office buildings. The Flatiron Building in New York will be redeveloped into condominiums. In Cincinnati, the owner of the Union Central Life Insurance Building is converting it into more than 280 units of housing with a rooftop pool, health club and commercial space.
In the first couple of years of the pandemic, office building owners were able to hold on to their properties because of government assistance and because tenants continued to pay rent under long-term leases.
As leases matured and demand remained anaemic, landlords began to capitulate and dump buildings at enormous discounts to peak values. In Washington, D.C., for example, Post Brothers last year paid about $66 million for 2100 M Street, which had sold for as much as $150 million in 2007.
Washington, D.C., has been particularly hard hit by the office downturn because the federal government has been especially permissive in allowing employees to work from home .
“We’re able to make it work as a conversion because it was no longer priced as though it could be repositioned as office,” said Matt Pestronk , Post’s president and co-founder.
Increasingly, more deals are taking place behind the scenes as converters reach deals with creditors to buy debt on troubled office buildings and then push out the owners. GFP Real Estate reduced costs of its $240 million conversion of 25 Water Street by buying the debt at a discount and cutting deals with tenants to exit the building before their leases matured.
One of the first projects planned by the venture of Dune and TF Cornerstone likely will be the Wanamaker Building in Philadelphia. TF Cornerstone just purchased the debt on the office space in the building and is in the process of taking title.
“The banks are foreclosing and doing short sales,” said Neidich, Dune’s CEO. “There’s a ton of it going on.”
In Washington, D.C., a conversion of the old Peace Corps headquarters building near Dupont Circle is 70% leased just four months after opening, said developer Gary Cohen . Rents are higher than expected.
“If that’s the way to get people downtown, that’s what we have to do,” Cohen said.
Not all developers agree that the economics of conversions work, even at today’s low prices. Miki Naftali , who has converted more than five New York properties over the years, said he has been very actively looking at conversion candidates but hasn’t yet found a deal that works financially.
One of the issues facing converters is that even if an office building is dying, it often has a few existing tenants who would need to be relocated. Some buildings would need atriums to ensure that all the apartments have sufficient light and air.
“When you start to add everything up, if your costs get close to new construction, that’s when you get to the point that it doesn’t make financial sense,” Naftali said.
Some landlords are including clauses in leases that give them the right to evict tenants to make room for a major conversion. Others are keeping a small ownership stake when they sell buildings so that they can learn the conversion process for future buildings.
“The world is looking at these assets in a different way,” said developer William Rudin , whose company decided to learn the conversion process by keeping a stake in 55 Broad Street, a downtown New York office building it sold last year to a converter.
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Chris Dixon, a partner who led the charge, says he has a â€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
Retal Urban Development Company has awarded a construction contract for the Retal Rise and Nobu Hotel projects in Al Khobar City, Saudi Arabia. The projects, which include 129 residential units and 101 rooms, are expected to be completed within 15 months.
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Saudi-based Retal Urban Development Company announced that its joint venture, Rimal Al Khobar Real Estate Company, has awarded a SAR450 million ($120 million) construction contract for the Retal Rise and Nobu Hotel projects in Al Khobar City.
Located in the Eastern Province, Retal Rise comprises 129 residential units, while Nobu Hotel includes 101 rooms, 62 residences managed by Nobu, and a Nobu Restaurant and Café. All developments boast a prime location overlooking the Corniche.
Specialized construction company has been contracted for MEP works across the projects, with completion expected within 15 months. Retal anticipates a positive financial impact from the project in 2025 and 2026.
Chris Dixon, a partner who led the charge, says he has a â€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
Dubai Holding Real Estate has unveiled the final phase of The Acres, a premium villa community in Dubai, featuring 106 villas and 102 mansions. The project aims for 80% reduction in greenhouse gas emissions and uses 33% less water than the UAE’s average.
2 min
Meraas, part of Dubai Holding Real Estate (DHRE), has unveiled the final phase of The Acres, its premium villa community situated in the heart of Dubailand.
The concluding phase includes 106 villas and 102 mansions, offering a harmonious blend of well-being, nature, and high-end amenities. It features three-, four-, and five-bedroom villas, as well as The Acres Estates, which presents the luxurious Amber and Ivory Collections with five-, six-, and seven-bedroom mansions.
Each home showcases unique architectural styles while maintaining the highest standards of luxury, sustainability, and refined living, according to the developer.
Meraas highlights that The Acres is designed with sustainability at its core, aiming for an 80% reduction in per capita greenhouse gas emissions compared to the national average. The development uses 33% less water than the UAE’s average, with irrigation fully supplied by treated wastewater. The project also incorporates water-saving fixtures, efficient irrigation, and drought-tolerant plants.
The community has received the LEED Gold for Communities pre-certification, a distinctive part of the LEED program, emphasizing Meraas’ commitment to building eco-friendly communities to international standards.
This prestigious certification, the first of its kind for Meraas, was granted by Green Business Certification Inc. (GBCI), the organization responsible for overseeing LEED and other green certification programs.
Khalid Al Malik, CEO of Dubai Holding Real Estate, commented that the launch reflects the group’s dedication to creating sustainable communities that foster well-being and a strong connection to nature, which are essential values for modern homeowners.
He added, “With changing consumer preferences now focused on eco-conscious living, wellness-centered design, and thoughtfully integrated spaces, The Acres is crafted to meet these demands. Achieving the Leed Gold pre-certification highlights our commitment to environmental responsibility and global best practices, offering residents a future-oriented lifestyle.”
The Acres Estates range in plot size from 9,000 to 17,700 sq. ft. across both the Amber and Ivory Collections, featuring private gardens connected by pedestrian-friendly pathways leading to the park and lagoon.
The Amber Collection offers a modern design with sleek lines and natural materials, while the Ivory Collection features a more traditional style with vertical stone-clad walls and minimalist white horizontal lines.
These villas include a seamless blend of indoor and outdoor living spaces, central kitchens that are easily accessible from dining and lounge areas, expansive master suites with private terraces and walk-in closets, large bathrooms with scenic views, and courtyards designed to enhance natural light and privacy.
Residents will enjoy extensive green spaces—2.5 times the global average—with each villa just a three-minute walk from a park. The community is designed with a strong social infrastructure, including the Halo Loop Park, a nursery, school, clinic, mosques, clubhouses, retail area, and an Edible Garden. Active lifestyle amenities include a trail network, outdoor gym, playgrounds, swimming pools, and sports areas.
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
Mr. C Residences Downtown in Dubai offers a blend of European hospitality and modern sophistication, featuring a lobby lounge, golf simulator, private cinema, billiards, media room, 57th-floor events space, Residents’ Library, Art Studio, spa, wellness retreat, Bellini Bar, business lounge, Little C’s Kids Club, and bespoke services.
2 min
Nestled in the vibrant heart of Downtown Dubai, Mr. C Residences Downtown redefines what it means to live well. Blending the timeless charm of European hospitality with modern sophistication, this residential tower offers a thoughtfully curated collection of amenities and services designed to elevate everyday life.
Boasting the most extensive selection of amenities in the city, Mr. C Residences Downtown transforms everyday living into an art form. A welcoming Lobby Lounge, adorned with carefully curated art pieces, invites residents into a world of refinement. A golf simulator brings the fairway experience home, while a private cinema room offers a bespoke viewing experience. The billiards and media room with a podcast space provides an interactive social hub, while the dedicated 57th-floor events space boasts breathtaking panoramic views, making it an unrivalled setting for private gatherings. For the creatively inclined, the Residents’ Library and Art Studio serve as inspiring retreats for cultural exploration.
Wellness takes center stage at Mr. C Residences Downtown, with an entire full-floor spa and wellness retreat, designed to provide the ultimate rejuvenation experience. The holistic spa is a sanctuary of relaxation, featuring steam, sauna, salt, and oxygen rooms, alongside dedicated treatment rooms for personalized therapies. A private salon offers a private space for personalized beauty services.
The Bellini Bar by Mr. C offers a space for residents to lounge and unwind. A business lounge provides an elegant and productive space for professionals, while families can enjoy the thoughtfully designed Little C’s Kids Club, ensuring young residents have a space of their own.
Beyond the exceptional amenities, Mr. C Residences Downtown offers a full suite of bespoke services, ensuring effortless living. Residents are able to reserve a private in-residence dining experience with a dedicated Bellini chef for friends and family. From dedicated concierge services and personalized lifestyle management to practical conveniences such as mail and package rooms and a refrigerated delivery holding area, every detail has been meticulously curated to provide a seamless and luxurious lifestyle.
Mr. C Residences Downtown offers amenities that serve as an extension of the home, becoming Dubai’s most desired address for those who seek nothing but the extraordinary.
Chris Dixon, a partner who led the charge, says he has a â€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.
Invest Qatar and the Real Estate Regulatory Authority showcased Qatar’s real estate sector at MIPIM 2025, attracting global investors due to its 34% growth from 2015-2023 and resilient economy.
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Invest Qatar, the Investment Promotion Agency of Qatar, and the Real Estate Regulatory Authority (Aqarat) have successfully concluded their participation in MIPIM 2025, the world’s premier real estate exhibition, held in Cannes, France. Through the Qatar Pavilion, global investors and industry leaders explored Qatar’s flourishing real estate sector, gaining insights into the country’s latest developments and diverse investment opportunities.
The pavilion featured leading Qatari real estate developers, including the United Development Company (UDC) and Qetaifan Projects, showcasing innovative projects and Qatar’s commitment to sustainable, smart urban development. This participation aligns with the national real estate promotion strategy, which supports economic diversification and aims to attract foreign investment.
MIPIM 2025 gathered over 20,000 delegates from more than 90 countries, including key decision-makers from the global real estate sector, government leaders and sovereign wealth funds managing a combined €4 trillion in assets under management (AUM).
Qatar’s real estate market has emerged as one of the fastest-growing sectors in the country, witnessing a 34% growth from 2015 to 2023 and a 50% increase in the number of issued building permits. The country’s strategic location, global connectivity and residency incentives, coupled with a resilient economy projected to reach $288 billion by 2027, continue to enhance Qatar’s appeal as a leading real estate investment destination. A transparent regulatory framework and ongoing investments in world-class infrastructure further solidify its position as a global real estate hub.
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
New Murabba, a PIF company, showcased significant progress on The Mukaab project at MIPIM 2025, highlighting its strategic relevance and alignment with Saudi Arabia’s development goals. The company completed 14 million cubic meters of excavation without lost time incidents.
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New Murabba, a PIF company, participated in MIPIM 2025,  the prestigious real estate event under the “Saudi Invest” umbrella, which aims to enhance international investment to the Kingdom and highlight its commitment to economic diversification. This year’s presence emphasized the significant progress made on the destination, including the successful completion of The Mukaab and surrounding podium excavation.
New Murabba’s presence at MIPIM 2025 featured a series of insightful sessions led by key executives. These sessions provided attendees with a deeper understanding of New Murabba’s strategic vision and its alignment with Saudi Arabia’s broader development goals. Michael Dyke, Chief Executive Officer, presented “How the Saudi Giga Projects Are Contributing to the Kingdom’s Economy and Vision 2030,” while Robert Pearce, Head of Sales, participated in the panel discussion “Changing Saudi economy and changing regulations for foreign investment.”
Eissa Almunif, EPMO and Stakeholder Management Division Head, contributed to the panel “Changing demographics in Saudi Arabia and how this affects development planning.” Ashwaq Albabtain, Development Director, joined the panel “Mega events, hospitality and leisure,” in addition to Nida Raza, Executive Director, Capital Partnerships Development, who participated in the discussion about “The Evolving Real Estate Sector in Saudi Arabia.” Reham Alawaji, Director Health Care & Education Development, participated in the panel “Creating Livable Cities with Purpose,” these sessions provided valuable insights into the destination’s strategic relevance and its potential to reshape the urban landscape.
Michael Dyke, Chief Executive Officer of New Murabba emphasized “We are committed to collaborative development and world-class execution.” New Murabba has successfully completed 14 million cubic meters of excavation while achieving 5.5  million safe hours without lost time incidents. This achievement enables the start of permanent works for The Mukaab, ensuring the groundwork is set for the next phase of construction. This progress also underscores New Murabba’s dedication to delivering a world-class destination that will redefine the urban development landscape and contribute to the vibrant live-work-visit offering within the destination. Following this significant milestone, New Murabba is primed and ready to welcome international partners and investors who share our vision for creating a truly transformative urban experience.”
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
The 21st IPS 2025, “The Global Real Estate Marketplace,” will take place from 14-16 April 2025 at Dubai World Trade Centre, showcasing real estate trends and promoting foreign direct investment, connecting international funds with UAE projects, and enhancing the sector’s growth.
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The 21st edition of the IPS 2025, “The Global Real Estate Marketplace,” will take place from 14th to 16th April 2025 at Dubai World Trade Center.
The event will feature several activities and events highlighting the latest trends and relevant topics in the real estate sector.
IPS is a global platform for showcasing the latest real estate projects and future trends in this vital sector. It is a key event on the agenda for any investor or real estate enthusiast, gathering leading real estate developers, experts, and investors from around the world and offering numerous benefits for participants.
The exhibition focuses on five prime pillars: IPS Real Estate, IPS Future Cities, IPS Startups & Proptech, IPS Design, and IPS Services.
One of the main activities alongside the exhibition is the Institutional Investor Conference, which will bring together institutional investors, senior officials and representatives from Dubai International Financial Centre (DIFC), government entities, local and international institutions, major real estate developers, property owners, land and hotel lease owners, and the hospitality sector.
The Institutional Investor Conference will take place on 14th-15th April to exchange knowledge, experiences, and insights, offering advice to investors. Industry thought leaders will provide valuable perspectives on various real estate markets and the best investment strategies.
It is one of the key components of the event, connecting international funds with projects in the UAE, fostering communication between different parties, promoting foreign direct investment, and driving growth in the country’s real estate sector.
Dawood Al Shezawi, President of IPS, emphasized Dubai’s pivotal role as a leading global business hub, praising its leadership’s vision that has established the foundation for excellence and leadership.
He explained that Dubai provides an attractive and integrated investment environment, with Real Estate Investment Trusts (REITs) being one of the key channels that attract both local and international investors.
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
AMIS Development is constructing Woodland Terraces, a 130 million residential project in District 11, Meydan, with en-suite apartments, a rooftop infinity pool, and a fitness center. The project is near Dubai’s iconic landmarks and is expected to receive AED 5 billion in investment from Singaporean First APAC Fund VCC.
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Luxury real estate builder AMIS Development has broken ground on Woodland Terraces, an AED 130 million residential project located in District 11, Meydan.
This milestone marks the beginning of construction for the modern luxury development, which is scheduled for completion in Q1 2027.
A groundbreaking ceremony took place at the project site today, attended by AMIS Development’s senior leadership and partners. The event reaffirmed the developer’s commitment to redefining luxury living through innovation, premium design, and world-class amenities.
Speaking at the ceremony, Neeraj Mishra, Founder and CEO of AMIS Development, stated: “Breaking ground on Woodland Terraces is a testament to our vision of delivering exceptional homes that blend modern aesthetics with unparalleled comfort. Our project will be a defining addition to Meydan’s landscape, offering residents an elegant and contemporary lifestyle. With a strong foundation and unwavering dedication, we are excited to bring this development to life by Q1 2027.
Following the sell-out of The Woodland Residences in Meydan, Woodland Terraces advances AMIS Development’s mission to create meticulously designed homes that emphasize open-plan living, expansive terraces, and floor-to-ceiling glass facades.
Designed for modern living, the residences at Woodland Terraces include 1-, 2-, and 3-bedroom apartments featuring en-suite bathrooms, walk-in closets, and dedicated laundry areas to provide both style and functionality.
Residents will have access to a rooftop infinity pool, sporting amenities, a state-of-the-art fitness center, a yoga area, and an outdoor theater, while the ground floor includes a kids play area, a grand lobby, and a signature AMIS Café.
Woodland Terraces offers unparalleled proximity to some of Dubai’s most iconic landmarks and destinations. Within 10 minutes, residents can access Meydan Mall and Racecourse, ensuring leisure and entertainment are always nearby. Dubai Hills Mall, Burj Khalifa, Downtown Dubai, Museum of the Future, and DIFC are conveniently reachable within 12 minutes, placing world-class shopping, dining, and cultural experiences at residents’ doorsteps. Dubai Healthcare City is a 15-minute drive away, while Dubai International Airport is 20 minutes away, making travel effortless.
AMIS Development has recently secured significant investment from First APAC Fund VCC, a leading Singaporean investment fund, which signed a Memorandum of Understanding in November 2024 to invest up to AED 5 billion in the company. This partnership underscores global confidence in AMIS’ ability to redefine luxury real estate and deliver groundbreaking projects.
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
Abu Dhabi’s real estate market experienced significant growth in 2024, with residential rents increasing by 20%, sales prices climbing 11%, and prime office occupancy reaching 95%. The Abu Dhabi Rental Index aims to increase transparency in pricing and lease negotiations. Economic growth, foreign investment, and government initiatives drive demand, with expansion in finance, technology, and tourism boosting job creation.
2 min
Abu Dhabi’s real estate market saw unprecedented growth in 2024, with residential rents up 20%, sales prices climbing 11%, and prime office occupancy reaching 95%, as tight supply fuelled competition and pushed prices higher. The Abu Dhabi Rental Index, launched in 2024, aims to bring greater transparency to pricing and lease negotiations, while new developments are expected to ease shortages in the coming years. Despite a wave of new supply expected in 2025, demand remains strong, driven by economic growth, foreign investment, and government-backed initiatives. As part of the UAE’s Vision 2030, expansion across finance, technology, and tourism is accelerating job creation, further increasing real estate demand and reinforcing Abu Dhabi’s position as a key global investment hub.
Key takeaways:
Residential:
- Limited new supply: Only 3,004 residential units delivered in 2024, 46% below forecasts.
- Prices climb: Sales prices rose 11% year-on-year, with villas leading growth.
- Rents spike: Residential rents jumped 20%, with Saadiyat Island apartment rents up 31%.
- Secondary market thrives: Transactions increased by 54% in 2024 as buyers favored ready-to-move-in homes.
Office:
- Record occupancy: Prime office spaces reached 95% occupancy, citywide average at 89%.
- Rents climb: City-wide office rents rose 11%,
- Financial sector drives demand: Banking and finance accounted for 24% of all office space inquiries.
Residential demand stays high as prices rise
Housing demand far exceeded supply in 2024, pushing both sales and rents to new highs. Limited new deliveries drove an 11% jump in prices, with villas seeing the strongest appreciation. Khalifa City prices surged 30%, reflecting the growing appeal of suburban communities.
Rental markets tightened, especially in premium locations. Saadiyat Island saw rents rise 31%, while Reem Island and Al Raha Beach increased by 24% and 21%, respectively. As central areas grow more expensive, demand is shifting toward suburban and mid-market neighborhoods. In 2025, the Emirate will see 8,500 new homes delivered – almost triple the 2024 figure – but demand is expected to remain strong, keeping pressure on prices.
“Supply struggled to keep up with demand in 2024, driving sharp price increases,” said Prathyusha Gurrapu, Head of Research & Consultancy at Cushman & Wakefield Core. “While new supply in 2025 is expected to help, demand remains high, putting continued pressure on rents and sales prices.”
Rents climb amid record office occupancy
Abu Dhabi’s office sector had one of its strongest years on record. Prime offices were nearly full, with citywide occupancy reaching 89%. Limited availability fueled an 11% jump in rents, with most new developments already pre-leased. Although 2025 will see 104,000 sq. m. of office space come to market, most will be pre-leased.
“Office space is in short supply, especially in ADGM and Reem Island,” said David Short, Head of Abu Dhabi at Cushman & Wakefield Core. “Companies are acting fast to secure space, while others are looking at newer districts or maximizing their current offices.”
Looking Ahead
New supply will provide some relief, but Abu Dhabi’s real estate market remains competitive. The Abu Dhabi Rental Index is expected to help create a more transparent pricing structure, while freehold ownership expansions will open new investment opportunities.
“Abu Dhabi’s real estate market is set for continued growth in 2025. The residential sector will see a wave of new supply in key investment zones, helping to create a more balanced market. Meanwhile, office space remains in high demand, with Prime and Grade A segments nearing full occupancy, says Prathyusha Gurrapu, Head of Research & Consultancy at Cushman & Wakefield Core. “The city’s push for economic diversification—particularly in finance and technology—along with major infrastructure upgrades and strategic government initiatives, will keep attracting residents, businesses, and investors.”
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
S&S Developments and Evolutions have partnered to launch Lume Residences, a residential development in Jumeirah Village Circle. The project, set to be completed in June 2027, offers 178 residences, studios, one-bedroom, and two-bedroom apartments, and is set to provide residents with easy access to Dubai’s key destinations and local amenities.
2 min
S&S Developments, a leading real estate developer, in collaboration with Evolutions, a pioneering real estate intelligence hub, proudly announces the official launch of Lume Residences, a sophisticated residential development in Jumeirah Village Circle (JVC). The launch took place on the 12th of March at The Lawn in Emirates Golf Club, attracting an audience of over 2,000Â investors and agents from across the UAE.
Following the success of Rise Residences, which sold out within two months of its launch in December 2023, Lume Residences marks the second collaboration between S&S Developments and Evolutions. An urban deco masterpiece designed to elevate contemporary urban living, the project offers a collection of premium residences with thoughtfully crafted interiors and world-class amenities.
Lume Residences presents a collection of 178 residences across a G+4P+14-Floor structure, including studios, one-bedroom and two-bedroom apartments, with unit sizes up to 1,318 square feet. The development offers an attractive 60/40 payment plan, making it a smart investment opportunity in JVC. Lume Residences is scheduled for completion in June 2027.
Strategically located in the heart of JVC, Lume provides residents with seamless access to Dubai’s key destinations and a wealth of local amenities. The development is designed to foster a vibrant community atmosphere, featuring a range of lifestyle amenities including a sparkling swimming pool, state-of-the-art gym, rooftop padel court, clubhouse, and many more.
Ghaleb Samara, Founder & Partner of S&S Developments, said, “Lume Residences marks our second collaboration with Evolutions, and we are confident that this partnership will once again deliver exceptional results and redefine the standards of modern living in JVC. Lume is a product of a world class team of architects and designers collaborating to create thoughtfully designed floorplans that blends with stunning urban deco façade. With Lume, we have carefully designed a space that embodies sophistication, comfort, and community, offering residents a lifestyle that is both vibrant and enriching. It is destined to be one of the premier addresses in JVC.”
Adham Younis, CEO of Evolutions, remarked, “Lume Residences represents the next phase of JVC’s transformation, where thoughtful design, investment potential, and community-driven living converge. As demand rises for spaces that go beyond functionality to offer a holistic lifestyle, Lume is designed to anticipate the needs of modern residents, blending smart layouts with vibrant social spaces. Our second-time collaboration with S&S Developments reflects a shared commitment to delivering forward-thinking projects that not only enhance JVC’s residential landscape but also contribute to Dubai’s broader vision of sustainable and experience-driven urban living. With Lume, we are introducing a blueprint for future-ready homes that cater to both end-users and investors seeking long-term value.”
S&S Developments is a premier boutique real estate developer in Dubai with a portfolio of prosperous projects across the city, including The White Palace in Dubai Silicon Oasis, The Carla in Meydan Avenue, Emtilak Townhouses in Al Furjan, and Rise Residences in JVC.
Evolutions has an impressive portfolio of successful ventures, including SLS Residences at Palm Jumeirah by Roya Lifestyle Developments, Hyde Residences Dubai Hills by City View Developments, Azura Residences by IGO on Dubai Islands, Pelagos by IGO in Dubai Marina, Val by KASCO in Al Jaddaf Waterfront, and Volna by KASCO in Al Jaddaf Waterfront, as well as projects in Jumeirah Village Circle, including Sapphire 32 Residences by DAK Real Estate, Rise Residences by S&S Developments, and Roma Residences by JRP Real-Estate Developments. Evolutions has solidified its position in the real estate industry with its innovative projects and creative approaches.
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
Dubai plans to build over 17,000 affordable housing units and approve a project for independent legal consultancy services. The announcement follows a meeting of the Executive Council, where Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum endorsed policies to expand affordable housing, improve educational outcomes, and support independent legal practitioners. The initiative aims to foster dynamic communities, stimulate economic development, generate employment opportunities, and enhance access to quality housing and essential services for residents.
4 min
Dubai has unveiled plans to construct over 17,000 affordable housing units, alongside the approval of a project for independent legal consultancy services.
The announcement followed a meeting of the Executive Council, which sanctioned land for the affordable housing initiative and introduced updated legal frameworks while also enhancing Arabic education within the city. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, Deputy Prime Minister, Minister of Defense, and Chairman of The Executive Council, endorsed a range of policies and initiatives designed to expand affordable housing, improve educational outcomes, and support independent legal practitioners in Dubai.
In his remarks, Sheikh Hamdan emphasized that Dubai’s status as a premier global city is rooted in a vision focused on empowering individuals, families, and communities. This vision facilitates access to opportunities, nurtures talent, promotes national values and identity, enhances knowledge, and fosters entrepreneurship. He stated, “Shaping the future and pursuing sustained growth through empowerment has long been a guiding principle for Dubai.
This vision continues to be pursued under the leadership of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. “We are actualizing this vision through collaborative efforts across various sectors, ensuring that Dubai remains the preferred destination for the most ambitious global talent.”
In accordance with Dubai’s Affordable Housing Policy, the allocation of 1.46 million square meters of land for affordable housing has been sanctioned, facilitating the construction of 17,080 residential units. “We are dedicated to providing a variety of housing options and encourage all suggestions that foster a unified and thriving society that values diversity—Dubai is a city for all.” Sheikh Hamdan has also endorsed a new policy aimed at improving the quality of Arabic language and Islamic studies in private educational institutions, in alignment with the Dubai Education Strategy 2033. He remarked, “Our national identity is a point of pride, and it is essential to instill our values from the earliest stages of education.”
This policy is a collaborative initiative involving educators, specialists, and parents to ensure students receive a robust foundation in these critical subjects. “It offers a chance to enhance the skills of future generations, enrich school curricula, modernize educational tools, and empower Emirati educators.” Additionally, Sheikh Hamdan has approved the Independent Legal Consultant Project, a flexible licensing framework that allows Dubai citizens to practice legal consultancy independently, without the necessity of a physical office. He stated, “The legal profession is undergoing transformation, and we encourage Emiratis to seize the opportunities within this evolving field. Dubai continues to be a center for entrepreneurship, fostering innovative work models that promote a healthy work-life balance and improve quality of life.”
The Executive Council convened at Emirates Towers, attended by H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai. The affordable housing initiative aligns with the Affordable Housing Policy ratified by the Council and the goals outlined in the Dubai 2040 Urban Master Plan. The initiative, aimed at skilled professionals in Dubai, seeks to foster more dynamic communities, stimulate economic development, generate employment opportunities, and enhance access to quality housing and essential services for residents across all income levels.
The initial phase will focus on the development of six locations:
- Al Mueisim 1
- Al Twar 1
- Al Qusais Industrial 5
- Al Leyan 1
The new residential units will be available at affordable rental prices, featuring well-designed, high-quality living environments with access to vital infrastructure and essential services. Oversight of the project will be provided by the Supreme Committee for Urban Planning, with implementation carried out by the Land Department, Dubai Municipality, Roads and Transport Authority, General Directorate for Identity and Foreigners Affairs, Dubai Civil Defense, and Real Estate Corporation.
The newly approved education policy discussed in today’s meeting aims to position Dubai among the top ten cities globally for educational quality. This policy emphasizes effective teaching strategies from early childhood through pre-primary education, with the goal of enhancing academic performance in Arabic language and Islamic studies. It also encourages stronger collaboration between educators and parents, acknowledging the importance of both schools and families in reinforcing students’ cultural and national identity.
Two initiatives introduced under this policy are the Dubai Protocol for Curriculum Enhancement and the Emirati Teacher Recruitment and Training Program, which also includes partnerships with universities and colleges. Additionally, the policy features a school-parent partnership program to aid in curriculum development.
It emphasizes modern educational materials designed to cultivate students’ critical thinking and research abilities while promoting professional growth among teachers. Furthermore, the policy aims to increase the number of Emirati educators specializing in Arabic language and Islamic studies. The Knowledge and Human Development Authority (KHDA) will manage the implementation of this policy in collaboration with private schools throughout the Emirate.
Under the new initiative, individuals will have the opportunity to offer legal advice independently, with the exception of litigation, in designated areas of law. The initial phase focuses on real estate and personal status law, providing opportunities for Emiratis, including academics, retirees, and those looking for remote work options.
Candidates are required to possess at least two years of legal experience, successfully complete an assessment, and undergo a training program in the pertinent field. This one-year pilot will be executed and assessed by the Legal Affairs Department of the Government.
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
What this â€median’ 7-figure price tag scores across Australia.
Nuom Properties is launching DG 129, a 2-bedroom residential building in Discovery Gardens, managed by Betterhomes, with rental yields of up to 8.75%. The property features spacious layouts, modern interiors, and is located near Jebel Ali.
2 min
Nuom Properties is proud to introduce DG 129, the only residential building in Discovery Gardens offering a limited selection of 2-bedroom apartments — now exclusively managed by Betterhomes.
With prices starting at AED 530,000, DG 129 presents a unique investment opportunity, offering rental yields of up to 8.75%. Options for tenanted units are available delivering immediate returns. The building features both standard and upgraded residences with spacious layouts, modern interiors, and a family-friendly environment making it an ideal choice for investors and homebuyers seeking a ready-to-move-in home.
Christopher Cina, Director of Sales at Betterhomes, shared “DG 129 is the only upgraded building in Nakheel’s Discovery Gardens community offering modernized large 2-bedroom apartments, ample parking, and unparalleled connectivity making it a unique option for investors and family-oriented homeowners seeking refined living experience. Nuom Properties is redeveloping this property with extensive improvements including fully upgraded apartments, revitalised common areas and enhanced facilities. We’re excited to manage this property, bringing Betterhomes’ trusted experience and expertise to ensure smooth operations, strong returns, and worry-free ownership.”
Key Features
- Lush Community Living:Â Enjoy green spaces
- Exceptional Facilities:Â Family and ladies pools, gym, sports courts, kids play area and more
- Hassle-Free Parking:Â Ample parking for residents and guests
- Upgraded & Maintained:Â Access systems, Fire, Elevator, HVAC, and cooling systems
- Exclusive Common Area Upgrade:Â New lobby coming soon.
Situated near Jebel Ali, DG 129 is ideally located for easy access to major landmarks across Dubai. Its proximity to key transport links ensures seamless connectivity to the city.
- Direct connection to Sheikh Zayed Road,  Al Khail Road and Expo Road.
- 3 mins to Metro Station
- 7 mins to Ibn Battuta Mall
- 11 mins to Dubai Marina
- 30 mins to Al Maktoum International Airport
Nuom Properties, part of the Gulf Worldwide Group which was established in 1995, is redefining urban living by developing properties with a holistic approach. With a commitment to design excellence, comprehensive functionality, and value engineering for sustainability, Nuom reimagines properties from the ground up—enhancing infrastructure, optimizing layouts, and infusing modern aesthetics to create elevated living spaces, seamless operations and strong investment returns. Its investment portfolio spans prime locations, including Arjan, Business Bay, Dubai Marina, Jumeirah Islands, Dubai Silicon Oasis, and Jebel Ali, reinforcing its role in shaping vibrant communities across Dubai.
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
CBRE Middle East has introduced a range of smart and sustainable Facilities Management solutions at its Vision 2030 Focus Forum in Saudi Arabia, including the Integrated FM Academy, BICSc Training Center & Procurement Advantage, HOST & Workplace Experience, and CBRE Smart Solutions & Integrated FM Hub.
2 min
CBRE Middle East hosted its Vision 2030 Focus Forum in the Kingdom of Saudi Arabia recently, where it launched a first-of-its-kind package of smart and sustainable Facilities Management (FM) solutions to the KSA market.
Bringing together some of the region’s most influential corporate and government entities Kingdom-wide, CBRE Middle East used the Focus Forum to launch its innovative suite of FM services designed to enhance clients’ operational efficiency, workplace experience and sustainability. These solutions include:
- The Integrated FM Academy – Developing future FM leaders through specialized training and certification programs that support the growth of local talent
- BICSc Training Center & Procurement Advantage – Offering the best-in-class cleaning and procurement training and internationally recognized FM standards
- HOST & Workplace Experience – Enhancing employee engagement and productivity through workplace innovation, including tech-enabled health and wellbeing products and team and community experiences
- CBRE Smart Solutions & Integrated FM Hub – Streamlining FM operations through Artificial Intelligence designed to reduce building energy costs by 8-10%
“Real estate owners and occupiers in KSA are looking for FM experts who can support their vision to become smarter and greener than ever before,” said Jena Ladhani, KSA CEO, CBRE Global Workplace Solutions.
Our Vision 2030 Focus Forum solidified our position within KSA where every client outcome is driven by operational subject matter experts across Data Centers, Aviation, Stadia, Healthcare, Testing & Commissioning, and Projects including Staff Accommodation. It also demonstrated our ability to meet the increasing demand for specialized and integrated FM solutions in the KSA market. For example, as Saudi continues to be a magnet for global talent, our FM Academy supports the upskilling of KSA’s local workforce. We know that employee wellbeing continues to be a key consideration among CRE executives, and our Workplace Experience service helps to meet that need. We are also passionate about ensuring that Saudi’s FM sector aligns itself with international compliance and regulatory standards through our training center.
“With KSA poised to become a global benchmark for intelligent and sustainable infrastructure, and the global facility management market expected to expand significantly in the region by 2030, our package of FM solutions reaffirms our role as a trusted partner in Saudi’s evolving real estate and facilities management landscape,” Ms. Ladhani added.
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
Alta Real Estate Development collaborates with Parisian fashion house Maison Margiela to create its first Dubai residences, featuring 24 bespoke units that redefine boutique living and merge high fashion with architectural mastery.
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Alta Real Estate Development has partnered with the iconic Parisian fashion house Maison Margiela to create the brand’s first residences, an innovative concept set to transform boutique living in Dubai. This exclusive collection of 24 bespoke units will take shape in one of the city’s most prestigious locations (to be announced), embodying the maison’s signature aesthetic, reimagining boutique living, and offering residents a space defined by creativity and individuality.
This landmark partnership unites Maison Margiela’s unconventional expression and nonconformity with Alta’s expertise in crafting extraordinary living spaces. Designed as a refined extension of the Maison’s distinctive design codes, delivering exceptional privacy, elegance, and innovation. Each residence seamlessly blends high fashion with architectural mastery, offering a lifestyle characterized by exquisite craftsmanship.
“As a developer, our vision is to collaborate with the world’s most influential brands to create unparalleled living experiences,” said Abdulla Al Tayer, Managing Director of Alta Real Estate Development. “Partnering with Maison Margiela allows us to push the boundaries of design and redefine luxury living in Dubai. These residences will be a testament to creativity, craftsmanship, and individuality.”
This collaboration is part of Alta’s broader vision to integrate global icons into the fabric of luxury living. Together, Alta Real Estate Development and Maison Margiela will set the stage to merge the brand’s forward-thinking design ethos with the timeless purity of architectural form.
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
Dubai’s investor-friendly policies, lucrative tax benefits, and high rental yields have cemented its reputation as one of the world’s most attractive real estate markets.
3 min
The UAE’s real estate sector continues its record-breaking trajectory into 2025, solidifying its status as a global investment hotspot. In January alone, property sales transactions soared to AED 33.9 billion, reflecting an 18% surge compared to the same period in 2024. The Dubai Land Department (DLD) also reported a 19% year-on-year increase in transaction volume, reinforcing the emirate’s appeal among international investors.
The villa and townhouse market, in particular, remains on an upward spiral. After experiencing a staggering 71% growth in 2024, the segment witnessed an additional 14% month-on-month increase at the start of 2025. Experts attribute this surge to mounting investor demand and an influx of high-end villa developments catering to affluent buyers.
Western Investors Drive the Market
Industry veteran Shahin Miah, Founder and CEO of Dubai Off-Plan Leads and iNeedSocial, highlights a growing influx of Western investors, particularly from the UK, Europe, and North America. “British buyers dominated the market in 2024, followed closely by Indian investors. In fact, six out of the top ten investing nationalities were from Western countries, underscoring Dubai’s continued allure,” Miah explains.
Dubai’s investor-friendly policies, lucrative tax benefits, and high rental yields have cemented its reputation as one of the world’s most attractive real estate markets. With no capital gains tax and residency incentives for property buyers, the city continues to draw global wealth at an unprecedented pace.
Agents Face Growing Challenges Amidst Booming Sales
Despite the record-breaking figures, Dubai’s real estate agents are grappling with intensifying challenges. The rapid digitization of the industry, the rise of AI-powered platforms, and an oversupply of listings have made it increasingly difficult to close high-value deals. Traditional sales techniques are proving less effective as buyers navigate an overwhelming number of options.
“On average, agents now require 18 calls just to connect with a serious buyer,” Miah notes. “While 92% of customer interactions happen over the phone, 85% of buyers report dissatisfaction with their experience.”
To address these challenges, Miah has launched the 90-Day Fast Track Sales Program, a game-changing initiative designed to help real estate agents secure AED 10 million in sales within three months. The program equips agents with advanced sales strategies, automation tools, and pre-qualified off-plan leads, positioning them for success in Dubai’s competitive market.
A Revolutionary Approach to Real Estate Sales
“In today’s digital-first market, relying on outdated sales techniques means leaving millions in commissions on the table,” says Miah. His program provides agents with a fully integrated, done-for-you sales and marketing system that eliminates inefficiencies and maximizes deal closures.
Through expert coaching, agents gain access to cutting-edge techniques tailored to Dubai’s evolving real estate environment. The program not only accelerates sales but also empowers agents to confidently close high-value transactions in an increasingly saturated market.
Inside the Market: A Yacht-Side Perspective
To provide a deep dive into Dubai’s booming real estate sector, Miah has filmed a 36-minute video aboard a luxury yacht, sailing from Dubai Marina to Burj Al Arab. In this visually captivating presentation, he breaks down key market trends, explains why many agents struggle to close deals, and details the mechanics of the 90-Day Fast Track Sales Program. The video also features glowing testimonials from clients who have successfully transformed their sales careers under Miah’s guidance.
Beyond Real Estate: A Mastermind in Sales and Digital Strategy
Miah’s expertise extends far beyond property sales. As a Google Mastermind and a leading authority in digital marketing, he also heads iNeedSocial, a marketing agency specializing in SEO, PPC, and social media growth strategies. His proprietary sales methodology, Miah’s Magic Circle, has revolutionized business development and lead generation.
“As the market evolves, those who embrace modern sales strategies will dominate,” Miah states. “Our program isn’t just a promise—it’s a guarantee. Agents who follow our system will hit their sales targets in 90 days, no exceptions.”
Limited Enrollment – Only 10 Agents Accepted
The 90-Day Fast Track Sales Program is now open for applications, with enrollment strictly limited to just 10 agents per cohort. The program’s investment fee is AED 150,000, ensuring that only the most dedicated professionals gain access to this exclusive training.
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
According to Farooq Syed, CEO of Springfield Properties, the latest figures reaffirm Dubai’s status as a leading destination for global wealth and long-term real estate investment.
2 min
Demand for prime and ultra-luxury residences remains strong, with sustained interest from Dubai’s elite and international investors. The availability of high-value properties is becoming increasingly selective, reinforcing upward pricing trends across the city’s most sought-after districts.
According to Farooq Syed, CEO of Springfield Properties, the latest figures reaffirm Dubai’s status as a leading destination for global wealth and long-term real estate investment. “Dubai’s position as a premier wealth hub is only solidifying, with the city attracting global investors who are securing assets in anticipation of continued value growth”.
Dubai continues to attract global high-net-worth individuals (HNWIs), with the emirate now home to 212 centi-millionaires (individuals with investable assets exceeding $100 million) and 15 billionaires. Over the past decade, Dubai has seen a 78% increase in its millionaire population, positioning the city as a top destination for international wealth. This growing base of affluent individuals is significantly driving the demand for ultra-luxury properties, particularly in sought-after locations such as waterfront developments and master-planned communities, where supply remains limited.
The influx of global wealth is expected to continue shaping the market, with high-net-worth individuals prioritizing long-term investment in real estate to preserve wealth and capital appreciation. According to Farooq Syed, “As demand continues to rise, investors are seeking sustained value and security in Dubai’s real estate market. This is a market that has proven its resilience, and those who invest now are securing assets that will continue to appreciate in the years to come”.
Dubai’s appeal continues to strengthen, driven by pro-investment government policies. Initiatives such as residency permits for retirees and remote workers, the expansion of the 10-year Golden Visa program, and the UAE’s broader economic diversification efforts are enhancing long-term market stability.
With Dubai’s population now surpassing 3.8 million, growing by 170,000 residents in 2024 alone (a 4.6% increase), the sustained rise in population is creating new demand across all housing segments, with the ultra-prime market continuing to lead in absorption rates.
The off-plan market continues to show strong performance, with 8,753 off-plan sales recorded, totaling AED 19.73 billion. At the same time, the secondary market recorded 6,136 transactions worth AED 21.25 billion. The sustained interest in both markets reflects growing investor confidence, with Palm Jumeirah standing out as an example of continued demand, where the average transaction price reached 12.82 million.
“The strength of Dubai’s real estate sector is anchored in its long-term fundamentals,” says Farooq Syed, CEO of Springfield Properties. “The city’s ability to attract global capital, combined with its strategic regulatory initiatives, ensures demand remains robust across all market segments.”
Dubai’s real estate sector is poised to maintain strong capital inflows through 2025. The city remains a premier destination for global property investment, with demand consistently outpacing supply in the most sought-after locations for high-net-worth individuals (HNWIs).
Chris Dixon, a partner who led the charge, says he has a â€very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.
