The Market for $5 Million-Plus Homes Is Booming in New York’s Posh Hamptons
The luxury segment recorded a robust third quarter
2 min
Deep-pocketed buyers were busy this summer in the Hamptons, as sales of luxury homes in the affluent New York vacation-home market soared, according to third-quarter reports released Thursday.
“Every price range experienced increases in the number of sales in the third quarter, but the transactions over $5 million soared,” Robert Nelson, executive managing director of Brown Harris Stevens of the Hamptons, wrote in the brokerage’s report.
There were 55 transactions above $5 million, up from 31 a year earlier, marking a 77% increase, according to Brown Harris Stevens data.
The 16 ultra-luxury home sales, defined as properties over $10 million, accounted for 4% of sales, but made up 19% of the total dollar volume last quarter.
The median price of a luxury Hamptons home was $8.5 million in the third quarter, surging 38% from a year ago, according to a separate report from Douglas Elliman, which defines luxury as the top 10% of the market.
More properties in the beach towns are joining the $5 million club every year, according to Douglas Elliman, as this category has continued to double in market share.
The Hamptons has been surprisingly unaffected by this pre-election season that tends to temporarily dampen sales, said Philip O’Connell, executive managing director for Brown Harris Stevens in the Hamptons. Instead low rates have fuelled the market, enabling year-on-year sales to climb back up every quarter.
“A large segment of our buyer population comes from New York City. I think they see a bright future economically, which is driving their confidence in the market,” O’Connell said. “We have the expectation that the market will continue to be very active.”
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Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Total real estate sales in Q3 decreased slightly by 0.8% quarter-on-quarter, amounting to KD847 million, following a robust second quarter.
3 min
The Kuwait real estate market in Q3 2024 demonstrated a relatively stable performance, characterized by a rebound in residential sales and a notable increase in investment transactions, despite a decline in commercial activity. The overall trajectory suggests a gradual improvement in market dynamics, supported by the initiation of a monetary easing cycle in September.
Sales and Transaction Trends
Total real estate sales in Q3 decreased slightly by 0.8% quarter-on-quarter, amounting to KD847 million, following a robust second quarter. This stability was driven by strong activity in the residential and investment sectors, which saw increased transaction volumes despite the usual seasonal slowdown during the summer months. However, the commercial segment, which had previously experienced a surge, saw a significant drop of 50% quarter-on-quarter to KD146 million, although it remained above the quarterly average for 2023.
Residential sales reached KD384 million, marking the strongest quarterly performance in nearly two years. This sector recorded a remarkable 14% quarter-on-quarter increase and an 8.2% year-on-year growth, reflecting a recovery from earlier lows. Notably, September accounted for approximately 40% of total residential transactions, signaling a peak in activity not seen in over 16 months. Most residential sales were concentrated in the home segment, particularly within Kuwait City, Hawalli, and Al-Ahmadi governorates, while land sales primarily occurred in Hawalli, Mubarak Al-Kabeer, and Al-Ahmadi.
Price Movements
Despite the increase in transaction volume, residential prices continued their downward trend, marking the sixth consecutive quarter of decline. The overall NBK real estate price index saw a smaller decline of 1.4% quarter-on-quarter in Q3, recovering from five consecutive quarterly falls (-3.2% in Q2). This shift in pricing has helped to narrow the valuation gap between residential and investment properties, consequently driving demand. On the residential side, prices fell by 3.3% quarter-on-quarter, while investment real estate prices rose by 1% quarter-on-quarter. In contrast, while prices in residential areas remain elevated, particularly in central locations, affordability remains a concern, especially in Kuwait City compared to other Gulf Cooperation Council (GCC) countries.
The investment sector saw sales of KD317 million, representing significant growth of 42% quarter-on-quarter and 49% year-on-year, the highest level in nearly five years. Demand was particularly strong in Kuwait City and Hawalli, with a steady influx of non-Kuwaiti residents contributing to this trend, although rental prices rose modestly by 0.7% year-on-year during Q3.
Commercial Sector Challenges
The commercial real estate segment experienced a dramatic decline in activity due to its notorious volatility, particularly following a record high in Q2. The value of commercial sector sales in Q3 2024, despite the drop, remains around 15% higher than last year’s quarterly average. Media reports indicate that many commercial units were sold by real estate companies to settle debts with banks, particularly during Q2 when borrowing costs were high.
Applications and Infrastructure Developments
The pending housing applications continued to grow, reaching 97.7k by the end of Q3, reflecting a 1.1% quarter-on-quarter increase. This rise was primarily due to the Public Authority of Housing and Welfare (PAHW) suspending plot distributions while awaiting approval for a new distribution strategy. However, infrastructure developments in South Sabah Al-Ahmad and South Sa’ad Al-Abdullah cities are progressing, with significant contracts signed totaling KD262 million for infrastructure works. These projects involve the development of infrastructure for 17,380 units in South Sabah Al-Ahmad, of which 27% has been completed, and tendering for 23,551 units in South Sa’ad Al-Abdullah, expected to be completed by 2027. These efforts are anticipated to alleviate some of the housing pressures over time.
The volume of approved housing loans by the Kuwait Credit Bank rose significantly in Q3 2024, increasing by 31% quarter-on-quarter, attributed to the pickup in plot distributions from previous quarters. However, the value of disbursed loans fell by 1.0% quarter-on-quarter due to a decrease in government plot loans by 4%.
While the Q3 2024 real estate market reflects a mixed landscape, the overall indicators point toward a cautiously optimistic outlook. The combination of improving residential sales, a robust investment market, and ongoing infrastructure initiatives could lay the groundwork for a more vibrant real estate environment in the near future.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The innovative ‘folded earth’ topography of Expo Valley will create a unique microclimate, helping to reduce temperatures and noise pollution.
2 min
Expo City Dubai has taken a significant step in its residential development plans by appointing Ginco General Contracting as the main contractor for the upcoming Expo Valley community. This decision highlights the city’s commitment to creating a premier living environment that emphasizes sustainability and exceptional design.
With the majority of the villas and townhouses already sold, the engagement of Ginco paves the way for Expo Valley to welcome its first residents by 2026. Established in 1975, Ginco has a proven track record in the UAE, having successfully completed numerous residential projects for major developers. The company will manage the construction of 484 units in Expo Valley, which is one of five districts outlined in the larger Expo City master plan.
Ahmed Al Khatib, Chief Development and Delivery Officer at Expo City Dubai, remarked on the significance of the partnership, noting that the selection of Ginco General Contracting marks a key milestone in the progress toward developing Expo Valley. He expressed excitement about collaborating with them to deliver this exceptional community for future residents.
Gheyath Mohammad Gheyath, Founder and Chairman of Ginco, conveyed his enthusiasm for the project, stating that the newly announced master plan positions Expo City as a crucial player in Dubai’s growth. He expressed pride in contributing to Expo Valley, which aims to redefine sustainable living standards, and emphasized that their extensive experience in engineering and construction will ensure the project’s success.
Expo Valley will comprise a mix of individual plots and 484 high-end detached and semi-detached villas and townhouses, with prices ranging from AED 3.4 million to over AED 15 million. The residences are designed to meet the highest sustainability standards and are set against a backdrop of scenic landscapes, including a nature sanctuary and a lake.
The innovative ‘folded earth’ topography of Expo Valley will create a unique microclimate, helping to reduce temperatures and noise pollution. In addition to residential offerings, the community will feature wellness and recreational amenities, including gyms, clubhouses, swimming pools, and children’s play areas. Residents will enjoy convenient access to retail and dining options, all interconnected through pedestrian walkways and bike paths.
Strategically situated in Dubai’s growth corridor, Expo City Dubai is in proximity to the expanding Dubai Exhibition Centre and the new Al Maktoum International Airport. With easy access to major highways and metro connections, it provides residents and businesses with seamless travel options throughout the city and beyond
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
September sales fell 3.5% from a year earlier. In 2023, home sales hit their lowest point in 30 years.
5 min
Sales of existing homes in the U.S. are on track for the worst year since 1995— for the second year in a row.
Persistently high home prices and elevated mortgage rates are keeping potential home buyers on the sidelines. Sales of previously owned homes in the first nine months of the year were lower than the same period last year, the National Association of Realtors said Wednesday.
Existing-home sales in September fell 1% from the prior month to a seasonally adjusted annual rate of 3.84 million, NAR said, the lowest monthly rate since October 2010. Economists surveyed by The Wall Street Journal had estimated a monthly decrease of 0.5%.
September sales fell 3.5% from a year earlier.
After a sluggish 2023, economists and real-estate executives widely expected activity to pick up in 2024.
But mortgage rates have stayed higher throughout the year than some had forecast, including in recent weeks after the Federal Reserve’s interest-rate cut last month. That has kept home-buying affordability low .
Home prices have continued to rise, as inventory in many parts of the country is still below normal historical levels. Climbing home insurance costs and a coming election are also adding to buyers’ uncertainty.
“Home sales are stuck at low levels,” said Lawrence Yun , NAR’s chief economist. “Americans are really not moving.” Yun said he forecasts that existing-home sales for 2024 as a whole could match or be slightly below last year’s level.
Expectations that the Fed would cut rates this year caused mortgage rates to drop to 6.08% in September, a two-year low. But the move came too late in the year to lure buyers, real-estate agents say. Many families prefer to purchase in the spring and move houses between school years.
The reprieve in rates also didn’t last long. Mortgage rates have risen for three straight weeks to the highest level since August.
“That trickle up in rates, to right back where we were, just sucked the air out,” said Michael Read, owner of Bridgeway Mortgage & Real Estate Services in Morristown, N.J.
Mortgage rates tend to loosely follow the yield on the 10-year Treasury note, which has been above 4%. But the spread between mortgage rates and the 10-year has widened to above historical norms in recent years, which can push up borrowing costs.
Lenders often sell mortgages to investors. Those investors demand a bigger return, particularly when rate volatility is higher than normal, because mortgages are riskier than ultrasafe government bonds.
Uncertainty around the presidential election and “murkiness” around recent labor and inflation data haven’t helped, said Mike Fratantoni , chief economist at the Mortgage Bankers Association.
Mortgage applications have fallen for four straight weeks as rates have risen.
“It’s tough in this business,” said Alex Elezaj , chief strategy officer at United Wholesale Mortgage. “Once you think it’s going one way, it goes another.”
A drop in mortgage rates later this year or next would make home purchases more affordable, but that benefit could be offset if home prices continue to rise. In September, 42% of more than 1,000 people surveyed said they expect mortgage rates to fall in the next 12 months, but 39% said they expect home prices to rise over the same period, according to Fannie Mae .
The national median existing-home price in September was $404,500, a 3% increase from a year earlier, NAR said. While that is down from the recent high, it is the highest median home price for any September, Yun said. Prices aren’t adjusted for inflation.
Widespread frustration with the housing market has made affordability an important campaign topic . Both parties have offered proposals to bring down housing costs. Vice President Kamala Harris has rolled out plans for building more housing, for example, and offering help with down payments. Former President Donald Trump has proposed cutting regulations and allowing more building on federal land.
For the buyers who are able to jump into the market now, there is less competition and more room to negotiate. The typical home sold in September was on the market for 28 days, up from 21 days a year earlier, NAR said.
Lucy and Graham Schroeder tried buying a house in the suburbs of Madison, Wis., in 2023 and again this past spring, but they got outbid by other buyers. When they re-entered the market this summer, “it felt like something kind of shifted,” Graham Schroeder said. “Houses were kind of sitting a little bit.”
The couple bought a five-bedroom home in August for $585,000, about 5% below the listing price, and sold their smaller home for $330,000.
The number of homes for sale or under contract rose 23% in September from a year earlier, NAR said, but it remains below normal levels in many markets. Many homeowners who locked in low rates on their current mortgages a few years ago are staying put, because they are reluctant to take on a new loan at a higher rate.
At the current sales pace, there was a 4.3-month supply of homes on the market at the end of September. That is at the low end of what is considered a balanced market between buyers and sellers.
David Schlichter
Kaitlin Skilken and Matt Adler experienced the cool-down in the market firsthand. The couple competed against other buyers to purchase a house this spring in Wheat Ridge, Colo. But when they listed their townhouse in a nearby city for sale in June, it sat for almost two months.
Other units in the community were also sitting on the market, and the homeowner association’s insurance policy didn’t comply with every lender’s requirements, making it more difficult for buyers to get a mortgage, Adler said. “‘You only need one buyer,’ is what I kept saying,” Skilken said.
The couple sold the townhouse in September for the $475,000 asking price, and they paid a $12,000 credit to the buyers for some home repairs and to help lower the buyers’ interest rate.
Home-buying activity typically slows during the holiday season. Some real-estate agents say they expect sidelined buyers to re-enter the market in early 2025.
“It’s not like all of a sudden people have stopped needing to buy houses,” said David Schlichter, a real-estate agent in Denver. “You can only defer for so long.”
News Corp , owner of the Journal, also operates Realtor.com under license from NAR.
Chris Dixon, a partner who led the charge, says he has a ‘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.
The 250-year-old structure in the South Street Seaport District had a colorful past before a developer converted it to apartments in the 1990s
3 min
An apartment atop the third oldest building still standing in Manhattan has hit the market for $1.825 million.
The two-bedroom duplex occupies the top two floors of the Captain Joseph Rose house in the South Street Seaport District, the third oldest building in Manhattan after the Morris-Jumel Mansion in Washington Heights and St. Paul’s Chapel near the World Trade Center. In 1773 it was a fashionable two-story home for Rose, a successful lumber merchant, but its more colourful history came a century later, during the Civil War era, when it was the site an infamous saloon known as “Kit Burns’ Rat Pit,” run by one of the founders of the Dead Rabbits gang.
Today, the 1,424-square-foot unit shows few signs of its unsavoury past. Located on a cobblestoned side street, the building still retains its brick facade and original Georgian-style, but the upper floors were added after a fire in 1904, and the interiors were completely restored by architect Oliver Lundquist when the building was converted to condos in 1997.
The sellers, who purchased the unit for $1.575 million in 2022, listed the property with Lindsey Stokes and Allison Venditti of Compass on Tuesday.
When Rose built the home on Water Street, the isle of Manhattan was smaller, and the home had direct access to the East River where he docked his merchant ship, Industry . By the turn of the century the ground floor had been converted to commercial use, and it was used as an apothecary, a cobbler shop, a watchmakers’ shop and a grocery.
Library of Congress
By the 1860s, the bustling South Street Seaport had begun to decline as shipping lines moved to larger ports along the Hudson River, and the neighbourhood deteriorated. The Joseph Rose building was purchased by Christopher “Kit” Burns, who opened a saloon called Sportsman’s Hall, a den of vice most notable for its rat pit—the largest in the city—where Burns staged “rat baiting” events, in which caged dogs compete to kill rats while spectators bet on the outcome.
Journalist James W. Buel described Sportsman’s Hall in a book on American cities published in 1883. “This place was once an eating cancer on the body municipal,” he wrote. “Within its crime begrimed walls have been enacted so many villainies, that the world has wondered why the wrath of vengeance did not consume it.”
In 1870, the saloon was shut down by the authorities, and Burns leased the building to the Williamsburg Methodist Church, which used it as a refuge for women. Burns, meanwhile, opened a rat pit down the block at 388 Water St.
As the years progressed, the building suffered fires in 1904 and again in 1976, after which it fell into disrepair and was seized for unpaid taxes. In 1997, the city sold the neglected building to developer Frank Sciame Jr. for just $1, who restored it and converted it to luxury condos.
The upper unit has traded hands several times in the decades since. Currently, the unit begins with a foyer that leads to an open plan living and dining area on the main level, with a staircase leading to two bedrooms on the upper level, and a private rooftop.
After purchasing the unit, the sellers worked with designer Lauryn Stone to renovate the upper level, reconfiguring the floor plan and remodelling the primary bathroom, according to Stokes. The interiors feature finished white oak floors and painted brick walls, with built-in shelves and a ventless fireplace in the living room, stone counters in the kitchen, a walk-in closet off the primary bedroom, and two rows of six-over-six panelled windows adding light and air.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Completion of the waterfront development is expected by 2026
2 min
RAK Properties, Ras Al Khaimah’s leading publicly listed property developer, announces the release of the final phase of Quattro Del Mar, its iconic waterfront development in Mina Al Arab. This follows the successful launch of the project during 2024 and subsequent to rapid sell-out of released units.
Located in Mina Al Arab, RAK Properties’ flagship waterfront community, Quattro Del Mar is a key addition to the destination’s holistic vision for urban island living. The development’s appeal lies in its diverse range of residences – from studios and one-bedroom apartments to spacious Sky Duplexes and Garden Townhouses – offering an exceptional island living experience. Residents will also enjoy a unique blend of premium amenities and easy access to the exclusive Nikki Beach Resort & Spa.
Ziad Hinnawi – VP Sales at RAK Properties said: “We’re thrilled to announce the release of the final phase of Quattro Del Mar. This exceptional development has generated tremendous interest, and we are confident this final release will be met with equally high demand. Quattro Del Mar represents a unique opportunity for discerning homeowners to experience an unparalleled lifestyle in the beautiful natural setting of Ras Al Khaimah.”
Quattro Del Mar’s four interconnected towers, each with a unique façade reflecting the shimmering Arabian Gulf, are built on a foundation of AI. This technology has enabled a design that prioritizes resident well-being, sustainability, and a sense of community.
Quattro Del Mar has been recognized for its outstanding design and impact, winning “Mixed-Use Project of the Year” at the Pillars of Real Estate Awards 2024, “Best Residential Project” at the Design Middle East Awards 2024 and a Platinum winner in “Best Residential Architecture” by XYZ Designers. These accolades highlight RAK Properties’ commitment to creating high-quality, sustainable, and innovative developments.
Construction is making good progress and Fäm properties is the exclusive broker for this final release.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This approach focused on collaboration, ethics, and sustainable growth.
2 min
Dubai’s growing assembly of more than 22,900 real estate brokers can combine to help build the greatest city in the world through a shift to more collaborative practices.
That is the vision behind a first of its kind educational program aimed at transforming the Dubai property market, with brokers maintaining healthy, ethical competition, while also forging partnerships that benefit the broader community.
Launched by Firas Al Msaddi, CEO of fäm Properties, the ‘Real Estate Blueprint’ offers a series of unique events and training initiatives combining to create a community hub for brokers focused on learning, networking, and building professional skills.
The first of these events, ‘The Game Changers’, drew almost 3,000 paying real estate professionals to the Coca Cola Arena last week.
Dubai’s first ever ticketed property show saw Al Msaddi share the stage with top US broker and reality TV star, Ryan Serhant, and Dr Mahmoud AlBurai, Dubai Land Department’s Senior Director, Real Estate Policies and Innovation.
“Through this event, and the others to follow, we’re shifting from the outdated mindset of one-way competition to a more collaborative effort, where brokers and agencies work together to foster a resilient and dynamic market,” said Al Msaddi.
“This is a new approach focused on collaboration, ethics, and sustainable growth. Game Changers laid the groundwork for this transformation and represented a commitment to raising the standard across the brokerage landscape in Dubai.”
During the event, Al Msaddi told brokers they had the opportunity to be part of building the greatest city in the world thanks to the visionary leadership of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
That message will be a central theme running through the ‘Real Estate Blueprint’ program of events and training initiatives, which deliver latest insights on data analysis, sales strategies, market trends, and branding.
“By sharing knowledge and collaborating, we’re paving the way for a more connected and transparent industry where brokers can thrive,” said Al Msaddi, who has generated sales worth billions of dollars, and trained thousands of agents, in building the emirate’s largest real estate brokerage.
Underlining Dubai’s status as a leading destination for real estate investment, a recent market report from fäm Properties revealed sales worth AED 141.9 billion in Q3 2024, setting an all-time record for a single quarter.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This launch comes as part of Binghatti’s vision to double its project portfolio to over $27.2bln in the next 18 months
2 min
Binghatti Developers has unveiled its latest project, Binghatti Skyrise, located in the vibrant Business Bay area. This new development addresses the growing demand for luxury residences close to key landmarks like the Burj Khalifa and the Dubai Water Canal.
This launch aligns with Binghatti’s ambitious strategy to expand its project portfolio to over AED100 billion (approximately $27.2 billion) in the next year and a half.
Nestled in Business Bay, this expansive waterfront property boasts easy access to Downtown Dubai, offering breathtaking views of both the Burj Khalifa and the Dubai Water Canal.
Binghatti Skyrise is set to be an architectural gem, featuring a total of 3,333 contemporary residential units. The design philosophy reflects a harmonious blend of various influences, resulting in an eye-catching and cohesive exterior.
The Chairman, Muhammad BinGhatti, remarked that the project is a testament to their commitment to delivering exceptional residential experiences. He noted that the aim is to exceed expectations by creating innovative living spaces that merge luxury and functionality. The vision is to significantly influence Dubai’s real estate landscape while achieving their goal of expanding the portfolio to AED100 billion within the next 18 months.
The development promises convenient access to Dubai’s top attractions, commercial centers, and leisure spots.
Residents of Binghatti Skyrise will enjoy an array of over 15 premium amenities, including lavish swimming pools, a private golf course, tennis courts, a fully equipped gym, a children’s water park, and dedicated yoga and relaxation spaces.
With its prime location on one of the last remaining plots in Business Bay, Binghatti Skyrise represents a compelling investment opportunity, especially in a market known for its high demand and strong returns. The combination of cutting-edge design and world-class amenities aims to offer an unparalleled residential experience.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Arisha Terraces will bring community living to the forefront with its residential rooftop hydroponic garden, two-level community center, and exceptional lifestyle amenities.
3 min
QUBE Development, a renowned international real estate developer with 30 years of experience, has announced the launch of off-plan sales for Arisha Terraces, a new residential development located in Dubai Studio City. The third project in QUBE’s expanding AED 2.6 billion property portfolio, Arisha Terraces features 419 modern units, spanning across four low-rise buildings, 122 different apartment layouts, and a range of studios, one-bedroom, and two-bedroom apartments. This development fosters a sense of community living, designed to give young families sustainable housing solutions through its energy-efficient design and range of modern amenities. Investors buying in Arisha Terraces will benefit from long-term capital appreciation due to its prime location and high demand for quality housing.
Inspired by the Arabic word for “pergolas,” Arisha Terraces draws inspiration from its natural surroundings, incorporating eco-friendly practices. This includes solar panels on the roof to reduce energy consumption, costs, and decrease service charges, as well as filtered and drinkable tap water in all units and common areas, reducing plastic waste. The low-rise buildings also feature a communal hydroponic rooftop garden where residents can grow fresh, organic produce.
Arisha Terraces fosters a social environment, housing a 2-level community center that serves as a social hub, complete with flexible co-working spaces, for remote professionals, alongside a cozy cinema lounge, a library, and a communal kitchen designed for sharing culinary moments. It also features a central courtyard that is designed as a multifunctional space for sports, relaxation, and social gatherings, including BBQ and firepit zones, along with wellness amenities such as a rooftop padel court and an indoor/outdoor gym and yoga studio.
All apartments are fitted with Bosch appliances and integrated smart home systems featuring environmental sensors to promote energy efficiency. Every unit is designed with outdoor living in mind, featuring spacious balconies or terraces, and select apartments include pergolas for enhanced privacy and outdoor enjoyment.
Located within Dubai Studio City, a growing hub for film and television production, Arisha Terraces is positioned for future growth. This prime location offers easy access to key business districts and lifestyle hubs across Dubai.
Leon Kolflaath, Project Director of Arisha Terraces, stated, “Arisha Terraces embodies the concept of “genuine living,” offering a truly authentic and sustainable home experience. This project blends exceptional design and high-quality craftsmanship with a strong sense of community. Located within Dubai Studio City, Arisha Terraces provides more than just a place to call home, it fosters a lifestyle centered on authentic experiences and a close-knit community. With a focus on premium finishes and meticulous attention to detail, it is designed to meet the needs of young families and professionals, offering a harmonious balance between modern convenience, well-being, and a deep connection to nature.”
Dubai’s real estate market continues to offer attractive benefits for investors, including long-term residency options and competitive payment plans for off-plan properties. As Studio City continues to grow into a key area for creative industries, Arisha Terraces by QUBE Development represents a remarkable opportunity for investors and residents seeking a sustainable, future-forward living experience.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The company expects nearly 4,000 villas and townhouses to be delivered from leading developers in Q4 2024 with Yas Island alone accounting for 40% of all units delivered in Abu Dhabi
2 min
Abu Dhabi’s secondary market is set to go into overdrive as a record number of units are expected to be handed over in the last quarter of this year, according to Metropolitan Capital Real Estate (MCRE), a leading full-service real estate agency based in the capital.
MCRE expects nearly 4,000 villas and townhouses to be delivered from leading developers in Q4 2024 with Yas Island alone accounting for 40% of all units delivered in Abu Dhabi. This influx of new units is driving strong demand in the secondary market, which has already surpassed the total sales volume recorded for the entire year 2023, which stood at AED 7.59 billion.
“The Abu Dhabi secondary market is on track to achieve historic highs due to the unprecedented number of units entering the market. The gap between the secondary and off-plan markets is narrowing significantly, indicating a shift in buyer preferences towards ready-to-move-in properties,” said Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate.
“The growth in the secondary market is a testament to Abu Dhabi’s increasing appeal as a desirable location for both investors and residents. We are witnessing a surge in interest from both domestic and international buyers, drawn by the city’s unique attractions, safety and family-friendly environment,” he added.
According to data from MCRE, the secondary market in Abu Dhabi is currently outperforming the off-plan market. Secondary sales figures in Q3 2024 (AED 3.02 billion) exceed those of the previous year (AED 2.1 billion). In 2023, the off-plan market registered AED 23.1 billion in sales, while the secondary market reached AED 7.59 billion. This year (year-to-date), the secondary market has significantly narrowed the gap, reaching AED 8 billion compared to the off-plan market at AED 10 billion.
MCRE anticipates continued growth in the secondary market, with Q4 2024 sales expected to nearly double to AED 4 billion compared to the same period in 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Elton distinguishes itself by focusing on delivering high-quality products at excellent value
2 min
Elton Real Estate Development (Elton), a dynamic and visionary developer, is thrilled to announce its entry into Dubai’s thriving property market with its prestigious residential project. This marks the beginning of Elton’s ambitious plan to establish a strong footprint across the UAE markets.
Located in the prime area of Meydan Avenue, near District One, the project comprises premium residential building set on prominent corner plot, offering breathtaking views of the Burj Khalifa, Meydan Grandstand, and lush internal gardens. With three open sides, the plot promises residents an unmatched living experience in the heart of Dubai.
Anmoll D. Shroff, Founder and Chairman of Elton Real Estate Development, stated, “Dubai’s remarkable growth trajectory and visionary leadership make it one of the world’s most promising real estate markets. The city’s strategic location, progressive business policies, rich cultural diversity, and exceptional safety standards set it apart globally. Nowhere else can one experience the unique lifestyle, diversity, and opportunities Dubai offers, coupled with unparalleled safety and convenience. Initiatives like the Golden Visa create unique advantages for both developers and investors.”
He continued, “Dubai offers incredible value compared to other major markets. While downtown properties in cities like New York or Mumbai can reach $2,500 to $3,000 per square foot, prime properties in Dubai are available for around $1,000 per square foot. This price advantage, combined with high rental returns and a business-friendly environment, solidifies Dubai as a leading choice for real estate investment. We’re thrilled to contribute to and gain from Dubai’s dynamic real estate landscape.”
“With Dubai’s real estate market poised for transformative growth, we anticipate a 20-30% increase in transaction volumes in 2025 and a 10-15% rise in property prices. The city’s growth is fueled by strategic government initiatives, geopolitical conditions, and an influx of global residents. This sets the stage for a thriving property market that balances high demand with sustainable development across Dubai’s prime and emerging communities.”
Elton distinguishes itself by focusing on delivering high-quality products at excellent value. The company aims to offer superior products without the hefty premiums common in the market, demonstrating a commitment to quality and value.
Offering a glimpse into future plans, Shroff added, ‘Our intent is to achieve stable growth by prioritizing project delivery and solidifying our presence in the market. We are actively exploring prime locations like Arjan, Meydan Horizon, Furjan, Jumeirah Garden City, Jumeirah Village Circle and Dubai Island for our upcoming projects. Land acquisition negotiations are underway, and we aim to launch three to four new projects within the first year.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
ARTE Developments is bringing this visionary project to life.
3 min
Elie Saab, the name synonymous with luxury fashion and lifestyle, is making waves in the real estate market with the launch of La Mer by Elie Saab. This new development, set on the stunning Al Marjan Island in Ras Al Khaimah, promises to blend the sophistication of haute couture with the serenity of seaside living. Partnering with Octa Properties, Elie Saab aims to redefine resort-style living in the UAE, offering a unique residential experience that reflects his signature aesthetic.
ARTE Developments, a prominent luxury property developer in the UAE, is bringing this visionary project to life.
La Mer by Elie Saab will comprise three beachfront towers linked across multiple levels, featuring a dual lobby. With a total of 355 residences, sizes will range from 874 sq ft to a generous 14,484 sq ft.
These residences will include ten distinct categories, from one-bedroom apartments to chalets and villas, along with nine exclusive penthouses measuring between 10,453 sq ft and 14,484 sq ft. Each living space embodies Elie Saab’s signature aesthetic and is adorned with elegant pieces from the Elie Saab Maison furniture collection.
Residents can enjoy a wide range of amenities. At ground level, a dedicated kids’ club, an indoor pool covering 2,553 sq ft, an outdoor play area, and a children’s pool will be available. Wellness amenities will also be prioritized, featuring male and female spas of 1,058 sq ft and 1,107 sq ft, a well-equipped 3,124 sq ft gym, and a grand pool exceeding 4,837 sq ft.
Serenity Park, located on Level 1, invites relaxation with its expansive 10,266 sq ft of landscaped space, while the Signature Lounge offers an elegant retreat at 1,271 sq ft. Levels 2 and 3 will include the Link Garden, spanning 8,884 sq ft, seamlessly integrating indoor and outdoor living.
On Level 18, residents will find the Sky Gym, Sky Co-working Space, Sky Lounge, and a breathtaking Sky Pool & Deck, which boasts an impressive area of 7,522 sq ft. These thoughtfully curated amenities are designed to cater to both leisure and lifestyle needs, fostering a cohesive community experience, as highlighted by the developer.
“La Mer by Elie Saab reflects our commitment to expanding our brand’s presence in the luxury real estate market, offering an exclusive resort-style living experience in Ras Al Khaimah,” remarked Elie Saab Jr., the CEO of Elie Saab Group.
“As the region grows into a premier entertainment and resort destination, this development brings the distinctive Elie Saab lifestyle while embracing the unique character of Ras Al Khaimah’s surroundings,” he stated.
Lalit Goel, the Managing Director of ARTE Developments, said: “We are honored to collaborate with this renowned brand for the development of La Mer by Elie Saab on Al Marjan Island. The foundation of this project partnership lies in our unwavering commitment to excellence, quality, and luxury living.”
ARTE Developments believes that La Mer by Elie Saab marks a significant milestone in the introduction of branded residences to Al Marjan Island, known for its vibrant growth and community spirit. The development aims to elevate the island’s global allure, offering residents a peaceful beachfront lifestyle.
Construction of La Mer by Elie Saab began in Q3 2024, with an expected completion date in Q1 2028.
Fawaz Sous, the CEO of Octa Properties, said: “With over 20 years of collective experience among Dubai’s leading developers, our team is committed to crafting exclusive branded residences that set new standards in excellence and sophistication.”
“As the exclusive sales and marketing partner for this premium waterfront venture, we can vouch that La Mer by Elie Saab is set to become a valuable addition to Al Marjan Island, infusing the beachfront with unparalleled elegance through its distinctive design,” he added.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Focused on Diversifying the Economy and Attracting Foreign Direct Investment
2 min
As a testament to its forward-thinking vision, Qatar’s real estate sector continues to thrive, offering a compelling opportunity for investors worldwide. The country’s ability to adapt to economic challenges has established it as a stable business hub, appealing to investors looking for robust growth prospects.
To enhance its economic landscape, Qatar has implemented a range of strategic initiatives designed to attract foreign direct investment (FDI). These initiatives include the establishment of free zones and economic zones, as well as regulatory frameworks that facilitate foreign ownership and streamline business operations. Such measures are pivotal in creating a welcoming environment for global investors.
Infrastructure development remains a cornerstone of Qatar’s growth strategy. Significant projects, such as the expansion of Hamad International Airport and the ongoing development of Lusail City, highlight the nation’s commitment to fostering a dynamic atmosphere for business and investment. These efforts align with the goals of Qatar National Vision 2030, which aims to position the country as a leading global center for trade, tourism, and finance.
The outlook for Qatar’s real estate market remains positive, driven by government initiatives, sustained demand for housing, and ongoing commercial developments. The recent launch of the Qatar Real Estate Platform is expected to play a crucial role in attracting investors. By enhancing market transparency and protecting investors’ rights, the platform will instill greater confidence in the real estate sector.
With comprehensive data and insights, the Qatar Real Estate Platform will empower investors to make informed decisions, further bolstering the attractiveness of the market for both local and international stakeholders.
Qatar’s real estate sector stands out for its competitive advantages, offering a wealth of unique investment opportunities. This makes it an ideal choice for those interested in property ownership in the region.
As the global economy continues to evolve, Qatar’s real estate market emerges as a beacon of promise, ready to embrace savvy investors seeking to capitalize on its potential.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
Showcasing the First Physical Gems of NEOM’s Vision for Sustainable and Innovative Experiences
3 min
Sindalah, the luxury island destination and first physical showcase of NEOM, has been unveiled by the NEOM Board of Directors. First announced by His Royal Highness Mohammed bin Salman, Crown Prince and Chairman of the NEOM Board of Directors in December 2022, Sindalah’s opening marks an exciting milestone in NEOM’s progress.
Transforming Sindalah from idea to reality has been the result of an extensive two-year effort, from a 30,000-strong workforce at its peak across four local contracting partners and up to 60 subcontractors. It marks a significant step in realizing the Kingdom’s tourism ambitions under Saudi Vision 2030 and reaffirms NEOM‘s ability to conceive and deliver new and exciting destinations. To celebrate this occasion, Sindalah has welcomed its first wave of invited guests to experience the island’s allure.
Located in the glistening azure waters of the Red Sea, five kilometers off the NEOM coastline in northwest Saudi Arabia, Sindalah is a distinctive, luxury resort destination spread over 840,000 square meters. Ideally positioned 17 hours by sea from key Mediterranean destinations, Sindalah will serve as NEOM’s gateway to the Red Sea, providing easy access for European, Saudi and GCC yacht owners.
Sindalah blends the natural beauty of the island with tech-driven design and architectural excellence. With the island masterfully designed by leading yachting architecture firm, Luca Dini, Sindalah offers world-class restaurants, hotels, venues and experiences. Set to welcome up to 2,400 guests per day by 2028, the island will also generate around 3,500 jobs, helping to drive the ongoing development of the Kingdom’s thriving hospitality and tourism industries, thereby supporting diversification of the economy in line with Saudi Vision 2030.
Nadhmi Al-Nasr, Chief Executive Officer, NEOM, said: “NEOM is committed to supporting the Kingdom’s new era of luxury tourism, with the opening of Sindalah. The realization of this landmark destination, the gateway to the Red Sea, is due to the visionary leadership of His Royal Highness Mohammed bin Salman and Saudi Vision 2030. This is a proud chapter in the NEOM story and we are excited to achieve more of our ambitious goals, with the continued support of His Royal Highness. NEOM’s inaugural destination offers visitors a ‘first glimpse’ of what the future holds for our extensive portfolio of destinations and developments.”
Boasting an impressive marine ecosystem, Sindalah’s surrounding waters are home to 1,100 species of fish – 45 of which are unique to NEOM waters, in addition to more than 300 coral species. In line with NEOM’s commitment to sustainability and conservation, preservation of Sindalah’s natural marine habitat has been central to the island’s development, and guests are invited to dive beneath the surface to explore its wonders for themselves.
With its strategic location and year-round pleasant climate, Sindalah’s state-of-the-art, 86-berth marina will usher in a new season of sailing. The Sindalah Yacht Club, with interiors expertly designed by Stefano Ricci, sits as the marina’s focal point and invites yachting guests, owners and crew to enjoy its amenities. Docking facilities, additional offshore buoys for super yachts and a full suite of yacht management services are also available.
Sindalah combines world-class hospitality, fine dining and curated experiences in one all-encompassing destination. The Village and Promenade are the beating heart of the island’s entertainment and social zones, home to 38 culinary offerings backed by world-renowned chefs, as well as daytime eateries, late-night venues and 36 luxury retail outlets. The Beach Club offers poolside lounging by day and mesmerizing music experiences by night, while the beachfront Golf Club provides an elevated golfing experience for all abilities. With its world-class 6,474-yard (5,920-meter) par 70 course, the Golf Club will offer 18 teeing points and two unique nine-hole experiences.
Future guests will choose their accommodation preferences from a range of breathtaking properties, offering 440 rooms and 88 villas, as well as 218 luxury serviced apartments. Information regarding bookings will be made available through NEOM’s tourism channels soon.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Sydney’s prestige market is looking up, here’s three of the best on the market right now.
The Laguna Residence was officially launched at a spectacular event held at Dubai’s Coca Cola Arena.
3 min
ONE Development revealed details of its flagship AED 2 billion project in Dubai’s City of Arabia. This development is expected to become an iconic strategic project that will attract homebuyers and investors.
The Laguna Residence was officially launched at a spectacular event held at Dubai’s Coca Cola Arena. The event featured an impressive lineup of stars, including global music sensation Amr Diab, Bollywood superstar Kareena Kapor, and Egypt’s celebrated actor Amir Karara. The event was hosted by renowned international presenter Raya Abi-rached and Egyptian Star Sherif Mounir.
Distinguished guests were treated to an extraordinary reveal of Laguna Residence’s unique features, reflecting ONE Development’s vision to elevating the bar for the real estate industry.
Laguna Residence is the first fully AI-integrated residential development in the region, featuring the largest lagoon on a podium, centered between two iconic high-rise towers. The residence offers an exclusive retreat with uninterrupted views of the Dubai skyline. This distinctive community presents a wide range of unit options, from studios to three-bedroom apartments, duplexes and sky-homes, all with flexible payment plans. The two towers are connected by a vibrant amenities’ hub, offering more than 40 world-class features, including entertainment, wellness, and social spaces, creating an engaging and connected living experience where the sky truly is the limit.
Speaking at the launch event, ONE Development’s Founder & Chairman, Ali Al Gebely, emphasized the company’s commitment to Dubai’s growth and its evolving real estate landscape, saying: Laguna Residence is a unique project, introducing the UAE’s first AI-integrated residential community. It offers a sophisticated lifestyle, combining convenience with personalized services. Our goal is to redefine the real estate industry by elevating daily life and reshaping the meaning of quality living. This community not only embraces technology, innovation and sustainability but also champions eco-friendly solutions.”
He added: “As a homegrown boutique developer, our mission is to reflect the unique aspirations and lifestyles of our clientele in the UAE. By delivering iconic, high-quality developments, we align with the UAE’s strategic ambitions and leadership’s vision to attract local, regional and international investors, setting a new benchmark in the real estate industry.”
The UAE’s real estate market is experiencing steady growth, attracting investors from across the globe. The Laguna Residence project is set to offer attractive returns on investment as the first fully AI-integrated community with the region’s largest lagoon on a podium. This development aligns with Dubai’s Real Estate Strategy 2033, which aims to increase the value of Dubai’s real estate transactions to AED 1 trillion (US$272 billion) by that year.
The UAE continues to be one of the world’s most appealing real estate markets, with cities like Dubai having gained a reputation for catering to luxury and becoming a top destination for high-net-worth individuals looking to invest in property. Recently, Dubai and Abu Dhabi have made significant progress in terms of transparency, digital integration and ease of doing business, simplifying the process of purchasing freehold residences.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The Mediterranean-style waterfront home spans over 12,000 square feet in the gated Gables Estates community
2 min
A waterfront mansion in Coral Gables, Florida, with a Swarovski chandelier in almost every room is up for sale asking $47 million.
The Miami Mediterranean-style home spans over 12,000 square feet on Arvida Parkway in the gated Gables Estates community. It was built in 2004, but the home’s red-gabled roof, arched windows, and columned exterior recall the grand Coral Gables estates of the 1920s.
The home, located on a 0.8-acre parcel with 225 feet of water frontage, includes seven bedrooms, an oceanfront pool, a dock and a wine cellar that can hold 2,700 bottles. In the rear of the home, every room has French doors that open to bay-facing loggia with views of Key Biscayne in the distance.
“The beauty of this property is where it sits,” said listing agent Maria Marin-Sanchez, who relisted the house alongside Gabriela Dejar of One Sotheby’s International Realty last week. “You can see the bay from almost every room in the house except the wine cellar and one bedroom that faces the front.”
The home was initially listed in March at the same price with a different brokerage and was removed from the market in May.
Interior features include marble flooring, an updated kitchen, unique tray ceilings in every room and Swarovski-encrusted chandeliers, many of which are included in the sale. There are chandeliers in the foyer, the sitting room, both dining rooms, at least one of the bedrooms, two in the kitchen, plus a few unlikely places, such as the primary walk-in closet and wine cellar.
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In addition to the yard, a covered outdoor space spans over 2,000 square feet and includes a grill and multiple lounge areas.
Gables Estates, a gated community of 192 waterfront homes on a series of canals, is the most exclusive community in one of the wealthiest neighbourhoods in the country. The typical home in Gables Estates sells for more than $20 million, making it the most expensive enclave in the country, according to a Bloomberg analysis of Zillow data.
The sellers purchased the home, located on a peninsular cul-de-sac, in 2012 for $10.215 million. A neighbouring home is currently on the market for $57 million, while billionaire Mike Fernandez, CEO of MBF Healthcare has amassed an 8-acre spread at the end of the peninsula for more than $36 million.
The couple are looking to sell because it’s a large house for two people, Marin-Sanchez said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Self-tracking has moved beyond professional athletes and data geeks.
