FazWaz UAE property news from 25 September - 1 October 2023 weekly rounds you up with the latest market insights. The UAE real estate landscape has seen significant dynamism highlighted by a 52% YoY surge in Dubai property prices. The summer also observed a noteworthy 50% uptick in sales prices. As the market thrives, developers are unveiling new, enticing projects. Dive in and get a detailed glimpse of the dynamic shifts and opportunities that lie ahead for investors and homebuyers alike.
In August 2023, average property sales price in Dubai surged by 52% year-over-year to AED 3,291,555, up from AED 2,167,206 in August 2022. UK nationals dominated the sales accounting for 22% followed by India at 12%. German nationals showed a distinct preference for Jumeirah Village Circle (JVC) representing 6% of total sales and making up 25% of transactions there. Within JVC, 32% of apartment sales were priced between AED 750,000 and AED 1 million. Jumeirah Golf Estates ranked second among German buyers with 16% of sales. Most transactions occurred in the secondary sales market underscoring German interest in Dubai real estate. Lewis Allsopp, CEO of Allsopp & Allsopp, anticipates heightened activity in the Dubai property market in Q4 2023 especially from Germany currently undergoing a significant crisis. The first half of 2023 saw a 27% drop in apartment building permits in Germany leading to several insolvencies among property developers.
Further Details: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-prices-surge-52-yoy-in-august-2023
Dubai property market last year witnessed an AED68bn ($18.5bn). The transaction numbers also surged by 30% totaling 33,600 compared to 25,677 in the previous summer. W Capital's CEO, Walid Al Zarooni, described this summer's performance as the "best summer season in its history in terms of sales value." The market saw a notable preference for ready-made villas and apartments near beaches and water sports areas attributed to the high summer temperatures. Al Zarooni emphasized Dubai's real estate sector's resilience, outpacing many global markets and offering investors higher returns. The robust growth is bolstered by the influx of high-net-worth individuals to Dubai enhancing its appeal as a prime destination for living, working, and tourism even as global markets face challenges from rising interest rates and uncertain growth prospects.
Further Details: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-sector-heats-up-with-27-8bn-of-sales-in-summer-2023
London Gate, a UAE real estate developer, is on the brink of completing several high-profile projects in Dubai. Notably, 'Maya V' development, building on the success of its preceding projects, is nearing its final stages aiming to set new benchmarks in luxury living. Alongside Maya V, London Gate introduced 'Nadine'—an upcoming residential tower in Dubai Marina reflecting the company's dedication to architectural excellence. Eman Taha, CEO of London Gate, emphasized the firm's commitment to merging London's iconic elegance with Dubai's dynamic spirit. She highlighted their mission to craft luxurious living spaces that blend tradition with modernity, thereby redefining urban luxury. As a trailblazer in real estate development, London Gate continues its pursuit of architectural innovation, striving to reshape Dubai's skyline with a blend of London's timeless charm and Dubai's contemporary vibrancy.
Further Detail: https://www.khaleejtimes.com/business/new-luxury-dubai-realty-projects-near-completion
Nautica, the newest residential venture by Select Group, a leading real estate developer in Dubai, has been unveiled in Dubai Maritime City. Slated for completion by Q4 2026, the project features two identical towers, Nautica One and Nautica Two, housing all 656 apartments. Units range from 615 to 1,032 sq ft with maritime hues design themes. Each tower offers residents access to recreational facilities on the 6th level, such as a 260 sq m infinity pool, gyms, and sports courts. Rahail Aslam, CEO of Select Group, stated, "Nautica aligns seamlessly with current market trends resonating particularly with young professionals and investors. Its strategic location, pioneering design, competitive pricing, and flexible payment options position it as a prime choice for potential buyers in Dubai's thriving real estate landscape."
Further Details: https://www.zawya.com/en/business/real-estate/select-launches-nautica-towers-in-dubai-maritime-city-awsnpiuh
Azizi Developments unveiled a staggering Dh30-billion desert oasis project, "Azizi Venice," situated in Dubai South. The ambitious venture can accommodate 30,000 residential units comprising 100 mid-rise apartments and over 400 upscale villas and mansions, all set around one of the globe's vastest crystal-clear water lagoons. Spanning a 15-million sq ft area, the community features a temperature-regulated pedestrian boulevard transitioning from open-air in winter to glass-covered in summer and will host Dubai’s second opera. Underground parking spaces facilitate the anticipated influx of around 30,000 daily visitors. Mirwais Azizi, the chairman of Azizi Developments, envisions the community hosting approximately 80,000 residents. He emphasized his commitment to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum. Amid soaring demand, other developers like Nakheel Properties and Emaar Properties are also launching new projects. The Azizi Venice community will be enriched with beaches, eateries, boutiques, and luxury hotels.
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