UAE property market saw some big changes from 4-10 September 2023 pointing towards an intriguing future. One key thing to note is DMCC's new business spot, which is drawing companies from everywhere. Besides, we bring to your attention the promising prospects of high returns indicating a robust market outlook. New modern office spaces are popping up and predictions suggest a whopping 15% surge in the Dubai property landscape by 2024. Let's dive deeper into these updates in the article below.
DMCC (Dubai Multi Commodities Centre), a leading authority on commodities trade in Dubai, introduced its first commercial office tenants at the Uptown Tower. It significantly aligns with the goal to accommodate the rising foreign direct investment in Dubai. The Uptown Tower spanning 495,000 square feet across 22 floors houses 31 businesses. Notable initial tenants in the Uptown Tower include global firms Invisalign and Wellbred. Other companies, such as the Gemological Institute of America and Hikvision, are slated to join during the third quarter. The tower also features retail and dining establishments including Allday and Jones the Grocer. Uptown Tower is the inaugural structure in DMCC’s Uptown Dubai district, which will comprise seven mid-rise and two supertall towers. Ahmed Bin Sulayem, DMCC CEO, emphasized the tower's global appeal— the addition bolsters Dubai's stature in commodities trade. DMCC also launched sales for its branded residences with many units already sold.
Further Details: https://www.arabianbusiness.com/industries/real-estate/dmcc-uptown-tower
Hussain Sajwani, chairman of Damac Properties, the largest private developer in Dubai, is optimistic about the Dubai real estate prospects anticipating double-digit returns for investors. Sajwani highlighted Dubai's growth potential citing interest from individuals in the US, Asia, and Europe seeking job opportunities and residence. Damac recently unveiled Damac Coral Reef in Dubai Maritime City and launched Morocco 2 at its Lagoons development. Sajwani also sees potential in Chinese investors especially with China easing travel restrictions post-Covid-19. Research by Savills indicates a 44% surge in real estate transactions in H1 2023, totaling nearly 60,000 units. Sajwani predicts robust economic growth for the UAE, backed by its leadership, sovereign wealth assets, and diversified economy.
Further Details: https://www.khaleejtimes.com/business/realty/dubai-real-estate-to-see-double-digit-returns-says-damac-chairman
The Devmark Group, a leading UAE real estate consultancy, teamed up with Dubai's Invest Group Overseas (IGO). Together, they achieved a full sell-out of Phase 1 of Society House, a 52-storey residential project in Downtown Dubai. Society House offers various residential options from studios to three-bedroom apartments, all fully furnished. Unique amenities include an outdoor CrossFit box, a state-of-the-art golf simulator, co-working spaces, and a horizon deck with panoramic Dubai skyline views. Devmark CEO, Sean McCauley, emphasized the project's success attributing it to strategic pricing and a downtown location. It attracted over 2,000 agents launched at an exclusive event at the Atlantis Hotel Ballroom. With the project's completion expected in 2025, Phase 2 sales have commenced. IGO's CEO, Dr. Anas Kozbari, highlighted their swift 90-day market entry post-plot acquisition in March.
Further Details: https://www.zawya.com/en/business/real-estate/devmark-announces-sell-out-of-phase-1-of-downtown-dubai-tower-kxiq3gp4
Central Park Towers, a distinguished office hub in Dubai International Financial Centre (DIFC), is set to unveil its newly fitted floor, Level 1, this month. The tower is popular for premium office spaces as DIFC's largest single-owned office development. The latest addition, Level 1, comprises 15 units, varying from 1,000 to 2,755 square feet, tailored to diverse business needs. Nemo Stojanovic, Director of Leasing and Marketing said, "Our tower's design with floor-to-ceiling windows and direct elevator access clearly shows our commitment to top-quality office spaces". The space comprises a 1,863-square-foot lounge designed to boost collaboration and productivity. Tenants benefit from customization options and free visitor parking for three hours. Central Park Towers houses 150 prestigious companies including the Ministry of Economy and Bank of Singapore and offers a range of dining and lifestyle amenities.
Further Details: https://www.zawya.com/en/business/real-estate/difc-to-unveil-new-office-spaces-at-premium-tower-hgjidktu
In 2024, Dubai property market is set to soar by approximately 15% as per a study by AI-powered prop-tech firm, Realiste. The study says strong demand, a good economy, and foreign investment predict Dubai as a key growth area in global real estate. Contrarily, the London market faces a downturn impacted by factors like rising fuel costs, inflation, and taxation. The IMF revised the UK economic growth forecast from 0.7% to a mere 0.4% in 2023. Realiste AI analysis also pinpointed specific Dubai locales like Business Bay Second and Palm Jumeirah as potential hotspots for exceptional price hikes possibly exceeding the 15% mark. AI analysis covers 51 cities globally and boasts a 96% success rate providing useful insights for those in the industry.
Further Details: https://www.propertynews.ae/uae/dubais-real-estate-market-predicted-to-grow-15-in-2024/
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