UAE property market on the week of 14-20 August 2023 is bustling. Villa prices significantly surge reflecting a robust demand in the housing sector. Alongside this, new development launches are adding to the excitement offering fresh opportunities for investors and homeowners. Rents are on the rise and celebrations are in the air as projects like Berton in Dubai are handed over marking a vibrant period for real estate in the region. For further details, you can explore our guide below where you can discover more about these exciting developments in the UAE real estate market.
Dubai's property market experienced its tenth consecutive quarter of growth with house prices rising by 4.8% in Q2 2023. Since January 2020, villa prices have surged by 146% with an extraordinary 125% increase in prime markets such as Jumeirah Bay Island, Emirates Hills, and Palm Jumeirah. Apartment prices rose 21% to an average of AED1,290 per square foot. While villa prices grew 51% to AED1,520 per square foot. Palm Jumeirah remains a star performer with villa prices up 146% since January 2020. The increase in property prices is mainly because those from other countries want to buy expensive second homes in Dubai. Besides, the Dubai property market continues to put upward pressure on prices with 85,200 homes expected to be delivered by 2028 as the population recently surpassed 3.5 million residents in the emirates.
Further Details: https://www.arabianbusiness.com/industries/real-estate/dubai-property-prices-palm-jumeirah-villas-up-146-since-2020-sector-growth-expected
MAG, a prominent real estate developer in the UAE, announced the completion and handover of 546 townhouses at its MAG City development in Mohammed bin Rashid Al Maktoum City, District 7, Meydan. The project comprises a total of 904 residential units and 694 townhouses—high demand with sales exceeding Dh1.76 billion. The development designs modernly with many exclusive amenities like a fully-equipped gym, areas for kids, parks, dining outlets, and retail spaces. Every townhouse comprises a garden, lawn, and open terrace. The location also strategically provides easy access to major roads across Dubai: Dubai Al Ain Highway and Sheikh Zayed Road. Talal Moafaq Al Gaddah, the senior executive vice-chairman of MAG, expressed enthusiasm for the successful project and anticipated the handover of an additional five buildings with 688 residential units by the end of October.
Further Details: https://www.khaleejtimes.com/business/mag-hands-over-546-townhouses-at-mag-city-in-meydan
Leading UAE developer Damac Properties launches Damac Coral Reef, a new waterfront development within Dubai Maritime City. It exclusively redefines luxury living with artistic expression and coastal charm blends— collaborates with globally acclaimed artist Vincent Faudemer known for his Babolex collection. Faudemer makes a special collection just for the inside of this beautiful building adding creativity and elegance. For Niall McLoughlin's side, Senior Vice President at Damac International, he emphasized the project's embodiment of innovation and excellence. Damac Coral Reef is the latest addition of branded residences and marks its sixth tower launch this year. The development underscores the commitment of Damac to create extraordinary living spaces that blend art, design, and luxury providing residents with a sense of unique coastal experience.
Further Details: https://www.zawya.com/en/business/real-estate/damac-unveils-luxurious-seaside-waterfront-haven-in-dubai-t6qevkr3
Rental rates in Dubai show potential signs of reaching a ceiling despite continued increases in Q2 2023. Apartment rents increased by 6% and villa rents by 3% reaching highs of 21% and 23% respectively in the first half of the year. The report noted the delivery of almost 11,000 residential units in Q2 with apartments accounting for 9,400 units. Indicators such as the difference between listings and contracted rates as recorded by the Dubai Land Department (DLD) point towards a rent ceiling. Some areas like Meydan and Arabian Ranches 3 saw minimal rental growth due to increased supply. On the contrary, neighborhoods like Downtown Dubai, Palm Jumeirah, and Dubai Marina recorded significant jumps in rents. The report indicated a slowing in sales price growth with increases of 2% for apartments, 3% for villas, and 4% for offices in Q2 2023.
Further Details: https://www.zawya.com/en/business/real-estate/rents-in-dubai-could-finally-be-reaching-a-ceiling-yjnqi7im
Azizi Developments celebrated the handover of Berton, a significant residential project located in Al Furjan, Dubai's new growth corridor, on August 14. Berton comprises 190 studios, 41 apartments, and 16 penthouses in total noted for its expert workmanship, premium parquet flooring, and cutting-edge decor. The location is strategically situated offering easy access to major roads and the Expo 2020 route metro line connecting residents to Al Maktoum International Airport and many key attractions in Dubai. Investors from 49 different countries bought all 247 units. Fahad (the CEO of Azizi Developments) thanked everyone involved and talked about the company's focus on quality and new ideas. He further said Berton shows how the Dubai property market is growing and how Azizi works to meet the local and foreign buyers' needs.
Further Details: https://www.propertynews.ae/uae/the-azizi-group-begins-handing-over-premium-dubai-residences/
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