This week in property news, from July 24th to 30th, 2023, we've seen some exciting developments across the Dubai real estate landscape. The affordable residential market experiences significant growth, while nine key locations in Dubai witness a boom in property transactions. On the contrary, the office space demand gained a remarkable 50% surge as well as new project launches from Leos and Fortimo added a fresh dynamic to the city's real estate scene. Let's dive into these captivating updates.
Residential property prices in Dubai are witnessing a rally in the affordable segment for the first time since the pandemic as per ValuStrat's Q2 estimates. Areas like Discovery Gardens, Motor City, The Greens, and Dubai Production City have seen notable quarterly growth with increases ranging from 3.4% to 4.5%. This surge follows high net-worth individuals flocking to Dubai trends attracted by safety, quality of life, and world-class healthcare. Government initiatives play a key role in stimulating growth in the Dubai property market. Policies such as allowing full company ownership without a local sponsor and introducing post-retirement visas for expatriates are particularly influential. Despite a 10.6% quarterly drop in off-plan sales, ready home sales transactions set a new record in Q2, up 11.8% YoY and 9.3% QoQ.
Further Details: https://www.khaleejtimes.com/business/dubai-rally-broadens-to-affordable-property-market
Dubai real estate sector experienced significant growth in the first half of 2023 with 76,119 transactions worth AED 283 billion, according to the Dubai Land Department—the increase contributes to foreign investments and a shift from tenancy to ownership among residents. Al Barsha South Fourth, Dubai Marina, and Business Bay were the areas with the highest transaction volume. Dubai Marina topped the list with transactions worth over AED 24.96 billion followed by Wadi Al Safa 3 with AED 20.99 billion, and Palm Jumeirah with AED 19.43 billion. Other areas with high transaction values included Jebel Ali Industrial First, Business Bay, Al Khairan First, Hadaeq Mohammed bin Rashid, Jebel Ali First, and El Merkadh. These areas perfectly blend residential and commercial properties with a range of amenities and facilities.
Further Details: https://www.khaleejtimes.com/business/realty/dubai-top-10-areas-recording-highest-value-of-property-transactions-in-h1-revealed
In H1 2023, Dubai's office space market saw a 23% surge in demand reaching 580,000 square feet. The shortage of prime real estate led to a significant increase in rents in areas like Business Bay, Trade Center District, and Dubai Marina, with rent hikes of 69%, 54%, and 54% respectively. Despite this, Business Bay remained 22% more affordable than Downtown Dubai. Besides, the investment market grew with a 35% increase in transaction volumes compared to the same period last year totaling AED 2.2 billion. Business Bay and Jumeirah Lake Towers were key contributors to office sales. The market, however, grapples with a severe supply shortage with a mere three million square feet of space to be completed by 2026.
Further Details: https://www.zawya.com/en/business/real-estate/rent-for-dubais-prime-office-real-estate-rose-by-over-50-in-h1-e1ome4ch
Leos has launched a luxurious 15,000-sq-ft show apartment within Business Bay, Dubai. The Experience Centre, embodying Leos Developments' dedication to quality, craftsmanship, and community, actively presents a 3D model gallery and hosts events in its theater. The interior design combines elements from UK social spaces and the allure of Dubai creating a unique atmosphere. Despite this, the center serves as a hub for social and learning activities providing information about current and future projects of Leos. Senior Leos and the Dubai Land Department (DLD) officials attended the launch event reflecting a strategic partnership between the two entities. Rui Liu, Founding Director of Leos, shared his enthusiasm "We support received from DLD to foster a durable strategic partnership and our collaboration aims to create exceptional real estate developments and contribute to Dubai's growth."
Further Details: https://www.zawya.com/en/business/real-estate/leos-unveils-luxurious-15-000-sq-ft-show-apartment-in-dubai-ipxem3fd
Swiss developer, Fortimo, has announced its first project in the UAE, 'The Golf Residence.' It is a 10-story residential complex in Dubai Hills overlooking an 18-hole golf course. It houses 200 luxury apartments and comprises one, two, and three-bedroom units ranging from 943 to 2415 square feet. All units feature luxury kitchens with European appliances and balconies with sliding doors to maximize natural light. Residents will easily access a resort-sized swimming pool, cabanas, gyms, a basketball court, landscaped gardens, a dedicated kids' area, and leisure areas with pool and table tennis facilities. Remo Bienz, the Founder and Board Member of Fortimo Group, enthusiastically announced The Golf Residence project in Dubai. He highlighted "This project underscores Fortimo's commitment to crafting exceptional living spaces and actively contributing to Dubai's continuous development".
Further Details: https://www.arabianbusiness.com/industries/real-estate/swiss-developer-fortimo-announces-new-golf-residence-project-in-dubai-hills
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