The UAE property news this week witnessed a series of exciting developments. The luxury property market in Dubai is gearing up to experience the fastest global growth in the second half of 2023 while high ROI continues to make freehold zones in Dubai attractive for investment. Besides, the property market in the city experiences a significant upswing post-pandemic with increased demand for both luxury and affordable properties. Additionally, Samana Developers and Nakheel Properties launch a new residential project in Al Furjan, and Expo City Dubai introduces its latest offering, Shamsa Townhouses. Let's explore these intriguing updates with us from the following details.
The Dubai luxury property market experienced the fastest growth rate globally in H2 2023 driven by a continued influx of high-net-worth individuals and a supply shortage of high-end units. Following an 11.2% increase in capital value in H1 2023, industry experts predict a further 5-10% rise in the prices of luxury properties. This growth is expected to influence the capital value of mid and affordable units as well. According to Savills Research, Dubai's prime residential property prices will increase by 6-7.9% in H2 2023, outpacing other major cities like Singapore and Bangkok. The city's prime rents have also seen a significant 62% increase since December 2020. Amidst this demand, over 15 projects were launched and nearly sold out between June and July 2023. Despite high prices, the rental yield of 5-7% makes these investments attractive. The luxury segment is expected to continue its strong performance into 2024.
Further Details: https://www.khaleejtimes.com/uae/dubai-luxury-property-market-to-maintain-fastest-growth-rate-in-h2
Dubai commercial property market faces a significant shortage of A-grade properties in prime locations with demand far outstripping supply. This is driven by a surge in trade licenses issued in Dubai, attracting entrepreneurs and businesses to the region. Prime areas for investment in freehold zones include Business Bay, Jumeirah Lake Towers (JLT), and Barsha Heights offering an average ROI of 6-8%. The warehouse investments are promising with an average ROI of 12% including Dubai Investment Park (DIP), Al Quoz, and Dubai Industrial City (DIC). Despite the global trend of flexible work arrangements, demand for commercial properties remains strong in Dubai due to specific office space requirements mandated by UAE labor laws. Understanding these trends and legal obligations is crucial for those in the commercial property market to assist clients effectively.
Further Details: https://www.zawya.com/en/business/real-estate/dubai-commercial-property-sees-high-demand-c2lxyinv
The Dubai property market has seen a significant upswing in the first half of 2023 with a rise in demand for both luxury and affordable properties, according to Dubizzle's analysis. The report reveals an increase in annual rents and sale prices across the city driven by a surge in trade licenses. Jumeirah Village Circle (JVC) and Dubai Marina emerged as popular areas for affordable and luxury apartments respectively while DAMAC Hills 2 and Dubai Hills Estate were preferred for affordable and luxury villas. The report also highlighted a rise in per-square-foot prices in Business Bay, Downtown Dubai, and Palm Jumeirah. The CEO of Bayut and Dubizzle, Haider Ali Khan, confirmed the positive market trajectory noting a 7% growth post-pandemic.
Further Details: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-rent-sale-prices-increase-as-market-continues-to-soar
Master developer Nakheel Properties and Samana Developers launch the AED 215 million California residential project in Al Furjan neighborhood of Dubai. The project sold 90% of the units within days is inspired by Californian lifestyle and includes 178 apartments with amenities such as a gym, sauna, steam room, and outdoor movie theater. CEO Imran Farooq attributes the successful project to new concepts and designs, as well as factors like the 10-year UAE residency and the fast recovery from the Covid-19 pandemic. The project set for completion in December 2025 offers an eight-year payment plan with prices starting at AED 749,000. Samana Developers also allows buyers to convert their apartments into vacation homes and promises competitive returns of 24%.
Further Details: https://www.propertynews.ae/uae/in-dubai-samana-launches-a-residential-project-with-178-units/
Expo City Dubai unveils its latest residential project, Shamsa Townhouses, located in Expo Valley. The development, which aligns with Expo 2020 Dubai's environmental protection and sustainable living goals, offers three and four-bedroom townhouses starting at AED 3.4 million. Shamsa townhouses designed to prioritize residents' health, well-being, and happiness and offer a nature and city living blend. Besides, the community features a one-kilometer wadi creating a microclimate that lowers temperatures and acts as a natural noise and dust barrier. The first phase is under construction with completion expected by January 2026. Beyond the serene living spaces, the neighborhood offers bicycle and e-scooter tracks, car-free roads, and access to Expo City's main attractions via a dedicated pedestrian, bicycle, and autonomous vehicle corridor.
Further Details: https://www.propertynews.ae/uae/uae-a-townhouse-project-is-being-launched-at-expo-city-with-lush-greenery-and-urban-farming/
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