Our Weekly UAE Property News Rundown from 10 - 14 July 2023 brings you the most significant developments and trends shaping the UAE's dynamic real estate market. From surges in Dubai's high-end rental market to the unveiling of Deyaar Development's final residential phase in its flagship Midtown project, we've got you covered. Stay tuned as we delve into these stories and more, providing you with a comprehensive overview of the week's property news.
Dubai-based real estate developer PMR Property is partnering with British design firm Foster + Partners to create a high-end residential project along the Dubai Water Canal. The development envisioned by PMR Property's founder and chairman Paulin Tomov will feature two buildings, each housing six exclusive mansions spanning two or three floors. The residences range from 9,000 to 16,000 sq ft with amenities including private swimming pools, elevators, gyms, cinemas, and terraces. The project will also offer stunning views of the Dubai Water Canal and the Burj Khalifa. Foster + Partners, known for their iconic structures worldwide, will bring their sustainable and flexible design expertise to the project. The collaboration aims to set a new standard for luxury living in Dubai.
Further Details: https://www.khaleejtimes.com/business/property/pmr-property-and-foster-partners-unveil-ultra-luxurious-residential-project-along-dubai-water-cana
Arada, a prominent UAE real estate developer, reported a substantial increase in its sales for the first half of the year. The sales of the company surged to $1.2 billion marking a massive 186% increase compared to last year in 2022. This robust growth underscores the resilience and dynamism of the UAE real estate market even amidst global economic uncertainties. Besides, the performance is a testament to the company's strategic planning and execution and the attractiveness of its property offerings. The company's success story is a positive indicator for the UAE real estate sector suggesting a promising outlook for the remainder of the year.
Further Details: https://www.arabianbusiness.com/industries/real-estate/arada-reports-h1-1-2bn-sales-massive-186-increase
Dubai's waterfront property prices experienced a substantial increase, primarily driven by Palm Jebel Ali, Jumeirah Islands, and Bluewater Islands. High net-worth individuals worldwide show a strong interest in Dubai's prime residential property markets. The price surge has been more prominent post-pandemic, with some prime localities witnessing over 100% price growth. However, industry executives believe it will take time for prices to stabilize or decrease, even with the launch of Palm Jebel Ali, which will expand Dubai's waterfront by 110km. Property Monitor data reveals a 132% increase in villa prices at Palm Jumeirah from 2020 to 2023, reaching Dh4,196 per square foot. Apartment prices on the Palm have grown by 119% during the same period. Experts suggest competitive pricing and attracting end-users and investors will be vital for Palm Jebel Ali's success, but it is unlikely to have an immediate impact on waterfront properties elsewhere.
Further Details: https://www.zawya.com/en/business/real-estate/dubai-waterfront-property-rates-have-doubled-will-prices-drop-as-palm-jebel-begins-to-take-shape-o9vm6yo3
In the first half of 2023, the Dubai high-end rental market experienced a significant surge driven by a supply crunch in traditionally popular areas. Regarding the report, rents for luxury villas soared by up to 70% while affordable and luxury apartments increased by 17% and 32% respectively. This trend prompts a shift towards homeownership. Haider Ali Khan, CEO of Bayut, highlighted the impact of supply-demand dynamics on the rental market. Taimur Khan, head of research for CBRE, reported a 22.8% rise in average rents from June 2022 to June 2023 with apartment and villa asking rents growing by 22.7% and 23.1% respectively. Besides, tenants draw to affordable areas like Jumeirah Village Circle and Bur Dubai where rents rise between 6% to 16%. On the contrary, luxury tenants favored areas like Business Bay and Downtown.
Further Details: https://www.khaleejtimes.com/life-and-living/housing-in-uae/rents-in-dubai-planning-to-move-top-areas-where-rates-are-rising-falling-for-flats-and-villas
Dubai-based property developer, Deyaar Development PJSC, announced the launch of Jannat, the final residential phase of its flagship Midtown community project, located in Dubai Production City. The project, set to be completed by Q2 2026, spans a built-up area of 521,400 square feet and comprises two interconnected towers housing 360 apartments, with prices starting at Dh 560,000. CEO Saeed Mohammed Al Qatami confirmed that all previous phases of Midtown have been fully occupied. Jannat, overlooking Jumeirah Golf Estates, features children's playgrounds, open lawns, community parks, and a retail boulevard offering a range of amenities including boutiques, bookstores, supermarkets, and eateries. The integrated Midtown community also includes a 3,000-square-foot nursery, recreation and sports centers, and daycare facilities spread across six districts and 24 buildings.
Further Details: https://www.propertynews.ae/uae/the-final-phase-of-deyaars-midtown-community-has-been-launched/
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