The UAE Property Market witnessed significant activity during the week of 3-7 June 2023. Key developments included new property launches, notable transactions, and shifts in property prices. This weekly rundown below provides you with a concise overview of the market dynamics offering insights for investors, homeowners, and real estate professionals.
The Dubai real estate market witnessed a surge in activity, recording over AED 381 million ($103.7 million) in property transactions on a single day, as reported by Zawya. The transactions, which took place on Monday, encompassed 90 sales worth AED 195.89 million ($53.3 million), 1,417 mortgage transactions valued at AED 172.67 million ($47 million), and 11 gift transactions amounting to AED 12.58 million ($3.4 million). The most significant transaction was a land sale in Palm Jumeirah area, fetching AED 60 million ($16.3 million). The robust activity underscores the buoyancy of Dubai's property market, driven by investor confidence and favorable market conditions.
Further Details: https://www.zawya.com/en/business/real-estate/dubai-logs-over-3811mln-in-realty-transactions-monday-xuiwdken
Alex Galtsev, the founder of Realiste, a proptech firm, said in an interview "Dubai's property prices are currently experiencing their best phase ever with the current bull run in the real estate market different from previous peaks in 2008 and 2014". Galtsev believes that prices are unlikely to come down in the near future due to the city's unique position between the West and Asia attracting commerce and talent. Additionally, he mentioned that the branded residence launches increase property value by 25 to 40 percent. He predicts that the Dubai real estate market will rapidly continue to grow for the next three years with 2023 being the year of the highest transaction volume and property value growth.
Further Details: https://www.khaleejtimes.com/business/property/dubai-will-property-prices-come-down-soon-heres-what-expert-has-to-say
Danube Properties has acquired a prime plot of land in Business Bay, Dubai through a sale arranged by Shuaa Capital. The transaction aligns with Shuaa Capital's strategy to consolidate assets and support the growth of Dubai's property market. Danube Properties, a leading developer in Dubai, has launched six projects worth AED3.42 billion ($931 million) in the past year. With a current development portfolio comprising 22 projects and 10,713 units valued at over AED10 billion ($2.7 billion), the company aims to provide affordable, high-quality living spaces in Dubai. The purchase of this land in Business Bay will enhance the district's development as a vibrant downtown area.
Further Details: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-danube-properties-buys-prime-52m-business-bay-plot-from-shuaa-capital
The 2040 Urban Master Plan launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum aims to transform Dubai into a greener, more sustainable city to accommodate an expected 5.8 million residents. Besides, the plan includes a 105% increase in green areas, a 400% extension of public beaches, and the transformation of Dubai into a 20-minute city. Nature reserves and rural natural areas will make up 60% of the emirate's total area. The plan includes developing a 5.4 km cable car system extending public beaches from 21 km. to 105 k.m. and developing vast rural areas into key tourist destinations.
Further Details: https://www.zawya.com/en/business/real-estate/cable-cars-waterfalls-more-greenery-this-is-how-dubai-will-look-by-2040-gdjprjwg
An ultra-luxury townhouse in Dubai covering 22,925 square feet is now on the market for AED 460 million ($125 million). The property is available exclusively to Emiratis and GCC nationals located in the heart of Dubai. The townhouse, designed by Dubai-based architect Viktor Udženija, blends traditional Khaleeji style with modern art: the interior features floor-to-ceiling windows, Italian travertine stone walls and floors, and a show kitchen. The property also includes nine bathrooms, a gym, staff quarters, and an underground basement with space for 12 cars. The townhouse showcases works by renowned artists such as Ayman Baalbaki, Paolo Reinoso, Henri Mège, Abdul Qader Al Rais, and Mohamed Ahmed Ibrahim.
Further Details: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-aed460mn-ultra-luxury-townhouse-goes-on-sale
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