Weekly Real Estate Rundown №17

Welcome to our weekly roundup of the latest real estate news and property transactions in Dubai. From notable launches to market trends, here's a recap of the most significant developments from the week of August 12th  to August 16th, 2024:

New Launches:

Beach Oasis 2
Location: Dubai Studio City

Beach Oasis 2 in Dubai Studio City offers a unique blend of urban living and serene surroundings. This newly launched off-plan project features contemporary apartments designed with modern amenities, including a resort-style swimming pool, lush green spaces, and recreational facilities. Perfect for young professionals and families, Beach Oasis 2 provides a tranquil retreat with easy access to Dubai’s entertainment and media hubs, making it an ideal choice for those seeking a balanced lifestyle.

Parkland by Emaar
Location: Dubai Hills Estate

Parkland by Emaar is a premium off-plan development located in the prestigious Dubai Hills Estate. This project offers luxurious residences surrounded by lush greenery, with direct access to parks and walking trails. Designed for those who appreciate nature and elegance, Parkland provides world-class amenities, including a state-of-the-art gym, infinity pool, and proximity to the Dubai Hills Golf Course. It’s the perfect setting for families and individuals looking for a peaceful and upscale community.

Belgrove Residences
Location: Meydan

Belgrove Residences in Meydan is a sophisticated new off-plan project that promises a blend of luxury and convenience. This development features spacious apartments with elegant interiors and top-tier amenities, including a rooftop infinity pool, fitness center, and beautifully landscaped gardens. Located in the heart of Meydan, Belgrove Residences offers easy access to the city’s major attractions while providing a peaceful and upscale living environment, making it an attractive choice for discerning buyers.

Market Trends of Dubai This Past Week:

Dubai Real Estate Sector Shows Signs of Stabilisation as Off-Plan Sales Lead:
Dubai's real estate sector continues to thrive, but recent reports from Cushman & Wakefield Core indicate signs of stabilisation, particularly in the secondary market. In their Q2 2024 market update, the firm noted that while overall performance remains strong, the pace of growth is beginning to slow as the market transitions towards stability.

The number of properties handed over in Q2 2024 saw a notable decline, though a surge is anticipated in the second half of the year. Despite 16 consecutive quarters of price increases, including a 21% annual rise, experts point out that growth is beginning to level off, especially in the secondary residential market. Ultra-prime properties remain robust, with over 300 homes sold for AED 20 million ($5.4 million) or more between April and June.

Massive Surge in Luxury Home Maintenance Across Dubai:
Dubai's luxury residential sector is witnessing a surge in demand for premium home maintenance services, according to a new report by Hitches & Glitches (H&G), a UAE-based home maintenance company. H&G, part of the Farnek Group, has expanded its portfolio, now managing 900 high-end apartments and hotel residences across prime locations like Downtown Dubai, Dubai Creek Harbor, and Dubai Marina.

The firm has also secured contracts in luxury areas such as Emirates Hills, Palm Jumeirah, and Dubai Hills Estate, including a notable project on Jumeirah Bay Island. As Dubai’s luxury property market continues to grow, with over 100 properties selling for more than $10 million in Q1 2024, the demand for high-quality maintenance services has followed suit. H&G’s tailored offerings, backed by smart technology from HITEK, cater to the specific needs of these elite properties, ensuring comprehensive maintenance and smart home security solutions.

UAE's First AI Real Estate Consultant Closes $30 Million in Deals Shortly After Launch:
Realiste, a Dubai-based real estate consultancy, has launched Jucica Brown, the world's first AI real estate consultant on social media. Within just three weeks of her debut on Telegram, Jucica Brown facilitated $30 million worth of property transactions, marking a significant milestone in the integration of AI into the real estate sector.

Jucica Brown’s social media presence has rapidly grown, amassing 100,000 Instagram followers. Her AI-driven capabilities allow her to provide detailed market insights and project recommendations, guiding potential buyers seamlessly through the purchase process. Unlike traditional brokers, Jucica operates around the clock, offering consistent, high-quality service without interruptions.

This innovative approach is part of a broader trend of AI adoption in real estate, particularly in the UAE, where the AI market is projected to reach $320 billion by 2030. As AI continues to transform the industry, tools like Jucica Brown are poised to redefine how properties are bought and sold, providing investors with timely, data-driven insights that outpace traditional methods.