Weekly Real Estate Rundown №15

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 July 29th to August 2nd, 2024:

New Launches:

Binghatti Dusk
Location: JVC

Binghatti Dusk, located in the heart of Jumeirah Village Circle (JVC), is a new off-plan project that promises a blend of luxury and affordability. Known for its unique architectural design and high-quality finishes, Binghatti Dusk offers residents a contemporary lifestyle with amenities such as a state-of-the-art gym, swimming pool, and lush landscaped gardens. Perfect for families and young professionals alike, this project provides easy access to key areas in Dubai, ensuring a seamless living experience.

Club Place
Location: Dubai Hills

Introducing Club Place in Dubai Hills, an exclusive off-plan development designed for those who seek elegance and convenience. This project features premium residences with breathtaking views of the lush Dubai Hills Golf Course. Residents will enjoy top-notch amenities including a modern clubhouse, fitness center, and infinity pool. With its strategic location, Club Place offers easy access to the city’s major landmarks, making it an ideal choice for discerning buyers looking for luxury and comfort in one of Dubai’s most sought-after communities.

Shoreline
Location: Al Majan Island

Shoreline at Al Majan Island is a newly launched off-plan project that epitomizes coastal living in Dubai. This development boasts stunning sea views and direct beach access, providing an idyllic setting for those who love the ocean. Shoreline offers a variety of residential units, from spacious apartments to luxurious villas, all designed with contemporary aesthetics and high-end finishes. Residents can indulge in a range of amenities, including beachfront pools, fitness centers, and fine dining options, making it a perfect retreat from the bustling city life.

Market Trends of Dubai This Past Week

Dubai Real Estate Hits Record Sales in July 2024: In July 2024, Dubai's real estate market achieved record sales, totaling AED 49.6 billion—a 31.63% increase from the previous year. Transactions rose to 15,994, a 43.2% increase from July 2023.

Apartment sales led with 12,429 units sold for AED 22.3 billion, a 59.1% increase from the prior month. Villa sales grew 8.6% year-on-year, totaling AED 14.3 billion for 2,336 units. Commercial property transactions reached AED 869.5 million, a 27.4% increase in volume.

Off-plan sales dominated, making up 67% of the total value and 66% of the volume. Jumeirah Village Circle was the top-performing area with 1,265 transactions worth AED 1.3 billion. Palace Residences at Dubai Hills Estate was the best-selling off-plan project, with 915 apartments sold for AED 2.3 billion.

Rising Evictions in UAE Amid Property Boom: As the UAE's property market experiences a significant boom, an increasing number of landlords are evicting tenants to capitalize on soaring real estate values. The recent surge in property prices has prompted many landlords to seek higher rental incomes or sell their properties at premium rates, often resulting in tenant evictions.

This trend highlights the competitive nature of the current market and underscores the importance for tenants to stay informed about their rights and potential market shifts. With the real estate sector showing no signs of slowing down, both landlords and tenants must navigate this evolving landscape with careful consideration.

Dubai Leads Global Prime Residential Market: Dubai has topped the rankings for rental value growth among 30 global cities in the first half of 2024, according to Savills' Residential World Cities Index. The emirate saw a 12.1% increase in rental values, leading the pack, followed by Bangkok and Lisbon. Dubai also ranked 5th globally for capital value growth.

The surge in rental values is driven by strong lifestyle appeal and corporate relocations, bolstered by pro-business government policies and attractive residence visa programs. With record-breaking transaction volumes and values, Dubai’s prime real estate market continues to flourish, attracting top developers and brands. Prime rentals are expected to remain high as demand outpaces supply.