Weekly Real Estate Rundown №12

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 8th to 12th, 2024:

New Launches: 

Ocean Cove
Location: Rashid Yachts & Marina

Ocean Cove, nestled in the prestigious Rashid Yachts & Marina, is an opulent off-plan development designed to redefine waterfront living. This project features an array of spacious apartments, each boasting elegant interiors, high-quality finishes, and expansive balconies with panoramic views of the marina and the Arabian Gulf.

Ocean Cove’s strategic location ensures seamless connectivity to Dubai’s key landmarks, including Downtown Dubai and Dubai International Airport, making it an ideal choice for those seeking a blend of luxury, convenience, and tranquility in the heart of the city’s vibrant maritime district.

Verdes by Haven
Location: Dubailand

Verdes by Haven in Dubailand is an exciting new off-plan project developed by Aldar, renowned for their commitment to quality and innovation. This development offers modern, eco-friendly living spaces with a focus on sustainability and contemporary design. The project features a variety of stylish apartments and townhouses, each equipped with energy-efficient systems and high-end finishes.

Residents of Verdes by Haven will enjoy a wide range of amenities, including lush green parks, a community center, sports facilities, and dedicated children's play areas. The development is designed to foster a balanced lifestyle, combining tranquility with easy access to Dubai's major attractions and entertainment hubs.

Arlo By EMAAR
Location: Dubai Creek Harbour 

Arlo by EMAAR, located in the vibrant Dubai Creek Harbour, is a premium off-plan development that epitomizes luxury urban living. This project features a range of sophisticated apartments, each designed with contemporary aesthetics and high-end finishes to cater to the discerning tastes of modern residents. The spacious units offer floor-to-ceiling windows that provide breathtaking views of the iconic Dubai skyline and the serene Creek.

Residents of Arlo by EMAAR will enjoy an exceptional array of amenities that elevate the living experience. These include a stunning rooftop infinity pool, a fully equipped state-of-the-art fitness center, and beautifully landscaped gardens. The development also boasts a variety of retail outlets, gourmet dining options, and leisure facilities, creating a dynamic and self-sufficient community.

Market Trends of Dubai This Past Week:

Sheikh Mohammed announces New Director General of Dubai Land Department: In a significant move for Dubai’s real estate sector, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has appointed Marwan Ahmed bin Ghalita as the new Director-General of the Dubai Land Department (DLD). This promotion is part of Decree No. (44) of 2024, which also sees bin Ghalita moving up from his role as CEO of the Real Estate Regulatory Agency.

The decree is effective immediately and will be published in the Official Gazette, marking a new chapter for the DLD under bin Ghalita's leadership. His appointment is expected to bring fresh insights and drive continued growth in Dubai’s dynamic real estate market.

Sharp Rise in Dubai Real Estate Prices: Up to 41% Increase in H1 2024: Dubai property prices have surged by up to 41 percent in the first half of 2024, according to Bayut’s latest Dubai Sales Market Report. This sharp increase was particularly notable in the villa segment of the market.

DAMAC Hills 2 emerged as the top performer, with villa prices rising over 41 percent. This area has become increasingly popular among investors looking for affordable properties, driven by both local and foreign demand for cost-effective housing options in Dubai. Prices for a villa in DAMAC Hills 2 were at one point between 35-40k AED for a rental in past years, now the average showing 75-85k. The report underscores the growing attractiveness of Dubai's real estate market, especially for villas in sought-after locations like DAMAC Hills 2.

Expats Continue Moving Further Out in Dubai Due to Rising Prices

As property prices in central Dubai continue to climb, more expatriates are choosing to relocate to the city’s outer areas. This trend is driven by the desire for more affordable housing options without compromising on quality of life. Suburban communities such as Dubailand, Jumeirah Village Circle, and Dubai South are seeing an influx of residents attracted by lower costs, spacious homes, and family-friendly amenities. These areas offer a balanced lifestyle with good connectivity to the city, making them an appealing choice for those looking to manage their living expenses while enjoying the benefits of Dubai's vibrant environment.

As Dubai's real estate sector continues to grow and flourish, the latest off-plan launches and market trends highlight the city's enduring appeal as a premier destination for luxury living and investment opportunities. Stay tuned for more updates and insights as we track the dynamic developments shaping Dubai's property landscape.