Weekly Real Estate Rundown №28

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 October 28th to November 1st, 2024:

Recent Launches:

Eden House by H&H Development – Dubai Hills Estate
Eden House offers a blend of luxury and tranquility in the coveted Dubai Hills Estate. This project is set to redefine upscale living with its modern architecture, premium amenities, and lush surroundings. Residents can expect a perfect balance of city access and suburban serenity, making Eden House an ideal choice for families and professionals seeking elegance and convenience.

Marina Life Residences by Tarrad Development – Dubai Islands
Marina Life Residences promises an unparalleled lifestyle in the stunning Dubai Islands. This waterfront development combines contemporary design with resort-like amenities, including breathtaking sea views and easy access to entertainment venues. Perfect for those who value vibrant, luxurious living with a touch of coastal charm, Marina Life Residences caters to high expectations.

DG Villas by Dar Global – Jumeirah Golf Estates
DG Villas offers an exclusive lifestyle within the prestigious Jumeirah Golf Estates. These opulent villas feature expansive layouts, sophisticated interiors, and panoramic views of the championship golf courses. Designed for those who appreciate both luxury and leisure, DG Villas perfectly blend comfort with a lush, green backdrop that appeals to golf enthusiasts and luxury seekers alike.

Market Updates this past week:

Maysan Phase 1 on Reem Island Sells Out Within Hours: Modon, an Abu Dhabi-based developer, recently sold out phase one of its new high-end residential project, Maysan, on Reem Island within just hours of its launch. Open to buyers of all nationalities, this development spans over 600,000 square meters and blends innovative design with boutique-style inside/outside living.

Phase one includes 132 stacked maisonettes and 185 townhouses across two districts: Mayar, featuring resort-style maisonettes in a gated community, and Thoraya, showcasing architecturally striking townhouses. Maysan aims to attract families, professionals, investors, and expats with curated lifestyle amenities, a community center, and access to both beach and park facilities. The complete project will ultimately feature six residential districts, offering three- to five-bedroom units.

This strong demand underscores the appeal of Maysan's unique offerings and Modon’s commitment to enhancing urban living in Abu Dhabi, reinforcing the city’s position as a premier destination for living, investment, and work.

KPF to Design $1.1bn Dubai Real Estate Project, The Cliffs: Renowned New York architects Kohn Pedersen Fox (KPF) have been appointed to design "The Cliffs," a landmark $1.1 billion real estate project along Dubai Water Canal. This prestigious project is a collaboration between AGI Palace Group, a joint venture of Abu Ghazaleh Investments and luxury developer Palace Group. Known for their world-class designs such as Atlantis The Royal and One Vanderbilt in NYC, KPF aims to craft an iconic residential space in Dubai.

Located in the sought-after Jumeirah area, The Cliffs will feature high-spec, ultra-luxury residences set within 185,339 sq. ft. The project is envisioned to become an architectural statement with its terraced silhouette inspired by the region's rock formations, optimizing views of the park, waterfront, and Dubai skyline. The base of the development will include a state-of-the-art wellness club and 250,000 sq. ft. of landscaped gardens, emphasizing an urban oasis concept that intertwines nature with sophisticated living.

The architectural design showcases warm, earthy tones reflecting local geology, contrasted with mineral accents, creating a distinctive look that balances wellness and luxury. The Cliffs is set to redefine waterfront living, bringing an elevated standard of luxury and architectural beauty to Dubai.

Dubai Approves Record-Breaking 2025-2027 Budget: Dubai has set an unprecedented benchmark with the approval of its largest-ever government budget for 2025-2027, totaling Dh302 billion in revenue and Dh272 billion in expenditure. This major budget highlights Dubai’s continued focus on infrastructure, social services, and long-term economic growth.

A significant portion of the budget—46%—will be directed toward infrastructure projects like roads, bridges, energy, and water networks, including a new airport. Additionally, 30% is earmarked for health, education, social development, and housing, aligning with Dubai's commitment to enhancing community services and quality of life.

The budget also reflects a strong focus on financial sustainability, aiming for an operating surplus of 21% of total revenues in 2025. This approach includes a general reserve fund and supports strategic initiatives such as the Dubai Plan 2030, the Economic Agenda D33, and the Quality-of-Life Strategy 2033.

Dubai Finance Director General Abdulrahman Saleh Al Saleh emphasized that these financial strategies are designed to bolster the emirate’s investment appeal, flexibility, and economic resilience, aligning with leadership's vision of making Dubai a global model for well-being and innovation.

As the week comes to a close, Dubai's real estate market continues to showcase resilience, innovation, and investment opportunities. Stay tuned for more updates and insights as we track the dynamic developments in Dubai's property landscape.