Weekly Real Estate Rundown №19

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 26th to August 30th, 2024:

Recent Launches:

HAYA on the Park
Location: Town Square
Discover the perfect blend of urban living and serene green spaces at HAYA on the Park in Town Square. This exciting new development offers modern apartments overlooking lush parks, providing residents with a peaceful retreat amidst the buzz of city life. With amenities like jogging tracks, community pools, and retail outlets just steps away, HAYA on the Park is designed for those who crave convenience without compromising on tranquility. Secure your spot in this vibrant community today!

One Sky Park
Location: Jumeirah Village Circle
Elevate your lifestyle at One Sky Park, Jumeirah Village Circle’s newest luxury development. Boasting panoramic views of Dubai’s skyline, One Sky Park offers stylish residences with top-tier amenities, including a rooftop infinity pool, fitness center, and exclusive sky lounges. Perfectly situated in the heart of JVC, this development provides easy access to the city’s key destinations while offering a serene escape from the hustle and bustle. Don’t miss the chance to be part of this iconic address.

Pristine by Zoya
Location: Al Furjan
Experience modern elegance at Pristine by Zoya in Al Furjan. This exclusive collection of contemporary villas and townhouses is designed with luxury and comfort in mind. Pristine by Zoya offers spacious layouts, premium finishes, and a host of family-friendly amenities such as parks, swimming pools, and playgrounds. Located in the thriving Al Furjan community, it’s the ideal choice for families looking for a peaceful yet connected lifestyle. Enquire now to make Pristine your new home.

Market Trends of Dubai This Past Week:

Sunrise Capital Sets Sights on Expanding Luxury Real Estate Portfolio Across UAE: Sunrise Capital, an emerging developer in Dubai, is gearing up for significant expansion across the UAE, with a focus on luxury villas and apartment projects. The company, backed by an Indian-origin group, is set to launch its first mixed-use residential and commercial project this October in Dubai’s Wasl Gate area, valued at AED400 million.

Currently managing projects worth over AED120 million, Sunrise Capital is advancing its luxury real estate ventures, including a super luxury villa set to be completed by October and another high-end villa scheduled for completion by June 2025. Both projects emphasize the company’s commitment to delivering top-tier craftsmanship and luxury.

Nakheel Awards $220 Million Contract for Palm Jebel Ali Marine Works: Nakheel, a subsidiary of Dubai Holding Real Estate, has awarded a contract worth AED810 million (approximately $221 million) to Jan De Nul Dredging LTD for significant marine works on Palm Jebel Ali. This project, a key part of Dubai’s growing real estate market, will involve dredging, land reclamation, beach profiling, and sand placement, all essential to the development of villa infrastructure across the island’s fronds.

The first phase of this project will see the completion of the initial eight fronds, with infrastructure and civil works expected to begin by the first quarter of 2025. This marine work is a crucial step towards transforming Palm Jebel Ali into a premier residential and leisure destination. The development aligns with Dubai’s Economic Agenda D33 and the Dubai 2040 Urban Master Plan, which aims to enhance public beach access and expand Dubai’s real estate offerings.

In addition to the marine works, recent infrastructure contracts have been awarded for the construction of a new public access road from Sheikh Zayed Road and upgrades to existing roadways and lighting connecting the mainland to Palm Jebel Ali. This project is set to deliver over 700 villas in its first phase, featuring eight distinct home styles, with the entire island planned to span 13.4 kilometers and include 91 kilometers of beachfront. The project is scheduled for completion by late 2026.

Short-Term Rentals Surge in Dubai's Real Estate Market, Offering Higher Returns for Investors: The Dubai real estate market is experiencing a significant rise in short-term rentals, with demand up by 30% compared to last year. This trend is reshaping the industry, providing property owners with impressive returns and offering visitors flexible, attractive living options. Our very own Managing Director, Myles Rothwell, states, “Over the past year, we have seen short-term rentals in Dubai surge, with a 30 percent increase in bookings due to rising tourism and a demand for flexible living options. This has led to investor returns up to 20 percent higher than traditional leases.”

The popularity of short-term rentals is particularly strong in areas like Business Bay, Arjan, Jumeirah Village Circle, Downtown Dubai, Palm Jumeirah, and DAMAC Hills. These locations combine world-class amenities with trendy communities, making them ideal for both investors and renters.

As the cooler months approach, Dubai is preparing for an influx of visitors, with short-term rentals poised to deliver strong returns for property owners who meet regulatory and consumer needs. Key considerations for investors include ensuring regulatory compliance, integrating technology for enhanced guest experiences, and promoting sustainability within their properties. Utilizing trusted platforms like Property Finder can also help showcase short-term rentals to a global audience, maximizing their potential in this growing market.

As Dubai’s population continues to grow, the real estate market is expected to evolve, providing more opportunities for investors, buyers, and developers. Stay tuned for more updates as we track these dynamic developments shaping Dubai’s property landscape.