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 November 25th to 29th, 2024:
Recent launches:
LIV Maritime by LIV Developers – Maritime City
LIV Maritime, located in the exclusive enclave of Maritime City, offers a new standard in luxury waterfront living. Developed by LIV Developers, this project promises contemporary residences with stunning sea views and easy access to Dubai’s major hubs. Designed for modern lifestyles, LIV Maritime features state-of-the-art amenities, including an infinity pool, fitness center, and landscaped gardens, creating a serene yet sophisticated environment. Its prime location offers a perfect blend of tranquility and connectivity, making it an ideal choice for investors and residents alike.
Evora Residences by Anax Development – Al Furjan
Evora Residences in Al Furjan by Anax Development introduces a collection of elegantly designed homes tailored to meet the needs of modern families and investors. Nestled in a vibrant and growing community, these residences offer spacious layouts, high-quality finishes, and access to a variety of lifestyle amenities. Residents can enjoy landscaped parks, swimming pools, and fitness centers, all within a short distance from schools, retail outlets, and public transport. With its strategic location close to Sheikh Zayed Road and major metro lines, Evora Residences ensures convenience and connectivity to the rest of Dubai, making it a prime choice for comfortable living and smart investment.
Marina Place by Emaar Properties – Rashid Yachts & Marina
Marina Place, a signature development by Emaar Properties, is perfectly situated in Rashid Yachts & Marina, Dubai’s premier waterfront destination. Offering exquisite residences with breathtaking views of the marina and the Arabian Gulf, Marina Place is designed to provide an unmatched lifestyle of elegance and tranquility. The development features top-tier amenities, including a private yacht club, fine dining options, retail outlets, and lush open spaces for relaxation. Located within a thriving maritime hub, Marina Place seamlessly combines luxury, leisure, and accessibility, making it an unparalleled choice for discerning homeowners and savvy investors looking for a prestigious waterfront address.
Market updates from this past week:
Dubai Real Estate Outshines Global Competitors: Dubai's real estate market continues to outperform London and New York, offering investors a compelling combination of affordability, high returns, and long-term growth potential. With gross investment yields averaging 7%—significantly higher than New York’s 4.2% and London’s 2.4%—Dubai provides exceptional opportunities for those seeking both rental income and capital appreciation. Property prices in the city have surged by 16.5% year-on-year, reflecting robust demand and limited supply in premium areas.
Despite its reputation for luxury, Dubai’s average sale price of just $438 per square foot makes it far more accessible than global counterparts, offering world-class living at a fraction of the cost. The city's appeal is further enhanced by investor-friendly policies, including visa reforms, zero property taxes, and the ambitious Dubai Economic Agenda D33.
Coupled with a modern lifestyle, safety, and connectivity, Dubai is cementing its position as a top destination for residents and investors alike. With its forward-looking governance and dynamic market, the city is poised for sustained growth, making it a future-proof choice amid global uncertainty.
Dubai South Properties’ South Living Tower Sells Out Amid High Demand: Dubai South Properties has announced the complete sell-out of its South Living Tower project, located in The Residential District of Dubai South. This significant milestone highlights the growing demand for spacious, modern residential units in the area.
The development, featuring 209 units ranging from studios to 3-bedroom apartments and terraced units, began construction in September with completion expected by Q1 2027. Buyers have been drawn to the project’s strategic location, modern amenities, and the long-term potential of Dubai South as a thriving community.
South Living Tower will include premium amenities such as a swimming pool, gym, yoga deck, landscaped gardens, and more. Residents will benefit from Dubai South’s established infrastructure, including parks, retail outlets, sports courts, and public transport links to the Expo Metro station. With a GEMS Founders School slated to open soon, The Residential District already accommodates over 25,000 residents in gated communities.
This project aligns with Dubai’s ambitious vision to attract one million residents to Dubai South, bolstered by the ongoing development of Al Maktoum International Airport and the area's transformation into a bustling urban hub.
Ultra-Luxury Properties in Dubai See $3.6 Billion in Sales, with Palm Jumeirah and Jumeira Bay Leading the Market: Dubai’s ultra-luxury real estate market continues to flourish, with properties priced at AED 50M ($13.6M) and above reaching a total transaction value of AED 13.3B ($3.6B) in the first ten months of 2024. Palm Jumeirah and Jumeira Bay dominate this segment, accounting for nearly half of all sales in this price range. Other key locations attracting the super-rich include Mohammed Bin Rashid City, Tilal Al Ghaf, and Dubai Hills Estate.
This robust growth is driven by a surge of ultra-high-net-worth individuals (UHNWIs) relocating to Dubai, alongside rising investor confidence, a stable economy, and the city’s global reputation for luxury living. Nikita Kuznetsov, CEO of Metropolitan Premium Properties, noted a significant increase in both the value and volume of transactions in the AED 50M+ segment, with the firm’s market share growing by over 50% year-on-year.
Leading the charge in purchases are buyers from the UK, followed by those from the USA, Canada, Germany, and the UAE. Dubai’s appeal as a hub for high-end living and investment continues to attract global attention, cementing its status as a premier destination for the world’s elite.
As the week comes to a close, Dubai's real estate market continues to showcase its resilience, forward-thinking developments, and attractive investment potential. Stay tuned for more updates and insights as we keep tracking the dynamic property scene in Dubai.