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 September 23rd to 27th, 2024:
Recent Launches:
Playa Del Sol by Ellington – Al Marjan Island
Discover beachfront living at Playa Del Sol by Ellington on Al Marjan Island. This stunning development offers a perfect blend of luxury and tranquility, with expansive sea views and a resort-style lifestyle. Experience modern design, high-end finishes, and the serene beauty of the Arabian Gulf, making it a premier destination for coastal living.
The Coral Collection – Palm Jebel Ali
Introducing The Coral Collection on Palm Jebel Ali, where luxury meets exclusivity. This exceptional development offers waterfront villas and residences with striking views of the Arabian Gulf and Dubai's skyline. With world-class amenities, private beach access, and a peaceful island setting, The Coral Collection is designed for those seeking a refined, high-end lifestyle.
Enara by Omniyat – Business Bay
Enara by Omniyat brings ultra-luxury living to Business Bay, Dubai’s thriving business district. This architectural marvel combines sleek modernity with opulent interiors, offering residents exclusive amenities, stunning city views, and proximity to Downtown Dubai. Enara is perfect for those looking to live at the heart of Dubai’s vibrant urban scene while enjoying unparalleled luxury.
Market Trends of Dubai This Week:
UAE Real Estate Market to Hit $681 Billion by End of 2024: The UAE's real estate market is set to reach an impressive AED 2.5 trillion ($681 billion) by the end of 2024, according to a report by QUBE Development. A key driver behind this surge is the off-plan market, which accounted for 65% of all sales transactions in August 2024—a 54% increase compared to the previous year.
The influx of high-net-worth individuals (HNWIs) has fueled this growth, with many focusing on luxury properties and ultra-luxury developments. The off-plan segment remains a hotbed for investment as numerous high-end projects are currently underway.
Nakheel Awards $490M Contract for Como Residences on Palm Jumeirah: Dubai-based developer Nakheel has awarded a significant $490 million (AED 1.8 billion) contract to ALEC Engineering & Contracting for the construction of the exclusive Como Residences on Palm Jumeirah. Set to become one of the most prestigious addresses in the city, the 75-storey tower will rise more than 300 meters and house just 81 ultra-luxurious residences, offering unparalleled views and premium amenities. The project is slated for completion and handover in Q2 2028.
Khalid Al Malik, CEO of Dubai Holding Real Estate, emphasized that Como Residences is an extension of Nakheel’s tradition of creating landmark developments, cementing their role in shaping Dubai’s ever-evolving skyline. ALEC's CEO, Barry Lewis, expressed confidence in delivering a tower that will further elevate the city’s global reputation for architectural excellence and luxury living.
This ambitious project is expected to further boost Dubai's real estate market, drawing the attention of high-net-worth investors seeking prestigious properties in prime locations.
Edwards and Towers Launches New Leasing Department: Edwards and Towers is excited to announce the launch of its new Leasing Department, headed by long-standing employee Morgan Thomas. With years of experience and a deep understanding of the market, Morgan leads the team in providing tailored leasing solutions for both landlords and tenants throughout Dubai. Whether it's finding the perfect home or assisting property owners in leasing their assets, the new department is fully equipped to deliver exceptional service.
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.
