Welcome to our final weekly roundup of 2024 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 December 16th to 20th, 2024:
Recent Launches:
Sunset Bay by Imitaz
Location: Dubai Islands
Starting Price: AED 1.2 Million
Units: 1-3 Bedroom Apartments
Sunset Bay by Imitaz offers the perfect blend of coastal luxury and modern living in the scenic Dubai Islands. This waterfront development features spacious 1-3 bedroom apartments with stunning sea views, contemporary design, and premium finishes. Residents can enjoy world-class amenities, including private beach access, swimming pools, and fitness facilities. Starting at AED 1.2 million, Sunset Bay presents an attractive opportunity for investors and homebuyers looking for serene island living while staying connected to Dubai’s vibrant city life.
Hillsedge by EMAAR
Location: Dubai Hills Estate
Starting Price: AED 1.5 Million
Units: 1-3 Bedroom Apartments
Hillsedge by EMAAR introduces modern elegance to the sought-after Dubai Hills Estate. Offering 1-3 bedroom apartments starting from AED 1.5 million, this development features sleek interiors, expansive layouts, and panoramic views of lush green spaces. Residents benefit from easy access to Dubai Hills Mall, a world-class golf course, and top-tier educational facilities. With its seamless blend of urban convenience and suburban tranquility, Hillsedge is ideal for families and professionals seeking a balanced and sophisticated lifestyle.
Riverside Views by DAMAC
Location: Dubai Investments Park
Starting Price: AED 900,000
Units: Studios, 1-2 Bedroom Apartments
Riverside Views by DAMAC offers affordable luxury in the thriving community of Dubai Investments Park. This off-plan development features stylish studios, 1-2 bedroom apartments starting from AED 900,000. Designed with modern living in mind, each unit boasts contemporary finishes, scenic views of landscaped gardens and waterways, and a host of amenities like swimming pools, gyms, and retail spaces. With excellent connectivity to major business hubs and key transportation links, Riverside Views is a prime option for those looking for value-driven investment and a serene yet connected lifestyle.
Market updates from this past week:
Record-Breaking Sale in Emerald Hills: AED 120 Million Luxury Villa:
Dubai's luxury real estate market continues to soar, with a stunning villa in Emerald Hills selling for a record-breaking AED 120 million. This high-profile transaction highlights the lucrative potential for investors in Dubai Hills Estate, one of the city's most sought-after communities.The investor who bought the plot, designed the villa, and oversaw its construction earned a remarkable AED 40 million profit by selling the property off-plan. This showcases how custom-built luxury properties in Dubai are attracting significant demand from high-net-worth individuals.
Emerald Hills is quickly becoming a hotspot for investors seeking custom villa opportunities. Another villa plot in the area is listed for AED 35 million, with estimated construction costs of AED 70 million. Given the recent record sale, the profit margin for similar projects could reach AED 40 million. Boasting panoramic views of the Dubai Hills Golf Course and the Downtown Dubai skyline, Emerald Hills continues to set new standards for luxury living and high-return investments.
Dubai Real Estate Market: Top Residential and Commercial Areas Revealed: Dubai’s real estate market continues its upward momentum, with November showing significant growth across both residential and commercial sectors. According to the latest report, residential sales saw a 15.4% year-over-year increase, while the commercial market recorded a total sales value of AED 9.2 billion.
Residential Market Highlights
November recorded 12,695 sales transactions, showing steady growth despite a slight cooling off from October's record-breaking figures. The demand for affordable properties under AED 1 million surged, making up 32.2% of sales, up from 26.7% in October. Apartments remain the top asset class, representing over 84% of total sales.
The top-performing residential communities were:
Commercial Market Insights
Dubai's commercial real estate sector saw a 3.1% year-on-year increase in sales value, with office sales climbing by 24.2%. Average office prices rose by a notable 31.1%, reflecting a strong demand for Grade-A office spaces amid limited supply.
Top areas for office sales included:
Rental Market Trends
Rental activity also grew, with transaction volumes increasing by 21.9% compared to October. Average rents across all sectors rose by 18% year-on-year, led by office spaces, which saw a 28.1% increase.
Top communities for rental transactions included:
Dubai’s real estate market shows no signs of slowing down. With rising investor confidence and a dynamic mix of affordable housing and premium office spaces, the city continues to solidify its position as a global real estate hub.
Wishing You a Joyous Festive Season from Edwards and Towers:
As 2024 draws to a close, we at Edwards and Towers want to extend our heartfelt gratitude to all our clients, partners, and colleagues. Your continued trust and support have made this year one to remember, and we are truly thankful for being part of your journey.
The festive season is a time for reflection, celebration, and looking forward to new possibilities. We hope your holidays are filled with joy, warmth, and precious moments spent with loved ones. Whether you’re enjoying the magic of Dubai or venturing elsewhere, may this season bring you peace, happiness, and inspiration for the year ahead.
As we step into 2025, we look forward to continuing to serve you, helping you achieve your goals, and being by your side in all your real estate endeavors.
Happy Holidays and a Prosperous New Year from the entire Edwards and Towers family!