Weekly Real Estate Rundown #31

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 18th to 22nd, 2024:

Recent launches:

Terra Heights by EMAAR
Location: Expo City, Dubai

Experience modern living at Terra Heights, EMAAR’s latest off-plan development in the vibrant Expo City. This project redefines urban sophistication, featuring contemporary residences designed for comfort and style. Strategically located, Terra Heights offers seamless access to Dubai’s key destinations while being nestled in a community rich with green spaces, retail outlets, and entertainment hubs. Perfect for families and professionals alike, this is your chance to be part of Dubai’s next iconic community.

Samana Resorts
Location: Dubai Production City

Samana Resorts introduces a new standard of resort-style living in the heart of Dubai Production City. This off-plan development features beautifully crafted residences with private pools, spacious layouts, and a host of luxury amenities. Residents will enjoy a community-focused lifestyle with easy access to nearby retail, dining, and entertainment options. Designed for those seeking both comfort and connectivity, Samana Resorts is your gateway to an unparalleled living experience in Dubai.

Dar Global Villas
Location: Jumeirah Golf Estates, Dubai

Discover the pinnacle of luxury living at Dar Global Villas, an exclusive off-plan project in the prestigious Jumeirah Golf Estates. These meticulously designed villas combine elegance with functionality, offering spacious layouts and premium finishes. Surrounded by lush greenery and world-class golf courses, this community is a haven for relaxation and recreation. With close proximity to key city attractions, Dar Global Villas offers a harmonious blend of serenity and convenience.

Market updates from this past week:

Dubai Real Estate Sees 50% Surge in Q3 Handovers, More Expected in Q4: 
Dubai’s real estate market saw a 50% rise in Q3 2024 handovers, with 8,100 units completed. An additional 14,900 units, including 11,800 apartments and 3,100 villas, are expected in Q4, though some may extend into 2025.

Rents increased by 3% for apartments and 2% for villas, while sales prices rose 3% and 4%, respectively. Off-plan properties remained popular, driven by flexible payment plans, although aggressive structures like 80/20 pose challenges for middle-income buyers.

The office market surged with annual price growth of 21%, fueled by strong demand and limited premium supply. Dubai’s ongoing investments in infrastructure continue to support robust market growth.

Dubai Developers Shift Focus to Affordable Housing to Meet Mid-Income Demand: Dubai’s residential real estate market is experiencing a surge in demand for mid-income housing, driven by rapid population growth and an influx of international talent. With the city’s population expected to grow from 3.3 million to 7.8 million by 2040, developers are launching strategic off-plan projects to address the rising need for accessible, high-quality housing.

Recent projects like Bayz 102 by Danube, Ibiza by Samana, and Skyrise by Binghatti are designed to cater to young professionals, families, and investors. These developments offer flexible financing options and are strategically located near commercial and leisure hubs.

This shift reflects the sector's response to the growing mid-income segment, complementing Dubai’s reputation for luxury real estate while fostering sustainable and inclusive growth. The continued emphasis on mid-income housing ensures a balanced approach to accommodate the city’s expanding and diverse population.

Dubai’s Island Projects Spark New Off-Plan Property Wave:
Dubai’s real estate market is witnessing a fresh surge in off-plan opportunities, with a focus on island living. The latest entrant, Damac Islands, offers townhouses starting at AED 2.25 million and villas priced from AED 6.3 million. Located in Dubailand, the project is conveniently close to areas like Dubai Investments Park and Sports City, providing competitive options for buyers seeking waterfront homes without the premium price tag of areas like Palm Jumeirah.

These projects add diversity to Dubai’s waterfront offerings, with other developments such as Nakheel’s Dubai Islands and Majid Al Futtaim’s Tilal Al Ghaf featuring their own island clusters. Beyond Dubai, UAE’s island developments are gaining traction, from Sobha’s Siniya Island in Umm Al Quwain to luxury expansions in Abu Dhabi on Yas, Saadiyat, and Al Fahid Islands.

This trend reflects a growing demand for waterfront living, offering residents a mix of exclusivity and connection. With developers like Damac leveraging the success of previous ventures, such as Lagoons, the island renaissance is solidifying Dubai’s position as a global real estate hotspot.

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.