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 May 20th to May 24th, 2024:
New Off Plan Launches:
Tiger Sky Tower, Business Bay
Tiger Properties has launched Tiger Sky Tower, a new high-rise development in Business Bay. This project features a mix of residential and commercial units, offering modern apartments and premium office spaces with stunning views of the Dubai Canal and the city skyline. Residents and businesses will benefit from top-notch amenities, including a rooftop pool, fitness center, and retail outlets on the ground floor. Tiger Sky Tower aims to provide a vibrant urban lifestyle in one of Dubai's most dynamic business districts.
Yasmina Villas, Expo City
Yasmina Villas, situated in the heart of Expo City, is the latest addition to Dubai's luxury villa market. Developed with a focus on elegance and exclusivity, these villas offer spacious living areas, private gardens, and state-of-the-art amenities. The community is designed to cater to families, featuring parks, playgrounds, and access to the various attractions and facilities of Expo City. Yasmina Villas provide a serene yet connected lifestyle, ideal for those seeking luxury in a strategic location.
One by Binghatti, Business Bay
Binghatti Developers has introduced One by Binghatti, a striking new residential tower in Business Bay. Known for their unique architectural style, Binghatti's latest project features innovative design and high-quality finishes. The tower offers a range of apartments with smart home technologies, expansive balconies, and panoramic views of the Burj Khalifa and Dubai Creek. Amenities include a swimming pool, a well-equipped gym, and a children's play area, making One by Binghatti a perfect blend of luxury and convenience.
Palm Jumeirah villas see highest rent price surge of 63% in Q1 2024
Arabianbusiness.com stated that Villas and townhouses in Dubai’s Palm Jumeirah neighbourhood recorded the highest rent price increase at 63 percent this quarter compared to the corresponding period in 2023.The Dubai residential rental market experienced substantial price hikes across various communities. According to the market review, some communities witnessed staggering increases, while others saw more modest growth.
Following Palm Jumeirah, coming in second place is Dubai Hills, which saw a 36 percent year-on-year increase, with average rental prices rising from AED 238,626 to AED 325,130. The Meadows also witnessed a significant 35 percent hike, with rates climbing from AED 252,867 to AED 341,524.
One Bedroom Properties are in high demand right now:
Studies have shown that one-bedroom apartments are the most popular properties with buyers in the Dubai market at the moment, where they have accounted for 47% of off-plan sales and 43% in the ready-to-move segment in 2023, an industry study revealed.
We have seen the most popular areas investors and buyers are flooding to is Jumeirah Village Circle, Dubai Marina, Business Bay, Jumeirah Lake Towers, Dubai Creek, and Dubai Hills.
As Dubai's real estate sector continues to grow and flourish, the latest off-plan launches and market trends highlight the city's enduring appeal as a premier destination for luxury living and investment opportunities. Stay tuned for more updates and insights as we track the dynamic developments shaping Dubai's property landscape.