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 June 3rd to June 7th, 2024:
New Off Plan Launches:
Ghaf Woods By Majid Al Futtaim
Location: Dubailand
Majid Al Futtaim has introduced Ghaf Woods, an elegant new development within Dubailand. This project features beautifully designed villas and townhouses surrounded by lush greenery and serene landscapes. Ghaf Woods promises a tranquil and sustainable lifestyle with amenities such as community parks, walking trails, and a central lagoon. It is an ideal retreat for families seeking a blend of luxury and nature.
The Berkley
Location: Dubai Hills
The Berkley is the latest addition to Dubai Hills, offering a sophisticated urban living experience. This project features a collection of premium apartments with contemporary designs and high-end finishes. Residents of The Berkley will enjoy access to top-tier amenities, including a rooftop infinity pool, a state-of-the-art fitness center, and beautifully landscaped gardens. The location within Dubai Hills ensures proximity to retail outlets, dining options, and recreational facilities.
Verve City Walk
Location: City Walk
Verve City Walk is a vibrant new residential project situated in the heart of City Walk. Developed to cater to modern urban lifestyles, Verve City Walk offers stylish apartments with cutting-edge interiors and smart home technologies. The development boasts a range of amenities, including a rooftop terrace, a swimming pool, a fitness center, and direct access to the bustling City Walk retail and dining precinct. Verve City Walk is perfect for those seeking a dynamic and connected living environment.
Market Trends of Dubai This Past Week:
Dubai real estate hit an all time record high in the month of May:
Dubai’s real estate sector recorded the highest volume and value of transactions ever last month, data showed on Thursday.
According to Property Monitor, performance highlights for May showcase a total of 17,713 transactions were recorded, increasing by 53 per cent compared to May 2023. The value of these transactions increased by 38 per cent, touching Dh46.5 billion. Khaleej Times states “The market saw a massive rise in volume surpassing the previous peak achieved in March 2024 by 10 per cent, and crossing the highest value achieved in December 2023 by 30 per cent, data showed.”
UAE’s real estate market to reach $707.86 billion by end of 2024:
Economy Middle East reported that The UAE real estate market is anticipated to reach a value of AED2.6 trillion ($707.86 billion) by the end of 2024.
This extended growth is attributed to the increased interest of high-net-worth individuals (HNWIs), particularly their demand for luxury property investments in Dubai. In the first quarter of 2024, Dubai saw the sale of 105 luxury homes, bringing the city closer to matching last year’s record of 431 transactions of properties worth over $10 million. This performance outpaced prime markets like New York and London.
Ghaf Woods by Majid al Futtaim Officially Launched:
Dubai real estate developer Majid Al Futtaim has officially launched a massive new real estate development, which will have more trees than residents. Ghaf Woods is MAF’s first forest living community and will include 7,000 properties and more than 35,000 trees. Additionally, the community’s expansive ratio, at 15sq m of open space per resident, is 40 per cent above World Health Organisation standards, which are set at 10 square metres per person.
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.
