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The real estate market of the United Arab Emirates started to revive at the end of 2020, with the trend extending into 2021. Sales in the first half of the year hit beyond the highest level for the past five years. However, the market situation in Abu Dhabi and Dubai is different. According to the analysis from the UAE Central Bank, the real estate market is growing at a faster pace in the capital of the UAE in terms of demand and prices. Its Residential Property Sales Price Index (REIDIN) rose by 2.2% from a year ago. Meanwhile, rental prices plunged by over 5.5%. The central bank’s analysis also revealed in Dubai, the housing prices fell by almost 6% over the same period, while rental rates rose by 1.7%. However, the UAE’s major financial institution...

Due to the growing demand for real estate in the UAE, crowdfunding investments are becoming popular. Dubai's major portals reduce the lowest possible investment rates to attract foreign investors. The SmartCrowd platform comes up with an unparalleled offer The company attracts investors with record low prices. Now, you can invest in Dubai real estate and become the owner of part of the property, spending only AED 500. Previously, the lowest possible investment threshold included four-digit numbers. There are about 40 properties on the portal. They are located in different parts of the metropolis, including in the central and popular tourist areas of Dubai. According to Siddiq Farid, CEO of SmartCrowd, this solution will attract overseas and local investors who can take the first step...

Dubai Holding, the major state-owned investment holding company in Dubai, said it expects to sell 6,000 new homes during the rest of 2021 and early next year. The company is optimistic about the current situation in the real estate market. The growing demand, especially from foreign investors, contributes to an increase in sales. Established through the merger of Dubai Properties, Meraas, North25, and Ejadah, the company sold about 1,500 units in the six months to June 2021. It plans to sell a further 1,500 homes by the end of 2021. “We’ve certainly seen strong demand in the market this year,” Alexander Davies, chief commercial officer of the DHRE, said. “There’s been great support from government in making sure that the customers are protected, the...

A penthouse in the residential complex in Downtown built by Omniyat, a major developer selling high-end properties, was sold for the whopping AED 19 million. The deal was the largest in the developer’s track record. The luxury triplex occupies three floors in the Dorchester Collection tower. Its price does not include additional finishes costs. The deal is a fresh confirmation of increased demand for luxury housing. Home buyers’ interest is not limited to luxury villas. Other properties are also sought after, according to the developer’s other sales, including penthouses in a multi-story Palm One building on Palm Jumeirah Island. Apartments worth $27.7 and $19.8 million were sold in the high-rise building. According to the agency providing its services for the...

According to experts at a leading Dubai consulting company, off-plan home sales grew at the fastest pace over the past 11 years in August 2021. Real estate market in numbers The total value of the transactions approached $30 billion. Experts note that almost every day the megalopolis sees an increase in not only the number of transactions but also in their volume. In August, real estate sellers generated $4.08 billion in profits. Such figures were last seen 12 years ago. In the first eight months of the year, properties worth $24 billion were sold in Dubai. This is only six billion less than the total value of transactions recorded in 2020. Analysts say that not only ready-to-move-in properties or homes under construction, but also new projects are in high demand. Developers strive to...

Dubai saw more than 1,665 real estate transactions over the last days of August and the first two days of September. According to the report of the Land Department, the total amount of transactions came in at $2.55 billion. Plots of land and prime properties among best-selling units Overall, 146 plots of land were sold with a total value of $620 million. Buyers paid another $610 million for apartments and villas. The largest deal was recorded in the Marsa sub-community, with a land plot bought for $179.2 million. Among the communities, the following ones were on top: Jabal Ali First with 40 deals totally worth $89.5 millionWadi-Al-Safa 5 with 14 deals with a total value of $18.5 million Almost half of the real estate was bought using mortgage funds. For the week, $1.09...

According to analysts, we are going to continue to see price increases in the Dubai property market in the coming years. Currently, the emirate’s residential real estate market is rather resilient. It is showing signs of recovery for the first time since 2016, with property prices expected to rise slightly over the next two years. However, properties in Dubai are projected to remain affordable throughout the entire period. The UAE economy has been on a tear following Dubai’s successful immunization campaign and thanks to the government’s economic support measures. According to Dubai Land Department (DLD), this sparked a sustained increase in property sales. Dubai house prices are forecast to increase by 3% and 2.5% in 2021 and 2022, respectively...

Property purchases in Dubai reached an eight-year high in the first half of 2021 amid rising demand for more space in connection with the pandemic-driven shift toward remote work. Overall transactions soared by 69.2% and 46.4%, compared to the same period in 2020 and 2019, respectively, according to the latest CBRE research report.  Sales of existing homes in Dubai rose by a whopping 148.4%, while off-plan transactions had a subdued increase of 13.4% over the same period. In terms of prices, the apartments segment showed a 1.8% decline. Meanwhile, villa prices advanced by 12.7%. Dubai’s rental sector Average rents in Dubai fell by 5.9% amid an 8.1% decline in apartment rental rates.    While total rents have declined, other analysts said some landlords...

The vast majority of neighborhoods in Dubai saw an increase in rental rates in the second quarter of 2021, sparking a rise in villa and apartment rents by 3% and 8%, respectively. According to a report from real estate consultancy Asteco, average rental rates for apartments in the second quarter in Dubai fell by 3% compared to the same period last year. Meanwhile, rents for villas were up by a solid 10%. Asteco estimates that around 6,650 housing units have been completed in the second quarter, while another 22,500 properties are due for completion in the second half of 2021. The upcoming Dubai Expo 2020 is likely to catalyze short-term demand for homes, mainly coming from the exhibition staff. After a consistent drop over the past few years due to high oversupply levels, rents in...

In a recent sign of market resilience, a luxury Dubai villa has been sold for 100 million AED ($27.2 million). Major real estate agency Luxhabitat Sotheby's announced the sale of a luxury mansion in Dubai Hills Estate. It became the fastest deal ever among AED 100 million properties; it took less than a month from listingto the transaction. This is also Dubai’s third major property deal worth over AED 100 million so far this year. The deal is by far the most expensive in Dubai Hills Estate history, with a HNW buyer wishing to remain anonymous. The major sale was the result of an internal collaboration between Luxhabitat Sotheby's managing director Lee Williamson, who represented the seller; and Deputy Director Hani Daleami on part of the buyer. Both are consultants for high-end...

Dubai witnessed a 5% increase in rental prices in January-June 2021. Along with Moscow and Miami, Dubai recorded the fastest pace of rental growth in the first half of 2021 as the emirate’s real estate market approached the pivot point after six years of negative rental prices, marking vigorous growth of the property market. According to a report evaluating the rental prices and yields for luxury properties in 30 cities across the world unveiled by Savills, a leading global real estate advisor, Dubai’s property market prices are likely to reverse direction after six years of negative growth resulting from the supply glut. “Prime rental prices in Dubai increased by 5 percent in the six months to June, driven by a 20 percent increase in rents for villas as residents...

Union Properties, Dubai’s major developer, has unveiled its latest development project called Motor City Views. The project is seen to add value to Dubai’s extensive urban redevelopment efforts. According to the developer, the construction will kick off in the near future. Dubai Financial Market (DFM)-listed Union Properties announced that the residential community will be located in the heart of Motor City overlooking its famous racetrack. The total area of Motor City Views is approximately 857,184 square meters. Shareholders who have invested in the construction of the residential unit will have a priority position. According to Union Properties’ chairman of the board of directors, the project will combine groundbreaking technologies, innovative design and...

The most notable positive results came from revenues from contracts with foreign clients. Revenue growth was $ 53.7 million. Dubai Union Properties is an iconic Dubai developer operating in Dubai financial market. Its diversified subsidiaries announced their consolidated financial results for the 6 months ended 30 June 30, 2021 with a total profit of US $ 32.4 million, compared to the unprofitable 2020 of US $ 160.4 million - stunning result. The company's profit increased by 483% in the 2nd quarter of 2021 and reached $ 26.83 million compared to the 1st quarter of the previous year. In the 2nd quarter of this year, market players witnessed a significant shift in many types of business activities, especially in the real estate sector in the UAE in general and in Dubai in particular....

Emaar, one of Dubai leading real estate developers, headed the top real estate. The share of objects sold was 20.4% of the number of sold housing objects. According to the latest ValuStrat analysis, villas in Dubai are showing the highest annual capital gains amid strong demand. According to the publication, at the moment, the growth of the cost of residential capital is actively continuing in Dubai, since the villas are in the lead with the highest growth in the last 6 years. Real estate sales in Dubai have shown positive momentum since the new COVID-19 measures were introduced last year. Demand was driven by strong interest from international and domestic buyers and improved market sentiment. Residential complexes in demanded premium areas showed double growth in July 2021. The...

Real estate management company Asteco says the gradual recovery of the Arab housing market will continue in Q2 2021, with prices skyrocketing in parts of Dubai. The second quarter of 2021 saw a sharp increase in villa prices in Dubai to a record 27%. According to analysts, this directly indicates that the UAE real estate sector continues to actively recover. Jumeirah saw the highest price increases at 27% from Q1 to Q2 2021, according to the latest report from property management company Asteco. It was followed by Springs, which saw an increase of 24%, and Dubai Hills Estate, where prices increased by 19%. Apartment sales in Dubai are also rising in all directions, with Palm Jumeirah having the highest growth from Q1 to Q2 by 13%, followed by Business Bay by 12% and Jumeirah Lakes...