Six business groups specifically focused on the real estate sector have been established, according to the Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers. The new groups concentrate on businesses involved in the real estate industry, such as developers, evaluators, renters, facility managers, interior decorators and interior designers, and engineering consultants....
According to a recent survey, 66% of ultra-high net worth people (UHNWIs) who own property in Dubai use it as their primary residence, demonstrating the preference millionaires have for living and taking advantage of the emirate’s high standard of living. There are 830 UHNWIs, or millionaires with assets of $30 million or more (about Dh110 million), who are primary and secondary homeowners, according...
The ultra-luxury St. Regis Residences on Financial Centre Road in Dubai sold out of 70% of its units in the first hour of opening, generating nearly Dh1 billion in sales. The project was in high demand in a market supported by the premium segment and showing no signs of slowing down. "It is safe to state that St. Regis Residences, Financial Centre Road was specifically designed to meet the needs of a...
Dubai once again topped the global Prime International Residential Index 100 (PIRI 100) for 2022 while claiming 16th rank among the most expensive cities for luxury properties, underscoring its growing allure and affordability to the world's super-rich. Prime residential prices accelerated at the world's fastest pace last year. Prime residential prices in Dubai increased by 44.2% in 2022, compared to a...
Dubai is coming up to New York and Los Angeles in terms of luxury real estate. Dubai is the busiest luxury real estate market in the world, followed by New York, Los Angeles, and London, as a result of the influx of wealthy investors looking for safety from the geopolitical and economic upheaval occurring throughout the world. The Middle Eastern economic powerhouse sold 219 properties last year for...
3,397 real estate and property transactions of AED 11.5 billion were performed during the week ending March 3, 2023, according to data released by Dubai's Land Department. (DLD). In contrast to 228 plots, which sold for AED 2.59 billion, 2,498 apartments and villas were sold for AED 5.54 billion, according to the DLD weekly report. Al Wasl had the highest land sales, totaling AED 397 million, while...
Dubai is coming up to New York and Los Angeles in terms of luxury real estate. Dubai is the busiest luxury real estate market in the world, followed by New York, Los Angeles, and London, as a result of the influx of wealthy investors looking for safety from the geopolitical and economic upheaval occurring throughout the world. The Middle Eastern economic powerhouse sold 219 properties last year for...
The real estate market in Dubai had 598 sales transactions worth AED1.55 billion on Thursday, in addition to 68 mortgage deals totaling AED1.48 billion, according to figures released by Dubai's Land Department (DLD). 547 houses and apartments worth a combined AED1.13 billion and 51 land plots worth AED421.05 million were sold. The mortgages covered 56 homes and apartments worth AED1.14 billion and...
The titles of two of the 12 projects that the Dubai developer Samana planned to debut this year were inspired by Greek islands. At Dubai Studio City, the "Santorini" and "Mykonos" projects will each require 320 million dirhams to build. Imran Farooq, chief executive officer of Samana Developers, stated that "we (are) going to develop an island design and feel in new projects." The COVID-19 outbreak...
According to data provided by Dubai’s Land Department (DLD), the real estate market in Dubai saw 508 sales transactions worth AED1.33 billion on Thursday, along with 101 mortgage deals for AED1.66 billion and 135 gift transactions totaling AED247.57 million. The sales included 463 houses and apartments valued at AED993.46 million as well as 45 land plots for AED340.07 million. The mortgages included...
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