Dubai records 25,972 property deals in first quarter of 2022

A total of 20,539 sales transactions worth $15.11bn were conducted in three-month period

 

Dubai registered 25,972 property transactions in the first quarter of this year, the highest number of quarterly deals since 2010, said Mo’asher, the emirate’s official sales price index issued by the Dubai Land Department in partnership with Property Finder.

The January to March period recorded a total of 20,539 sales transactions worth Dh55.51 billion ($15.11bn).

“The data demonstrates Dubai’s real estate market[’s] significant growth and continuous upwards trend while it continues to provide vital insights and transparency into the Dubai real estate market,” DLD said on Tuesday.

Last month, there were 8,399 sales transactions involving Dubai property, worth Dh22.58bn — up 83 per cent and 109 per cent on an annualised basis, respectively.

The top areas searched for sale in the first quarter for apartments were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay and Jumeirah Village Circle, Property Finder data suggested.

The top areas searched for villas or town houses were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya By Damac) and The Springs.

The property market in the UAE, the second-biggest Arab economy, has made a strong recovery from the pandemic-driven slowdown as the country’s economy improves on the back of fiscal and monetary measures.

Pent-up demand and improved investor sentiment have also helped to drive property sales, particularly in Dubai and Abu Dhabi, amid the pickup in economic activity. New initiatives, such as visas for expatriate retirees and the expansion of the 10-year golden visa scheme, are expected to support the local market, industry experts say.

More than 44,783 rental contracts were signed in Dubai last month, with 60.3 per cent new contracts and 39.72 per cent renewals.

The areas with the most rental transactions in March were Jabal Ali First (6,259 contracts), Al Warsan First (6,224), Business Bay (5,056), Naif (5,011) and Al Karama (5,007).

Shaikhani Group said, they're trying their best to extend the productivity of their projects so it'll fork over by the top of this year….

Dubai is one the simplest city to measure where everything is out there on the doorstep, this is often why Shaikhani Group invested their money, and that they do have different projects which are successfully in process. Shaikhani group tries to seek out the simplest deals with good luxuries therefore the customer can enjoy all the luxuries at full Shaikhani group already handover few projects in Dubai worth of many dirhams, they always achieve their target on time which shows the positive sign of their progress. Soon they're going to handover gardenia residency which is found in Jumeirah village circle, it's been expected they're going to handover this project by the top of 2022 or even earlier depends on the working conditions and environment

Mr Ahmed Shaikhani said we've provided our labour high-quality equipment to form sure work doesn't compromise and customers will get their apartments on time quite 1000 units handover within the projects of Cambridge business centre, champions tower 1 and Frankfurt sports tower which is worth of 700 million dirham approximately 600 units are to be completed soon within one year in Champions tower 3, Gardenia 1 and a couple of approximately value 300 Million dirham are going to be deliver

Dubai’s luxury home market to continue golden run in 2022

 

Dubai: Dubai’s luxury home market will continue to see high demand in 2022, supported by rising interest from international investors, according to Zoom Property Insights.

The real estate consultancy said the post-Expo landscape looks “bright” for the emirate’s luxury home market. Transactions are up 30 per cent on a year-on-year basis, with 4,083 deals being recorded in January 2022 alone. The average property prices (per square foot) also witnessed an increase of 35.1 per cent during the month.

“The market, on the whole, will benefit from an influx of overseas investors as there’s an increase in demand from Ukrainian and Russian buyers as well,” Ata Shobeiry, CEO at Zoom Property, said in a statement.

“Moreover, visa reforms, expatriate-friendly policies, and high profit earning potentials continue to attract investors from across the globe, making Dubai a lucrative market for real estate investment,” Shobeiry said. “The luxury property market will retain its upwards trajectory in 2022 with more upscale buildings and projects on the rise. Consequently, wealthy foreign investors will show more interest in the sector.”

The year 2021 saw an increased activity in the luxury housing sector as it recorded a 40 per cent surge in prices compared to the preceding year despite the pandemic challenges. A record total of 93 homes worth $10 million or higher were sold in 2021 as average residential values climbed 9.2 per cent, with villas showing a major jump of 21.2 per cent.

Top 5 luxury apartments sold in Q1, 2022

The most expensive apartment was sold in Burj Khalifa Zone 4, Downtown Dubai, for Dh73 million during the first quarter of 2022. It was followed by an apartment in Dorchester Collection Dubai located in Business Bay. The ultra-prime apartment was sold for Dh69 million.

Next, The Royal Atlantis Resort and Residences in The Palm Jumeirah sold a high-end apartment for Dh63 million. Luxury apartments in W Residences Dubai and Serenia Residences Building B, both located in The Palm Jumeirah, were sold for Dh57 million and Dh50 million, respectively.

Top 5 luxury villas sold

Palm Jumeirah sold the most expensive villa worth Dh87 million during the first quarter this year. Another villa valued at Dh30 million was sold in Island 2. It was followed by luxury villas in Dubai Hills Estate, Nad Al Sheba Third, and Al Hebiah Fourth, sold for Dh29 million, Dh22 million, and Dh10 million, respectively.

On Thursday, real estate agency Belleview Real Estate said it sold a Palm Jumeirah villa for a record-breaking price of Dh280 million. The previous long-standing record – of Dh185m - had been unbeaten since 2015.

Higher profits

In a bid to earn higher profits, many owners of luxury homes in Dubai are delaying their plans of selling properties as prices are expected to increase even more. Particularly areas such as Palm Jumeirah, Jumeirah Bay, District 1, and Dubai Hills are projected to see a 10 to 15 per cent jump in annual price gains.

According to Zoom Property Insights, there’s a strong prediction of a record increase in the sales of Dh 100 million-plus luxury homes in Dubai.

Ahmed Shaikhani Group Managing Director of Shaikhani Group says As the pandemic situation is that the most incredibly terrible inside the whole world, things are really difficult to illustrated considering the way that during the current situation we've to be incredibly careful avoiding any unnecessary risk to shape sure to not put work's life in danger since this work needs gigantic heaps of work and appreciation to pandemic we've to manage the 6-foot opening, so what we've given our work first class stuff to approach sure work doesn't deal and clients will get their lofts on time extremely 1000 units handover inside the exercises of Cambridge business center, champions tower 1 and Frankfurt sports tower which is worth of 700 million dirham around 600 units are to be done soon inside one year in Champions tower 3, Gardenia 1 and a few generally regard 300 Million dirham will be convey

This time, it is Dubai’s offplan market that is seeing the investor rush

 

Buyer queues are back at Dubai’s latest and prestigious launches

Dubai’s property market has certainly picked up from where it left off in 2021, with record-breaking transactions continuing to take place in prime and super-prime neighbourhoods. This momentum is even more pronounced in the offplan sector, with local and overseas investors realising the enormous potential of the residential market. The number of high-end projects being launched this year has already given new momentum to the market with buyers ranging from local, domestic buyers to global investors from key locations as far as Monaco, Switzerland, and China.

This year, Dubai has seen a breath-taking pace of launches, with several prestige projects selling quickly. In existing communities, we are seeing expansions like at Al Barari, which launched a new sub-community of luxury and eco-conscious homes nestled in the wilderness, called ‘Ixora’. Such was the anticipation that the developer had to arrange blankets for all the brokers who slept overnight at the sales office just to secure their clients’ units. In fact, Al Barari sold out the entire community in a matter of hours, which just goes to show the levels of optimism and confidence everyone has in the market conditions here in Dubai.

Similarly, internationally acclaimed hospitality brands are appearing in the market at an unprecedented rate. We have witnessed the arrival of some globally recognised brands including Six Senses, W Residences Downtown Residences, Da Vinci Tower by Pagani, St. Regis Downtown by St. Regis Hotels and Resorts.

Rising prices in secondary market

One of the key reasons behind the resurgence of offplan has been the price increases in the secondary market. The main factors that have underpinned the rise of secondary market transactions include:

• Government initiatives - because of its strong support to businesses and economic reforms, a water-tight vaccination drive, the demand continued to soar in the secondary segment.
• An increase in the loan-to-value – with buyers only required to make a 20 per cent down payment, owning a property in Dubai became an affordable, hassle-free affair.
• An increase in the loan-to-value – with buyers only required to make a 20 per cent down payment, owning a property in Dubai became an affordable, hassle-free affair.
• Low interest rates – buyers and investors alike were encouraged by flexible financing solutions.

Because of the above-mentioned reasons, the secondary market took off, especially in prime communities such as Palm Jumeirah, Dubai Hills Estate and Downtown. This price increase in turn led to renewed interest in the offplan market with home buyers valuing a brand-new, often serviced residence more than a secondary property. Also, compared to resale properties, investing in new and upcoming projects is far more affordable, with developers offering flexible payment plans.

Another factor worth mentioning is of course, price appreciation. Projects such as Lunaria, LIV Marina and Downtown are likely to benefit from higher rental yields due to their sought-after locations, in addition to having a lucrative re-sale value. Investors who previously purchased offplan are starting to cash in on their returns with prices well above their original price.

Feeding the offplan need

The price increases in the secondary market have certainly triggered a domino effect, leading to the rise in demand for offplan projects. Buyer demand is hugely varied, and developers are racing to catch up. Some buyers require a penthouse facing the sea, while others enquire about townhouses in green, family-friendly neighbourhoods.

What’s interesting to note is that it’s not all one-way traffic, in the sense that there is a mix of investors as well as end-users, who look at Dubai as a place where they see a long-term future for themselves.

Some say Dubai’s real estate sector is a bubble, others opine the market is finally realizing its true potential. The truth, however, is that Dubai’s property segment has always been undervalued – it is only now that the market is beginning to approach its zenith. Whilst we are still some way off from peak figures in 2014, the market today is heading towards stabilization.

The deluge of new developments is a testament to the city’s resilience in the face of a global pandemic as investor confidence is restored and Dubai is seen as a destination where people want to live, work, and enjoy life.

As the current circumstance is that the most truly loathsome inside the entire world, things are really hard to delineated considering the way that during the present circumstance we've to be extraordinarily cautious keeping away from any superfluous gamble to shape sure to not seriously endanger work's life since this work needs gigantic piles of work and appreciation to pandemic we've to deal with the 6-foot opening, so what we've given our work top notch stuff to frame sure work doesn't arrangement and clients will get their lofts on time especially 1000 units handover inside the activities of Cambridge business focus, champions tower 1 and Frankfurt sports tower which is worth of 700 million dirham around 600 units are to be done soon inside one year in Champions tower 3, Gardenia 1 and a couple by and large respect 300 Million dirham will be convey

On another side, another endeavor The Motorcity they are managing a green environment where they have laid out more than 1000 Plants in their whole undertaking. As they probably are aware about Karachi's situation about defilement, they said this is nothing as differentiation with the scope of Karachi anyway it is somewhat advance to reduce the tainting, they are putting forth a strong effort.

Plus, they are building Rabia City townhouse project where they guarantee everything at last relies upon the size of green environment, even they will present daylight based energy, R.O. Plant and other green environment stuff to diminish the defilement and give the best strong lifestyle to the people who are living around there