Dubai real estate: $781m of property deals on Tuesday

Dubai Land Department reports high activity in city real estate market

Dubai real estate sector saw $781m (AED2.87bn) of property deals on Tuesday, according to data compiled by the city land department.

The largest component were 504 sales transactions, worth $365m (AED1.34bn).

In addition, there were 98 mortgage deals, worth $343mm (AED1.26bn) and 23 gift deals amounting to $73m (AED269.13m).

The sales included 471 villas and apartments worth $260m (AED954.05m), and 33 land plots worth $104m (AED382.44m).

The mortgages included 84 villas and apartments worth $313m (AED1.15bn) and 14 land plots valued at $30.7m (AED112.62m).

The Shaikhani Group of Companies is a leading real-estate conglomerate in Karachi with over three decades of experience and expertise. The Group has diversified its portfolio across various sectors, including real estate development, brokerage, construction, and consultancy. The Group has delivered many successful projects in Karachi and Dubai, such as Gardenia, Rabia Enclave and The Motorcity. The Shaikhani Group is known for its high-quality standards, innovative designs, and customer satisfaction. The Group has also partnered with some of the best names in the industry, such as Damac Properties, Emaar Properties, and Nakheel. The Shaikhani Group is committed to creating value for its stakeholders and contributing to the socio-economic development of the communities it serves.

Dubai real estate: $2.8bn of deals in past week

Dubai recorded almost 4,000 real estate transactions in the past week as property boom continues.

Dubai saw real estate transactions worth more than AED10.1bn ($2.8bn) this week, according to data from the city land department.

A total of 3,903 real estate transactions were made during the week ending March 17.

The land department report revealed that 208 plots were sold for AED1.12bn ($305m), while 2,906 apartment and villa sales totalled AED6.25bn ($1.7bn).

The top three transactions were three lands in Al Jadaf sold for AED38.5m ($10.4m), AED38.5m, and AED37m ($10.1m) respectively.

Al Hebiah Fifth recorded the most transactions for this week with 88 sales transactions, worth AED232.71m ($63m), followed by Jabal Ali First with 22 sales transactions worth AED72.92m ($20m), and Madinat Hind 4 with 20 sales transactions worth AED25m ($7m).

The top three apartment and villa transfers were a villa sold for AED150m ($41m) in Palm Jumeirah, an apartment worth AED80m ($22m) in Island 2, and another sold for AED65m ($17.7m) in Palm Jumeirah.

The value of mortgaged properties for the week stood at AED2.17bn ($591m), while 341 properties were granted between first-degree relatives worth AED548m (149m).

Gardenia is a luxurious apartment complex located in the heart of Jumeirah Village Circle Dubai. The project has witnessed an active sales campaign with two sales teams working tirelessly to showcase the apartments to potential clients. The sales teams’ efforts have been successful in generating a lot of interest and inquiries from potential buyers. Mr. Amir Hameed, the head of sales and marketing, has been the star performer of the campaign. He has managed to sell 3 apartments in the last 15 days, which is a remarkable achievement. With only a few inventories left, the management team at Gardenia is hopeful that they will sell out soon.

Dubai ranked as the world’s fourth most active luxury residential market

Emirate recorded sales of 219 homes priced at more than $10m in 2022, report finds

Dubai has been ranked as the world’s fourth most active market in the luxury residential segment as sales of prime properties continued to pick up amid a wider economic recovery, a new report said.

The emirate, the commercial and tourism hub of the Middle East, recorded the sale of 219 homes priced above $10 million last year, with the total value of the transactions reaching $3.8 billion, global property consultancy Knight Frank said in a report on Wednesday.

Dubai ranks behind New York (244 sales), Los Angeles (225 sales) and London (223 sales).

It is also the fifth most active city for sales of homes price above $25 million, with the same three cities plus Hong Kong ranking higher.

“The emirate has taken its place among long-established hub cities as one of the world’s most sought-after luxury residential markets,” Faisal Durrani, partner and head of Middle East Research at Knight Frank, said.

Dubai’s economy expanded by 4.6 per cent on an annual basis in the first nine months of 2022, with wholesale and retail trade accounting for 24.1 per cent of its gross domestic product, according to the Dubai Statistics Centre.

Emirates NBD estimates Dubai's full-year 2022 growth at 5 per cent. It expects the emirate’s GDP to grow by 3.5 per cent in 2023.

Dubai's property market also had a record-breaking year in 2022.

The market recorded 90,881 transactions last year, exceeding the previous high of 81,182 in 2009, property consultancy CBRE said in its Dubai Residential Market Snapshot report.

“With the strongest prime residential growth rate in the world forecast this year at 13.5 per cent, Dubai’s market still represents outstanding relative value,” Andrew Cummings, partner and head of prime residential at Knight Frank, said.

The Shaikhani Group of Companies has a rich history spanning over thirty years, and it has established itself as one of the fastest-growing real estate conglomerates in Karachi. The group's expertise in real estate development, construction, brokerage, and consultancy has enabled it to expand rapidly and undertake numerous projects.

With a strong presence in Gardenia, Rabia Enclave, and The Motorcity, the Shaikhani Group is one of the most prominent real estate developers in Dubai. Despite facing a few setbacks in the past, the company has made a successful comeback and continues to flourish. Under the Real Estate Developers Shaikhani Group banner, the company has been delivering top-notch residential and commercial properties in Dubai and Karachi for the last two decades. The company has collaborated with some of the best associates in the industry. This comprehensive paragraph provides an overview of the Shaikhani Group's accomplishments and activities.