Dubai Real Estate Market Sets New Records in 2023 with the Shaikhani Group at the Helm

 

Dubai's real estate sector has experienced a remarkable surge in 2023, marked by unprecedented highs in both volume and value of sales transactions. The landscape, shaped by various factors, including rising rents and a desire for long-term stability, witnessed average prices surpassing the previous peak set in September 2014. Despite a slight dip in off-plan transactions, the market demonstrated resilience throughout the final quarter.

 

A significant shift towards domestic demand was noted, with end users accounting for an increased share of buyers, rising from 38% to 44%. This trend signals the maturation of the market and bodes well for sustained price stability in the years ahead.

 

One of the driving forces behind this surge has been the Shaikhani Group, a key player in Dubai's real estate scene. Privately held by Mr. Mohammad Abubakar Shaikhani, the group boasts over three decades of experience in property development and asset management. The Shaikhani Group has successfully partnered with a diverse array of real estate developers and stakeholders, identifying, developing, and executing projects that have contributed to the market's evolution.

 

In 2023, Dubai experienced a population increase exceeding 100,000, reinforcing its status as a global destination for citizens seeking a safe haven, unparalleled lifestyle, and a favorable business and tax environment. However, the supply-demand imbalance, with new property handovers relatively unchanged from the previous year, has led to increased pressure on rents. Betterhomes reported a notable 24% increase in average rental prices, with more tenants opting for lease renewals.

 

The luxury real estate market in Dubai, in particular, witnessed an unprecedented year, driven by an influx of millionaires worldwide. The UAE, ranking above the United States and second only to Australia in wealth migration, attracted high-net-worth individuals, surpassing European tax havens in 2023. The success of developments like Palm Jebel Ali and Palm Jumeirah highlighted the enduring popularity of waterfront residences, while branded residences continued to be in demand.

 

Looking ahead to 2024, the Shaikhani Group anticipates a growth in new property handovers, aligning with the continuous influx of expats to Dubai. While a slowdown in the rapid price increases observed since 2019 is expected, there's a forecast for continued growth at more sustainable levels. This reflects the evolving and maturing nature of Dubai's real estate market.

 

the Shaikhani Group stands as a pivotal force in Dubai's real estate success story, embodying a commitment to identifying growth opportunities and contributing to the city's ongoing transformation. As a leader in project ideation and development, the group's diversified portfolio and forward-looking approach position it as a key player in shaping Dubai's real estate landscape in the years to come.

Shaikhani Group: A Visionary Legacy Transforming Dubai's Skyline and Beyond

 

In 2023, Dubai's real estate market witnessed unprecedented success, with 120,742 residential transactions, a 38% YoY increase, and a record-breaking surge in property prices by 18%. Betterhomes' FY2023 report highlighted over half of transactions were off-plan sales.

CEO Richard Wained emphasized 2023's significance, setting new records in volume and value. Dubai Creek Harbour and Palm Jumeirah saw over 30% price increases, surpassing pre-2014 peaks.

Despite higher prices, buyer interest thrived, with Betterhomes reporting a 91% YoY lead increase. Over 100,000 new residents fueled demand, with active foreign buyers, notably Indians and British, alongside others from Egypt, Lebanon, Pakistan, and Turkey.

Luxury real estate transactions (over AED 15 million) doubled from 2022, contributing to rising rents (up 24%). Market conditions pushed occupancy rates to 93-97%.

Analysts foresee new supply arriving post-2025, suggesting further growth for Dubai's property market. Dubai's global appeal remains intact, attracting interest worldwide.

In the dynamic landscape of Dubai's thriving real estate market, the Shaikhani Group, founded by the visionary Abubakar Shaikhani, has played a significant role in shaping the city's skyline. Following the passing of Abubakar Shaikhani, his sons have assumed leadership roles, ensuring the continued success and growth of the company.

With its headquarters in Dubai, the Shaikhani Group manages a diverse portfolio of projects that contribute to the city's reputation as a global investment destination. The Dubai office oversees prestigious developments such as Champions Tower 3, Gardenia Residency, and the Cambridge Business Centre. These projects exemplify the group's commitment to delivering high-quality and innovative real estate solutions in line with Dubai's dynamic market demands.

Simultaneously, the Karachi office of the Shaikhani Group is actively engaged in overseeing projects like The Motorcity and Rabia Enclave, reflecting the group's regional presence and commitment to excellence beyond the borders of Dubai.

As the Shaikhani Group continues to meet and exceed expectations with ongoing projects, they have an exciting pipeline of developments that will be unveiled once these current ventures reach completion. The commitment to excellence, coupled with a forward-thinking approach, positions the Shaikhani Group as a key player in Dubai's real estate sector.

In anticipation of their future endeavors, the group remains dedicated to contributing to the city's growth and solidifying its reputation as a global business and lifestyle hub. The Shaikhani Group's legacy of innovation, coupled with their strategic vision, ensures their continued success in the ever-evolving Dubai real estate market.

 

Exploring the Visionary Realm of Shaikhani Group

 

Introduction: In the dynamic landscape of global business, certain entities stand out for their commitment to excellence, innovation, and a vision that transcends boundaries. One such group making waves in the real estate and investment sectors is the Shaikhani Group. Founded on principles of integrity, quality, and customer satisfaction, the group has become synonymous with pioneering projects that redefine the standards of luxury and sustainability.

History and Founding Principles: Established with a vision to contribute significantly to the development of the real estate sector, Shaikhani Group has evolved into a conglomerate that operates across diverse industries. With roots firmly embedded in Dubai, UAE, the group was founded by Mr. Abubakar Shaikhani, a visionary entrepreneur with a passion for creating spaces that inspire and elevate lifestyles.

Projects and Innovation: At the heart of Shaikhani Group's success lies a portfolio of remarkable projects that span residential, commercial, and mixed-use developments. From iconic skyscrapers to master-planned communities, each project bears the hallmark of the group's commitment to innovation and excellence. By seamlessly blending cutting-edge architectural design with sustainable practices, Shaikhani Group ensures that their developments not only meet the highest standards but also contribute positively to the environment.

One of the distinguishing features of the group is its relentless pursuit of innovation. The use of state-of-the-art technology, smart building solutions, and a focus on energy efficiency underline Shaikhani Group's commitment to creating spaces that are not only aesthetically pleasing but also sustainable for the long term.

Global Reach: While rooted in the vibrant business environment of the UAE, Shaikhani Group has expanded its footprint beyond borders. The group's global presence is marked by a strategic approach to international investments, fostering partnerships, and exploring emerging markets. This global perspective positions Shaikhani Group as a key player in the ever-evolving landscape of real estate and investment.

Customer-Centric Approach: Shaikhani Group places a strong emphasis on customer satisfaction. By prioritizing the needs and preferences of their clients, the group has garnered a reputation for delivering projects that exceed expectations. From concept to completion, Shaikhani Group maintains transparency, reliability, and open communication, ensuring a positive experience for all stakeholders involved.

In the realm of visionary real estate developers, Shaikhani Group stands as a beacon of innovation, integrity, and excellence. With a commitment to shaping sustainable and inspiring environments, the group continues to leave an indelible mark on the global landscape. As Shaikhani Group looks towards the future, it is poised to further redefine the standards of quality and luxury in the real estate and investment sectors. To explore their transformative projects and learn more about their vision, visit their website at www.shaikhanigroup.com.