Dubai Property Market Continues Record-Breaking Streak in Q3

Dubai's real estate market has maintained its record-breaking momentum in the third quarter, with a notable shift towards end-users as more buyers choose to reside in the properties they purchase, according to data released on Wednesday by Property Finder, a leading real estate portal.

The emirate recorded a total of 50,439 transactions valued at AED 142 billion, marking a 15% increase in volume and a 14.5% rise in value compared to the second quarter. Off-plan transactions made up 63% of the total, up from 55% in Q3 2023.

Off-plan sales saw a significant year-on-year volume growth of approximately 58.7%, reaching 31,800 transactions, the highest quarterly volume ever recorded. The value of these transactions surged by 42.3% year-on-year, amounting to AED 67.45 billion, compared to AED 47.39 billion in Q3 2023.

The market surpassed its 2009 peak, with 31,800 transactions compared to 26,629 in 2009, reflecting a 19.4% increase. Existing property transactions also rose by 13.3% year-on-year, with 18,639 transactions compared to 16,450 in the same quarter last year. These accounted for 37% of total transactions in Q3 2024, with a 7.9% increase from Q2 2024. The value of these transactions increased by 20.8% year-on-year, reaching AED 74.53 billion, compared to AED 61.7 billion in Q3 2023, contributing to 52% of total sales transaction values, down from 57% in Q3 2023.

In Abu Dhabi, residential real estate transactions totaled 1,813, valued at AED 4.92 billion, accounting for 63% of the total transaction volume across residential, commercial, and other sectors, and 56% of the transaction value. The off-plan market registered approximately 746 transactions, making up 41% of the total in Q3 2024, with values reaching AED 2.56 billion, contributing to 52% of the quarter's total.

A total of 1,067 transactions in Q3 2024 represented around 59% of total transactions, compared to 747 in Q3 2023, contributing to 24% of the total. This marked a 42.8% year-on-year growth, the highest transaction volume and value recorded in the last eight quarters. The value of existing/ready transactions in Q3 2024 reached AED 2.37 billion, contributing 48% of the total sales transaction value, compared to 15% in Q3 2023, representing a 44.8% increase from AED 1.6 billion in Q3 2023, despite a decrease in overall year-on-year transactions.

"Q3 2024 achieved significant milestones for Dubai’s real estate market, reflecting a robust surge in activity and a clear shift towards owner-occupancy. This underscores the growing appeal of off-plan properties, which are increasingly resonating with buyers. We’ve observed an uptick in buy-to-live transactions, evidenced by the increase in mortgage processing through our Mortgage Finder advisory service. In this vein, we further recognize the positive momentum in Abu Dhabi’s market, which further enriches the regional landscape. The Abu Dhabi Real Estate Centre’s newly launched Rental Index also promises greater transparency for tenants and landlords, supporting stable growth for property in the emirate," said Cherif Sleiman, Chief Revenue Officer at Property Finder.

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

The Shaikhani Group remains a pivotal force in Dubai's real estate success, committed 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.

The Motor City Karachi

 

Motor City Karachi is a premier housing society developed by the Shaikhani Group of Companies, strategically located adjacent to the M-10 Motorway and near Kirthar Park Road. This project exemplifies the developers' commitment to adhering to both international and local property development standards, with a team of highly qualified experts overseeing its progress.

Developers and Owners:

Motor City Karachi is a flagship initiative by the Shaikhani Group of Companies, renowned for delivering projects with meticulous attention to quality and cost-effectiveness. Established in 1978, the company emphasizes eco-friendly design and construction, ensuring compliance with all building codes and regulations. The project incorporates international building standards into its layout and blueprints, making it a standout residential development in Karachi.

NOC Status:

Unofficial sources suggest that the No Objection Certificate (NOC) for Motor City Karachi has been approved by the Sindh Building Control Authority (SBCA). However, potential investors are advised to verify the legal status with the relevant authorities. Approved projects typically experience faster development and delivery. Other approved residential areas in Karachi include Gadap Town, Baldia Town, and Saadi Town.

Location:

Motor City Karachi is conveniently situated next to the M-10 Motorway and near Kirthar Park Road. The location is easily accessible, with the following key points of interest:

·        Adjacent to the M-10 Motorway

·        Close to Kirthar Park Road

·        Approximately 38 minutes from N-5

·        About 13 minutes from the M-9 Motorway

·        Roughly 25 minutes from Lyari Expressway

·        Approximately 27 minutes from Jinnah International Airport

Master Plan:

The master plan of Motor City Karachi is a testament to architectural excellence, offering residents a blend of essential and luxurious amenities. The developers have ensured that the society provides a comprehensive lifestyle befitting the 21st century. The project offers four plot options: R1, R2, and R3 at 125 sq yards each, and A1 at 250 sq yards.

Payment Plan:

Motor City Karachi presents an attractive payment plan, allowing buyers to secure their dream property through affordable installments. The plots are available for booking at competitive rates.

Facilities and Amenities:

Motor City Karachi offers a range of modern facilities and amenities at budget-friendly prices, making it a complete residential scheme. A significant portion of the land is dedicated to green spaces, including parks, to promote a healthy and luxurious lifestyle. Key facilities include:

·        Eco-Friendly Environment: The society offers a nature-close lifestyle with modern amenities, providing a unique experience not commonly found in Pakistan's housing societies.

·        Grand Mosque: A beautiful Jamia mosque is being constructed to meet the religious needs of residents, featuring modern technology and architecture.

·        Water Resources: Water reservoirs and filtration plants will be developed to ensure a reliable supply of clean water for daily use.

·        Community Center: Designed to foster social interaction, the community center will host various social activities.

·        Health Facilities: State-of-the-art hospitals and clinics will provide 24/7 emergency services, staffed by professional medical personnel.

·        Education Complex: A world-class education complex will be established, staffed by trained professionals to deliver international-level education.

·        Business & Commercial Hub: A comprehensive commercial area will cater to the economic needs of residents, offering a variety of services within the society.

·        Secure Community: A gated community with 24/7 CCTV surveillance and a boundary wall ensures a high level of security.

·        High-Quality Infrastructure: Roads and infrastructure are developed with professionalism, featuring wide boulevards and streets for an aesthetically pleasing environment.

Salient Features:

Motor City Karachi boasts several standout features, including:

·        Attractive entrance gate

·        Affordability

·        Grand Mosque

·        Water resources

·        Education complex

·        Accessibility

·        24/7 security

·        Maintenance services

·        Boundary wall

·        Gated community

·        Quality development

·        Utilities (water, gas, electricity)

·        Underground electrification

·        Sewerage and waste disposal system

·        World-class infrastructure

·        Sports complex with indoor and outdoor facilities

·        Medical facilities provided by hospitals, dispensaries, and clinics

How to Transfer Property Ownership After Wife's Death in Dubai

 

Question:

A man and his wife jointly owned a property in Dubai, each holding a 50% share. Following the wife's recent passing, the husband wishes to transfer her share to his name and issue a new title deed to sell the property. Both had registered wills in Dubai. What is the process for doing so? Should the procedure be handled by the Dubai Land Department or Dubai Courts?

Answer:

Several factors need to be considered, starting with the religious background of the parties involved. If they are Muslim, Sharia law applies, which may involve other family members in the asset distribution.

For non-Muslims with registered wills in Dubai, the process is more straightforward. Even with a will, asset distribution requires probate, which is overseen by the court to review and execute the will. If the will is registered with the DIFC, the probate process is expedited and can be completed within a few days.

Tenancy Contract Renewal and Landlord Disputes

Question:

My tenancy contract expires on September 24, 2024. I am willing to renew it in line with the increase mentioned by the RERA rental index. However, my landlord refuses to renew the contract despite my 90-day notice. He claims his email serves as notice for me to vacate by the end of the contract. What should I do?

Answer:

The landlord is incorrect. Legally, a landlord cannot deny a tenant the right to renew the contract if the tenant wishes to do so. Eviction can only occur under four specific circumstances:

1.     The landlord wishes to sell the property.

2.     The landlord or their first-degree next of kin intends to move in, with proof required that no suitable alternative property is available. If evicted for this reason, the landlord cannot re-let the property for two years.

3.     Extensive refurbishment is planned that makes the property uninhabitable during the works.

4.     The property is set for demolition, with necessary approvals from competent authorities.

In all cases, eviction notices must be served via notary public or registered mail, not through email, WhatsApp, or oral agreements, and must provide a minimum of 12 months' notice. If the landlord does not comply, file a case at the rental dispute center, where a judge will enforce the legal obligations.

 

Dubai's 'Rain Street' to Extend by 1 km with New Resort Featuring a 'Snow Plaza'

 

A new resort is set to surround a 1km stretch of Dubai Street, where it rains year-round. The Marbella Resort, inspired by the Spanish town of Marbella, is slated to open in 2026. This Dh1 billion five-star hotel will be located on the World Islands and will only be accessible by private yacht. It will feature a snow plaza where visitors can experience year-round snowfall and will be surrounded by 500,000 square meters of coral reefs, home to over thirty different species of fish.

The resort, developed by the Kleindienst Group as part of The Heart of Europe project, will offer access to private coral reefs for snorkeling and diving, attracting marine species such as angelfish, anemonefish, lionfish, and green turtles. Josef Kleindienst, Chairman of Kleindienst Group, stated, "We envisioned a destination that provides a unique cultural escape with experiences that are authentically Spanish, right here in Dubai." The project emphasizes environmental friendliness, utilizing solar power and policies aimed at zero discharge of microplastics.

Adjacent to the Marbella Resort will be Côte d’Azur, a French-themed resort divided into sections representing Monaco, Nice, Cannes, and St. Tropez. The Heart of Europe also features Honeymoon Island, offering floating seahorse villas.

Guests at the Marbella Resort Hotel can choose suites, chalets, or cabanas with views of the street, snow plaza, or sea. The resort will include open-air restaurants, water sports, and beach parties, with six restaurants serving authentic European cuisine. To evoke Andalusia, the 150-room luxurious hotel will also feature gardens, submerged courtyards, and citrus and olive groves.

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.

Family-Friendly Neighborhoods to Call Home in Dubai

 

Deciding to make Dubai your new home is a fantastic choice! As one of the world’s fastest-growing cities, Dubai attracts millions of new residents and substantial investments every year. With its zero per cent income tax, impressively low crime rate, and a population that's 91 per cent expatriates, Dubai is a melting pot of cultures and opportunities. The city is also renowned for its family-friendly neighborhoods, making it an ideal place to raise a family.

However, Dubai has unique characteristics that set it apart from other places. These factors should be considered when contemplating life here.

What Challenges Await Those Who Decide to Make Dubai Their Home?

Cultural adaptation can be slightly challenging but also an exciting adventure for families moving to Dubai. While the city is rich in cultural diversity, adjusting to new customs and traditions can be a wonderful journey of discovery. Embracing this experience with openness and understanding can lead to a smooth transition and an enriching experience for everyone. With a positive mindset, you and your family will find yourselves at home in no time, making lasting memories along the way.

Education is always a top priority for families. Moving to a new school can be challenging for children, even within their native city, and moving abroad adds another layer of complexity. Parents must not only select a school that meets high educational standards but also ensure a smooth transition.

Cost of living in Dubai is known to be relatively high, particularly in upscale neighborhoods where housing and dining expenses can be significant. To manage expenses effectively while enjoying the city’s amenities, it's important to budget wisely and explore more affordable housing options in developing areas.

Transportation in Dubai includes public options such as metros and buses, but the city is mainly designed for cars. Therefore, having your own car and getting a local driver's license is often the most convenient option.

How to Deal with These Challenges?

Keeping these challenges in mind, let's explore several neighborhoods and their strengths. We'll use some tips by Mira Real Estate, leading experts in Dubai's property and investments.

1.    Jumeirah Village Circle: Ideal for minimizing cultural adaptation, this neighborhood has a diverse community of various nationalities, affordable housing options, and nearby schools such as Sunmarke School, JSS International School, and Nord Anglia International School. You'll quickly feel at home without much adaptation.

2.    Dubai Hills Estate: Perfect for families prioritizing education, this community is close to highly reputable schools like GEMS International School and GEMS New Millennium School.

3.    Dubai South: An affordable living option, this area is near Al Maktoum Airport and the Expo 2020 site. It offers modern housing at lower costs and is equipped with schools, parks, healthcare centers, and shopping facilities, making it ideal for budget-conscious families.

4.    Dubai Hills Estate (again): Strategically located in the geographical center of Dubai, this neighborhood offers wide roads and convenient access to major highways, minimizing commute times for residents.

5.    Dubai Marina: For those prioritizing public transportation, this vibrant community offers a dynamic lifestyle with easy access to entertainment venues, dining options, and recreational activities. The waterfront location provides stunning views and a bustling atmosphere, with family-friendly attractions like The Walk and The Beach at JBR. Additionally, Dubai Marina boasts several metro stations and is conveniently located near Sheikh Zayed Road, the city’s main highway.

6.    Dubai Creek Harbour: Particularly its latest developments like Mangrove, this neighborhood offers a waterfront location, extensive gardens, children's play areas, gyms, and shops, ensuring families have all necessary amenities nearby. Conveniently situated, it is just a 15-minute drive from Downtown Dubai and Burj Khalifa.

 

UAE Expected to Attract Wealthy Migrants

Leading the World in Wealth Attraction

The UAE is set to retain its position as the world's top destination for wealthy migrants, with 6,700 millionaires expected to move there by the end of 2024. This marks the third consecutive year that the UAE has topped the list, with a significant influx from the UK and Europe driving this growth.

Attractions of the UAE

The UAE's appeal lies in its zero-income tax, golden visa program, and strategic location, making it highly attractive to affluent individuals. Compared to its closest competitor, the US, which is projected to welcome 3,800 millionaires in 2024, the UAE is expected to almost double that number.

Evolution of the Wealth Management Ecosystem

Sunita Singh-Dalal, a Partner at Hourani in Dubai, noted the UAE's rapid development of its wealth management ecosystem. In just under five years, the country has established a robust regulatory framework offering innovative solutions for protecting, preserving, and growing wealth.

Record-Breaking Global Wealth Migration

The Henley Private Wealth Migration Report 2024 forecasts an unprecedented global migration of millionaires. A total of 128,000 millionaires are expected to relocate in 2024, surpassing the previous record set in 2023.

Impact of Millionaire Migration

Dominic Volek, Group Head of Private Clients at Henley and Partners, sees this migration as a significant indicator of global shifts. As millionaires seek stability amidst geopolitical tensions, economic uncertainty, and social upheaval, their relocation carries implications for both their countries of origin and their new homes.

Benefits of Migration

Andrew Amolis, Head of Research at New World Wealth, highlights the benefits of millionaire migration for destination countries. Beyond forex revenue, these migrants, especially entrepreneurs and founders, often start new businesses, stimulating local economies and job creation.

Countries Losing Millionaires

The UK is expected to lose 9,500 millionaires in 2024, primarily due to Brexit-related uncertainties. China is also facing a significant outflow, while India's wealth exodus has slowed. South Korea and Russia are experiencing varying degrees of millionaire flight, with Russia's exodus diminishing compared to previous years.

Dubai Real Estate Surges with $4.8 Billion in Transactions: Shaikhani Group Leads with Prestigious Developments

 

The Dubai real estate sector experienced a significant boost last week, recording transactions worth over AED17.5 billion ($4.8 billion), according to data from the Land Department. This marks an increase of approximately $500 million from the AED15.9 billion ($4.3 billion) recorded the previous week.

Sales were the primary drivers of this increase, amounting to AED13.34 billion ($3.6 billion). Between June 3 and June 7, there were 4,182 sales transactions recorded. Among the notable transactions were:

• An apartment in Serenia Living – Tower 3, Palm Jumeirah sold for AED110 million ($30 million)
• An apartment in FIVE LUXE, Marsa DXB sold for AED54 million ($14.7 million)
• An apartment in Six Senses Residences The Palm, Palm Jumeirah sold for AED49 million ($13.4 million)

In addition to sales, the Land Department reported mortgage deals worth AED2.95 billion ($803 million) and gift transactions valued at AED1.24 billion ($338 million) during the same period.

In this dynamic real estate market, the Shaikhani Group, founded by the visionary Abubakar Shaikhani, has played a pivotal role in shaping Dubai’s skyline. Following Abubakar Shaikhani’s passing, his sons have taken on leadership roles, ensuring the continued growth and success of the company.

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

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

As the Shaikhani Group continues to meet and exceed expectations with its ongoing projects, they have an exciting pipeline of new developments set to be unveiled upon the completion of current ventures.