The real estate market in Dubai is currently experiencing a remarkable
boom, with house prices and rents soaring to unprecedented heights. Popular
communities such as Dubai Hills and Palm Jumeirah are at the forefront of this
surge, commanding substantial premiums for villas and apartments. Amidst this
thriving market, the Shaikhani Group of Companies, a well-established
conglomerate in the real estate sector, is making a significant impact with its
high-quality residential and commercial properties.
The Boom in Dubai's Real Estate: Recent research by Chestertons MENA
for Q3 2023 has highlighted a staggering increase in house prices by up to 34
percent and rents by 46 percent in some areas of Dubai over the past year. This
growth is driven by high buyer demand, particularly in sought-after communities
like Dubai Hills and Palm Jumeirah. The premium villas and apartments in these
areas are attracting considerable attention, marking a lucrative period for
real estate investors and developers.
The Shaikhani Group’s Legacy and Growth: Founded by Mr Abubakar Shaikhani
over three decades ago, the Shaikhani Group has established itself as one of
the fastest-growing real-estate conglomerates in Karachi.
From its initial project, Tower 3 Apartments in Gardenia, the Shaikhani
Group has diversified its portfolio, currently managing projects across various
cities in Pakistan and Dubai. Its most recent venture, Reflections Apartments
at Rabia Enclave Phase 1, is a testament to the group’s commitment to quality
and innovation.
Re-establishing its Footprint in Dubai: After a brief period of
consolidation, the Shaikhani Group is re-establishing its presence in the Dubai
real estate market. With two decades of experience in developing high-quality
residential and commercial properties in both Dubai and Karachi, the group is
once again poised to make a significant impact. Operating under the banner of Real
Estate Developers Shaikhani Group, the company has a strong track record of
success and is well-positioned to capitalize on the current market upswing.
As Dubai's real estate market continues to soar, the Shaikhani Group
stands out as a key player, leveraging its rich history, extensive experience,
and a solid foundation in real estate development. With a portfolio of
high-quality properties and a presence in some of the most lucrative markets in
the region, the group is well-positioned to thrive in this dynamic and booming
sector.
Amid escalating geopolitical
tensions, Dubai's opulent real estate sector witnesses a surge in investments
from affluent Russian and Chinese investors. These investors, in search of both
impressive returns and a secure place for their wealth, are increasingly
setting their sights on Dubai's prime properties.
Dubai Marina, Palm Jumeirah, and
Jumeirah Beach Residences have emerged as the top picks for Russian investors,
as per insights from Allsopp & Allsopp. The influx from Russia and China
has significantly propelled the market dynamics in the UAE, with Dubai's
high-end property market experiencing unprecedented growth, as shared by
sources with Arabian Business.
One such epitome of modern
residential splendor is Champions Tower 3, nestled in the vibrant heart of
Sports City, Dubai. This 16-floor architectural masterpiece, still under
construction, promises to set new benchmarks in urban luxury living. Located in
the thriving DubaiLand precinct, Champions Tower 3 is a reflection of Dubai's
relentless ambition in real estate innovation.
Its prime location offers residents
unparalleled connectivity to Dubai's landmarks. The iconic Dubai Mall is a
swift 22-minute drive, while the Palm Jumeirah is just 16 minutes away. Other
attractions like the Burj Al Arab and The Walk JBR are a mere 20-minute drive
from the tower. Additionally, the proximity to Dubai International Airport
(DXB), a 27-minute drive, and the upcoming Al Maktoum International Airport,
roughly 30 minutes away, ensures travel convenience.
Champions Tower 3 embodies Dubai's
spirit of pushing the envelope in architectural brilliance. As its construction
progresses, it symbolizes the city's commitment to providing world-class
residences that cater to those with a penchant for luxury and modern living.
Backed by the legacy of the Shaikhani Group and the innovative drive of Memon
Investments, Champions Tower 3 is set to carve a niche in Dubai's real estate
panorama, offering an unparalleled living experience.
Dubai, United
Arab Emirates: D&B Properties, a leading real estate company in Dubai,
reports the city’s real estate market has witnessed exceptional growth in the
third quarter of 2023, according to data by the Dubai Land Department. The
market reports an extraordinary surge of 22% in transactions, with Q3 2023
recording 31,216 transactions compared to 25,503 in the same period in 2022.
This spike in transactional activity is mirrored in the total worth of these
transactions, which reached an impressive AED 97.55 billion, showcasing a
remarkable 40% increase from AED 69.5 billion in Q3 2022.
Overview
of Q3 2023:
40% increase in total value: AED
97.55 Billion in Q3 2023 compared to AED 69.5 Billion in Q3 2022.
22% increase in transactions:
31,216 transactions in Q3 2023 compared to 25,503 Transactions in Q3 2022.
In Q3 2023: 23,042 units, 3,158
buildings, and 5,016 plots sold.
Market Analysis and Insights
The
impressive surge in Q3 2023 transactions is emblematic of Dubai's enduring
appeal as a global real estate hotspot. Investors and end-users alike have
demonstrated unwavering confidence in the market, contributing to the
substantial 22% increase in overall transactions.
Husni Al Bayari, Chairman & Founder
of D&B Properties, shared
insights into the market dynamics, saying, " The Q3 2023 real estate
performance encapsulates Dubai's property market not just as enduring but as a
dynamic force of innovation and adaptability. It's not merely about numbers;
it's about Dubai's remarkable ability to evolve and thrive in the face of
changing global landscapes. The substantial surge in transactions and market
worth is a living testament to the city's unwavering charm among investors
worldwide, showcasing Dubai as a resilient and forward-thinking real estate
powerhouse."
Adham Younis, Group CEO of D&B
Properties, remarked,"Dubai's
allure in the real estate realm remains unwavering, and the third-quarter
performance solidifies its position as a global beacon for investment. The
diverse success stories within our top-performing communities and the
substantial surge of 22% in transaction volume, resulting in a market worth of
AED 97.55 billion, mirror the city's dynamic property landscape. Dubai not only
beckons with iconic structures but also resonates as a symbol of growth,
adaptability, and unparalleled opportunities in the real estate sector. The
numbers speak volumes about Dubai's ability to continually redefine standards
and attract savvy investors seeking lasting value and returns."
Top Communities by Transaction Value:
Dubai Harbour: AED 3.04 Billion
Palm Jumeirah: AED 66 Billion
Sobha Hartland: AED 2.52 Billion
Business Bay: AED 2.43 Billion
Dubai Creek Harbour: AED 1.62
Billion
Dubai
Harbour: The waterfront wonder has emerged as the leader in transaction value
for first sales in Q3 2023, recording an impressive AED 3.04 billion. With its
luxurious residences, stunning views, and proximity to key attractions, Dubai
Harbour continues to allure investors seeking exclusivity and marine-centric
living experiences.
Palm
Jumeirah: This luxury community retains its status as a real estate gem,
securing the second spot in transaction value for first sales with AED 2.66
billion. This man-made archipelago remains a symbol of Dubai's opulence,
offering a lifestyle synonymous with luxury, leisure, and panoramic ocean
vistas.
Sobha
Hartland: Renowned for its masterfully crafted residences and lush landscapes,
this neighborhood takes the third spot with a transaction value of AED 2.52
billion. The community's fusion of modern living and natural surroundings
appeals to those seeking a harmonious balance between sophistication and
serenity.
Business
Bay: A vibrant business and residential hub, Business Bay secured the fourth
position with a transaction value of AED 2.43 billion. Its strategic location,
coupled with a mix of commercial and residential spaces, makes Business Bay a
dynamic choice for investors and end-users alike.
Dubai
Creek Harbour: The burgeoning Dubai Creek Harbour claims the fifth spot with a
transaction value of AED 1.62 billion. As a waterfront destination, it
encapsulates the vision of a harmonious urban lifestyle, offering a perfect
blend of modernity and natural beauty.
Top Communities by Number of
Transactions:
Jumeirah Village Circle: 1,418
transactions
Arjan: 1,163 transactions
Sobha Hartland: 1,115 transactions
Business Bay: 1,094 transactions
Jumeirah Lakes Towers: 765
transactions
Dubai's
real estate sector, as showcased in the Q3 2023 market update, is not merely
thriving: it's flourishing. The diversity in property types, the impressive
surge in transactions, and the remarkable growth in total worth reflect a
market that continually adapts to meet the evolving needs and aspirations of
its investors and residents. As the city looks towards the future, the Q3 2023
results affirm that Dubai's real estate remains an unwavering symbol of
innovation, resilience, and unparalleled growth.
Gardenia Residency, Jumeirah Village Circle:
Another notable mention in the Q3 2023 market update is the Gardenia Residency
located in the heart of Jumeirah Village Circle. This residential gem has been
gaining traction among investors and homeowners alike. With its modern architecture,
state-of-the-art amenities, and a serene environment, Gardenia Residency offers
a unique blend of urban living with a touch of nature. Its strategic location
within Jumeirah Village Circle, which tops the list in the number of
transactions, further accentuates its appeal. The development promises not just
a home, but a lifestyle that resonates with the aspirations of today's
discerning residents. As Dubai's real estate market continues its upward
trajectory, Gardenia Residency stands as a testament to quality living in the
city.
