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Yahoo
4 days ago
- Business
- Yahoo
Dubai housing prices continue to soar, with villas leading the charge: Knight Frank
A villa in Signature Villas, Emirates Hills in Dubai (Picture: Knight Frank MENA) The Dubai residential market continued to break records in 2Q2025, sustaining momentum that has propelled property values in the emirate. According to research by Knight Frank, Dubai housing prices grew 3.4% q-o-q and 13.7% y-o-y to hit an average of AED1,809 psf ($629 psf) in 2Q2025, marking a new all-time high. Residential prices have now surged 21.6% above the previous market peak recorded in 2014. 'The sustained growth in prices - now approaching five consecutive years since the current cycle began in November 2020 - is a clear sign of a more stable and predictable market environment,' remarks Faisal Durrani, partner and head of research at Knight Frank Middle East and North Africa (MENA). The rise in prices coincides with quarterly sales volume hitting a new record of 51,000 last quarter. Off-plan sales accounted for nearly 70% of all transactions, which signals growing investor confidence in new Dubai developments, says Knight Frank. 'The market is increasingly being shaped by genuine buyers rather than speculators, with resale activity within 12 months of purchase now at just 4–5%, compared to 25% in 2008,' adds Will McKintosh, regional partner and head of residential at Knight Frank MENA. Read also: Dubai homes sold for over US$10 mil hit all-time high in 2Q2025: Knight Frank Over 94,000 homes in Dubai have now been sold since the start of the year, putting the market firmly on track to exceed the 169,000 deals recorded for the whole of 2024. Overall, total residential sales value clocked in at AED268 billion in 1H2025, 41% higher y-o-y. Within the Dubai property landscape, the villa segment has continued to lead the charge in price growth, outperforming apartments. Villa prices rose 4% q-o-q to AED2,172 psf in 2Q2025, bringing the segment's total price growth since 2014 to 49.3%. According to Durrani, momentum in the villa segment will likely keep growing. 'Just 20% of the planned housing supply through to the end of 2029 will fall in the villa category and with demand remaining centred on stand-alone family homes, the delta between villa and apartment price performance may well continue to widen,' he explains. Meanwhile, the prime residential segment has also logged robust growth. Knight Frank data shows that the average transacted price across ten key communities rose 16% over the past 12 months to hit AED3,850 psf. In addition, sales of Dubai homes priced above US$10 million ($12.79 million) reached AED9.5 billion in 2Q2025, the highest quarterly figure on record. The Dubai property market "has become more stable, more transparent and is underpinned by solid fundamentals," observes McKintosh. He adds: "This shift is drawing in more long-term investors and end-users and is helping to strengthen Dubai's position as one of the most attractive residential markets globally.' Knight Frank has maintained its forecast for Dubai housing price growth in 2025 at 8% for the mainstream market and 5% for the prime segment. Read also: Dubai remains top market for homes transacted for over US$10 mil: Knight Frank See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) Dubai homes sold for over US$10 mil hit all-time high in 2Q2025: Knight Frank Dubai remains top market for homes transacted for over US$10 mil: Knight Frank Dubai's real estate market on a hot streak En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available
Sharjah 24
12-07-2025
- Business
- Sharjah 24
Mohammed bin Rashid issues law regulating contracting activities
The new law sets out a unified regulatory framework for contractor classification, oversight, transparency and accountability, supporting Dubai's goals for sustainable growth. It also aligns with the emirate's building codes, planning regulations, and long-term development strategy. A key provision of the law is the establishment of the 'Contracting Activities Regulation and Development Committee', which will be formed by a decision of the Chairman of The Executive Council of Dubai. The committee, chaired by a representative from Dubai Municipality, will include members from government authorities and entities concerned with contracting activities. The committee will be responsible for approving contracting activities in Dubai, identifying entities responsible for supervising each activity, overseeing the implementation of the law, proposing new policies and legislation for the sector, and resolving any jurisdictional disputes that may arise between regulatory entities. The committee will also adopt a code of ethics for the sector, coordinate with both public and private stakeholders, and review and act upon recommendations submitted by the authorities. The law applies to all contractors operating in Dubai, including those based in special development zones and free zones such as the Dubai International Financial Centre. Contracting activities related to airports and their associated infrastructure, as well as any other activities exempted by a decision from the Chairman of The Executive Council based on the committee's recommendation, are excluded from the scope of the law. Dubai Municipality has been assigned the responsibility of establishing, operating, and managing an integrated electronic system for all contracting activities in the emirate. This system will be linked to the 'Invest in Dubai' platform and serve as the central registry for contractors. Dubai Municipality is also tasked with preparing a code of conduct for the sector, classifying contractors engaged in construction, building, and demolition activities, and issuing professional competency certificates to technical personnel. The law outlines rules for contractor registration. Contractors must comply with all relevant legislation and operate within their approved classification and capacity. They are prohibited from exceeding their technical or financial limits or subcontracting without prior approval. Penalties for violating the provisions of the law or any related decisions include fines ranging from AED1,000 to AED100,000. Repeat violations within a year may result in doubled fines, up to a maximum of AED200,000. Additional actions may include suspension from contracting activities for up to one year, downgrading of classification, removal from the registry, cancellation of commercial licenses, and suspension or de-registration of technical staff and revocation of their professional certificates. All contractors operating in Dubai at the time the law comes into force are required to regularise their status within a year. This period may be extended by the Committee for another year if necessary. Contractors whose registration expires during this period will be allowed to renew it upon submitting a declaration pledging to comply with the law's provisions within the given timeframe. Any existing legislation that conflicts with this law will be annulled. The law will be effective six months after its publication in the Official Gazette.
Hi Dubai
07-07-2025
- Business
- Hi Dubai
Dubai Land Department Partners with Crypto.com to Advance Digital Real Estate Investment
Dubai Land Department (DLD) has signed a cooperation agreement with to develop a digital investment environment for virtual real estate assets, marking a significant step toward integrating blockchain and digital currencies into Dubai's property sector. The partnership supports the Dubai Government's broader digital transformation agenda and aligns with the Dubai Real Estate Strategy 2033, which targets AED1 trillion in real estate transactions by the end of the decade. It also builds on recent plans to allow government fee payments using digital currencies. Under the memorandum, both parties will explore blockchain-driven solutions for digital real estate transactions, including property tokenisation, digital custody, and investor verification. The aim is to enhance liquidity and create a seamless, secure framework for smart real estate investment. The agreement was signed by His Excellency Omar Hamad BuShehab, Director General of DLD, and Mohamed Abdul Latif Al Hakim, authorised signatory for in the presence of senior officials from both organisations. will provide technical support, propose digital currency solutions, and deliver analytical tools to aid decision-making. DLD, in turn, will offer regulatory support and oversee compliance with local laws. This initiative is part of Dubai's continued push to position itself as a global hub for tech-led investment and innovation, reinforcing its ambition to become the world's leading destination to live, work, and invest. News Source: Emirates News Agency
Al Etihad
30-06-2025
- Business
- Al Etihad
Khorfakkan Mango Festival concludes on high note
30 June 2025 19:22 SHARIAH (WAM)The Mango Festival concluded yesterday, Sunday, its fourth edition on a high note at Expo Khorfakkan. Organised by the Sharjah Chamber of Commerce and Industry (SCCI) alongside the Municipal Council of Khorfakkan and Khorfakkan City Municipality, the 3-day extravagansa took place from June 27 to 29, under the theme 'Mango: Our Fruit, Our Wealth'.This year's edition achieved remarkable success, attracting over 20,000 visitors from within and beyond the UAE, a 100% increase in attendance, and generating more than AED1 million in total featured the participation of more than 40 local farmers and several agriculture and fertilisation from Saudi Arabia, Oman, Pakistan, and Uganda further highlighted the event's expanding international festival showcased more than 150 premium mango varieties and provided a unique opportunity for visitors to explore Khorfakkan's and the Eastern Region's leading agricultural also attracted strong participation from productive families, along with local, regional, and international exhibitors. Their presence created an ideal platform for networking and knowledge exchange around best practices in mango farming and agribusiness Mohammed Al-Mansouri, Director of Expo Khorfakkan, noted that the Mango Festival has solidified its status as one of the UAE's leading agricultural and heritage-themed emphasised its growing role in raising community awareness about the importance of the agricultural sector in achieving sustainable development, ensuring food security, and preserving the UAE's cultural heritage for future from Saudi Arabia, Oman, Pakistan, and Uganda highlighted that the festival offered valuable opportunities for knowledge exchange among mango farmers. It served as an ideal platform to explore diverse experiences in cultivating mango trees across various environments, as well as methods for improving yield and utilising mangoes in different food industries. Mohammed Al Darmaki, Head of the Coordination and Follow-Up Committee of the Mango Festival, stated that the committee worked diligently to turn the festival's vision into comprehensive operational plans. He highlighted efforts to streamline participation for farmers and home-based producers while enhancing the overall visitor experience.
Hi Dubai
16-06-2025
- Business
- Hi Dubai
UAE GDP Rises by 4 Percent as Non-Oil Sectors Drive Growth in 2024
The UAE's economy grew by 4 percent in 2024, with real GDP reaching AED1,776 billion, driven largely by robust performance across non-oil sectors, according to official data released by the Federal Competitiveness and Statistics Centre. Non-oil GDP climbed 5 percent year-over-year to AED1,342 billion, making up 75.5 percent of the total economic output. Oil-related activities contributed AED434 billion, highlighting the country's continued push toward economic diversification. Minister of Economy Abdulla bin Touq Al Marri said the figures reflect renewed momentum in the UAE's economic development and mark key progress toward the nation's 'We the UAE 2031' vision, which targets a GDP of AED3 trillion by the next decade. He credited the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum for steering the country toward a sustainable, knowledge-driven economy. Hanan Mansour Ahli, Managing Director of the FCSC, noted the growth signals strong execution of a diversification strategy focused on long-term sustainability and global competitiveness. Among the fastest-growing sectors in 2024, transport and storage led with a 9.6 percent growth, bolstered by a surge in air travel as UAE airports handled 147.8 million passengers—a 10 percent rise. The construction sector followed with an 8.4 percent increase, while financial services, hospitality, and real estate also posted solid gains. Trade, manufacturing, and financial services were the top contributors to non-oil GDP, together accounting for over 43 percent of economic activity, underscoring the UAE's transformation into a multi-sector powerhouse. News Source: Emirates News Agency
