Latest news with #DrivenProperties
Forbes
02-07-2025
- Business
- Forbes
As Dubai Moves Towards Tier-1 Status, Foreign Investors Eye Relocation
Accessibility is one of the factors propelling Dubai to Tier-1 city status: 3 billion people live ... More within a four-hour flight of the UAE's most populous metropolis. The next phase of its 2040 Urban Master Plan will create a "20-minute city," where residents can reach 80% of their daily destinations within a 20-minute walk or cycle ride. The projects the European client toured looked reasonable. The yields? Attractive. On paper, everything made sense. Then, things took a turn. As any seasoned real estate advisor might, Abdullah Alajaji of Driven Properties guided his client beyond the spreadsheets. There was white-tablecloth dining in Dubai International Financial Centre (DIFC). Then, a bout of relaxation on a private beach followed by a leisurely stroll through the city's luxury retail districts. Flagship boutiques from Milan and Paris lined the promenades, conjuring images of home. 'That left an impression,' recalls Alajaji. 'Then, his mindset started to shift.' Cap rates and returns faded into the background. The conversation turned toward community, wellness and long-term living. By the end of the trip, the European client purchased two units—one purely as an investment, the other for his personal relocation. 'What sealed the deal wasn't the yield,' said Alajaji. 'It was the lifestyle—the safety, the infrastructure, the ease of living in Dubai. That's what turned a business trip into a life decision.' The UAE continues to be a leader in attracting HNW and UHNW individuals. In 2023 alone, the region ... More saw an influx of around 4,500 new millionaires, placing it second globally. This shift is becoming more common. According to a new report released by Driven, Dubai is quickly transitioning from a high-growth, speculative market to a bona fide tier-1 global city. In its inaugural Tier-1 City Index, the firm ranks Dubai fifth out of seven benchmark cities, outperforming Paris and Hong Kong, and landing just behind global stalwarts like Singapore, Sydney, London and New York. The index—based on in-depth interviews with real estate developers, investors and brokers, as well as finance professionals—evaluates 28 indicators across six pillars: infrastructure, governance, economy, safety, quality of life, and international appeal. Dubai scores particularly high on infrastructure (2nd), global appeal (3rd) and quality of life (4th). Last year alone, Dubai recorded 226,000 real estate transactions totaling over $207 billion—a 20% increase in transaction value year-over-year, according to the Dubai Land Department. In the first quarter of this year, residential sales surged another 30% compared to the same period last year. All towers welcome in Dubai International Financial Centre—its dynamic skyline is a bellwether of ... More the institutional investment that brings foreign professionals and their families with it. The physical cityscape reflects this growth. Take Ciel Dubai Marina, poised to become the world's tallest hotel. Or ICD Brookfield Place in DIFC, a 53-storey tower developed in partnership with the Investment Corporation of Dubai. Last year, Brookfield sold a 49% stake to international investors in a deal reportedly valuing the property at $1.5 billion. Now, Brookfield is planning a new mixed-use development in Dubai Hills—its first residential venture in the area. 'Institutional capital is pouring in,' says Alajaji. 'It shows confidence.' But to understand how Dubai reached this inflection point, one must rewind to the global uncertainty of 2020. As much of the world shut down, Dubai took a contrarian stance: reopening its borders by July, launching long-term 'retirement' visas, and injecting $86 billion into the economy across five stimulus packages. It was a calculated bet on openness—and it worked. 'That was the moment I knew something had changed,' says Alajaji. 'When clients from Europe, Asia and North America started calling not just to buy, but to ask, 'How do we set up our lives here?'' Abdullah Alajaji, CEO of Driven | Forbes Global Properties: "Investors don't just want stability or ... More returns. They want to be part of something that's still evolving." Today, Dubai's appeal goes far beyond its tax advantages. The city offers a blend of efficient governance, safety, world-class infrastructure, and high-end amenities—the core elements that global investors and residents increasingly prioritize. 'Dubai still feels like it's in motion,' Alajaji explains. 'It's adaptive. Ambitious. That sense of momentum matters. Investors don't just want stability or returns. They want to be part of something that's still evolving.' Driven's sentiment survey, released in May 2025, reveals that 73% of market stakeholders believe Dubai is either already a tier-1 city or will become one within the next decade. This optimism is reinforced by tangible indicators: long-term residency programs, digital infrastructure rollouts and steady population growth. As the market matures, cap-rate compression is expected. Today, Dubai's investment properties yield between 6% to 8% annually—a figure considerably higher than most tier-1 peers. Yet institutional capital is increasingly willing to accept lower yields in exchange for long-term stability. 'This shift won't happen overnight,' says Alajaji. 'But the signs are already here. More joint ventures. More capital with a long-view mindset. Dubai is aligning with the world's top investment markets.' The pace may be slowing, but that may be exactly the point. Dubai's transition to a mature market is no longer theoretical. It's playing out in the numbers, buyers and buildings. The trajectory is set. Now comes the follow-through. Driven Properties is a member of Forbes Global Properties, the invitation-only network of top-tier brokerages worldwide and the exclusive real estate partner of Forbes.
Zawya
01-07-2025
- Business
- Zawya
Driven Properties opens Dubai's largest real estate office following landmark AED 505mln acquisition
Dubai, UAE – Driven | Forbes Global Properties has officially opened the doors to its new headquarters in Downtown Dubai, just steps from Burj Khalifa. Spanning 43,000 square feet across two floors, the space is now the largest real estate office in the city, a reflection of the company's growth and evolution in recent years. The move follows its landmark AED 505 million acquisition of Emaar Square Building 3 in November last year. The new headquarters underscores the company's long-term vision for the UAE market. As Dubai continues to evolve as a global real estate hub, Driven Properties is positioning itself at the forefront of the industry. The company is expanding its infrastructure to support innovation, enhance its services and attract top talent that contribute to the city's maturing market. 'This headquarters represents a bold and deliberate step in executing our vision for the future of Dubai's real estate market,' said Abdullah Alajaji, Founder and CEO of Driven | Forbes Global Properties. 'We designed this space with thoughtful infrastructure to empower our team to work smarter, collaborate more effectively, and lead with confidence in an increasingly competitive landscape. Beyond it being about expanding our footprint, we are reframing what success looks like in the luxury property sector. As one of the region's fastest- growing brokerages, we are committed to setting new industry standards and driving innovation. This headquarters embodies that commitment and positions us to seize emerging opportunities as Dubai's real estate market matures and evolves.' The opening of the new headquarters comes on the heels of Driven | Forbes Global Properties' launch of its first industry report, 'Dubai on the Verge of Tier-1 City Recognition,' and a proprietary index designed to benchmark the city's global standing. The report introduced a data-driven framework that compares Dubai to established global hubs like New York, London, and Singapore across 28 indicators, including infrastructure, governance, economic resilience, safety, and quality of life. The findings support Dubai's trajectory toward tier-one city status, aligning with the brokerage's own expansion and long-term confidence in the market's maturity and momentum. Designed for purpose The new headquarters reflects Driven | Forbes Global Properties' continued investment in the talent, tools, and infrastructure that support its long-term strategy. As Dubai's real estate sector shifts from transactional activity to more insight-driven, advisory-led services, the company is focused on equipping its brokers to lead that transition. Purpose-built spaces are designed to foster high performance, learning, and data-driven decision making. This approach supports Driven's aim to set new industry benchmarks while reinforcing its position as a knowledge-led market leader. Aligned with Dubai's wider sustainability agenda and the growing expectations of environmentally conscious investors, the headquarters also demonstrates the company's commitment to responsible business practices. From the use of recycled materials in its design to water dispensers fully integrated in the design, every detail has been considered to reduce environmental impact. This integration of sustainability into both physical space and daily operations reflects Driven's evolving role in a market where environmental performance and professional advisory are increasingly interconnected. Amenities Inside the headquarters is a functional yet inviting space, housing essential operational spaces such as a reception, training rooms, flexible meeting areas and an agents' lounge. Ensuring an air of comfort and belonging exists in even the most formal of the office's spaces, a café-style lobby with an in-house barista leads to coworking zones, boardrooms and executive offices, all designed with collaboration and productivity in mind. Further reflecting Driven Properties' commitment to employee well-being, the office also features wellness-focused amenities, including a recharge room, an in-house hair studio, and even a catering room. Driven | Forbes Global Properties invites clients, partners, and industry leaders to arrange a tour and visit its new headquarters. About Driven | Forbes Global Properties Driven | Forbes Global Properties is an award-winning real estate brokerage and property management company headquartered in Dubai. Since its inception in 2012, the company has been raising standards for the industry and has grown into one of the leading full-service real estate consultancies in the region. In a city that is synonymous with real estate, their deeply knowledgeable consultants are offering their expertise and unparalleled service to most demanding clients from all over the world. Driven Properties is a member of Forbes Global Properties, a consortium of 100 best brokerages in the world. It is the first UAE brokerage to launch a market report titled "Dubai on the Verge of Tier-1 City Recgnition," informed by its proprietary "Tier-1 City Index". For more information, visit:
Gulf Today
11-06-2025
- Business
- Gulf Today
Dubai sells last two penthouses at Bulgari Lighthouse for Dhs282 million
Dubai's luxury real estate market continues to thrive, reinforcing the emirate's status as one of the world's strongest and most resilient high-end residential markets. Driven Properties has completed the sale of the final two penthouses at the Bulgari Lighthouse on Jumeirah Bay Island for a combined total of over Dhs 282 million. The first five-bedroom unit, spanning 11,657 square feet, sold for Dhs 146.6 million, while the second unit fetched Dhs 136.25 million. In April alone, Dubai recorded a staggering Dhs 62.4 billion in real estate transactions—a 95% year-on-year increase—largely fueled by demand for prime waterfront properties. Industry analysts anticipate that major deals will continue to set new benchmarks through 2025, driven by sustained demand and a limited supply of luxury residences.
Zawya
10-06-2025
- Business
- Zawya
Driven Properties buys final Bulgari Lighthouse units for $77mln
UAE - Driven Properties, a member of the Forbes Global Properties network, has announced that it has completed the sale of the last two penthouses at the Bulgari Lighthouse on Jumeirah Bay Island in Dubai for a combined amount of more than AED282 million ($77 million). The first five-bedroom residence, spanning 11,657 sq ft, reached a whopping AED146.6 million, while the second, achieved AED136.25 million, said the company in a statement. Designed by Italian architects Antonio Citterio and Patricia Viel, Bulgari Lighthouse blends contemporary engineering with Mediterranean calm. A coral-inspired façade shields each home while framing uninterrupted views of the Arabian Gulf and Downtown's skyline, it stated. The transactions were brokered by Driven | Forbes Global Properties' Lina Allaoa and Kianoush Darban, founders of The Private Collection, the brokerage's specialist team for ultra-high-end property. The duo is well known for setting several records in the area, from the highest price per sq ft, to the most expensive villa in Jumeirah Bay Island. Terraces flow into private infinity pools, and double-height salons are finished in Italian marble, warm oak and hand-laid silk panelling, said the company. A combination of location, craftsmanship and privacy that has made Lighthouse one of the most wanted addresses in Dubai's ultra-prime market, it added. "Dubai offers our international clients two things they value most: a secure place to allocate their capital and an unbeatable way of life. Bulgari Lighthouse unites those advantages in a single address, blending sound investment with everyday opulence," remarked Allaoa. On the strategic deal, Darban said: "Scarcity drives value. With fewer than 40 residences in the tower, and amenities that rival a private resort, Lighthouse is arguably the most coveted address in Dubai." Every detail of Bulgari Lighthouse, from its infinity pool to lush Mediterranean gardens, is run by the neighboring Bulgari Resort, ensuring a highly private, tailored experience complete with a concierge who can arrange everything from sunset-lawn gatherings to a signature chef's meals, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
10-06-2025
- Business
- Trade Arabia
Driven Properties buys final Bulgari Lighthouse units for $77m
Driven Properties, a member of the Forbes Global Properties network, has announced that it has completed the sale of the last two penthouses at the Bulgari Lighthouse on Jumeirah Bay Island in Dubai for a combined amount of more than AED282 million ($77 million). The first five-bedroom residence, spanning 11,657 sq ft, reached a whopping AED146.6 million, while the second, achieved AED136.25 million, said the company in a statement. Designed by Italian architects Antonio Citterio and Patricia Viel, Bulgari Lighthouse blends contemporary engineering with Mediterranean calm. A coral-inspired façade shields each home while framing uninterrupted views of the Arabian Gulf and Downtown's skyline, it stated. The transactions were brokered by Driven | Forbes Global Properties' Lina Allaoa and Kianoush Darban, founders of The Private Collection, the brokerage's specialist team for ultra-high-end property. The duo is well known for setting several records in the area, from the highest price per sq ft, to the most expensive villa in Jumeirah Bay Island. Terraces flow into private infinity pools, and double-height salons are finished in Italian marble, warm oak and hand-laid silk panelling, said the company. A combination of location, craftsmanship and privacy that has made Lighthouse one of the most wanted addresses in Dubai's ultra-prime market, it added. "Dubai offers our international clients two things they value most: a secure place to allocate their capital and an unbeatable way of life. Bulgari Lighthouse unites those advantages in a single address, blending sound investment with everyday opulence," remarked Allaoa. On the strategic deal, Darban said: "Scarcity drives value. With fewer than 40 residences in the tower, and amenities that rival a private resort, Lighthouse is arguably the most coveted address in Dubai."
