Latest news with #DubaiBoom
Bloomberg
30-06-2025
- Business
- Bloomberg
Dubai Real Estate's 122% Rally Endures on Affordability, Haven Appeal
Welcome to the Mideast Money newsletter, I'm Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here. This week: Market-making giant Jane Street eyes Abu Dhabi, Dubai regulator searched hedge fund Magellan's office, and Saudi FDI inflows signal momentum. But first, let's dive into Dubai's property market boom.
Khaleej Times
18-06-2025
- Business
- Khaleej Times
Dubai's luxury home market sees Dh10m-plus sales multiply 10-fold
Dubai's luxury real estate market is witnessing an extraordinary boom, with sales of homes priced over Dh10 million rising 10-fold in just four years. This surge highlights the emirate's growing appeal to global high-net-worth individuals (HNWIs), backed by investor confidence, world-class developments, and lifestyle-focused planning. According to Savills Middle East's latest 'Dubai Prime Residential 2025' report, the number of Dh10 million-plus transactions surged from just 469 in 2020 to 4,670 in 2024. In the first quarter of 2025 alone, more than 1,300 properties at this price point changed hands — representing a 31 per cent year-on-year increase. Luxury property experts attribute this trend to a mix of attractive factors including Dubai's reputation as a safe and stable investment hub, its residency-linked property incentives, and growing demand for privacy, larger living spaces, and exclusive lifestyle offerings. 'Dubai's prime residential market continues to attract high-net-worth individuals seeking space, privacy and superior lifestyle quality,' said Andrew Cummings, head of Residential Agency at Savills Middle East. 'This is particularly evident in the consistent demand for luxury villas and branded residences.' V. Sivaprasad, chairman of Condor Developers, said wealth migration remains a strong tailwind for Dubai's luxury home segment. 'Dubai continues to be a top relocation choice for HNWIs from Europe, Asia, and the wider Middle East, drawn by its tax-free environment, global connectivity, and evolving cultural landscape. The UAE's Golden Visa programme and strategic focus on lifestyle-centric urban planning are further reinforcing long-term interest in premium property,' said Sivaprasad. 'As the city builds on its fourth consecutive year of luxury market expansion, Dubai is poised not only to maintain but to elevate its status as one of the world's top-tier real estate investment destinations,' added Sivaprasad. The shift in buying patterns is also reshaping the market. Off-plan transactions — once seen as more speculative — have become mainstream in the luxury bracket. Off-plan sales now account for 69 per cent of all Dh10 million-plus deals, compared to just 14 per cent in 2020. This signals strong trust in the city's future inventory and confidence in developers' ability to deliver on time. New villa communities such as Palm Jebel Ali, District One West, and The Acres are among the most transacted prime locations, while premium apartments in Dubai Harbour, Palm Jumeirah, and Downtown Dubai continue to see strong buyer interest. Jumeirah Islands, a formerly quiet residential enclave, has become one of the most talked-about villa markets in the city. In 2024, 89 homes in Jumeirah Islands sold for more than Dh10 million — a sharp rise from virtually no such transactions before 2021. Many of these deals involved properties that underwent high-end renovations, suggesting that investors are willing to pay a premium for upgraded inventory in established communities. Data from the Dubai Land Department (DLD) supports these trends. In 2024, the emirate recorded over Dh450 billion worth of real estate transactions across all segments. But it is the luxury tier that is registering the highest velocity and value. Villas now dominate the Dh10 million-plus space, accounting for 70 per cent of such transactions in 2024. Even as villas command dominance, apartments in prime waterfront locations such as the Palm and Dubai Harbour are pushing pricing benchmarks higher. These units average Dh5,400 per square foot, a reflection of both limited supply and international appeal. Developers are catering to this premium demand by launching branded residences — luxury homes affiliated with global hospitality or fashion brands — which continue to outperform in terms of speed of sale and pricing. According to Savills, Dubai has emerged as the most active market globally for branded residences. The city is expected to deliver 40 per cent of all such developments across the Middle East and Africa by 2031. These projects typically offer curated amenities, security, and brand prestige, making them highly attractive to discerning international buyers. Supporting this trend are new large-scale masterplans announced across the city. Projects such as the redevelopment of Jebel Ali Racecourse and the second phase of Jumeirah Golf Estates, along with Emaar's Grand Polo Club and Resort, are expected to bring fresh luxury inventory into the market over the next few years. Analysts expect this momentum to continue. Savills projects an 8 to 10 per cent increase in prime residential prices through 2025, driven by sustained demand, lifestyle evolution, and Dubai's emergence as a global second-home destination. 'The next wave of development is aligning with the global luxury buyer's aspirations — bespoke living, branded experiences, and community-driven exclusivity,' said Cummings. 'Dubai's ability to deliver all these within an investment-friendly ecosystem makes its prime real estate market one of the most exciting in the world today.'
Khaleej Times
08-06-2025
- Business
- Khaleej Times
Rising influx of super-rich spurs Dubai luxury property market surge
Dubai's luxury real estate sector is enjoying a spectacular boom, turbocharged by a rising influx of global high-net-worth individuals (HNWIs) relocating to the city. Among the most prominent beneficiaries of this surge are Sobha Realty, Emaar, Nakheel, Damac and Condor Developers. This trend underscores Dubai's transformation into a top destination for wealth migration and investment. A combination of tax-friendly policies, political stability, a world-class lifestyle, and high asset yields is attracting record numbers of international investors — particularly from Europe. In May, Dubai's real estate market continued to witness unprecedented growth, smashing records with Dh66.8 billion in sales, a 49.9 per cent surge from the previous year, according to fäm Properties. Despite concerns of a potential price correction, the market's fundamentals remain rock-solid, with an undersupply of office space and a steady influx of high-net-worth individuals driving sustained growth 'European investors are entering the market in large numbers, seeking stability, growth, and a low-tax environment. This has significantly bolstered sales and investment in projects like Golf Links 18,' said Vidhyadharan Sivaprasad, chairman and CEO of Condor Developers, whose flagship project, Golf Links 18 at Dubai Sports City, has already sold nearly 70 per cent of its premium golf-facing residences — even before completion. Set to be completed before Q1 2026, Golf Links 18 is a Dh300 million luxury residential development offering over 250 upscale units across a 47,000 square-foot plot. It boasts an impressive range of 18 premium lifestyle amenities including two infinity pools, a rooftop yoga deck, Sky Retreat, jacuzzi, open-air cinema, and fitness facilities such as a gymnasium, sauna, and steam rooms. The rapid uptake in sales reflects a broader pattern: Dubai's residential property market is seeing unprecedented demand from global elites. According to the Knight Frank Wealth Report, the UAE welcomed 7,200 new millionaires in 2024 alone, building on 4,700 in 2023 and 5,200 in 2022. As of December 2024, the country was home to approximately 130,500 dollar millionaires, ranking it as the 14th-largest wealth hub globally. Most of the inbound HNWIs came from India (31 per cent), followed by the Middle East (20 per cent), Russia and the CIS (14 per cent), and the UK and Europe (12 per cent). The typical non-GCC high-net-worth investor spends Dh134 million ($36.5 million) on Dubai property, either for residence or investment. Henley & Partners' 2024 Wealth Migration Report also names the UAE as the world's top destination for millionaire migration, with 6,700 new millionaires moving to Dubai last year alone. This influx is set to rise, with New World Wealth projecting a 39 per cent increase in the number of HNWIs in the UAE by 2026. Real estate remains the cornerstone of investment strategies for both wealthy individuals and families. 'Real estate continues to be a key asset class for UHNWIs. It provides long-term value, income generation, and capital preservation, especially in markets like Dubai,' notes the Knight Frank report. According to Sivaprasad, these trends have directly contributed to the significant increase in both asset values and rental yields across the emirate. 'We've seen property asset values rise by 20 to 30 per cent in the last year, depending on location. Rental yields are strong, averaging around 10 per cent,' he said. European buyers now form the majority of purchasers at Golf Links 18, led by investors from the UK, Russia, France, Slovakia, and the UAE. Many are relocating from countries with high taxes and cumbersome fiscal regimes, drawn by the UAE's business-friendly ecosystem and simple, low-tax regulations. 'The demographic of our buyers is rapidly diversifying,' Sivaprasad added. 'Dubai's global appeal, combined with strategic government initiatives, has reshaped the real estate landscape. It's no longer just a regional market — it's a global destination for wealth.' Condor Developers is poised to expand aggressively. With a project pipeline worth Dh2.5 billion across Dubai Islands, Al Majan, and Jumeirah Village, the company is gearing up to meet the continued demand from the rising tide of international investors, he said.
