Latest news with #DubaiProperty
Khaleej Times
3 days ago
- Business
- Khaleej Times
Dubai: Azizi set to deliver nearly 7,000 units this year
Azizi Developments, the Dubai-based developer, is on track to deliver 25 new projects this year, with 6,979 units across key developments such as Riviera Phase 4, Azizi Venice, Creek Views III, Vista, and Amber, the company CEO said. 'Last year, we've completed 19 projects across Dubai, delivering over 8.4 million sq. ft. of built-up area across 316 floors, with more than 10,229 units sold - up 15.8 per cent year-on-year - worth more than Dh10 billion. We plan on surpassing and approximately doubling most of these figures in 2025. We currently have around 150,000 units under construction, valued at several tens of billions of US dollars. We have already delivered more than 45,000 homes to local and international investors and end users from over 100 nationalities,' Farhad Azizi, CEO of the Azizi group of companies, told Khaleej Times in an interview. The company's portfolio includes landmark projects such as Burj Azizi, set to become the world's second tallest tower on Sheikh Zayed Road; Azizi Riviera, a 16,000-home French Mediterranean-inspired community in MBR City; Azizi Venice, a 36,000-home lagoon-centric development in Dubai South; and Azizi Milan, a master-planned community of over 81,000 homes along Mohammed bin Zayed Road. 'Our focus is on creating fully integrated, sustainable and iconic communities that go beyond mere housing and truly enrich the lives of those who invest and reside there,' Azizi said. Property values in Dubai have skyrocketed 70 per cent in four years according to Knight Frank, now also drawing in big name global investors including wall street giants. The emirate has seen more office and hotel deals in the past 2 years than in the past decade combined. Complementing this is the UAE's tourism boom, which contributed Dh257.3 billion (USD 70.1 billion) to the national economy in 2024—accounting for 13 per cent of GDP—as noted by the World Travel & Tourism Council (WTTC). Dubai's property market reached a new milestone in the first half of 2025, with 98,603 real estate transactions totaling Dh326.7 billion ($89 billion), marking its strongest half-year performance on record, as per the latest figures from fäm Properties. This year, Dubai has welcomed nearly 90,000 new residents in Q1, placing growing pressure on housing supply. Only 12,000 new homes were delivered in that period, fueling further increases in both prices and rents. This widening gap between supply and demand highlights strong market fundamentals and presents a compelling case for continued residential development and investment. According to the latest data from Dubai Land Department, the UAE real estate sector is projected to witness an 80 per cent increase in delivered units this year compared to 2024, helping to satiate the surging demand. 'Dubai's property sector will continue to thrive. This is driven primarily by the city's many merits, with it being the best place to visit, live and work in. Its world-renowned safety, outstanding legal and regulatory framework, welcoming, tax-free, opportunity-rich and highly business- and investment-conducive environment, and its status as the world's most popular tourist destination, all contribute to the surging population (expected to hit 5.8 million by 2040) and visitors, and as such, to the exponentially growing popularity of real estate here,' Azizi said. Minor price corrections may take place in the remaining months of 2025 or beyond, as part of any healthy market cycle, but these will be overshadowed by the mid- to long-term upward trajectory in property values, he added. The company is actively exploring and working on blockchain-based innovations, including tokensiation, for its projects. 'Tokenization is a natural progression in an industry that's rapidly evolving to become more safeguarded, accessible, transparent, and technology-driven. By turning real estate assets into digital tokens on a blockchain, the industry also opens its doors for a broader range of investors to participate—making ownership more inclusive while transactions are becoming more efficient. Tokenization has the potential to simplify traditionally complex processes, entails lower barriers to entry, and builds greater trust through secure, transparent records and transactions. 'I see tokenization becoming a fundamental part of how property is bought, sold, and held—particularly in forward-thinking cities like Dubai that are setting the pace for digital transformation in real estate. Moreover, we are also engaging in strategic partnerships that enable secure cryptocurrency payments, particularly in markets where digital assets are gaining traction,' Azizi said. Beyond the UAE, Azizi has set sights on international markets as well, with the recent launch of its first project in Germany. 'With our first project in Germany, which was a test-run in one of the most stable and mature European markets, already successfully having been completed and handed over, and a project in France currently being underway, we are also exploring other lucrative markets, including the UK where will soon be launching 5-6 high rise towers in Central London, in a prime area right on River Thames, with more than 1.5 million square feet of net sellable area, Australia, Canada and the US, amongst others,' Azizi said.
Arabian Business
5 days ago
- Business
- Arabian Business
Dubai real estate: What is the first-time home buyer initiative? Everything you need to know
Dubai residents dreaming of home-ownership now have a clear path to buying their first property through a government-backed programme. The First-Time Home Buyer Programme, launched on July 2 by Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET), offers priority access of properties up to AED 5 million to Emiratis and expats in the region. Dubai launches landmark initiative further enabling first-time homeownership offering aspiring Emirati and expatriate homeowners priority access to new launches, preferential prices, and tailored mortgage solutions. The joint initiative by Dubai Land Department and the Dubai… — Dubai Media Office (@DXBMediaOffice) July 2, 2025 This includes preferential pricing, and flexible payment plans through partnerships with 13 major developers and five banks. 'The initiative is poised to shift buyer dynamics in the Dubai property market significantly. Traditionally dominated by investors, the market will now welcome a stronger presence of end-users-particularly long-term residents seeking to plant roots in the city. This shift will foster a more balanced ecosystem, where emotional connection, lifestyle needs, and community value become key purchasing drivers,' Joseph Thomas, Co-Founder of Ellington Properties told Arabian Business. So, who can apply for the first-time home buyer initiative in Dubai? The programme targets UAE nationals and expatriates who meet specific criteria: UAE residents of any nationality aged 18 or older Must not currently own freehold residential property in Dubai Seeking properties valued at AED 5 million or less Limited to single use – buyers cannot participate again after purchasing 'Even residents from other Emirates who couldn't plan to buy in Dubai earlier can now consider it seriously. It builds long-term loyalty and local ownership,' Meenakshi Tejwani, Founder & CEO of Alpha Mortgage explained, adding that this initiative 'will open the market to more genuine end-users.' 'First-time buyers who were struggling to arrange the down payment can now enter the market, which will increase demand for affordable housing and bring more balance between investors and residents,' she added. However, customers must provide legal documentation before purchasing. According to Vishal Tinani, Corporate Lawyer & Regulatory Affairs Specialist, the registration process is straightforward. 'First-time buyers must be ready to submit all required documentation, including proof of their first-time buyer status, valid Emirates ID (or passport for non-residents), and a signed sale and purchase agreement for the chosen property,' Tinani explained. Check eligibility through the Dubai Land Department's criteria Register via the Dubai REST app or Dubai Land Department website Submit documentation including Emirates ID and required details Receive verification and unique QR code for programme access Select property from participating developers' exclusive listings 'Additional documents, such as proof of income or a mortgage pre-approval letter, will typically be necessary if financing is required. The full application and verification process is handled digitally via the Dubai Land Department's official channels. Once approved, buyers can benefit from special pricing arrangements, flexible payment plans, and competitive mortgage products from participating banks,' he explained. 'Upon completion and payment, the buyer receives full ownership and the title deed, an important milestone in long-term residency,' Thomas added. What Dubai properties are available? The AED 5 million cap opens access to a wide range of properties across Dubai, both Thomas and Tejwani said: 1- to 4-bedroom apartments in central Dubai Villas and townhouses in outer areas like Dubailand, Mirdif, or JVC Mid-range off-plan properties from major developers 'These options are well-suited for small families and working professionals looking to step into home-ownership,' Tejwani said, adding that flexible payment plans 'helps the most,' in such cases, as many residents cannot pay a big amounts upfront despite having a stable income stream. 'Most residents are eligible for 80 per cent mortgage but struggle to arrange the 20 per cent down payment or cover DLD fees. This programme helps solve that by giving more flexible options, especially for those buying for the first time,' she said, adding 'spreading out the payments makes home ownership more realistic.' What are the benefits of being a first-time home buyer in Dubai? According to Ellington Properties' Thomas, there are both pros and cons of the initiative focusing on off-plan properties with 80/20 payment plans. 'Off-plan properties generally offer lower entry prices compared to ready units, allowing buyers to secure homes in promising developments early. Buyers can select from a wider variety of units and locations since projects are in earlier sales phases,' he said. However, the cons include that the 80/20 structure requires buyers to pay 80 per cent during construction, which can be 'financially demanding, especially for first-time buyers without substantial savings or dual incomes.' 'Unlike post-handover plans that spread payments over time after moving in, this model places more financial weight upfront, potentially limiting accessibility despite the programme's inclusive intent,' he said. Ellington Properties, which is one of the 13 major developers under this initiative, offers flexible payment plans that align with the needs of today's customers, through a structured 60/40 plan in place. 'We understand that every buyer's financial journey is different. That's why, as an organisation, we remain flexible and open to tailoring payment schedules to suit individual needs, including options like a 50/50 payment plan (50 per cent during construction and 50 per cent at handover), which offers a balanced structure for many first-time buyers. This flexibility allows buyers to move forward confidently, knowing that their investment journey is supported with understanding and adaptability,' Thomas said, listing the following benefits for the 60/40 payment plan: 60/40 Payment Plan: 30 per cent is paid in the first 12 months (including the down payment) 20 per cent is paid until the project reaches 50 per cent construction 10 per cent until handover And the final 40 per cent is deferred to handover In addition, Ellington offers: Discounted property prices on selected units as part of our commitment to the programme The option to pay the 4 per cent DLD fee in monthly instalments over 8 months (0.5 per cent per month) Tailored support throughout the process to ensure a smooth and transparent experience. 'These initiatives reflect our continued focus on helping first-time buyers secure not just a property, but a well-designed, thoughtfully crafted home that supports their lifestyle and long-term goals,' he said. The other 12 major developers include: Azizi Developments Beyond Developments Binghatti Holding DAMAC Properties Danube Properties Dubai Properties Emaar Properties Majid Al Futtaim Group Meraas Nakheel Palma Holding Wasl 'Having 13 top-tier developers participate lends credibility and scale to the initiative. It ensures that buyers have quality options across different neighborhoods and architectural styles. For developers, the challenge lies in balancing price accessibility with design, construction quality, and timelines,' Thomas said. In addition, the involvement of banks with favourable mortgage terms, is also a key benefit. 'Reduced down payments, competitive rates, and extended tenures, will open the door for a larger group of buyers who previously couldn't qualify for home financing,' he said, adding that this also helps in improving financial planning. 'For buyers committing to off-plan properties, knowing that financing is pre-arranged and affordable adds confidence and long-term stability to the process,' he said. So, which are the banks involved? Five banks offer tailored mortgage products: Commercial Bank of Dubai Dubai Islamic Bank Emirates NBD Emirates Islamic Mashreq Bank 'These improved mortgage deals will give buyers better interest rates, lower fees, and possibly easier approvals. It reduces the financial burden and helps buyers focus more on the property they want, rather than worrying about financing,' Tejwani said. It is also important to know that there are other legal requirements and obligations that first-time home buyers must adhere to, according to Tinani. Participants in the program are required to fully adhere to all terms and conditions established by the Dubai Land Department and any participating financial institutions. This includes timely payment of registration fees, adherence to mortgage repayment schedules, and strict compliance with Dubai's property ownership regulations,' he said. 'Notably, the program is limited to a single use; buyers who purchase a property through this scheme will not be eligible to participate again in the future. Breaches of program rules, such as submitting false information or failing to meet contractual obligations, can lead to loss of benefits, financial penalties, or legal action. Accordingly, it is strongly recommended that buyers carefully review all documentation and consider legalities to ensure their rights and interests are protected throughout the transaction,' Tinani added. 'Now' ideal time to invest in first-time Dubai property buying The programme addresses a gap in Dubai's property market where residents struggled to compete with cash-rich foreign investors, experts said. 'This programme is a strong move by the government to support real residents – not just investors. It shows trust in the expat population and creates a more balanced and sustainable property market. It's also a great opportunity for those who have been dreaming of owning their first home in Dubai,' Tejwani said. The timing of the launch during Dubai's strong property market performance is considered ideal by industry experts. According to Ellington's Thomas, 'now is the ideal moment.' 'The property market is thriving, but so is the city's commitment to inclusive growth. Launching this initiative at a high point sends a message that the market is not just for elite investors – it's for everyone who contributes to Dubai's success story,' he said. 'Long-term, we expect this to expand the end-user base, stabilise rental demand, and support urban planning strategies centered on ownership, mobility, and community,' he concluded.
The National
03-07-2025
- Business
- The National
Dubai's new first-time home buyer scheme to benefit existing residents amid foreign investor surge
A new Dubai scheme to help first-time buyers get on the property ladder will support existing residents, at a time when foreign investors are descending on the surging property market. The campaign, launched on Wednesday, is only open to Emiratis and residents who do not own any freehold residential property in the emirate. Under the initiative, first-time buyers will have priority access to new homes from participating developers as well as existing inventory, discounts or limited-time offers on the sales price of off-plan units, flexible payment plans and 'improved' mortgage options with better interest rates, faster approval times and reduced fees. The Dubai Land Department registration fee can be paid through banks or credit cards at zero interest rates. Investors will also be entitled to automatic eligibility checks for residency programmes, the Dubai Rest app says. The initiative will cover properties valued at up to Dh5 million ($1.36 million). There is no salary criteria for investors to participate and it is left to banks to decide on financing, depending on buyers' credit scores. People of all nationalities, aged 18 or over, with an Emirates ID can take part in the initiative. Matthew Green, head of research at CBRE Mena, says since the initiative is only available to UAE nationals and residents, it will help to balance against the volume of foreign non-residents who have bought off-plan properties in recent years. 'This whole thing is clearly designed to pull in new investors, locals and expats alike,' says Shazia, a property owner in Dubai who didn't want to give her full name. 'With low entry prices and easy payment plans, it's a smart way for expats to get into the property market, especially those who are looking to invest long term but have been pushed back due to the ongoing price increases. 'The fact that it's interest-free? Huge bonus, especially with Tier 1 developers. That alone will catch a lot of attention and totally supports the idea of ownership. But let's be real – the success of this will come down to property prices. If they stay attractive, this could really take off,' she says. Reema Ramesh, who owns property in Dubai's Al Furjan, says the scheme will be welcomed by residents, who rarely get access to projects during developer launch events, which are dominated by property brokers and investors. 'Many [end-users] have been outpriced from the market due to the steady rise in values and this programme will incentivise those sitting on the fence to commit to property ownership,' she adds. What is the programme's goal? The core objective is to encourage more residents to transition from renting to owning, according to Farooq Syed, chief executive of Springfield Properties. With rents continuing to rise, this scheme gives people the opportunity to build equity and participate in the long-term value of the Dubai property market, he says. Are off-plan and existing properties covered? The scheme is available for both. The programme applies to off-plan properties with participating developers, and for existing properties with partner banks, according to the DLD. 'That distinction is important – because it allows first-time buyers to explore both new launches and existing inventory based on their personal preferences and timelines,' Mr Syed says, adding the scheme will also help first-time buyers to buy a property from the secondary market. 'Buyers can access preferential interest rates and expedited approvals from participating banks when purchasing ready properties. This creates a real pathway for individuals who may have previously thought the market was out of reach, especially in the secondary space,' he says. However, investors can benefit only with one partner developer and one participating bank, according to the DLD. Which developers can investors buy from? The DLD is working with 13 developers: Emaar, Nakheel, Azizi, Wasl, Dubai Properties, Damac, Danube, Binghatti, Meraas, Ellington Properties, Beyond Developments, Majid Al Futtaim and Palma Development. It has also linked up with five banks – Emirates NBD, Emirates Islamic, Mashreq Bank, Dubai Islamic Bank, Commercial Bank of Dubai – for the initiative. 'When more people are empowered to explore home ownership, the buyer pool expands and that shift will influence developer strategies,' Mr Syed reckons. 'We expect more tailored offerings from developers aiming to capture this new audience segment. The competitive environment will likely drive attractive incentives.' How to participate Applicants should register on the DLD website or Dubai Rest app to start the process. Once they have been verified and deemed eligible, they will receive a first-time homebuyer QR code from the DLD. This can be used to access programme benefits through participating developers and banks. Once users successfully register, the selected developers will begin contacting eligible customers ahead of each project launch. There are no additional fees to apply for or participate in the programme. Where can first-time buyers purchase property? There are no exclusive zones earmarked yet. However, significant traction is expected in emerging, more affordable areas such as Dubai Land Residential Complex (DLRC), Liwan, Silicon Oasis, Al Warsan and Marjan, Mr Syed says. These communities already offer attractive entry points for first-time buyers and are likely to benefit from increased demand under this scheme, he says. Does the scheme pose a risk to banks? The risk to banks is relatively low since real estate lending is asset-backed, and existing regulatory frameworks will protect all parties, Mr Syed explains. 'We need to wait and see how this initiative will be integrated with banks,' according to Sunil Tekchandani, managing director and partner at YOUAE Mortgages, a mortgage consultancy. 'Generally, banks set their pricing based on their internal cost of funds, and each bank has different pricing structures. Therefore, it's essential to understand what kind of preferential pricing or offers they will provide to clients.' Mr Green from CBRE says mortgages of sub-4 per cent are expected to be made available, if banks are trying to offer below currently available rates. Things to know Once users submit the first-time homebuyer form, they authorise the sharing of their credit score and consent to being contacted by developers and brokers, the Dubai Rest app says. Also, once you purchase a property, you will lose your first-time home buyer status and cannot participate in the programme again even if you sell your property, the app adds.
Arabian Business
23-06-2025
- Business
- Arabian Business
Dubai real estate: Property market attracts international investors as FDI surges 48% to $45 billion
Dubai-based real estate developer Samana Developers has revealed that foreign buyers account for 86 per cent of its property sales, highlighting international confidence in Dubai's property market and its contribution to the UAE's Foreign Direct Investment (FDI) flows. The figures reflect broader economic trends across the UAE. The United Nations Conference on Trade and Development (UNCTAD) reported that FDI flows into the country reached AED167 billion ($45 billion) last year, representing a 48 per cent increase compared to the previous year. Data from the Dubai FDI Monitor shows that real estate contributed 14 per cent of total estimated FDI capital flows into Dubai in 2024, establishing the sector as a driver of the city's economic expansion. Indian, UK, Egyptian investors drive Dubai property demand Investors from India, UK, Egypt, and Syria represent the dominant nationalities among Samana Developers' foreign buyers, demonstrating Dubai's appeal as an investment destination. The international investment surge coincides with strong performance in Dubai's residential property sector. The first quarter of 2025 recorded approximately 42,000 sales transactions valued at AED114.4 billion, marking a year-on-year increase of 23.1 per cent in volume and 29.6 per cent in value. Property Finder data shows 45,474 transactions totalling AED142.7 billion in Q1 2025, representing a 22 per cent increase in volume and 30 per cent surge in value compared to Q1 2024. May 2025 witnessed sales of AED 66.8 billion across 18,700 deals, recording a 44 per cent year-on-year value surge. The commercial office market has shown parallel strength, with Q1 2025 sales transactions increasing by 23.7 per cent year-on-year and values rising by 83.1 per cent. 'The fact that 86 per cent of our sales come from foreign buyers is a powerful testament to the global trust and confidence in Dubai's economy and its real estate sector. This directly translates into significant Foreign Direct Investment, reinforcing Dubai's position as a leading global hub for business and lifestyle. The latest market data, with residential transactions soaring by nearly 30 per cent and commercial values by over 83 per cent in Q1 2025, validates the robust and attractive environment we offer to international investors seeking high returns and unparalleled stability,' Imran Farooq, CEO of Samana Developers said. Samana Developers maintains a portfolio exceeding AED 17 billion with a 4.4 per cent market share. The company launched 12 new projects in 2024, including the global launch of Samana Ocean Views Interiors by Elie Saab. The developer's properties target both end-users and investors, offering opportunities for capital appreciation and rental yields. The company has launched a Happiness Centre, focusing on community building and customer service standards in the region's property industry.
Daily Mail
21-06-2025
- Business
- Daily Mail
EXCLUSIVE Michelle Mone's £250 million Dubai property project was never finished and is now just a desert shell
's £250 million Dubai property project – hailed as the first major development to be sold using Bitcoin – was never actually built, The Mail on Sunday can reveal. In 2017, former lingerie tycoon Ms Mone, 53 – dubbed Baroness Bra after being awarded a peerage – and husband Doug Barrowman, 60, unveiled proposals to erect two 40-floor skyscrapers as part of a luxury desert complex boasting high-end homes, a shopping centre and sports facilities. To much fanfare, they said the apartments could be bought using virtual currency rather than hard cash. Within months they claimed that buyers had already invested in 'a number of apartments' using the crypto tokens. Ms Mone even told an American news network that Bitcoin (BTC) was 'the currency of the future', adding: 'I'm a Baroness – so I wouldn't be getting involved in it if it was a kind of 'dodgy' industry.' Yet Dubai government records show that the couple's Aston Plaza and Residences, located in the Science Park district of the Middle Eastern city, were never actually built. A property inspection report carried out by the Dubai Real Estate Regulatory Agency and obtained by The Mail on Sunday confirms that the project started but was later 'cancelled' at just 32 per cent completion. Pictures taken by inspectors who visited the site in January 2018 show the concrete shell of one mega tower abandoned in the middle of the desert. The images are a far cry from the promotional mock-ups that were advertised on the project's website, which showed sleek, minimalist homes set across two glass tower blocks. The revelation comes after the UK Government told the High Court in London recently that a company linked to Ms Mone and Mr Barrowman should pay back more than £121 million for breaching a Covid contract for 25 million surgical gowns. And earlier this month we told how the couple from Glasgow were offloading some of their British property empire as they look to start a new life in Florida. The Aston Plaza and Residences promised to offer 'exceptional real estate for discerning professionals and young families living in the United Arab Emirates', adding that the 'company's ethos is delivered through its meticulous attention to detail when creating homes'. A press release put out by the Aston team said that the project was the 'first joint business venture between the two business icons' Ms Mone and her husband, who is chairman of the Knox group of companies. According to the development's website, 150 apartments were available to buy directly from the developers using Bitcoin, a digital currency that fluctuates in value depending on market sentiment. It continued: 'The highly-anticipated selection of 1,133 studio, one and two bedroom apartments, is due for completion in summer 2019. 'Apartments offer floor-to-ceiling windows with unobstructed views of the Dubai Hills and the iconic city skyline.' The website added: 'The development also boasts the Plaza – three floors dedicated to retail which will include boutiques, cafes, restaurants and a supermarket.' Studio apartments started at 33BTC, which is the equivalent of almost £3 million if linked to today's sterling markets. Speaking to The Mail on Sunday in December 2017, Ms Mone, who founded the Ultimo lingerie brand, said she had already sold 'a number of apartments' to buyers using the cryptocurrency. Aston Towers, known as Project 152 in property databases, is listed as 'permanently closed' on Google. Records show that although the project was transferred to a different Dubai-based company around 2019, work on the development continues to be 'cancelled'. The Mail on Sunday recently told how Ms Mone and Mr Barrowman had sold two townhouses in Glasgow to celebrity friends in the last 12 months, pocketing a profit of £2 million. The new owners are Nick Haddow, the photographer who shot one of Ms Mone's most risqué Ultimo push-up bra campaigns, and Paul McManus – the drummer in Scots rock band Gun and a high-profile Scottish Labour Party donor. Meanwhile, a quaint Chelsea mews house in London linked to a company of Ms Mone's son Declan has been sold for £2.185 million to a senior member of a Middle Eastern royal family. Last year the couple also sold their £19 million London townhouse as well as their £6.8 million Lady M yacht. Ms Mone's friends say she has told them that she is seeking to start afresh in Miami. The Scots business moguls are currently at the centre of an anti-corruption PPE fraud probe which saw £75 million of their assets frozen by the National Crime Agency. Investigators are focused on PPE Medpro, a company led by Mr Barrowman, which was placed in a VIP priority lane for government contracts worth £203 million of taxpayers' money following a recommendation by Ms Mone. This came after Ms Mone was made a peer by Prime Minister David Cameron in 2015. The Department of Health and Social Care (DHSC) is suing PPE Medpro over claims that surgical gowns supplied by the firm were not fit for use. On June 11, Paul Stanley, KC, for the DHSC, told the High Court: 'The Government is seeking to recover the costs of the contract, as well as the costs of transporting and storing the items, which amount to an additional £8,648,691.' The Dubai property project was sold on to a Dubai-based developer. Representatives for Ms Mone and Mr Barrowman said that no one lost any money and all deposits were held in escrow, in accordance with the law in Dubai.
