Latest news with #DubaiRealEstateSectorStrategy2033
Mid East Info
13-06-2025
- Business
- Mid East Info
Emirates Properties launches Dh350 million Azha Millennium Residences as Dubai's branded home supply grows - Middle East Business News and Information
The launch of Azha Millennium Residences embodies Dubai's strategic vision to raise the real estate market value to Dh1 trillion by 2033 Under the patronage of HH Sheikh Rashid bin Humaid Al Nuaimi, Chairman of the Municipality and Planning Department in Ajman, Emirates Properties Group launched Azha Millennium Residences, an ultra-luxury branded mixed-use development that will be developed at the heart of Jumeirah Village Triangle (JVT), Dubai. Being developed by Emirates Properties Group, one of the large property developers in the UAE, the Dh350 million Azha Millennium Residences will deliver an exquisite collection of 196 Millennium Hotels & Resorts-branded apartments and curated retail spaces upon completion in Q4 2027. With its futuristic design, integrated living experience, and sustainable infrastructure, Azha Millennium Residences harbours Dubai's ambitious goal to propel the real estate market value to Dh1 trillion by 2033 – a key indicator of the Dubai Real Estate Sector Strategy 2033. Rising 30 storeys high, it is the latest hotel-branded development to adorn Dubai's towering skyline, reaffirming the city's appeal to the global affluent. The emirate recorded transactions of more than 13,000 branded units in 2024, a 43 per cent increase from 2023, according to market intelligence and property consultancy Global Branded Residences (GBR). Currently boasting 43,000 homes across 132 high-end developments in its inventory, Dubai eyes to increase its stock by more than double over the next five years. 'Azha Millennium Residences is a unique addition to Dubai's striking portfolio of branded homes. The project is an embodiment of aesthetics, sophistication, and convenience, further enhancing Dubai's appeal as an ideal residential destination for luxury lovers,' Sheikh Rashid bin Humaid Al Nuaimi said. Azha Millennium Residences features 196 units, including 56 studios, 84 one-bedroom, and 56 two-bedroom apartments, meticulously designed for comfort, elegance, and smart living. With prices starting from Dh629,000, studios span an area from 375 square feet onwards while sizes of one- and two-bedroom units span up to 979 square feet and 1,746 square feet, respectively. Emirates Properties Group is offering an attractive and flexible payment plan: 10 percent down payment, 30 percent during construction, 10 percent upon handover, and 50 percent in three years post-handover, allowing seamless purchases. The surge of wealthy home-buyers in Dubai is central to the growth of branded homes. The market's appeal lies in Dubai's multi-cultural lifestyle, safety, accessibility, economic resilience, and favourable position on the world map. Dubai now ranks among the top 20 wealthiest cities, hosting 81,200 millionaires, including 237 centi-millionaires and 20 billionaires. The number of wealthy people with a net worth exceeding US$100 million in Dubai is expected to grow two-fold by 2034, according to the 'World's Wealthiest Cities Report 2024' published by Henley & Partners in collaboration with New World Wealth. Properties like Azha Millennium Residences will help maintain the supply level in the long run as the market foresees rising demand due to the influx of High-Net-Worth-Individuals (HNWIs) by the next decade. Mohammed R. Hegazi, Managing Director of Emirates Properties Group, said, 'Azha's launch takes place at a time when Dubai is receiving a large number of super-wealthy settlers. Each residence is masterfully crafted to embody luxury living at its core. Millennium Hotels and Resorts adds pivotal value to homes, promising an unmatched experience with its signature hospitality services. 'This will widen the choice of ultra-luxury properties and help global ultra-high networth individuals to live in Dubai.' Azha Millennium Residences features a suite of world-class amenities that resonate with the opulent lifestyle of its residents. Ground level facilities include a swimming pool, BBQ area, lush garden, play areas, and a café lounge. On the rooftop, residents can access a health club, a pool offering scenic views of JVT, a lounge, indoor cinema, and entertainment room. Moreover, residents can experience hotel-style living with Millennium's premium hospitality services like concierge, round-the-clock security, in-room dining, housekeeping, valet parking, and additional wellness facilities. More than 300 designated parking slots across four podiums are available. Strategically located in Jumeirah Village Triangle, Azha Millennium Residences is in close proximity to some of Dubai's iconic landmarks, including Miracle Garden, Mall of the Emirates, Dubai Autodrome, Palm Jumeirah, and Bluewaters Island. Emirates Properties Group is a sustained player in UAE's residential real estate contributing a number of attractive projects to the country's diverse landscape. It is a key developer in Ajman where its portfolio includes a mix of low-rise residences, tall towers, and vibrant villa communities. It has expanded its footprint in Dubai and Abu Dhabi, with Azha Millennium Residences being its third launch in Dubai. About Emirates Properties Group: Emirates Properties Group is a leading real estate developer committed to delivering high-quality, design-led projects that enrich urban life and foster lasting value for investors, residents, and communities across the UAE.
Arabian Post
25-05-2025
- Business
- Arabian Post
Dubai Pioneers Tokenised Property Investment with Prypco Mint Launch
Arabian Post Staff -Dubai Dubai has introduced the Middle East and North Africa's first tokenised real estate investment platform, Prypco Mint, enabling individuals to invest in fractional shares of ready-to-own properties starting from AED 2,000. This initiative, spearheaded by the Dubai Land Department in collaboration with Prypco and Ctrl Alt Solutions, aims to democratise access to the emirate's property market. Currently, the platform is accessible exclusively to holders of UAE Emirates IDs, with plans for global expansion in subsequent phases. Transactions are conducted solely in UAE Dirhams, and cryptocurrencies are not utilised during the pilot stage. Investors can access comprehensive property details, including pricing, risk factors, and technical specifications, ensuring transparency and informed decision-making. ADVERTISEMENT The project aligns with the Dubai Real Estate Sector Strategy 2033 and the Dubai Economic Agenda D33, which seek to position Dubai as a hub for smart real estate investment. Projections estimate that tokenised assets could account for up to 7% of Dubai's real estate market by 2033, equivalent to AED 60 billion . Regulatory oversight is provided by the DLD for physical real estate and the Virtual Assets Regulatory Authority for digital assets, ensuring an integrated and transparent approach. The Central Bank of the United Arab Emirates plays a pivotal role in overseeing the opening of corporate accounts linked to real estate tokenisation through the Client Money Account system, safeguarding investor funds until the purchase process is fully completed. Industry stakeholders have welcomed the initiative, viewing it as a significant step towards enhancing liquidity and accessibility in the property market. By enabling fractional ownership, the platform opens up investment opportunities to a broader base of investors, particularly those seeking smaller-scale investments.
Gulf Insider
25-05-2025
- Business
- Gulf Insider
Dubai Launches First Tokenised Real Estate Investment Platform
Dubai Land Department (DLD), in partnership with Prypco, has launched the region's first tokenised real estate investment project through the 'Prypco Mint' platform. The initiative is being implemented in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates (CBUAE), and the Dubai Future Foundation (DFF) as part of the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the pilot phase. UAE ID holders can now invest in tokenised real estate from AED 2,000 The project marks the activation of the digital platform offering individuals the opportunity to invest in ready-to-own properties in Dubai through tokenised shares. The platform is currently available to UAE ID holders, with plans for global expansion and additional platform integrations in future phases. The initiative is aligned with the Dubai Real Estate Sector Strategy 2033 and the Dubai Economic Agenda D33, which aims to position Dubai as a hub for smart real estate investment. Investors can begin investing from AED2,000, with all transactions conducted exclusively in UAE Dirhams. Cryptocurrencies will not be used during the pilot phase. The platform provides detailed information about each property, including pricing, risk factors, technical specifications, and minimum investment requirements. The project is a result of a strategic agreement between DLD, Prypco, and Ctrl Alt Solutions. It aims to create a regulatory and operational framework for real estate tokenisation. The agreement focuses on legislation development, knowledge promotion, attracting tokenisation companies, and investor protection. According to current projections, tokenised assets could account for up to 7 per cent of Dubai's real estate market by 2033, equivalent to AED 60 billion ($16 billion). Prypco Mint is expected to be central to this transformation. Regulatory oversight is being provided by DLD for physical real estate and VARA for digital assets, ensuring an integrated and transparent approach. DLD's tokenised property platform ensures CMA-based fund protection The Central Bank of the UAE oversees corporate accounts through the Client Money Account (CMA) system. Under this system, investor funds are deposited in CMAs and are only transferred after the purchase process is complete, which are safeguarded until the transaction is finalised. The platform facilitates access for individual investors, allowing them to earn returns from both rental income and capital appreciation. Ownership is legally documented by DLD, and investors are not required to manage the properties directly. Currently, the pilot phase includes only ready-to-own properties. Tokenisation is permitted solely through companies licensed by VARA. DLD is responsible for verifying the fairness of property pricing before listing. Prypco and Ctrl Alt are the two companies authorised for the pilot, with more firms expected to join in future phases. This initiative forms part of the Real Estate Evolution Space Initiative (REES), launched earlier by DLD to support PropTech and AI developments. The REES initiative promotes a legislative environment that attracts talent and startups to the sector. Source Arabian Business
Gulf Today
20-05-2025
- Business
- Gulf Today
Sheikh Hamdan launches 'Dubai PropTech Hub' to make Dubai real estate global leader
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, Chairman of The Executive Council of Dubai, and Chairman of the Higher Committee for Future Technology and Digital Economy, chaired a meeting of the Committee and issued directives to launch The Dubai PropTech Hub. The move seeks to fast-track the expansion of the PropTech market in the emirate, aiming to more than double its value to surpass Dhs 4.5 billion over the next five years. It also reinforces Dubai's position as a global leader in real estate innovation, in line with the Dubai Economic Agenda D33 and the Dubai Real Estate Sector Strategy 2033. During the meeting, Sheikh Hamdan reviewed the committee's business report, which detailed the results of past projects, evaluated the progress of ongoing initiatives, and examined new proposals aimed at fostering innovation and accelerating the growth of digital enterprises within a supportive and integrated economic environment. Sheikh Hamdan said that Dubai, guided by the visionary leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has become a leading global hub for high-value investments and top talent, with the real estate sector being no exception. The emirate has developed a unique model that balances sustainable development with digital transformation, enhancing its readiness for future challenges. Sheikh Hamdan described the launch of the Hub as a strategic move to accelerate digital transformation in one of Dubai's key economic sectors. He highlighted that Dubai PropTech Hub will foster a supportive environment for real estate innovation, empowering talents and entrepreneurs to turn ideas into successful ventures. He added that it aims to strengthen Dubai's PropTech sector, attract quality investments, and enhance the emirate's global competitiveness. Sheikh Hamdan said Dubai has laid a strong foundation for a fully integrated digital economy through ambitious initiatives to advance technological innovation. He stressed that adopting the latest technologies is a strategic necessity to create a business environment that is geared for future challenges and growth in a rapidly evolving, competitive world. He said that Dubai's digital economy has become a distinct reality, underpinned by a flexible legal framework, advanced infrastructure, and robust support for startups and innovators. He emphasised that integrating key sectors such as real estate, commerce, and industry with emerging digital platforms is essential for sustainable growth and achieving the emirate's economic and social goals. The Dubai PropTech Hub aims to drive rapid growth in the property technology sector by adopting cutting-edge digital solutions, aligned with the Dubai Real Estate Sector Strategy 2033 and the Dubai Economic Agenda D33, which seek to double Dubai's economy and rank it among the world's top three cities within a decade. Dubai's PropTech market was valued at around Dhs2.2 billion in 2023, and the Hub aims to attract over Dhs1 billion investments by 2030, supporting more than 200 PropTech companies, and drawing 20 investment funds. The Hub offers a comprehensive ecosystem for startups, featuring advanced incubators, interactive workspaces, and smart outdoor areas that foster collaboration and innovation, alongside state-of-the-art infrastructure for developing and testing AI-driven business models. Sheikh Hamdan reviewed the committee's report, which outlined progress on major digital initiatives, including the '5,000 Digital Talents' initiative aimed at placing students in top global tech firms. The meeting also covered results from the previous Expand North Star, the world's largest event for startups and investors, and preparations for its next edition. Sheikh Hamdan was also updated on the IGNITE platform, which was launched recently, and seek to connect founders with a global network of investors, mentors, corporate organisations, and government entities, creating a comprehensive growth ecosystem. WAM
TECHx
20-05-2025
- Business
- TECHx
Dubai to Launch PropTech Hub to Boost AED4.5B Market
Home » Latest news » Dubai to Launch PropTech Hub to Boost AED4.5B Market His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has announced the launch of The Dubai PropTech Hub. Sheikh Hamdan, Crown Prince of Dubai and Chairman of the Higher Committee for Future Technology and Digital Economy, chaired the committee's latest meeting and issued the directive. The Hub aims to accelerate the growth of the PropTech market, with a goal to more than double its value to over AED4.5 billion in five years. This move aligns with the Dubai Economic Agenda D33 and the Dubai Real Estate Sector Strategy 2033. It was revealed that the Hub will foster real estate innovation and position Dubai as a global PropTech leader. The new initiative also supports the emirate's digital transformation efforts across key sectors. Sheikh Hamdan reviewed the committee's business report during the meeting. The report assessed previous achievements, tracked progress on current initiatives, and explored new proposals to boost digital enterprise development. Sheikh Hamdan stated that Dubai, under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, has become a hub for high-value investments and global talent. He noted that the real estate sector reflects this progress, supported by a balance between sustainability and digital transformation. He described the Hub as a strategic step toward accelerating innovation in one of Dubai's most vital economic sectors. The goal is to provide a nurturing environment for entrepreneurs and startups to turn innovative ideas into viable businesses. The Hub is expected to attract over AED1 billion in investments by 2030 It aims to support more than 200 PropTech companies and attract 20 investment funds Officials reported that Dubai's PropTech market was valued at AED2.2 billion in 2023. The new Hub will adopt cutting-edge digital tools to drive this figure higher, enhancing the sector's contribution to Dubai's economy. The ecosystem will include: State-of-the-art incubators and co-working spaces Smart outdoor areas and infrastructure for AI-powered model testing Sheikh Hamdan also reviewed the progress of major initiatives such as the '5,000 Digital Talents' program, which connects students with global tech companies. Other key updates included: Results from Expand North Star, the world's largest startup-investor event Developments around the IGNITE platform, designed to connect startups with investors, mentors, and government support The meeting was attended by top government and industry leaders, including His Excellency Omar bin Sultan Al Olama and members from Dubai Municipality, DIFC, Dubai Future Foundation, and TECOM Group. With this launch, Dubai reinforces its vision to lead in digital innovation and real estate technology on the global stage.
