Latest news with #SavillsMiddleEast
Hi Dubai
22-07-2025
- Business
- Hi Dubai
Dubai Office Market Shows Early Signs of Rate Stabilisation and Larger Space Demand Compared to Last Year: Savills
New findings from Savills latest Dubai Office Market in Minutes report for Q2 2025 indicate a shift from last year's pattern of across-the-board rental growth, with signs that rents are beginning to level out in several submarkets. At the same time, the market continues to see strong appetite for larger office spaces and an evolving mix of future supply, marking a noticeable change from the trends observed in 2024. While average prime office rents remain 36% higher year-on-year, the report highlights that 11 of the 23 submarkets tracked by Savills saw no quarterly change in rents, a contrast to last year's steady and constant growth. This points to a more cautious approach by some occupiers as they wait for new developments to be delivered before committing to commercial space. Savills Middle East data also shows a clear shift in demand towards bigger spaces. In Q2 2025, 44% of leasing enquiries were for offices between 10,000 and 20,000 sq ft, reflecting a move by new entrants and existing firms looking to expand their operations. By comparison, spaces below 10,000 sq ft accounted for 38% of total demand. Toby Hall, Head of Commercial Agency at Savills Middle East said, We're seeing clear evidence that businesses continue to commit to Dubai, with larger footprint requirements becoming more common. Despite global economic headwinds, the city remains an attractive hub, supported by a strong pipeline of international companies establishing or growing their regional operations here. Rachael Kennerley, Director of Research at Savills Middle East added, The stabilisation of rents in several submarkets suggests the market is entering a more balanced phase. While core areas remain in high demand, we're now seeing occupiers adopt more considered strategies, including securing future space in advance or exploring emerging locations with better affordability. In another shift from previous years, Savills has observed traditionally residential developers now exploring strata office developments, which could bring more diversified ownership models and broaden the office landscape beyond the usual central business districts. This aligns with Dubai's 2040 Urban Master Plan, which seeks to build a 20-minute city with commercial activity spread across more areas. With recent rental rises still fresh in mind, more occupiers are now securing rights of first refusal on additional space within their existing buildings. This gives them the ability to grow as needed while maintaining the benefits of their current lease agreements. Looking ahead, Savills expects demand to increasingly spill over into locations such as Dubai South and Expo City, supported by the availability of larger spaces, more competitive rents, and improved transport links. For further insights and detailed analysis, download the full Dubai Office Market in Minutes Q2 2025 report from here. Source: Savills
Biz Bahrain
27-06-2025
- Business
- Biz Bahrain
Middle East emerges as luxury retail's next powerhouse, says Savills
According to the newly released Savills Global Luxury Retail Outlook 2025, the Middle East is fast emerging as a key market for international luxury brands seeking expansion, driven by surging demand, wealth inflows, and increasing accessibility across the region. The report highlights the UAE and Saudi Arabia as stand-out performers, forecasting a net increase in consumer spending for 2025. Dubai and Abu Dhabi top the Savills Dynamic Wealth Index, with the UAE recording the world's highest net inflow of high-net-worth individuals (HNWIs) in 2024, estimated at 6,700. This influx is reinforcing the region's appeal for luxury brands and underlining its long-term growth potential. 'Set between East and West, the Middle East has become increasingly attractive to brands from across the globe. With a growing base of affluent residents and strong international visitor reach, it offers a unique opportunity for luxury retail expansion,' said Thea Rowe, Cross-Border Retail Lead, Middle East at Savills Middle East. The report also flags exponential growth in the region's food and beverage (F&B) sector, expected to more than double in size over the next four years. This complementary sectoral boom is supporting broader luxury ecosystem development and enhancing the appeal of mixed-use destinations. However, Savills notes that navigating the Middle East's fast-moving retail landscape calls for agility, local insight, and timely execution. In key markets such as the UAE and Saudi Arabia, developers are increasingly working to accelerated timelines, with full financial and conceptual proposals often expected within just a few weeks. As such, international brands are encouraged to invest in thorough due diligence and explore strong local partnerships to ensure a smooth and strategic market entry. 'With limited availability and strong demand, flexibility is critical,' added Rowe. 'While protecting brand integrity remains essential, those willing to adapt operationally will be best positioned to secure prime locations.' In line with these trends, retail developers are doubling down on experiential and lifestyle-focused retail formats. Luxury store formats are becoming larger and more immersive, with brands seeking to deepen engagement through curated, multi-sensory shopping experiences. Looking ahead, Savills anticipates sustained momentum in luxury retail expansion across the region over the next 12 months. Building on resilient consumer demand, brand appetite, and a continued inflow of high-net-worth individuals, the Middle East is well positioned to attract further flagship and high-end boutique developments. Dubai, alongside cities such as Bangkok and Kuala Lumpur, is identified as one of the markets best placed to deliver the most dynamic expansion opportunities in the near term, driven by rapid wealth creation, visitor appeal, and the ongoing development of high-quality luxury real estate. As global retailers cement their presence, the region is set to play an increasingly strategic role in luxury brand portfolios through 2025 and beyond. For further insights and detailed analysis, download the full Global Luxury Retail 2025 report from here.
Hi Dubai
26-06-2025
- Business
- Hi Dubai
UAE Leads Global Luxury Retail Boom as Wealth Inflows Reach Record Highs:Savills
With the UAE recording the world's highest net inflow of HNWIs in 2024, Savills highlights the region as the fastest-growing opportunity for luxury brands . According to the newly released Savills Global Luxury Retail Outlook 2025, the Middle East is fast emerging as a key market for international luxury brands seeking expansion, driven by surging demand, wealth inflows, and increasing accessibility across the region. The report highlights the UAE and Saudi Arabia as stand-out performers, forecasting a net increase in consumer spending for 2025. Dubai and Abu Dhabi top the Savills Dynamic Wealth Index, with the UAE recording the world's highest net inflow of high-net-worth individuals (HNWIs) in 2024, estimated at 6,700. This influx is reinforcing the region's appeal for luxury brands and underlining its long-term growth potential. Thea Rowe, Cross-Border Retail Lead, Middle East at Savills Middle East 'Set between East and West, the Middle East has become increasingly attractive to brands from across the globe. With a growing base of affluent residents and strong international visitor reach, it offers a unique opportunity for luxury retail expansion,' said Thea Rowe, Cross-Border Retail Lead, Middle East at Savills Middle East. The report also flags exponential growth in the region's food and beverage (F&B) sector, expected to more than double in size over the next four years. This complementary sectoral boom is supporting broader luxury ecosystem development and enhancing the appeal of mixed-use destinations. However, Savills notes that navigating the Middle East's fast-moving retail landscape calls for agility, local insight, and timely execution. In key markets such as the UAE and Saudi Arabia, developers are increasingly working to accelerated timelines, with full financial and conceptual proposals often expected within just a few weeks. As such, international brands are encouraged to invest in thorough due diligence and explore strong local partnerships to ensure a smooth and strategic market entry. 'With limited availability and strong demand, flexibility is critical,' added Rowe. 'While protecting brand integrity remains essential, those willing to adapt operationally will be best positioned to secure prime locations.' In line with these trends, retail developers are doubling down on experiential and lifestyle-focused retail formats. Luxury store formats are becoming larger and more immersive, with brands seeking to deepen engagement through curated, multi-sensory shopping experiences. Looking ahead, Savills anticipates sustained momentum in luxury retail expansion across the region over the next 12 months. Building on resilient consumer demand, brand appetite, and a continued inflow of high-net-worth individuals, the Middle East is well positioned to attract further flagship and high-end boutique developments. Dubai, alongside cities such as Bangkok and Kuala Lumpur, is identified as one of the markets best placed to deliver the most dynamic expansion opportunities in the near term, driven by rapid wealth creation, visitor appeal, and the ongoing development of high-quality luxury real estate. As global retailers cement their presence, the region is set to play an increasingly strategic role in luxury brand portfolios through 2025 and beyond. News Source: Savills
Zawya
02-06-2025
- Business
- Zawya
Kamdar Developments breaks ground on 105 Residences in JVC
Dubai, United Arab Emirates – Kamdar Developments has broken ground on its flagship 105 Residences project in Dubai's Jumeirah Village Circle (JVC). The residential development will feature 105-units and is designed to provide buyers with luxury standards at an attainable price point. Residents will also benefit from a prime location in JVC, one of the most sought-after Dubai communities. The ceremonial groundbreaking was attended by Kamdar Developments founder and Chairman, Yousuf Kamdar, Directors Tazmeen Kamdar and Mahomed Kamdar, Luxedesign (LDV) CEO Santosh Shrestha, and Savills Middle East's Marc Tennant. Speaking at the occasion, Chairman Yousuf Kamdar said, 'We are delighted to break ground on our flagship 105 Residences project. This is an exciting moment for the business as we continue to invest and build in Dubai, one of the world's most exciting and innovative cities. 105 Residences will provide lasting quality and value for investors and homeowners, and we look forward to welcoming our first residents in early 2027.' Marc Tennant, Savills Middle East - Head of Exclusive Projects said, 'With great design and amenities, 105 Residences will set a new standard for residential living in JVC. Luxedesign (LDV) is also a contractor most commonly associated with very high-end villas, so investors and end-users can have confidence in a premium build quality across the project.' The groundbreaking follows the recent appointment of main contractor Luxedesign (LDV), who will oversee construction. The 105 Residences project benefits from Kamdar's four decades of real estate development experience across three continents, while Luxedesign (LDV) has constructed more than 100 luxury residential projects across the region. Designed by award-winning architects, 105 Residences includes premium studio, 1-bed and 2-bed apartments, plus a range of world-class amenities across podium and rooftop levels. Across the podium level, 105 Residences features an infinity pool, lounge deck, sports court and children's play area, while there is also a spacious indoor gym and fitness studio. On the rooftop overlooking the stunning Dubai skyline, is an open-air cinema, yoga area, and social zone with barbecue station. Residences are from AED 640,000 with 60/40 two-year post-handover payment plans available. Completion is expected in early 2027. For more information about Kamdar Developments and to discover 105 Residences, please visit or visit the new Kamdar Developments sales centre in Al Quoz, Dubai. About Kamdar Property Development Kamdar Property Development is a Dubai-headquartered, family-run real estate developer and investment company, committed to delivering quality properties that enhance the urban fabric of the United Arab Emirates. With a heritage and track record dating back nearly four decades, Kamdar pursues excellence in every project, reliably delivering high-quality developments on time. Kamdar – Quality you can trust For media enquiries, contact: Jonathan Ivan-Duke Partner, duke+mir jon@
Arabian Business
01-05-2025
- Business
- Arabian Business
Ras Al Khaimah property market set to double by 2030 amid tourism boom
Ras Al Khaimah's residential property stock is on track to double by the end of 2030, with more than 11,000 new units scheduled for completion, according to a report by Savills. The emirate has recorded over AED11 billion in sales transaction values in 2024, with significant momentum in the market since the pandemic. Off-plan sales have dominated transactions, while communities such as Al Marjan Island, Mina Al Arab, and Al Hamra have experienced increases in capital values and rents since 2022. Gaming revenue could generate AED20 billion as RAK transforms into luxury destination 'There is a growing demand for premium residential offerings in RAK. Branded resi dences now make up 32 per cent of the anticipated supply on Al Marjan Island, reflecting buyer appetite for well-located, lifestyle-led investments,' Andrew Cummings, Head of Residential Agency at Savills Middle East said. The report highlights the Sunshine Bay development on Al Marjan Island as a prime example of market momentum. Launched in late 2024 with Savills as master agents, all 240 units sold within three months, achieving average prices exceeding AED2,200 per sq ft. British investors represented more than 40 per cent of buyers among the 37 nationalities who purchased units. Savills is set to launch the Anantara Mina Ras Al Khaimah Residences in April 2025, featuring 84 units including luxury suites, apartments and duplex sky villas. Prices will start from AED2.2 million, with a 60/40 payment plan and handover expected in Q3 2028. The property market expansion coincides with growth in tourism. Ras Al Khaimah welcomed 1.28 million tourists in 2024, representing a 5.1 per cent increase compared to 2023. The visitor mix was evenly split between international and domestic tourists, with 661,000 air arrivals marking a 28 per cent year-on-year increase. Tourism in the emirate has shown consistent growth since 2020, supported by beach resorts, desert landscapes, and activities around Jebel Jais, the UAE's highest peak. Wynn Al Marjan Island to drive record property sales in Ras Al Khaimah A major catalyst for growth is the development of Wynn Al Marjan Island, the UAE's first integrated resort with a commercial gaming operator's licence. The project, set to open in 2027, will span 62 hectares on Al Marjan Island and feature 1,542 rooms and suites, 225,000 sq ft of gaming space, 15,000 sq m of retail, and entertainment facilities. The potential economic impact is substantial, with analysts noting that if UAE gaming revenue reaches 1.6 per cent of GDP – comparable to Singapore – it could generate more than AED 20 billion in revenue. While historically dependent on Dubai for luxury amenities, Ras Al Khaimah is developing its own offerings. These include the Ritz-Carlton Al Wadi's Zuma winter pop-up and improved education options. In the 2023/24 academic year, seven schools received a 'good' rating from the Ministry of Education, up from three the previous year. The British School Al Hamra became the only school in the Northern Emirates to achieve a 'very good' rating. 'RAK's evolution is now beyond tourism alone. We're seeing the pieces come together, infrastructure, education, entertainment, and residential development, which together make a compelling case for long-term investment and growth,' Rachael Kennerley, Head of Research at Savills Middle East added.
