Dubai's luxury realty soars as Condor delivers Concept 7
Dubai's luxury real estate market continues to boom, with Condor Developers reinforcing its prominence by completing the handover of Condor Concept 7, a premium residential project in Jumeirah Village Circle (JVC), on schedule.
The Dh200 million, 10-floor development underscores the emirate's robust property sector and Condor's reputation for timely, high-quality deliveries, as demand for upscale residences surges.
Located in the heart of JVC, near Circle Mall and within 10-20 km of Dubai's iconic landmarks like Burj Khalifa and Dubai Marina, Condor Concept 7 offers 158 residential units. The project, handed over on April 15, 2025, features modern amenities tailored to affluent buyers, including a swimming pool, open cabanas, a gym, a study area, and a unique rooftop pet park. These align with Dubai's growing appetite for lifestyle-driven properties, where luxury and convenience are paramount.
'The handover of Condor Concept 7 marks another milestone in our commitment to excellence in construction, design, and timely delivery,' said Vidhyadharan Sivaprasad, chairman and CEO of Condor Developers. 'Our focus on quality and sustainability has earned us trust in Dubai's competitive market.'
Dubai's real estate sector is thriving, with the luxury segment leading the charge. According to Knight Frank's 2025 Wealth Report, Dubai ranks among the top global cities for ultra-high-net-worth individuals, driving demand for premium properties. JVC, once a mid-tier community, has evolved into a sought-after destination, with average property prices rising 12 per cent year-on-year to Dh1,100 per square foot, per Property Monitor data.
Realty experts said that as Dubai cements its status as a global luxury hub, Condor Concept 7's completion highlights the resilience and dynamism of the emirate's real estate sector. 'The developer's ability to deliver on time also boosts confidence in a market where delays can erode trust.'
Condor Concept 7's strategic location and upscale offerings position it to capitalize on this trend. The emirate's luxury market is projected to grow by eight per cent in 2025, fuelled by foreign investment and government initiatives like the Golden Visa program, which grants long-term residency to property investors.
CBRE reports that Dubai recorded Dh135 billion in real estate transactions in 2024, with off-plan sales — a key driver for developers like Condor — accounting for 60 per cent of deals. Condor's timely delivery of Concept 7 strengthens its appeal to investors seeking reliability amid global economic uncertainties.
Condor Developers, a 40-year veteran of Dubai's real estate scene, has built a strong portfolio with projects like Condor Castle in JVC and Marina Star in Dubai Marina, both delivered on time. 'Our track record reflects our dedication to responsible development,' Sivaprasad noted. The company is currently advancing two projects: Condor Sonate Residences in Jumeirah Village Triangle (JVT) and Condor Golf Links 18 at Dubai Sports City, both progressing as planned.
Looking ahead, Condor is doubling down on Dubai's growth potential, with plans to develop projects worth Dh2.5 billion by 2027. Upcoming developments in prime areas like Dubai Islands and Al Majan signal the developer's ambition to cater to the luxury market's evolving demands. Dubai Islands, a waterfront destination, is expected to attract high-end buyers, with villa prices starting at Dh5 million, according to Savills.
Condor's emphasis on sustainability — evident in Concept 7's energy-efficient design and quality materials — resonates with Dubai's push for green buildings under the Dubai 2040 Urban Master Plan. This focus enhances the project's long-term value, appealing to environmentally conscious investors. The developer's ability to deliver on time also boosts confidence in a market where delays can erode trust.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
14 hours ago
- Al Etihad
Fitch reaffirms TAQA's credit rating at ‘AA Stable'
7 June 2025 15:42 A. SREENIVASA REDDY (ABU DHABI)Fitch Ratings has reaffirmed Abu Dhabi National Energy Company's (TAQA) long-term credit rating at 'AA' with a Stable Outlook, underscoring the company's robust financial profile and strategic importance to the Abu Dhabi rating reflects TAQA's classification as a government-related entity, with Fitch assuming 'virtually certain' support from the Abu Dhabi government in all financial continues to enjoy the same sovereign rating as the government of Abu Dhabi, based on the expectation that its obligations would be fully supported if needed. Alongside this, Fitch Ratings has maintained TAQA's standalone credit profile (SCP) at 'bbb+', recognising the company's solid operational fundamentals.'The standalone profile reflects TAQA's strong business fundamentals, which are supported by its dominant presence in Abu Dhabi and a substantial portion of regulated and quasi-regulated earnings. We expect higher capex in 2025-2028 to increase its funds from operations,' Fitch Ratings observed in its latest agency highlighted that regulated and quasi-regulated businesses contributed 51% and 34%, respectively, to TAQA's 2024 EBITDA, underlining the company's stable revenue base. 'It has a leading position in Abu Dhabi as a fully integrated utility,' the agency cited several factors that justify the continued strong rating for TAQA, a key player in the region's energy infrastructure. 'We see no effective substitutes for TAQA given its role in the energy system of Abu Dhabi. TAQA has a large share in power generation and water desalination, monopoly in the electricity and water transmission and distribution (T&D), and wastewater treatment,' the report strategic investments have further reinforced TAQA's position. The 2024 acquisition of Sustainable Water Solutions Holding Company (SWS) and an equity stake in Abu Dhabi Future Energy Company (Masdar) have bolstered the company's capabilities as a leading integrated utility. 'A TAQA default could also affect the cost of funding for the sovereign, given its large size and activity on capital markets,' Fitch expects the regulatory framework governing electricity and water T&D in Abu Dhabi to remain stable and transparent, with effective cost-recovery mechanisms that compare favourably to other emerging markets. It also anticipates continued and timely subsidy payments from the state, supporting TAQA's financial ahead, Fitch forecasts that TAQA will receive increased earnings contributions from its associate companies over 2025–2028, amounting to Dh1 billion annually, with half of that expected from ADNOC Gas, in which TAQA holds a 5% stake. 'We do not forecast any dividends from Masdar, given its ambitious growth plans and targets,' the agency remains committed to Vision 2030, particularly in transmission, distribution, water, and power generation. Fitch estimates that Dh8 billion will be injected over 2025–2026, reinforcing TAQA's long-term investment trajectory. 'TAQA also plays an important role in achieving Abu Dhabi's energy targets of 2050, through its commitment to invest around Dh75 billion in 2021–2030, of which Dh26.7 billion were invested in 2021–2024,' Fitch summary, TAQA's reaffirmed rating is anchored in its strong business profile, stable cash flows, supportive regulatory environment, and strategic position in Abu Dhabi's utilities sector, backed by the near-certain support of the government. ADQ, the sovereign wealth fund, holds over 90% stake in TAQA, which is listed on the Abu Dhabi Securities Exchange with market cap of Dh370 billion. Source: Aletihad - Abu Dhabi
Arabian Post
4 days ago
- Arabian Post
UAE Regulator Intensifies Scrutiny with Dh3.5 Million Penalty
The Central Bank of the UAE has levied a Dh3.5 million fine on an unnamed exchange house for breaches of anti-money laundering and counter-terrorism financing regulations. This action is part of a broader enforcement initiative targeting financial institutions failing to meet compliance standards. The penalty was imposed under Article 14 of Federal Decree Law No. of 2018, which governs AML/CFT measures in the UAE. An examination by the CBUAE revealed that the exchange house failed to implement adequate policies and procedures to detect and prevent illicit financial activities. This enforcement follows a series of similar actions by the CBUAE. On May 29, the regulator imposed a Dh100 million fine on another exchange house for significant failures in its AML/CFT framework. Earlier in May, a separate exchange house faced a Dh200 million penalty, and its branch manager was fined Dh500,000 and barred from holding any position in licensed financial institutions within the UAE. ADVERTISEMENT The CBUAE has taken action against foreign banks operating in the country. Two branches were fined a total of Dh18.1 million for AML/CFT violations, with individual penalties of Dh10.6 million and Dh7.5 million, respectively. These measures reflect the UAE's commitment to strengthening its financial regulatory framework and aligning with international standards. The country was previously placed on the Financial Action Task Force grey list in 2022 due to concerns over its AML regime but was removed in 2024 after implementing significant reforms.
Khaleej Times
5 days ago
- Khaleej Times
Dubai realty pivots to long-term stability as market dynamics shifts
Dubai's real estate market is entering a pivotal stabilisation phase in 2025, signalling a maturing and sustainable investment landscape. After a remarkable surge that saw residential property prices climb by approximately 60 per cent from 2022 to early 2025, driven by strong international demand, the market is now transitioning towards equilibrium. This shift, as outlined by Asico, a leading Dubai-based real estate brokerage and developer, reflects a healthy evolution, offering investors a more predictable and strategic environment. As of January 2025, the average price per square foot in Dubai's residential market stood at Dh1,484, marking a modest 0.57 per cent month-on-month decline. This subtle dip indicates a cooling from the frenetic price escalations of recent years, suggesting a market recalibrating for long-term stability. Despite this adjustment, transaction activity remains vigorous. In February 2025, Dubai recorded a 32 per cent increase in transaction volume and a 37 per cent rise in value compared to February 2024, totalling over Dh50 billion. This resilience underscores the emirate's enduring appeal as a global real estate hub. A notable trend reshaping the market is the growing demand for mid-market and affordable housing. In 2024, two out of five ready home sales were valued at less than Dh1 million, a clear departure from the dominance of luxury properties. This broadening appeal reflects a more inclusive market, catering to a diverse buyer base and fostering sustainable growth. High-net-worth individuals continue to gravitate towards premium developments in areas like Palm Jumeirah and Downtown Dubai, where properties often exceed Dh5 million, but the rise of mid-tier options signals a market maturing beyond speculative frenzy. The off-plan segment remains a cornerstone of Dubai's real estate dynamism, with a 38 per cent increase in transaction volume and a 60 per cent surge in value year-over-year in February 2025. Prime locations such as Dubai Creek Harbour, Mohammed Bin Rashid City, and Dubai Hills lead this charge, attracting investors with their blend of modern infrastructure and strategic positioning. Off-plan properties, often priced 10-20 per cent below ready homes, continue to entice buyers seeking capital appreciation and rental yields, which average 6-8 per cent annually in key areas, according to industry data. On the supply side, developers are proactively addressing demand. In response to robust market activity, construction schedules are being accelerated, with handovers brought forward by three to six months. This agility aims to prevent potential shortages and maintain market balance. However, ratings agency Fitch has cautioned of an impending price correction, projecting a double-digit decline in the second half of 2025 and into 2026. This forecast aligns with a planned delivery of 210,000 units in 2025 and 2026, nearly double the volume of the previous three years. Fitch estimates this supply surge could depress prices by up to 15 per cent, a sharp pivot from the post-pandemic boom. Wail Abualhamail, director of Real Estate at Asico, views this stabilisation as a positive development. 'The current phase reflects a maturing market, shifting from speculative buying to strategic, long-term investments,' he said. 'This evolution signals investor confidence, enhanced regulation, and a sustainable future for Dubai's real estate sector.' Property market experts said the stabilisation marks a new chapter for Dubai's real estate sector, one defined by resilience, diversity, and strategic growth. 'As the market matures, it continues to affirm its position as a global leader, offering investors a stable yet dynamic platform for long-term success,' a spokesman of a Dubai realty brokerage firm said. Asico's insights highlight a market where quality, thoughtful planning, and prime locations are becoming the primary drivers of returns, moving away from short-term speculation. The Dubai government's strategic initiatives further bolster this outlook. The Dubai Economic Agenda (D33), targeting a doubling of the emirate's economy by 2033, emphasises real estate as a key growth driver. Policies like the Golden Visa programme, which grants long-term residency to property investors, and 100 per cent foreign ownership in select sectors have cemented Dubai's status as a global investment destination. In 2024, the emirate attracted over Dh 300 billion in real estate investments, with 40 per cent from foreign buyers, according to Dubai Land Department data. As Dubai's property market stabilises, investors face a landscape ripe with opportunity. The focus on mid-market properties broadens investment avenues, while sustained demand underscores the sector's long-term strength. For buyers, this phase offers a chance to make informed decisions in a more predictable environment, prioritising quality and location over speculative gains.
