Dubai – 10 things you missed this week
Dubai real estate prices soared last year and investors are looking to make profits again in 2025. Find out the best-performing areas, how supply will impact costs, top developers and the latest property finance offers.
Meanwhile, investors from Germany, China and Russia flock to the city to search for investment opportunities, a DIFC hedge fund is recruiting world class interns and a popular antibiotic has been removed from pharmacy shelves in the UAE.
Catch up on 10 of the biggest stories this week, as selected by Arabian Business editors.
Dubai real estate: Biggest price rises revealed as neighbourhood sees 33% increase and one area sees 10% rent returns
Dubai's residential property market soared to new heights in 2024, with a record-breaking 169,000 sales – an increase of 42 per cent on 2023, according to Cavendish Maxwell. Prices saw sustained increases during the year, ending 0.9 per cent up month-on-month in December, and 3.1 per cent higher than the previous quarter.
Year-on-year, prices rose 16.5 per cent, with the cost per square foot reaching AED1,493 ($407) in December – an increase of more than 90 per cent on the April 2009 low, according to Cavendish Maxwell's 2024 Dubai Residential Market Performance report. Dubai's residential property sector closed 2024 with 47 months of continuous price rises.
Dubai Police announce fines for traffic violations monitored by AI; $820 speeding penalty and red-light rules
Dubai Police have announced fines for traffic violations, with penalties of more than $800 for speeding and range of AI-monitored offences.
The General Department of Traffic at Dubai Police has clarified the types of violations recorded by radar systems that utilise artificial intelligence technology, along with the associated fines, vehicle impoundment durations, and black points.
This initiative aims to enhance road safety and reduce traffic accidents.
Emaar, Ellington, Meraas, Omniyat among Dubai real estate developers to watch in 2025: Experts
Dubai's real estate sector has shattered sales records, with industry experts identifying Emaar, Ellington, Meraas, Select, and Omniyat as the premier developers poised for exceptional growth and investment returns in 2025.
'Emaar offers master-planned communities with top-tier infrastructure, Ellington provides high-quality European-style finishes with boutique developments, and Meraas creates unique lifestyle projects, blending luxury and modern design, whereas Select brings forth excellent reputation, premium amenities, and strategic locations,' Paul Sharland, the Off Plan & Investment Associate Director at haus & haus told Arabian Business.
However, Andrew Cummings, Head of Residential Agency at Savills Middle East noted that 'there is an increasing number of large developers such as Sobha, Ellington, Select who are challenging the dominance whilst new and innovative products are being released by smaller and boutique developers such as Alta and Mr 8 Development. Aldar has also entered the market in a big way which is having an impact.'
UAE real estate developer and bank team up for 'game-changing' property financing offer
A leading UAE real estate developer and bank are teaming up for a 'game-changing' finance solution to make home ownership more accessible.
DAMAC Properties has partnered with Abu Dhabi Islamic Bank (ADIB) to introduce a home financing solution that enables UAE residents to secure financing for off-plan properties once construction reaches 35 per cent completion.
This makes DAMAC the first developer to offer such a financing option, making homeownership more accessible and convenient for buyers. This initiative aligns with DAMAC and ADIB's commitment to providing customer-centric financial solutions that simplify investing in luxury real estate.
German millionaires flock to UAE as Europe's political chaos, economic woes bite
A significant wave of German millionaires is considering relocation to the UAE amid growing political tensions and economic uncertainty in Europe, according to a new survey by global investor migration consultancy Arton Capital.
This trend comes as the Emirates continues its historic rise in global passport power rankings, having recently broken into the world's top 10 most powerful passports—the first Arab nation to achieve this milestone.
The survey, which polled 1,000 German residents with a net worth of at least €1 million ($1.08 million), reveals that 37 per cent of German high-net-worth individuals (HNWIs) are now more likely to consider emigration following the recent federal election, with the UAE emerging as a key destination for the wealthy seeking new opportunities.
Chinese and Russian investors dazzled by Dubai real estate market
Chinese and Russian nationals' investments in Dubai's luxury real estate market increased by 15 and 20 per cent in 2024, respectively, highlighting the BRICS (Brazil, Russia, India, China, and South Africa) Factor that is driving the growth of foreign capital inflows into the emirate.
Analytics from the UAE-based Elite Merit Real Estates revealed that Chinese and Russian investors are poised to dominate Dubai's luxury property market, lured by the city's favourable tax policies, world-class infrastructure, and geopolitical stability.
Recent data shows that Chinese and Russian investors will increase their market share by over 30 per cent in 2025.
Aldar sells out The Wilds first phase in no time; mops up $1.38bn
In what Aldar called its 'most successful launch in terms of value', the first phase of its new nature-inspired project in Dubai – 734 villas in The Wilds – has been sold out, generating AED5bn ($1.38bn).
Aldar launched three-, four-, and five-bedroom villas through a series of local and international sales events on 19 February. This is the Abu Dhabi real estate giant's third development in Dubai in partnership with Dubai Holding.
The launch attracted a wide range of customers with expatriate residents and overseas buyers accounting for 92 per cent of sales. Buyers from India, China, and the UK made up the top three nationalities by sales volume at The Wilds.
DIFC: $12bn hedge fund seeks interns to join Dubai office
A Dubai hedge fund is seeking world-class interns to join a 16-week programme in DIFC.
Verition Fund Management has announced the launch of its inaugural internship programme for its office in Dubai, in collaboration with Dubai International Financial Centre (DIFC).
DIFC's inaugural Future of Finance report, which was developed using network-based research and discussions with leaders from the industry, identified the importance of overcoming potential talent shortages by attracting and retaining professionals through competitive compensation, continuous training programmes and partnerships with educational institutions.
'Pfizer is recalling Zithromax 250mg capsules due to a manufacturing-related matter, which does not impact product quality or safety,' a Pfizer spokesperson told Arabian Business.
'Pfizer has determined the root cause and is working to implement appropriate corrective and preventive actions.'
Dubai real estate prices are at an all-time high, how will property supply impact market this year?
Dubai's residential real estate market saw strong growth in 2024, with property values rising by 19.1 per cent over the past year, now standing at AED1,685 ($459) per square foot, according to the Dubai Residential Market Q4 2024 report from global property consultant Knight Frank.
This places average prices at 13.3 per cent above the 2014 peak.
On average, villa sale prices have grown by 20.2 per cent over the last 12 months, reaching AED2,009 ($547) per square foot, placing them 38.1 per cent above the 2014 peak.
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