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Khaleej Times
9 hours ago
- Business
- Khaleej Times
Off-plan apartment transactions in Dubai surged 43% in second quarter
Second quarter off-plan apartment transactions in Dubai surged 43 per cent quarter-on-quarter, contributing significantly to a total sales value of Dh60.15 billion, a 37 per cent increase year-on-year, data showed on Tuesday. According to Betterhomes' Shaping Skylines, Dubai Residential Real Estate Q2 2025, the off-plan segment accounted for the majority of Dubai's residential market activity, underpinned by strategic launches from top-tier developers and investor-friendly payment plans. Among the top-performing communities for off-plan apartments in Q2 2025 were Jumeirah Village Circle (JVC), which led with 12.2 per cent of total off-plan transactions, followed by Business Bay at 6.4 per cent, Dubai Residence Complex at 5.3 per cent, while Motor City and Production City each contributed 5 per cent. Two-bedroom apartments were the highest contributors to off-plan transaction value making up 33 per cent, with one-bedroom apartments at 30 per cent and studios at 10 per cent. The average price per square foot for off-plan transactions stood at Dh2,023. 'The off-plan market continues to be one of Dubai's biggest growth stories. Buyers are showing greater discernment, focusing on quality, developer reputation, and long-term rental yield potential. We're seeing high absorption of newly launched projects, especially in well-connected, master-planned communities,' said Christopher Cina, Director of Sales at Betterhomes. Off-plan market trends and buyer preferences In the off-plan segment, The Valley accounted for the largest share of transactions at 29.7 per cent, followed by Emaar South with 15.5 per cent, Athlon by Aldar at 8 per cent, and MBR City at 7.3 per cent. The total off-plan transaction value for villas and townhouses stood at Dh7.94 billion, with townhouses driving 75 per cent of this value and villas contributing the remaining 25 per cent. This trend reflects a preference among buyers for townhouses in new developments, although the broader end-user market continues to favour ready-to-move-in properties for permanent residence. In terms of unit size, four-bedroom homes accounted for 49 per cent of the total off-plan transaction value, followed by three-bedroom units at 23 per cent and fivebedroom units at 12 per cent. The average price per square foot was Dh1,318 for townhouses and Dh1,947 for villas. Overall, Dubai's real estate market maintained its momentum in Q2, with transactions up 25 per cent year-on-year and total value rising 46 per cent. Apartments and off-plan led activity, while the luxury segment hit record highs. Even during June's regional unrest, the market remained resilient; reinforcing Dubai's position as a safe, stable destination for capital and lifestyle buyers alike. This strong quarterly performance builds on a robust first quarter, which recorded quarter-on-quarter growth of 33 per cent in value and 19 per cent in volume. The sustained momentum highlights growing investor confidence and the continued appeal of Dubai's property sector. Secondary market activity In the secondary apartment market, JVC again emerged as the top performer, accounting for 11.2 per cent of transactions, followed by Business Bay at 7.5 per cent, Dubai Marina at 5.8 per cent, with Mohammed Bin Rashid (MBR) City and Downtown Dubai each holding a 5 per cent share. Two-bedroom apartments were again the largest contributor to transaction value, representing 36 per cent, with one-bedroom apartments at 28 per cent and studios at 8 per cent. The average price per square foot for secondary apartments was Dh1,600. This data highlights the ongoing strength and demand across Dubai s apartment market, with JVC and Business Bay remaining key focal points for both off-plan and secondary transactions. The growth in transaction value, particularly for two-bedroom apartments, indicates strong investor confidence and a stable market outlook moving into the second half of 2025. 'As we move into Q3, the fundamentals remain strong. Population growth is steady, infrastructure continues to expand, and while more supply is coming online, demand is still outpacing it in most areas. We expect to see more negotiation, more realistic pricing, and a little more competition, which, frankly, is no bad thing,' Louis Harding, CEO of Betterhomes, said. 'With approximately 20,000 new units delivered in the first half of 2025 and a further 70,000 expected by year-end, Q3 is shaping up to be an exciting phase for Dubai's property market. This upcoming supply is well-aligned with the city's growing population and strong investor appetite. Demand remains robust particularly for apartments and ready villas with healthy absorption of new launches. Both Q3 and the second half of 2025 are expected to reflect positive market sentiment, supported by a resilient economy, sustained end-user demand, and attractive rental yields,' Cina said.
The Star
23-06-2025
- The Star
'Adoption' of scammer ends in RM1.6mil loss for Penang retiree
GEORGE TOWN: A private sector retiree here has lost RM1.6mil in an online investment scam to a suspect he adopted as his "younger brother". Penang police chief Comm Datuk Hamzah Ahmad said the Central Seberang Prai Commercial Crime Investigation Department received a complaint from a 57-year-old man about the scam on Sunday (June 22). "In March, the victim came into contact on WhatsApp with an individual who claimed to be from Hong Kong. "After three weeks of getting to know each other, the victim took the suspect as his adopted younger brother," he said in a statement on Monday (June 23) The suspect then invited the victim to join an online investment platform called FXCM, which promised a 10% return in a short period. After expressing his interest, the victim was told to download an application, register as a member, and invest. Comm Hamzah said the victim made an initial investment of US$2,000 (RM8,716) on March 18 and received a return of RM10,023. He said believing that the investment was legitimate and profitable, the victim proceeded to make 36 money transfers into 20 different bank accounts until June 14, totalling RM1,680,464. He said the victim only realised it was a scam when he tried to withdraw his profits through the app but failed. Comm Hamzah said the victim was also asked to make additional payments to process the withdrawal. "Feeling deceived, the victim then lodged a police report," he said. The case is being investigated under Section 420 of the Penal Code for cheating.
New Straits Times
23-06-2025
- New Straits Times
'Adopted brother' cons woman out of RM1.68mil in scam
BUKIT MERTAJAM: A 57-year-old woman lost more than RM1.68 million in an online investment scam involving a bogus platform. The victim, a retiree from a private firm in Penang, was first contacted via WhatsApp in late March by a man claiming to be from Hong Kong. After three weeks of communication, she began referring to the suspect as her "adopted brother". Penang police chief Datuk Hamzah Ahmad said the suspect later persuaded the victim to invest in an online scheme via a mobile app. "The victim was promised returns of up to 10 per cent within a short period," he said in a statement today. Hamzah said the woman made her first investment of USD2,000 (RM8,716) on March 18 and received a return of RM10,023, which convinced her of the platform's legitimacy. "Believing the scheme to be genuine and profitable, she went on to make 36 transactions between March 14 and June 14, depositing funds into 20 different bank accounts belonging to various companies. "In total, she lost RM1,680,464," he said. The scam came to light when the victim attempted to withdraw her returns but was unsuccessful. She was then asked to make additional payments to release the funds, prompting her to suspect foul play. The woman subsequently lodged a report with the Commercial Crime Investigation Department at the Seberang Prai Tengah district police headquarters yesterday. The case is being investigated under Section 420 of the Penal Code for cheating. This incident follows a similar case reported yesterday in which two men, including a senior citizen, lost a combined total of RM2.35 million in separate online investment scams.
Business Recorder
13-06-2025
- Business
- Business Recorder
Gold price per tola gains Rs4,600 in Pakistan
Gold prices in Pakistan increased on Friday in line with their surge in the international market. In the local market, gold price per tola reached Rs361,500 after it gained Rs4,600 during the day. As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs310,007 after it gained Rs4,023. On Thursday, gold price per tola Rs356,900 after it gained Rs4,000 during the day. The international rate of gold also surged on Friday. The rate was at $3,417 per ounce (with a premium of $20), an increase of $46, as per APGJSA. Meanwhile, silver price per tola increased by Rs35 to settle at Rs3,780.
New Straits Times
05-05-2025
- Business
- New Straits Times
Sharp insurance premium hikes for senior citizens irrational, says MP
KUALA LUMPUR: Bayan Baru Member of Parliament Sim Tze Tzin has criticised the sharp insurance premium hikes for seniors, arguing that the combined impact of age bracket changes and medical repricing in the same year imposes a heavy financial strain. Sim said insurance companies offer cheaper plans when customers are younger but drastically raise premiums once they turn 60 and above, using the excuse of "age bracket." He said although an interim measure by Bank Negara Malaysia caps premium increases at no more than 10 per cent, it does not apply to increases due to 'age brackets' or 'age bands', which refer to changes in age categories within insurance policies. "Logically, a policyholder only becomes one day older after their birthday, yet their insurance premium can rise by 40 per cent to 50 per cent simply for moving into a new age bracket. "This is irrational. "Insurance companies offer cheaper plans when customers are younger but drastically raise premiums once they turn 60 and above, using the excuse of 'age bracket.' "More worryingly, these increases happen when individuals have retired, no longer have a fixed income, and depend solely on their EPF savings. "In the end, senior citizens are forced into a cruel choice (of either) pay an exorbitant premium or give up the coverage they've maintained for decades," he said in a statement. Sim cited a case of one policyholder, aged 61, who had made a complaint after receiving a notice of an increase for his insurance premium amounting to RM3,023 for a supposed "transition to the next age bracket." His insurance medical repricing also amounted to RM906. "Another policyholder, aged 65, purchased an insurance plan in 2008. "In 2025, he paid a premium of RM9,019.50. "However, for 2026, the insurance company raised the premium by RM4,099.50 (a 45 per cent increase) solely due to the 'age bracket' factor," he said. He called for BNM to implement a comprehensive reform of the insurance premium pricing mechanism, especially regarding the steep changes linked to age brackets. In December, BNM announced that insurers had agreed to spread the increase in insurance premiums over a minimum of three years, limiting the annual rise to under 10 per cent. This interim measure, which will remain in place until the end of 2026, is expected to ensure that at least 80 per cent of policyholders will experience annual premium adjustments of less than 10 per cent, in line with medical claims inflation. In March, Finance Minister II Datuk Seri Amir Hamzah Azizan said the government, in collaboration with key stakeholders, is implementing long-term solutions to control the rising costs of healthcare.
