Latest news with #AED1.2bn
Zawya
07-02-2025
- Business
- Zawya
Dubai property sales hit $12.09bln in January
Doha: Dubai's real estate market has made a strong start to 2025, with property sales in January totalling AED44.4bn, a 24.1% increase in value on the same month last year. A market update issued today by fäm Properties reveals that last month's total of 14,236 transactions also represented a 23.2% increase in volume over January 2024. Land sales for January showed the biggest increase, with 811 plots - a 151.9% month-on-month leap in volume - selling for AED8.6bn. Villa sales totalling AED16.4 billion also climbed sharply in volume by 89.6% to 3,117 compared with January last year, and apartment sales worth AED18.2bn were up 7.1% in volume to 9,945. A total of 363 commercial property transactions amounting to AED1.2bn represented a 17.9% increase in volume over January 2024. While the average price per sq. ft was down slightly by 4% to AED 1,550, it still represents an 81.2% increase over the last five years, from AED855 in January 2020. 'The figures once more emphasize the strength of Dubai's real estate market and the consistent growth seen in recent years,' said Firas Al Msaddi, CEO of fäm Properties. 'This underlines Dubai's status as a secure destination for real estate investment which continues to build investor confidence and draw interest from the local, regional and international markets.' Dubai property sales for the month of January have now risen by 822% in value over the last five years – from AED4.8bn (2,700 transactions) in 2020, AED6.6bn (3,300) in 2021, AED16.3bn (5,700) in 2022, AED27.8bn (9,700) in 2023 and AED35.8bn (11,600) last year. The most expensive individual property sold in January was a luxury villa at Dubai Hills Estate which fetched AED140m. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arabian Business
06-02-2025
- Business
- Arabian Business
TECOM net profit surges 14% to $330m after record revenue in FY2024
With occupation rate improving to 94 per cent, higher rental rates, and a retention rate at 92 per cent for the full year 2024, TECOM Group announced its revenue increased by 11 per cent YoY during the financial year to more than AED2.4bn ($650m). EBITDA increased 12 per cent YoY to reach AED1.9bn ($520m), reflecting strong operational performance across all business segments. EBITDA margin increased to 77 per cent, a 1 per cent increase compared to FY 2023. Net profit was up 14 per cent to AED1.2bn ($330m), while funds from operations (FFO) exceeded AED1.6bn ($440m) due to an increase in revenue and operational efficiencies. TECOM profits Malek Al Malek, Chairman of TECOM Group, said: 'TECOM Group's strong results in 2024 reaffirm our commitment to leveraging Dubai's robust economic fundamentals and contributing to its knowledge economy by attracting global companies and skilled talent across six key sectors. 'Supported by its consistent track record and its strategic roadmap, TECOM Group continues to attain strong performance, in addition to expanding its commercial and industrial portfolios through targeted acquisitions and the development of high-quality assets. 'The AED2.7bn ($740m) of investments announced through 2024 will further expand the Group's portfolio, enabling its continued sustainable growth.' Abdulla Belhoul, Chief Executive Officer of TECOM Group, said: 'Led by dynamic non-oil GDP growth, Dubai and the UAE are delivering sustained growth across the commercial real estate and the industrial sectors. We are perfectly positioned to support this trajectory as the leading owner and operator of specialised business districts that are attracting global companies and talent to the emirate. 'Driven by robust asset performance, strong customer demand, prudent cost management, and increased customer satisfaction, TECOM Group delivered substantial growth across revenue, EBITDA, and property valuation in 2024. We are confident in our ability to contribute towards Dubai's thriving economy as well as its blueprint for future growth as envisioned by Dubai Economic Agenda 'D33'.' Assessment of the group's Investment Properties (IP) portfolio, conducted by CBRE, ascertained a fair value of AED28bn ($7.62bn) as of 31 December 2024, representing a like-for-like increase of 11 per cent compared to 2023 level, and an increase of 22 per cent including new acquisitions. For Q4 2024, r evenue increased 11 per cent YoY to AED643m ($175.1m) and EBITDA grew by 9 per cent, reaching AED458m ($124.7m). Net profit was AED286m ($77.9m), lower by 8 per cent compared to Q4 2023 due to the application of corporate tax that came into effect from 2024 and the increase in financing cost for new acquisitions. The Board of Directors proposed a dividend payment of AED400m (8 fils per share) for the second half of 2024. The board has also reviewed the interim cash dividend for the second half of 2025 which is expected to increase by 10 per cent.
Arabian Business
05-02-2025
- Business
- Arabian Business
Dubai real estate sales pass $12bn in January as one surprise sector leaps over 151%
Dubai's real estate market has made a strong start to 2025, with property sales in January totalling AED44.4bn ($12.1bn), a 24.1 per cent increase in value on the same month last year. A market update issued today by fäm Properties reveals that last month's total of 14,236 transactions also represented a 23.2 per cent increase in volume over January 2024. Land sales for January showed the biggest increase, with 811 plots – a 151.9 per cent month-on-month leap in volume – selling for AED8.6bn ($2.3bn). Dubai real estate January 2025 Villa sales totalling AED16.4bn ($4.5bn) also climbed sharply in volume by 89.6 per cent to 3,117 compared with January last year, and apartment sales worth AED18.2bn ($5bn) were up 7.1 per cent in volume to 9,945. A total of 363 commercial property transactions amounting to AED1.2bn ($327m) represented a 17.9 per cent increase in volume over January 2024. While the average price per sq. ft was down slightly by 4 per cent to AED1,550 ($422), it still represents an 81.2 per cent increase over the last five years, from AED855 ($233) in January 2020. Firas Al Msaddi, CEO of fäm Properties, said: 'The figures once more emphasize the strength of Dubai's real estate market and the consistent growth seen in recent years. 'This underlines Dubai's status as a secure destination for real estate investment which continues to build investor confidence and draw interest from the local, regional and international markets.' Dubai property sales for the month of January have now risen by 822 per cent in value over the last five years January 2020: AED4.8bn/$1.3bn from 2,700 transactions January 2021: AED6.6bn/$1.8bn from 3,300 transactions January 2022: AED16.3bn/$4.4bn from 5,700 transactions January 2023: AED27.8bn/$7.6bn from 9,700 transactions January 2024: AED35.8bn/$9.7bn from 11,600 transactions The most expensive individual property sold in January was a luxury villa at Dubai Hills Estate which fetched AED140m ($38.1m). The most expensive apartment sold during the month went for AED57m ($15.5m) at Ava At Palm Jumeirah By Omniyat. Overall, first sales from developers were significantly greater than those of resales – 65 per cent over 35 per cent in terms of volume, and 60 per cent against 40 per cent in overall value. Properties worth more than AED5m ($1.4m) accounting for 9 per cent of total sales, 31 per cent came in the AED1-2m ($272,000-$545,000) range, 27 per cent below AED1m ($272,000m), 20 per cent between AED2-3 million ($545,000-817,000) and 14 per cent between AED3-5m ($817,000-$1.4m).
