Latest news with #AED2.3
Mid East Info
3 days ago
- Business
- Mid East Info
Dubai Real Estate hits new monthly sales peak of AED66.8 Billion in May - Middle East Business News and Information
Demand base remains strong, market is evolving, while commercial sector faces undersupply – Firas Al Msaadi Dubai, UAE: The Dubai real estate market set a new all-time monthly sales record of AED 66.8 billion in May, a 49.9% increase in value on the same month last year. A market update issued today by fäm Properties reveals that last month's total of 18,693 transactions also made it the second best-selling month on record in terms of volume. The company's CEO, Firas Al Msaddi, says the data from DXBinteract underlines the strength and stability of a market which is evolving, without any broad threat of oversupply in the residential sector, but now facing an undersupply of office space. In response to a recent Fitch Ratings forecast for a 15% correction in Dubai residential property prices, Al Msaddi said: 'While growth has slowed, that's not the same as a correction. A slowdown in growth is a sign of market maturity, not market weakness. 'Approximately 363,000 residential units are expected to be delivered in Dubai over the next five years. However, over 270,000 of those are still at early construction stages, with only 0–20% progress as of today.' He states that just 12,000 units are close to completion (80–99% progress), dispelling any notion of a market-wide oversupply. Additionally, completed project deliveries in 2024 are down 23% compared to 2023, showing the city is not facing a glut of ready units. 'In specific segments, there may be temporary price adjustments,' said Al Msaadi. 'For example, Jumeirah Village Circle is expected to receive around 20,000 new units over the coming 4 to 5 years. 'This concentrated delivery volume may place short-term pressure on pricing in that area, but this is not reflective of the broader market. Even if a correction occurs in pockets of the residential sector, it's temporary. Dubai's demand base is strong, and absorption will catch up.' Meanwhile, Dubai is facing an undersupply of office space. 'Quality commercial space remains extremely limited, with strong demand and minimal new inventory, especially in prime business zones,' says Al Msaddi. 'As a result, no price correction is expected in the office segment, which continues to see firm value appreciation.' Dubai property sales in May have soared in value over the last five years – from AED2.3 billion (1,400 transactions) in 2020, AED11.1 billion (4,400) in 2021, AED18.3 billion (6,600) in 2022, AED33.6 billion (11,600) in 2023 and AED46.4 billion (17,600) in 2024. The most expensive individual property sold last month was a luxury villa at Palm Jumeirah which fetched AED300 million. The most expensive apartment sold during the month went for AED164 million at Jumeirah Residences Asora Bay. The Dubai real estate market is supported not only by construction dynamics, but by global migration patterns of high-net-worth individuals. As per DXBinteract's investor profiling and international market comparisons, London lost 45% of its millionaires over the past decade, while Dubai gained 212% during the same period. 'This contrast reflects a global shift in investor confidence,' says Al Msaddi 'Dubai has become a magnet for global capital, not just as a lifestyle destination, but as a secure investment environment where wealth is preserved and grown. It's where millionaires come to live, and more importantly, where they choose to invest.' With properties worth more than AED5 million accounting for 14% of total sales last month, 30% came in the AED1-2 million range, 26% below AED1 million, 18% between AED2-3 million and 12% between AED3-5 million. Overall, first sales from developers far exceeded those of resales – 66% over 34% in terms of volume and 67% over 33% in overall value.
Mid East Info
20-05-2025
- Business
- Mid East Info
Coworking spaces in luxury real estate developments driving demand in Ras Al Khaimah, according to leading developer
Research has revealed increased demand for co-working spaces across the UAE, with the market expected to grow in value by 43% by 2029 The Luxe Developers is attracting a raft of investors and entrepreneurs by integrating state-of-the-art business facilities within its ultra-luxury residential developments The Luxe Developers' AED2.3 billion La Mazzoni development combines professional needs with lifestyle aspirations Dubai, United Arab Emirates, May 2025 : The Luxe Developers, a leading UAE-based real estate development firm, has highlighted the growing demand for premium residences featuring integrated co-working spaces from high-net-worth investors. This demand is predominantly driven by investors and professionals seeking flexible, business-ready living environments, which is reshaping the luxury real estate landscape in the UAE. Underscoring this demand is the latest research from Mordor Intelligence, which shows a surge in co-working spaces across the UAE, with the market expected to grow in value by over 43% by 2029. As a result, luxury residential developers are integrating state-of-the-art business facilities within high-end properties, allowing residents to work seamlessly from home without compromising on luxury. According to Shubam Aggarwal, Chairman and Co-owner of The Luxe Developers, buyers are increasingly demanding luxury homes that incorporate excellent business and meeting facilities, particularly in their developments in Ras Al Khaimah. He said, 'Traditionally, luxury residences have been associated with leisure and exclusivity. However, with remote work and global entrepreneurship on the rise, affluent buyers are now prioritising developments that support their professional needs as much as their lifestyle aspirations. 'Investors and professionals are no longer looking at luxury properties solely as homes or holiday residences; they want spaces that enable them to work efficiently while enjoying an ultra-luxurious lifestyle.' The Luxe Developers has successfully launched two projects on Al Marjan Island, the company's flagship development, the sold-out Oceano, and the recently launched AED 2.3 billion development, La Mazzoni. The latter is a fully furnished project that combines bespoke luxury with the contemporary, transient lifestyle of the UNHWI investor by crafting spaces that allow them to work efficiently without compromising on the elevated offering. 'With La Mazzoni, we have designed fully furnished luxury residences that meet the demands of a new generation of global business leaders who expect top-tier co-working facilities within their private residence community. In addition to world-class amenities, we have carefully crafted co-working spaces inspired by nature to curate an environment that blurs the boundaries between personal sanctuary and a thriving entrepreneurial ecosystem,' added Agarwal. With the rapid expansion of co-working spaces in the UAE, Ras Al Khaimah is increasingly becoming a destination where business and leisure cross over. This presents an opportunity for investors and entrepreneurs to acquire property that aligns with their lifestyle and professional aspirations. The emirate has established itself as a leading investment hub, offering high-end developments while maintaining a more serene and exclusive environment. According to market analysts, prices in the emirate have increased by up to 60%, driven by investor confidence and upcoming mega-developments. Siddharta Banerji, Managing Director and Co-owner of The Luxe Developers, said: 'The future of luxury real estate is about creating homes that are more than just a place to live; they must cater to every aspect of modern life, including business and productivity. This is why La Mazzoni offers fully equipped workspaces alongside world-class leisure amenities. Integrated co-working spaces in La Mazzoni are built to foster networks where like-minded resident entrepreneurs, venture capitalists, and creatives can cross paths. Our co-working spaces are designed to inspire ideas and future collaborations. 'Ras Al Khaimah is no longer just a second-home destination; it is now the primary choice for modern investors seeking a lifestyle destination that offers the versatility of a personal retreat combined with a professional hub.' About The Luxe Developers: The Luxe Developers is a leading real estate development firm specialising in crafting extraordinary spaces with opulent interiors. At The Luxe Developers, the company believes that exceptional living spaces can inspire and transform lives and are passionate about creating architectural marvels that redefine the concept of luxury and provide an unmatched living experience with a commitment to excellence and attention to detail that ensures every project the company undertakes sets a new standard in urban living. From incredible attention to detail and sourcing the finest materials to seeking out the world's most skilled artisans and handpicking the best-in-class architects and designers, the company's vision is to deliver spaces that elevate the human experience with the belief that extraordinary quality and luxury craftsmanship elevates every living moment. The Luxe Developers aims to bring a sense of individualism to every project and build structures that turn into the landmarks of tomorrow.
Hi Dubai
12-05-2025
- Business
- Hi Dubai
General Directorate of Identity and Foreigners Affairs Wins Hamdan Flag for Service Excellence
The General Directorate of Identity and Foreigners Affairs has been awarded the prestigious Hamdan Flag by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, in recognition of its outstanding delivery of proactive, integrated services under Dubai's Services 360 policy. The award was announced at the annual ceremony of the Hamdan bin Mohammed Programme for Government Services, which celebrates innovation and excellence in public service across the emirate. The directorate was honoured for putting service users at the centre of its operations, exemplifying the one-government approach that defines Dubai's service model. So far, 997 services have been redesigned under the Services 360 policy, leading to AED2.3 billion in customer savings and AED1.6 billion in government savings. Key improvements include major reductions in wait times, paperwork, and service processing durations. In addition to the Hamdan Flag, Dubai Customs received the Best Pioneering Initiative award for its Cross-Border e-Commerce project, while Dubai Police was recognised for Best Digital City Experience for its Ahsan Allah Aza'akum initiative. The Roads and Transport Authority earned the highest customer trust score for the second year in a row. H.H. Sheikh Hamdan praised the achievements as a reflection of Dubai's unified, future-focused governance model, noting that the awards celebrate services that create measurable value for residents and businesses. The programme is overseen by the Dubai Model Centre and evaluated against criteria including impact, innovation, integration, and sustainability. News Source: Emirates News Agency
Sharjah 24
07-05-2025
- Business
- Sharjah 24
Arada completes acquisition of major Sydney-based contractor
The transaction includes an immediate $20 million (AED47 million) recapitalisation of Roberts Co (NSW) Pty Ltd by Arada, securing the jobs of 120 direct employees and providing essential stability to another 600 employees across the construction supply chain in Sydney. The acquisition gives Arada greater control over the development of its future projects in Australia and also paves the way for Roberts Co's eventual expansion into new international markets including the UAE. Arada is prepared to invest up to $100 million (AED235 million) on Roberts Co's expansion into new sectors and geographies, with the goal of building a global presence and targeting annual revenues of $1 billion (AED2.3 billion) by 2028. Ahmed Alkhoshaibi, Group CEO of Arada, said: 'This acquisition reflects our strong belief in Roberts Co's people, projects, and performance, and will help us to deliver our future projects in Australia with greater control and cost efficiencies, as well as reduced risk. We will now invest significantly into the company in order to bring it to new markets and sectors, including the UAE, and look forward to delivering on our shared vision for high-quality, community-focused development.' Ridwaan Jadwat, Australia's Ambassador to the UAE, said: 'This acquisition highlights the growing depth of the Australia-UAE relationship, underpinned by the recently signed Comprehensive Economic Partnership Agreement. It is a strong example of how closer ties between our two nations are delivering tangible benefits to our communities, supporting sustainable development and fostering long-term economic growth.' Dr Fahad Obaid Altaffag, UAE Ambassador to Australia, said: "The acquisition of Roberts Co's New South Wales business by Arada demonstrates the UAE's commitment to strengthening economic ties with Australia, which aligns with the opportunities created through the Comprehensive Economic Partnership Agreement. This strategic move not only reinforces the strong economic partnership between our countries but also reflects our shared vision for enhancing people-to-people ties as well as for innovation. We look forward to seeing the positive impact this collaboration will have on local infrastructure, jobs, and the broader Australian economy.' The acquisition also ensures uninterrupted progress across four major construction projects – two schools, a residential project and a children's hospital – that are currently under way in Sydney, many of which are critical to the state's infrastructure. As part of the transition, key members of the Roberts Co leadership team, including Executive Chairman George Kostas – who previously served as CEO of Majid Al Futtaim Properties - will remain in their roles to ensure continuity and stability post the transaction. Founded in 2017 with a mission to 'build a better way', Roberts Co has delivered some of New South Wales' most important recent construction projects and has experience across the health, education, commercial, residential, hospitality, industrial, life sciences and defence sectors. Since establishing its first international office in Sydney in 2024, Arada has announced plans for $2.5 billion (AED6 billion) worth of development in Australia. These include major new communities in Sydney's inner-west, south-west and Hills Shire suburbs that will together deliver 2,500 much-needed homes to the Sydney market. Arada is on track to launch sales and construction at its first projects in Australia by the end of 2025.
Arabian Business
28-04-2025
- Business
- Arabian Business
1.4 million overnight guests experience Abu Dhabi in Q1 2025
With 1.4 million overnight guests visiting Abu Dhabi during the first quarter of 2025, the UAE capital is on track to achieve its ambitious tourism targets. Overall, the Abu Dhabi hotels generated AED2.3 billion (US$630 million) in revenue, an 18 per cent increase compared to the same period last year. Revenue per available room (RevPAR) reached AED484 (US$131.8), which was a 25 per cent year-on-year increase, while occupancy was at 79 per cent across the emirate during the period, including in Ramadan. The Abu Dhabi in Numbers series highlights the increasing growth in the emirate's tourism industry, supported by @dctabudhabi and reflecting the emirate's growing global appeal and investment in enhanced visitor experiences. — مكتب أبوظبي الإعلامي (@ADMediaOffice) April 27, 2025 Tourism boom in Abu Dhabi The city's tourism sector has set a target of contributing AED62 billion (US$16.9 billion) to the economy in 2025, an increase of 13 per cent from 2024 and supporting 255,000 jobs across the emirate during the year. During the quarter, the emirate drew visitors from top-tier markets and beyond, with India, China, Russia, the UK, and the US being the best-performing markets. Saood Abdulaziz Al Hosani, Undersecretary of DCT Abu Dhabi, commented: 'Our strategic approach to elevating Abu Dhabi as a cultural and tourism destination is delivering tangible results. 'Sustained investment into data-led destination marketing, diversified programming, a culture-first ethos, and ever-improving visitor experience touchpoints have driven robust growth in Q1 2025, building on a strong 2024. 'As we showcase the offerings of our emirate at Arabian Travel Market, we are focused on strengthening our key partnerships, expanding our global reach, and accelerating progress towards our long-term tourism goals – all while ensuring that Abu Dhabi's unique cultural identity remains at the heart of everything we offer.' In 2024, the city's tourism sector witnessed positive performance across multiple metrics. Last year, the emirate saw a 7 per cent year-on-year increase in overall hotel and alternative accommodation guests combined, with international overnight visitors reaching 3.2 million, an increase of 28 per cent over 2023 numbers. Hotel occupancy rates reached 79% across the emirate in 2024, and total hotel revenue grew by 18.1 per cent to over AED7.6 billion (US$2.07 billion). RevPAR climbed by 22 per cent. DCT Abu Dhabi's global marketing efforts significantly supported the growth. In 2024, it increased operations from 11 markets to 25 markets, focusing on emerging regions such as the CIS, APAC, and Eastern Europe. At ATM 2025, DCT Abu Dhabi will bring Abu Dhabi's cultural and creative story to life at its stand, showcasing its world-class museums, contemporary art, rich heritage, a diverse culinary landscape, and hospitality rooted in Emirati values to travel trade partners, media, and industry leaders. Abu Dhabi's Saadiyat Cultural District is one of the greatest concentrations of world-leading cultural and educational institutions. Already home to Louvre Abu Dhabi, the Saadiyat Cultural District will add the Zayed National Museum, the national museum of the UAE, and the Natural History Museum Abu Dhabi, narrating the story of life on earth and the origins of our universe, this year. Guggenheim Abu Dhabi, featuring a global collection of modern and contemporary art that reflects the diversity of cultures and trends from around the world, is also on track for completion. The city's Tourism Strategy 2030 aims to attract 39.3 million visitors annually, support the creation of 178,000 new tourism jobs, expand hotel capacity to 50,000 rooms, and contribute AED90 billion (US$24.5 billion) to the emirate's GDP by the end of the decade.
