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Mid East Info
6 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.
Al Etihad
12-03-2025
- Business
- Al Etihad
Ma'an releases its community contribution report
12 Mar 2025 15:53 ABU DHABI (WAM)The Authority of Social Contribution – Ma'an, the Abu Dhabi Government's official channel to receive social contributions, has announced the release of its community contribution report for 2024, transparently demonstrating the impact of diverse social projects supported by the Authority to drive Abu Dhabi's social the past year, the Authority drove funding to key social partners who led the launch of 51 impactful projects across the social, health, education, environment and infrastructure sectors, aimed at addressing pressing social priorities in the city of Abu Dhabi. These projects are led by various partners including the Department of Health – Abu Dhabi (DoH), Mubadala Foundation, Municipalities and Transport (DMT), Abu Dhabi Commercial Bank, Al Noor Centre, among Al Ameri, Director-General of the Authority of Social Contribution - Ma'an commented, 'Established to drive community engagement and build a culture of giving, The Authority of Social Contribution – Ma'an plays an integral role in enhancing the quality of life for community members in Abu Dhabi. In the 'Year of Community', the Authority's evolving growth is evident in its year-on-year increase in community contributions, a further testament of its dedication to building a collaborative community that supports one another.'Faisal Al Hmoudi, Social Investment Fund Executive Director at the Authority of Social Contribution - Ma'an, said, 'As the government of Abu Dhabi's official channel to receive social contributions, we are dedicated to channelling contributions towards social projects led by our partners across various sectors to promote community development and build a cooperative, active and inclusive society. We remain committed to building partnerships across key sectors, amplifying the reach and impact of social projects to drive positive change and maximise long-term benefits for our community. By fostering the values of shared responsibility and community giving among community members, we build a thriving community in Abu Dhabi.'A total of AED98.6 million of community contributions was allocated across several sectors, benefiting various community groups including People of Determination, senior citizens, orphans, students, patients, amongst others. A substantial portion was allocated towards the health sector, with a total of AED36.8 million to support 9 projects for social healthcare social sector received AED33.6 million through 26 projects to address social priorities, including empowering community groups in Abu Dhabi, to be active members of the community.A significant portion, AED20 million was allocated towards the education sector, divided across 8 projects. These projects were launched to provide quality education and enhance educational opportunities, emphasising the Authority's dedication towards enhancing the education AED8.2 million was dedicated to the environment and infrastructure sector, funding 8 projects aimed at promoting sustainable development, preserving the environment, and enhancing addition, through ATM, ADPAY, First Abu Dhabi Bank, Botim platform and contribution kiosks, the Authority of Social Contribution – Ma'an has successfully raised AED2.7 million in funds, distributed across 4 different project and benefiting multiple community Authority of Social Contribution - Ma'an connects the government, private entities, social enterprises, and non-profits to raise and deploys funds towards partner-led initiatives to support social projects and programmes that address key societal priorities and directly impact the community. Moreover, the Authority supports the private sector in achieving their Corporate Social Responsibility goals by connecting them with key societal Authority is committed to building a culture of giving by actively engaging community members in funding social projects that will in return be deployed back to the community to drive social development. Contributions can be made via or through the dedicated mobile app, which is available on both Apple and Android devices, in addition to bank transfers or via ATMs. Year of Community Continue full coverage
