Latest news with #AED53.4
Filipino Times
3 days ago
- Politics
- Filipino Times
UAE President waives nearly AED 140 million in debts, pardons over 900 inmates for Eid Al-Adha
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has cleared debts amounting to over AED139.8 million for 222 Emirati citizens on the occasion of Eid Al-Adha. Among those granted exemptions are 132 retirees whose debts totaled more than AED86.4 million, and 90 individuals under the social support category, with debts exceeding AED53.4 million. According to the UAE's Defaulted Debts Settlement Fund, the initiative aims to ease the financial burden of citizens and promote a stable and dignified life. It supports social development by helping individuals who have served the nation or are part of the most vulnerable sectors. Prisoners released In a separate move, H.H. Sheikh Mohamed bin Zayed also ordered the release of 963 prisoners. He also pledged to cover all fines imposed on them, giving them a second chance to rejoin society. The gesture is intended to promote the values of forgiveness and compassion, and allow inmates to rebuild their lives with their families and communities. This act follows a long-standing tradition among UAE leaders, who often grant pardons during religious holidays as part of efforts to encourage rehabilitation and social harmony.
Arabian Business
22-04-2025
- Business
- Arabian Business
Dubai real estate market grows 23% in Q1 2025 as villa sales lead surge: Report
Dubai's residential real estate market maintained its growth trajectory in the first quarter of 2025, recording significant increases in both transaction volumes and values, according to new figures released by Betterhomes. Data from the Dubai Land Department (DLD) showed total property sales transactions rose by 23 per cent year-on-year to 42,422 deals during the first three months of the year. The value of these transactions reached AED114 billion, a 29 per cent increase compared to the same period in 2024, the report said. Villa sales in Dubai jump 65% as demand for larger homes increases Apartments continued to represent the largest segment by volume, accounting for 32,237 transactions, a 14 per cent rise from the previous year. Villas, however, recorded the strongest growth, with transactions climbing 65 per cent year-on-year to 10,185 deals. The total value of villa sales increased by 56 per cent to AED53.4 billion. The off-plan sector remained a dominant force in the market, making up 59 per cent of all transactions, with 24,942 deals, reflecting a 25 per cent year-on-year increase. However, within the prime property category, a notable shift was observed as off-plan transactions fell by 30 per cent while secondary market prime sales increased by 77 per cent. Betterhomes reported that average selling prices rose by 28 per cent across the market. Villas saw the most significant price movement, with a 92 per cent increase in average selling prices. Mortgage-backed purchases also continued to grow, now comprising 57 per cent of all Betterhomes sales. Christopher Cina, Director of Sales at Betterhomes, said: 'Q1 2025 has reaffirmed Dubai's resilience and continued global appeal, transaction volumes, values, and lead generation all remain high across the business. While we saw a seasonal adjustment after a record-breaking Q4, demand for villas, townhouses, and prime properties continues to grow. What's notable is the shift to more end-users and mortgage-backed buyers, indicating deeper confidence in Dubai as a place to live and invest long-term.' The report revealed a 14 per cent annual rise in buyer enquiries and a 51 per cent increase compared to the last quarter of 2024. Townhouse leasing enquiries in Dubai climb 199% in early 2025 Townhouses experienced the most notable growth in demand, with a 64 per cent quarter-on-quarter increase in buyer leads. Betterhomes also noted a shift in the buyer profile during the first quarter. End-users now represent 50 per cent of the market, a 22 per cent increase from the previous quarter. Mortgage transactions increased by 21 per cent year-on-year and 13 per cent quarter-on-quarter. Jeffrey De Souza, Head of Mortgages at Lomond, said: 'In today's market, the gap between renting and owning has never been narrower. With mortgage rates stabilising and property values on the rise, buyers are seizing the opportunity to turn monthly payments into long-term equity. Ownership in Dubai is a strategic financial move.' In the rental market, Betterhomes recorded a 36 per cent annual increase in tenant leads, driven by population growth and families seeking upgraded accommodation. The townhouse segment saw a 199 per cent rise in leasing enquiries year-on-year, while apartment leads increased by 39 per cent. Tenant demand for Dubai rentals increases 36% in first quarter of 2025 Rupert Simmonds, Director of Leasing at Betterhomes, added: 'With tenants planning to stay in Dubai for longer than ever before, we are witnessing a rise in multi-year rental contracts. These tenants value the ability to lock in their rent for better financial planning, while landlords benefit from reduced turnover and fewer vacancy periods.' Luxury property transactions, particularly in the secondary market, continued to rise. Prime property transactions above AED15 million increased by 44 per cent year-on-year, while secondary market sales in this category climbed 77 per cent. Popular areas included Palm Jumeirah, Emirates Living, and Downtown Dubai. Looking ahead, Property Monitor data indicated 7,848 new residential units were completed in Q1 2025, with a peak of nearly 97,000 units expected in 2026. Off-plan launches continue to support market supply, with significant projects in areas such as Zabeel, Dubai Creek Harbour, and Dubai South.
