Latest news with #AED71
Arabian Business
05-04-2025
- Business
- Arabian Business
Dubai real estate sector saw over $31bn of transactions in Q1; rents surge with one neighbourhood seeing 26% price hike
Dubai's real estate market recorded a total transaction value of AED114.08bn ($31.1bn) in the first quarter of 2025, according to Springfield Properties. This represents a 29.19 per cent increase compared to the same period in 2024, with 42,269 transactions completed, itself a 23.11 per cent rise year-on-year. Off-plan properties have been a significant contributor to this growth, with 24,920 transactions in Q1 2025, up from 20,006 during the same period last year. Dubai real estate Q1 2025 The ready market also saw notable gains, with transaction values increasing from AED43.9bn ($12bn) in Q1 2024 to AED60.2bn ($16.4bn) in Q1 2025. The rental market has mirrored this upward trend, with average rents per square foot rising by 14 per cent, from AED71 ($19) to AED81 ($22). Notably, Dubai South and Al Furjan led this growth, posting increases of 26.37 per cent and 21.56 per cent, respectively. Farooq Syed, CEO of Springfield Properties said: 'The sustained growth in Dubai's real estate market reflects a strategic alignment with the emirate's long-term vision for economic diversification and urban development. 'The significant uptick in both off-plan and ready property transactions underscores the confidence investors have in Dubai's robust regulatory framework and its commitment to infrastructural excellence. 'As we progress through 2025, the market is poised to offer further opportunities, driven by innovative developments and policies that continue to attract both regional and international investors seeking stable and lucrative returns'. Market projections suggest that property prices are expected to increase by 5 per cent to 10 per cent throughout 2025, supported by the anticipated delivery of approximately 72,365 residential units.
Trade Arabia
25-02-2025
- Business
- Trade Arabia
Dubai's ultra-luxury real estate booming amid limited supply
Dubai's ultra-luxury real estate sector is set to continue its robust growth trajectory in 2025, fuelled by a scarcity of ready properties amid keen buyer interest and a steady influx of high-net-worth individuals (HNWIs), said a new market study. Over the last ten years, sales of luxury Dubai villas and apartments valued above AED15 million ($4 million) have risen dramatically, reaching AED71 billion ($19.3 billion) in 2024 for the second year in a row, an increase of almost 688% since 2015. However, while just over 326,000 are properties currently under construction in Dubai, a report by fäm Properties reveals a clear picture of the limited number of luxury or ultra-luxury properties that will enter the market over the next two to three years. It says a scarcity of ready properties in particular, amid keen buyer and investor interest, will support continued price growth in 2025. The latest data from DXBinteract, shows that only 16,500 units being built are in the luxury or ultra-luxury sectors as follows: •AED 5-10 million: 10,209 units •AED 10-15 million: 2,360 units •AED 15-30 million: 2,831 units •AED 30-60 million: 809 units •AED 60+ million: 330 units In addition, the vast majority of these are a long way from completion, with 72% in the 0-20% range in terms of construction progress. "These figures underscore a restricted supply of ultra-luxury properties, indicating a highly exclusive and limited market, with demand expected to stay strong for at least the next two to three years," said Firas Al Msaddi, the CEO of fäm Properties. "Beyond that, the balance of supply and demand will depend on how new projects are received. But if the forecasted inflow of around 6,500 HNWIs per year holds true through 2024-2026, we're likely to experience steady demand, supporting price appreciation," he added. According to the report, the demand for ready ultra-luxury apartments also remains significantly higher than supply, driving prices up. Buyers are focused on true branded residences with a genuine luxury element. As the ultra-luxury market matures, a shortage of villas and growing competition in the apartment market are shaping buyer preferences and developer strategies, it stated. Prime land for ultra-luxury villas in areas like Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills is extremely limited, resulting in a critically short supply keeping demand consistently high.
Zawya
17-02-2025
- Business
- Zawya
Dubai's ultra-luxury real estate booming amid limited supply
Dubai's ultra-luxury real estate sector is set to continue its robust growth trajectory in 2025, fuelled by a scarcity of ready properties amid keen buyer interest and a steady influx of high-net-worth individuals (HNWIs), said a new market study. Over the last ten years, sales of luxury Dubai villas and apartments valued above AED15 million ($4 million) have risen dramatically, reaching AED71 billion ($19.3 billion) in 2024 for the second year in a row, an increase of almost 688% since 2015. However, while just over 326,000 are properties currently under construction in Dubai, a report by fäm Properties reveals a clear picture of the limited number of luxury or ultra-luxury properties that will enter the market over the next two to three years. It says a scarcity of ready properties in particular, amid keen buyer and investor interest, will support continued price growth in 2025. The latest data from DXBinteract, shows that only 16,500 units being built are in the luxury or ultra-luxury sectors as follows: •AED 5-10 million: 10,209 units •AED 10-15 million: 2,360 units •AED 15-30 million: 2,831 units •AED 30-60 million: 809 units •AED 60+ million: 330 units In addition, the vast majority of these are a long way from completion, with 72% in the 0-20% range in terms of construction progress. "These figures underscore a restricted supply of ultra-luxury properties, indicating a highly exclusive and limited market, with demand expected to stay strong for at least the next two to three years," said Firas Al Msaddi, the CEO of fäm Properties. "Beyond that, the balance of supply and demand will depend on how new projects are received. But if the forecasted inflow of around 6,500 HNWIs per year holds true through 2024-2026, we're likely to experience steady demand, supporting price appreciation," he added. According to the report, the demand for ready ultra-luxury apartments also remains significantly higher than supply, driving prices up. Buyers are focused on true branded residences with a genuine luxury element. As the ultra-luxury market matures, a shortage of villas and growing competition in the apartment market are shaping buyer preferences and developer strategies, it stated. Prime land for ultra-luxury villas in areas like Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills is extremely limited, resulting in a critically short supply keeping demand consistently high. Supply and demand for apartments in the resale sector are relatively balanced. Buyers also have options in developments nearing completion. Demand for off-plan branded apartments remains strong, with developers like Sobha, Emaar, and Damac giving investors more options, it added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Hi Dubai
29-01-2025
- Business
- Hi Dubai
Emirates Islamic Reports Record Profits in 2024 with a 46% Increase in Pre-Tax Earnings
Emirates Islamic has reported a record profit before tax of AED3.1 billion in 2024, a remarkable 46 percent increase over the previous year. Net profit also reached a record high of AED2.8 billion, representing a 32 percent growth. This exceptional growth is driven by a positive trend in both funded and non-funded income, demonstrating a very strong business performance. Total income increased 13 percent to AED5.4 billion as assets grew 27 percent to AED111 billion. Customer financing surged by an impressive 31 percent to AED71 billion and customer deposits increased by a very healthy 25 percent to AED77 billion in 2024. Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said, "Emirates Islamic delivered its best-ever financial performance during 2024, cementing our position as the fastest-growing Islamic bank in the UAE. "The bank's remarkable trajectory is reflected in a very strong balance sheet, with assets growing at a faster rate compared to any of the UAE Islamic Banks since 2020." Farid AlMulla, Chief Executive Officer of Emirates Islamic, said, "Emirates Islamic exceeded all expectations in 2024 as we delivered our highest-ever profit. This success was driven by strong growth in both funded and non-funded income, resulting in a healthy net profit margin and a low cost of risk." News Source: Emirates News Agency
Zawya
29-01-2025
- Business
- Zawya
Emirates Islamic reports profit before tax of $844mln in 2024
DUBAI - Emirates Islamic has reported a record profit before tax of AED3.1 billion in 2024, a remarkable 46 percent increase over the previous year. Net profit also reached a record high of AED2.8 billion, representing a 32 percent growth. This exceptional growth is driven by a positive trend in both funded and non-funded income, demonstrating a very strong business performance. Total income increased 13 percent to AED5.4 billion as assets grew 27 percent to AED111 billion. Customer financing surged by an impressive 31 percent to AED71 billion and customer deposits increased by a very healthy 25 percent to AED77 billion in 2024. Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, said, "Emirates Islamic delivered its best-ever financial performance during 2024, cementing our position as the fastest-growing Islamic bank in the UAE. "The bank's remarkable trajectory is reflected in a very strong balance sheet, with assets growing at a faster rate compared to any of the UAE Islamic Banks since 2020." Farid AlMulla, Chief Executive Officer of Emirates Islamic, said, "Emirates Islamic exceeded all expectations in 2024 as we delivered our highest-ever profit. This success was driven by strong growth in both funded and non-funded income, resulting in a healthy net profit margin and a low cost of risk."
