Latest news with #AbdullahAlajaji
What's On
08-05-2025
- Business
- What's On
Dubai property prices to double in the next five years
Dubai property is always in demand… Dubai property prices could increase as far as double in the next five years, according to Abdullah Alajaji, CEO and founder of brokerage firm Driven | Forbes Global Properties who recently spoke to Gulf Business. This prediction comes from the recent growth in real estate prices across the emirate. Dubai's real estate market saw 217,000 investments valued at Dhs526bn in 2024, which was an increase of 38 per cent in number of transactions and and 27 per cent in terms of value, according to data from the government of Dubai. But Alajaji also said that there's still more room to grow as property prices in Dubai are still lower than counterparts such as New York and Singapore. He stated 'I would compare this time to pre-2008. Back then, every single area went up at the same level — you'd see 30 to 40 per cent increases in a single year, whether you were in JVC or Palm Jumeirah. But rental yields were much lower. Today, rents have gone up in tandem with prices, which suggests real demand.' This comes after Rizwan Sajan, founder of Danube Properties, predicted a 10–20 per cent correction in rents in 2025. We know that one thing is for sure, timing is key when it comes to Dubai property prices. > Sign up for FREE to get exclusive updates that you are interested in
Arabian Post
08-05-2025
- Business
- Arabian Post
Dubai Property Market Eyes Doubling in Value by 2030 Amid Strategic Growth
Dubai's real estate market is poised for substantial expansion, with projections indicating a potential doubling of property values over the next five years, according to Abdullah Alajaji, CEO of Driven Properties. This optimistic outlook is underpinned by a combination of robust demand, strategic urban planning, and investor-friendly policies. Average property prices in Dubai have surged by approximately 75% since early 2021, nearing the pre-2008 peak of AED 1,750 per square foot. This growth is attributed to a 50-month rally driven by economic resilience, liberalized visa regulations, and a significant influx of expatriates. The city's population is projected to exceed 4 million by 2026, fueling sustained demand for residential properties, particularly in emerging areas such as Dubai South, Jumeirah Village Circle, and Dubai Hills Estate. The luxury segment has witnessed remarkable activity, with sales of properties valued at AED 15 million and above reaching 948 transactions in 2024. Developments like Palm Jumeirah and Dubai Hills Estate have been at the forefront, attracting high-net-worth individuals seeking premium residences. The introduction of branded residences and ultra-luxury waterfront properties continues to appeal to affluent buyers. Dubai's government has implemented several initiatives to enhance the real estate sector's appeal. Notably, policies allowing 100% foreign ownership of commercial companies outside free zones have been introduced, boosting investment in office and retail spaces. The expansion of the golden visa scheme has further attracted international investors, contributing to increased demand for high-end properties. Sustainability and smart technology are increasingly influencing buyer preferences. By 2025, it is anticipated that 35% of new office spaces in Dubai will be LEED-certified, reflecting a shift towards eco-friendly developments. Smart homes equipped with IoT-enabled features, AI-powered security, and blockchain-based transaction systems are becoming more prevalent, aligning with the city's commitment to innovation and sustainability. The off-plan market remains a significant driver of growth, with 7,381 transactions recorded in January 2025 alone, totaling AED 15.1 billion. Flexible payment plans and attractive pricing continue to draw both foreign investors and end-users. Additionally, the redevelopment of areas like Sheikh Zayed Road and Al Jaddaf into freehold zones is expected to attract new investors and spur property value increases of 30-50% in these locations. Despite the impressive growth, the market faces potential risks, including global economic fluctuations and oil price volatility. However, Dubai's efforts to diversify its economy and attract foreign investment provide a solid foundation for long-term resilience. The city's proactive approach to urban planning, coupled with its focus on sustainability and innovation, positions it favorably for continued growth in the real estate sector.
Gulf Business
07-05-2025
- Business
- Gulf Business
Dubai property prices set to double in next 5 years, says Driven CEO
Dubai's real estate prices could double within the next five years, says Abdullah Alajaji, CEO and founder of brokerage firm Driven | Forbes Global Properties. The forecast comes amid the emirate's recent strong growth in real estate prices. Dubai's real estate market recorded 217,000 investments valued at Dhs526bn in 2024, reflecting growth rates of 38 per cent and 27 per cent in terms of number of transactions and value respectively, according to data from the government of Dubai. But Alajaji, who launched a new report benchmarking Dubai against the world's most established global cities earlier this week, said there's still more room to grow as property prices in Dubai are still lower than counterparts such as New York and Singapore. 'Our thesis here is, if we're still at one-fifth of the prices of global cities, and the cap rates are still more than double global cities, we do expect that… prices will go up,' Alajaji told Gulf Business . Cap rates, the rental return on a property relative to its total value, are central to Alajaji's argument. 'The cap rate is basically the yield that a property generates relative to its full value,' Alajaji explained. 'For example, if you're renting a property that nets you $50,000 a year and the value is $1m, it's a 5 per cent cap rate.' He added that unlike previous real estate cycles, current prices are supported by fundamentals. 'I would compare this time to pre-2008. Back then, every single area went up at the same level — you'd see 30 to 40 per cent increases in a single year, whether you were in JVC or Palm Jumeirah. But rental yields were much lower. Today, rents have gone up in tandem with prices, which suggests real demand.' Dubai's position as a Tier-1 city The Dubai on the Verge of Tier-1 City Recognition , introduces the company's Tier-1 City Index. It benchmarks Dubai against New York, London, Paris, Singapore, Sydney and Hong Kong across 28 indicators including infrastructure, quality of life, safety, economic depth and international appeal. Dubai ranked fifth out of seven global cities in the index, with standout scores in infrastructure (2nd), international appeal (3rd), safety and security (4th), and quality of life (4th). Alajaji also highlighted the strength of Dubai's transaction activity. 'The value of transactions in Dubai reached around $200bn last year — three times higher than London,' he said. 'That signals maturity. It shows there's real depth and liquidity.' The report found that 43 per cent of survey respondents believe Dubai's property prices are fairly valued, while 35 per cent saw them as somewhat overvalued. Just 11 per cent believed they are undervalued. As for market sentiment, Alajaji said: 'Overall, we see a stabilisation of the market. The way I would navigate it… is to look at areas that have limited supply of new land available for development.' He remains bullish on the city's long-term potential. 'We continue to invest in the growth of the city,' he said. 'We like it, we enjoy it, and we have fun doing it — so we'll continue doing so.'
Zawya
06-05-2025
- Business
- Zawya
Dubai among top cities; set to become tier-one global city
Dubai is making rapid progress towards becoming a tier-one global city and fully established global hub, according to a new report by Driven | Forbes Global Properties, Dubai's award-winning real estate brokerage. The report, titled 'Dubai on the Verge of Tier-1 City Recognition,' presents the first analytical framework developed by the UAE-based brokerage, Driven, to measure how a city stacks up against the world's most established hubs. Drawing on 28 quantitative indicators, spanning infrastructure, governance, economic depth, safety, quality of life and inter appeal, the new index introduced in the report benchmarks Dubai alongside Singapore, Sydney, London, New York, Hong Kong and Paris to spotlight the city's approach towards recognition as a tier one global city. This is backed by wider visions, including its D33 Economic Agenda and Dubai 2040 Master Plan. The new report, based on rigorous primary and secondary market research, caters to a diverse range of stakeholders—including investors, family offices, developers, and individuals aiming to explore and invest in the city's ever-evolving real estate market from various real-time perspectives. 'We saw a chance to elevate the conversation, beyond headlines and market sentiment, and to ground it in real data, global benchmarks, and long-term vision, and we felt a responsibility to lead that effort,' said Abdullah Alajaji, CEO and Founder at Driven | Forbes Global Properties. Dubai: 5th out of 7 leading global cities Driven | Forbes Global Properties is also the first real estate brokerage in the region to develop and publish its own proprietary Tier-1 City Index, marking a bold move in providing a structured, data-backed lens on Dubai's transformation into a global hub. According to the Index, as outlined in the report, Dubai ranks fifth out of seven leading global cities, with standout performances in infrastructure (2nd), international appeal (3rd), safety and security (4th), and quality of life (4th). Industry sentiment echoes this progress, with most stakeholders believing the emirate will achieve full tier-one status within 5-10 years. Further, the report highlighted how Dubai currently offers higher cap rates than traditional tier-one markets, owing to the emirate's shorter real estate market history and higher historical price volatility, a marginally higher financial risk-free rate, and other factors. Through its gradual maturity, cap rate compression can be expected, aligning Dubai's investment profile with other leading global real estate hubs. Highlighted trends, considerations and opportunities A key pricing trend unveiled that Dubai is entering a more mature pricing phase. Almost half (43%) of surveyed respondents believe Dubai's property prices to be appropriately valued, while 35% see them as somewhat overvalued. Only 11% believe prices are undervalued. The report also stressed several investor considerations, including the need to track, in real time, project pipelines and demographic trends to prevent supply-demand mismatches, and ensure market stability. At the same time, the report spotlighted several strategic investment opportunities, such as limited-supply asset classes including waterfront and coastal properties. These properties are likely to resist price fluctuations and provide stronger long-term value. Affordable and mid-income housing also presents strong development potential, among other similar opportunities. Predicted outcomes The report concluded that Dubai's real estate market is steadily evolving into a mature global hub, on the cusp of full tier-one city recognition. While short-term price fluctuations may persist, Dubai's strong fundamentals and increasing institutional capital inflows position it as a strategic long-term investment destination. As the market continues to mature, it is expected to mirror the stability and investment appeal of established global cities. – TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
05-05-2025
- Business
- Trade Arabia
Dubai among top cities; set to become tier-one global city
Dubai is making rapid progress towards becoming a tier-one global city and fully established global hub, according to a new report by Driven | Forbes Global Properties, Dubai's award-winning real estate brokerage. The report, titled 'Dubai on the Verge of Tier-1 City Recognition,' presents the first analytical framework developed by the UAE-based brokerage, Driven, to measure how a city stacks up against the world's most established hubs. Drawing on 28 quantitative indicators, spanning infrastructure, governance, economic depth, safety, quality of life and inter appeal, the new index introduced in the report benchmarks Dubai alongside Singapore, Sydney, London, New York, Hong Kong and Paris to spotlight the city's approach towards recognition as a tier one global city. This is backed by wider visions, including its D33 Economic Agenda and Dubai 2040 Master Plan. The new report, based on rigorous primary and secondary market research, caters to a diverse range of stakeholders—including investors, family offices, developers, and individuals aiming to explore and invest in the city's ever-evolving real estate market from various real-time perspectives. 'We saw a chance to elevate the conversation, beyond headlines and market sentiment, and to ground it in real data, global benchmarks, and long-term vision, and we felt a responsibility to lead that effort,' said Abdullah Alajaji, CEO and Founder at Driven | Forbes Global Properties. Dubai: 5th out of 7 leading global cities Driven | Forbes Global Properties is also the first real estate brokerage in the region to develop and publish its own proprietary Tier-1 City Index, marking a bold move in providing a structured, data-backed lens on Dubai's transformation into a global hub. According to the Index, as outlined in the report, Dubai ranks fifth out of seven leading global cities, with standout performances in infrastructure (2nd), international appeal (3rd), safety and security (4th), and quality of life (4th). Industry sentiment echoes this progress, with most stakeholders believing the emirate will achieve full tier-one status within 5-10 years. Further, the report highlighted how Dubai currently offers higher cap rates than traditional tier-one markets, owing to the emirate's shorter real estate market history and higher historical price volatility, a marginally higher financial risk-free rate, and other factors. Through its gradual maturity, cap rate compression can be expected, aligning Dubai's investment profile with other leading global real estate hubs. Highlighted trends, considerations and opportunities A key pricing trend unveiled that Dubai is entering a more mature pricing phase. Almost half (43%) of surveyed respondents believe Dubai's property prices to be appropriately valued, while 35% see them as somewhat overvalued. Only 11% believe prices are undervalued. The report also stressed several investor considerations, including the need to track, in real time, project pipelines and demographic trends to prevent supply-demand mismatches, and ensure market stability. At the same time, the report spotlighted several strategic investment opportunities, such as limited-supply asset classes including waterfront and coastal properties. These properties are likely to resist price fluctuations and provide stronger long-term value. Affordable and mid-income housing also presents strong development potential, among other similar opportunities. Predicted outcomes The report concluded that Dubai's real estate market is steadily evolving into a mature global hub, on the cusp of full tier-one city recognition. While short-term price fluctuations may persist, Dubai's strong fundamentals and increasing institutional capital inflows position it as a strategic long-term investment destination. As the market continues to mature, it is expected to mirror the stability and investment appeal of established global cities. – TradeArabia News Service
