Latest news with #AndrewCummings
Arabian Business
05-08-2025
- Business
- Arabian Business
Dubai AED 10mn+ off-plan sales surge 240% as renovated villas, branded residences drive luxury market
Off-plan villa sales in Dubai's AED 10 million-plus segment have surged by 240 per cent over the past two years, reflecting a profound shift in buyer appetite and investor confidence, according to new data from Savills Middle East. The number of off-plan transactions in this ultra-prime bracket rose from 952 in 2022 to 3,223 by the end of 2024. In the first half of 2025 alone, AED 10 million-plus property deals reached 3,731 — already 15 per cent higher than the full-year total for 2024. Off-plan properties now make up 69 per cent of all AED 10 million-plus transactions, a dramatic increase from just two years ago. Dubai's ultra-prime market booms 'Dubai is no longer a stopover market,' said Andrew Cummings, Head of Residential Agency at Savills Middle East. 'Buyers entering the prime space today are globally mobile, long-term focused, and looking to anchor their wealth in a city that offers both quality of life and asset strength.' Cummings added that the spike in luxury sales 'speaks to a structural shift in demand' and is 'a testament to global capital's attraction to Dubai real estate.' Key off-plan developments fueling this growth include Palm Jebel Ali, District One West, and The Acres. These mega-projects, backed by major developers and positioned in high-demand zones, are helping Dubai cement its status as a hub for premium real estate investment. Meanwhile, ready (secondary) villa transactions in the AED 10 million-plus market have remained consistent at approximately 1,500 deals per year, indicating that while resale interest remains stable, investor momentum is increasingly shifting toward new builds. Renovated communities break price ceilings The revival of older communities is also drawing attention. In Jumeirah Islands, just 8 properties exceeded AED 10 million in 2021. By 2024, that number jumped to 89. As of mid-2025, more than 90 per cent of sales in the community have been above AED 10 million — and notably, 40 per cent surpassed the AED 20 million mark. Jumeirah Islands has even eclipsed pricing benchmarks in Dubai's traditionally top-tier enclave, Emirates Hills, with a record AED 6,375 per square foot. Branded residences gain global momentum Branded residences have emerged as a major force in Dubai's high-end market, accounting for approximately 30 per cent of AED 10 million-plus apartment sales. According to Savills, Dubai now ranks as the most active branded residential market in the world. Projects like The Lana Residences, Bvlgari Residences, and One&Only One Za'abeel are commanding prices upwards of AED 10,000 per square foot and drawing interest from ultra-high-net-worth individuals seeking exclusivity and design pedigree. Savills forecasts that Dubai will represent 40 per cent of all branded residential developments in the Middle East and Africa by 2031, underlining its growing dominance in the global luxury landscape.
Zawya
04-08-2025
- Business
- Zawya
Savills and Range Developments conclude AED 62.5mln sale of Silk Leaf Villa in Al Barari
Dubai, UAE – Savills Middle East, in collaboration with Range Developments, has successfully concluded the sale of a renovated residence in Al Barari for AED 62,500,000. The transaction was led by Andrew Cummings, Head of Residential Sales, and Christopher Timoney, Associate Director at Savills, further reinforcing Savills' track record in Dubai's prime residential sector. The villa stands as one of the most distinguished residences within the exclusive Silk Leaf enclave, offering over 21,450 square feet of built-up area on a 16,500-square-foot plot. Sold fully furnished, the eight-bedroom home spans four levels and features a rooftop terrace, landscaped garden, basement leisure area, private swimming pool, and views of greenery and water features. This landmark sale follows a series of major transactions in Al Barari, including the AED 80 million sale of a renovated villa by BCI, as well as a number of custom-built homes exceeding AED 100 million. Christopher Timoney, Associate Director at Savills Middle East and Al Barari Area Specialist, commented: 'Previously off the radar for many people, since private developers have started delivering renovated homes to a European luxury standard, we are seeing demand outstretch supply of these trophy homes. The appeal stems from the size, amenities, and exclusivity of the community.' With demand for premium, design-led homes continuing to grow, Al Barari has become a preferred destination for UHNW buyers seeking space, privacy, and architectural distinction. Andrew Cummings, Head of Residential Sales at Savills Middle East, commented: 'Al Barari has firmly established itself as one of Dubai's most desirable residential communities. This sale reflects sustained demand for quality homes in low-density, design-led environments and underlines the area's growing appeal among high-net-worth buyers.' For inquiries, please contact: Andrew Cummings +971 56 122 4229
Khaleej Times
18-06-2025
- Business
- Khaleej Times
Dubai's luxury home market sees Dh10m-plus sales multiply 10-fold
Dubai's luxury real estate market is witnessing an extraordinary boom, with sales of homes priced over Dh10 million rising 10-fold in just four years. This surge highlights the emirate's growing appeal to global high-net-worth individuals (HNWIs), backed by investor confidence, world-class developments, and lifestyle-focused planning. According to Savills Middle East's latest 'Dubai Prime Residential 2025' report, the number of Dh10 million-plus transactions surged from just 469 in 2020 to 4,670 in 2024. In the first quarter of 2025 alone, more than 1,300 properties at this price point changed hands — representing a 31 per cent year-on-year increase. Luxury property experts attribute this trend to a mix of attractive factors including Dubai's reputation as a safe and stable investment hub, its residency-linked property incentives, and growing demand for privacy, larger living spaces, and exclusive lifestyle offerings. 'Dubai's prime residential market continues to attract high-net-worth individuals seeking space, privacy and superior lifestyle quality,' said Andrew Cummings, head of Residential Agency at Savills Middle East. 'This is particularly evident in the consistent demand for luxury villas and branded residences.' V. Sivaprasad, chairman of Condor Developers, said wealth migration remains a strong tailwind for Dubai's luxury home segment. 'Dubai continues to be a top relocation choice for HNWIs from Europe, Asia, and the wider Middle East, drawn by its tax-free environment, global connectivity, and evolving cultural landscape. The UAE's Golden Visa programme and strategic focus on lifestyle-centric urban planning are further reinforcing long-term interest in premium property,' said Sivaprasad. 'As the city builds on its fourth consecutive year of luxury market expansion, Dubai is poised not only to maintain but to elevate its status as one of the world's top-tier real estate investment destinations,' added Sivaprasad. The shift in buying patterns is also reshaping the market. Off-plan transactions — once seen as more speculative — have become mainstream in the luxury bracket. Off-plan sales now account for 69 per cent of all Dh10 million-plus deals, compared to just 14 per cent in 2020. This signals strong trust in the city's future inventory and confidence in developers' ability to deliver on time. New villa communities such as Palm Jebel Ali, District One West, and The Acres are among the most transacted prime locations, while premium apartments in Dubai Harbour, Palm Jumeirah, and Downtown Dubai continue to see strong buyer interest. Jumeirah Islands, a formerly quiet residential enclave, has become one of the most talked-about villa markets in the city. In 2024, 89 homes in Jumeirah Islands sold for more than Dh10 million — a sharp rise from virtually no such transactions before 2021. Many of these deals involved properties that underwent high-end renovations, suggesting that investors are willing to pay a premium for upgraded inventory in established communities. Data from the Dubai Land Department (DLD) supports these trends. In 2024, the emirate recorded over Dh450 billion worth of real estate transactions across all segments. But it is the luxury tier that is registering the highest velocity and value. Villas now dominate the Dh10 million-plus space, accounting for 70 per cent of such transactions in 2024. Even as villas command dominance, apartments in prime waterfront locations such as the Palm and Dubai Harbour are pushing pricing benchmarks higher. These units average Dh5,400 per square foot, a reflection of both limited supply and international appeal. Developers are catering to this premium demand by launching branded residences — luxury homes affiliated with global hospitality or fashion brands — which continue to outperform in terms of speed of sale and pricing. According to Savills, Dubai has emerged as the most active market globally for branded residences. The city is expected to deliver 40 per cent of all such developments across the Middle East and Africa by 2031. These projects typically offer curated amenities, security, and brand prestige, making them highly attractive to discerning international buyers. Supporting this trend are new large-scale masterplans announced across the city. Projects such as the redevelopment of Jebel Ali Racecourse and the second phase of Jumeirah Golf Estates, along with Emaar's Grand Polo Club and Resort, are expected to bring fresh luxury inventory into the market over the next few years. Analysts expect this momentum to continue. Savills projects an 8 to 10 per cent increase in prime residential prices through 2025, driven by sustained demand, lifestyle evolution, and Dubai's emergence as a global second-home destination. 'The next wave of development is aligning with the global luxury buyer's aspirations — bespoke living, branded experiences, and community-driven exclusivity,' said Cummings. 'Dubai's ability to deliver all these within an investment-friendly ecosystem makes its prime real estate market one of the most exciting in the world today.'
Arabian Business
18-06-2025
- Business
- Arabian Business
Dubai real estate: Sales of homes worth more than $2.7m increase tenfold in 4 years; top millionaire neighbourhoods revealed
Dubai's prime residential property market has entered its fourth consecutive year of growth, with Savills Middle East reporting sustained increases in both value and volume across the city's most exclusive neighbourhoods. According to the newly released Savills Dubai Prime Residential 2025 report, the number of AED10m+ ($2.7m+) home sales rose from 469 in 2020 to a record-breaking 4,670 in 2024 — a tenfold increase. In Q1 2025 alone, more than 1,300 such properties changed hands, up 31 per cent year-on-year. Premium Dubai real estate sales Andrew Cummings, Head of Residential Agency at Savills Middle East, said: 'Dubai's prime residential market continues to attract high-net-worth individuals seeking space, privacy and superior lifestyle quality. This is particularly evident in the consistent demand for luxury villas and branded residences'. Off-plan sales now account for 69 percent of all AED10m+ ($2.7m+) transactions — an increase from just 14 per cent in 2020. The shift reflects rising confidence in Dubai's future supply of high-end homes and growing buyer interest in lifestyle-focused communities. High-performing developments include: Palm Jebel Ali District One West The Acres Dubai Harbour Palm Jumeirah Downtown Dubai Jumeirah Islands has become a standout villa market, with 89 homes sold for AED10m+ ($2.7m) in 2024 — compared to none before 2021. Properties exceeding AED20m ($5.4m) are also on the rise in the area, spurred by extensive, high-end renovations. Villas now represent 70 per cent of all AED10m+ ($2.7m) transactions in Dubai. While waterfront apartments command a higher price per square foot (averaging AED5,400/$1,470), branded residences and luxury lifestyle offerings remain in high demand across both formats. The city also leads globally in branded residences and is forecast to deliver 40 per cent of all such properties in the Middle East and Africa by 2031, underlining its position as a hub for affluent real estate investment. Savills projects 8–10 per cent growth for the emirate's prime residential segment in 2025, supported by rising wealth migration, new masterplan communities, and continued interest in branded and lifestyle-led developments. 'Recent master plan announcements including the development of Jebel Ali Racecourse and the second phase of Jumeirah Golf Estates, alongside launches such as Emaar's Grand Polo Club and Resort, look set to deliver further prime product to Dubai's residential market,' Cummings said.
Zawya
18-06-2025
- Business
- Zawya
Dubai sees tenfold surge in AED 10mln+ home sales, reports Savills
Savills Middle East's first Dubai Prime Residential 2025 report reveals sustained growth across Dubai's luxury property market, marking a fourth year of rising transaction volumes and capital values. The upward momentum continues to be underpinned by strong investor appetite, favourable regulatory conditions, and increased demand for premium homes. The AED 10 million+ segment, a key benchmark of Dubai's prime residential landscape, saw a tenfold rise in transactions over the past four years, from 469 in 2020 to 4,670 in 2024. In Q1 2025 alone, over 1,300 homes changed hands at this level, representing a 31% increase year-on-year. 'Dubai's prime residential market continues to attract high-net-worth individuals seeking space, privacy and superior lifestyle quality. This is particularly evident in the consistent demand for luxury villas and branded residences,' said Andrew Cummings, Head of Residential Agency, Savills Middle East. Off-plan transactions now account for 69% of all AED 10M+ sales, up from just 14% in 2020, reflecting rising confidence in future stock and a shift in buyer preferences. Among villas, new developments such as Palm Jebel Ali, District One West, and The Acres recorded among the highest transaction volumes, while in the apartment segment, Dubai Harbour, Palm Jumeirah, and Downtown Dubai remain hotspots. Jumeirah Islands exemplifies the strength of the luxury villa segment, with 89 homes sold above AED 10 million in 2024, a dramatic shift from zero such transactions before 2021. The area has also seen an increase in properties selling for over AED 20 million, largely driven by high-quality renovations. Villas now dominate the AED 10M+ space, accounting for 70% of transactions in 2024. While waterfront apartments command higher prices per square foot, averaging AED 5,400, demand remains strong across both formats, especially in branded and lifestyle-driven projects. With Dubai ranking as the most active city globally for branded residences and expected to deliver 40% of all such developments in the Middle East and Africa by 2031, the outlook for the prime segment remains positive. Savills anticipates continued momentum through the year, with projected growth of 8–10% for the prime segment in 2025, as wealth migration, new masterplan communities, and lifestyle-led developments reshape Dubai's upper-tier housing market. 'Recent master plan announcements including the development of Jebel Ali Racecourse and the second phase of Jumeriah Golf Estates, alongside launches such as Emaar's Grand Polo Club and Resort look set to deliver further prime product to Dubai's residential market,' Cummings concluded. For further insights and detailed analysis, download the full Prime Residential 2025 report from here. About Savills Middle East: Savills plc is a global real estate services provider listed on the London Stock Exchange. With a presence in the Middle East for over 40 years, Savills offers an extensive range of specialist advisory, management and transactional services across the United Arab Emirates, Oman, Bahrain, Egypt, and Saudi Arabia. Expertise includes property management, residential and commercial agency services, property and business assets valuation, and investment and development advisory. Originally founded in the UK in 1855, Savills has an international network of over 700 offices and associates employing over 40,000 people across the Americas, UK, Europe, Asia Pacific, Africa, and the Middle East. For further information, please contact: Savills press office:
