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Khaleej Times
02-07-2025
- Business
- Khaleej Times
Dubai's off-plan market booms as Business Bay leads luxury sales surge
Dubai's real estate market is witnessing an unprecedented surge in off-plan property sales, with Business Bay emerging as a top-performing district driven by a new wave of investor confidence, luxury developments, and lifestyle-focused living concepts. In the second quarter of 2025, Business Bay alone registered over Dh4.5 billion in off-plan transactions, accounting for more than 1,900 deals—firmly cementing its reputation as one of the city's most sought-after investment hubs. The broader Dubai property market continues to ride a bullish wave. In May 2025 alone, the emirate recorded Dh66.8 billion in total real estate sales spread across 18,700 transactions—representing a 44 per cent increase in value and a 6 per cent rise in transaction volume compared to the same month in 2024, according to data from the Dubai Land Department (DLD). Business Bay contributed 5 per cent to this total sales value, despite comprising only 3 per cent of the transaction volume, underlining the premium nature of properties in the area. Located strategically between Downtown Dubai and the Dubai Canal, Business Bay offers unmatched accessibility and connectivity, with proximity to Sheikh Zayed Road, Dubai Metro, DIFC, and major leisure and business centres. The district's central location, skyline views, and thriving mixed-use developments have made it a magnet for local buyers and global investors alike. V. Sivaprasad, chairman of Condor Developers, said what is particularly noteworthy is the rising appetite for off-plan properties—especially in prime neighbourhoods like Business Bay, Downtown, Jumeirah Village Circle, and Dubai Marina. 'There is a convergence of factors driving this trend: attractive pricing compared to ready properties, extended post-handover payment plans, branded residence offerings, and an optimistic long-term outlook for Dubai's economy,' said Sivaprasad According to the Dubai Residential Market Snapshot by CBRE, off-plan sales in Dubai rose by over 46 per cent year-on-year during the first five months of 2025, reflecting buyers' preference for newer, design-forward developments. The surge is also fuelled by the increasing popularity of branded residences, a niche segment that blends global hospitality standards with real estate investment. These projects not only offer premium amenities and services but also fetch higher resale values and rental yields. Business Bay has become the epicentre of this trend. One of the most anticipated new offerings is the luxury branded residence project by QUBE Development in collaboration with The Lux Collective, a global hospitality group renowned for its flagship brand LUX. The development, promising a seamless fusion of urban luxury, privacy, and five-star hotel services, is expected to redefine contemporary living in the heart of the city. Jayakrishnan Bhaskar, CEO of Ozon Marketing, a realty consultancy firm, said that Dubai's resilient economy, strong investor appetite, and visionary leadership continue to drive forward-looking real estate concepts that cater to the evolving tastes of modern buyers. He said Business Bay's ability to attract both capital growth seekers and rental income investors is linked to its evolving infrastructure and a steady stream of high-end launches. With average annual returns exceeding 7 per cent in certain developments, the area consistently ranks among Dubai's top-performing investment destinations. Knight Frank's latest UAE Property Market Review notes that Business Bay saw a 22 per cent year-on-year increase in off-plan property prices in Q2 2025, compared to a 15 per cent rise across Dubai. The report credits this growth to a combination of branded real estate launches, enhanced waterfront developments, and a steady inflow of international high-net-worth individuals (HNWIs) taking advantage of Dubai's tax-free status and investor-friendly visa reforms. According to realty experts, the Golden Visa programme, which grants long-term residency to investors, entrepreneurs, and skilled professionals, has been a significant factor driving demand in the off-plan segment. Several developers are now aligning their projects with eligibility criteria, offering buyers a streamlined path to secure long-term residency alongside their investment. While concerns over global inflation, interest rates, and geopolitical headwinds persist in international markets, Dubai appears increasingly insulated due to its strong fiscal policies, currency stability, and a consistent flow of tourism and foreign direct investment. The real estate market remains a cornerstone of this economic resilience, with off-plan sales forming the engine of future growth. As the second half of 2025 begins, industry insiders expect the off-plan boom to continue, especially in high-demand zones like Business Bay, Dubai Creek Harbour, and Mohammed Bin Rashid City. Developers are ramping up launches to meet demand, while buyers are showing greater willingness to commit early in the development cycle, lured by flexible terms and the promise of luxury living.
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.'
Khaleej Times
08-06-2025
- Business
- Khaleej Times
Rising influx of super-rich spurs Dubai luxury property market surge
Dubai's luxury real estate sector is enjoying a spectacular boom, turbocharged by a rising influx of global high-net-worth individuals (HNWIs) relocating to the city. Among the most prominent beneficiaries of this surge are Sobha Realty, Emaar, Nakheel, Damac and Condor Developers. This trend underscores Dubai's transformation into a top destination for wealth migration and investment. A combination of tax-friendly policies, political stability, a world-class lifestyle, and high asset yields is attracting record numbers of international investors — particularly from Europe. In May, Dubai's real estate market continued to witness unprecedented growth, smashing records with Dh66.8 billion in sales, a 49.9 per cent surge from the previous year, according to fäm Properties. Despite concerns of a potential price correction, the market's fundamentals remain rock-solid, with an undersupply of office space and a steady influx of high-net-worth individuals driving sustained growth 'European investors are entering the market in large numbers, seeking stability, growth, and a low-tax environment. This has significantly bolstered sales and investment in projects like Golf Links 18,' said Vidhyadharan Sivaprasad, chairman and CEO of Condor Developers, whose flagship project, Golf Links 18 at Dubai Sports City, has already sold nearly 70 per cent of its premium golf-facing residences — even before completion. Set to be completed before Q1 2026, Golf Links 18 is a Dh300 million luxury residential development offering over 250 upscale units across a 47,000 square-foot plot. It boasts an impressive range of 18 premium lifestyle amenities including two infinity pools, a rooftop yoga deck, Sky Retreat, jacuzzi, open-air cinema, and fitness facilities such as a gymnasium, sauna, and steam rooms. The rapid uptake in sales reflects a broader pattern: Dubai's residential property market is seeing unprecedented demand from global elites. According to the Knight Frank Wealth Report, the UAE welcomed 7,200 new millionaires in 2024 alone, building on 4,700 in 2023 and 5,200 in 2022. As of December 2024, the country was home to approximately 130,500 dollar millionaires, ranking it as the 14th-largest wealth hub globally. Most of the inbound HNWIs came from India (31 per cent), followed by the Middle East (20 per cent), Russia and the CIS (14 per cent), and the UK and Europe (12 per cent). The typical non-GCC high-net-worth investor spends Dh134 million ($36.5 million) on Dubai property, either for residence or investment. Henley & Partners' 2024 Wealth Migration Report also names the UAE as the world's top destination for millionaire migration, with 6,700 new millionaires moving to Dubai last year alone. This influx is set to rise, with New World Wealth projecting a 39 per cent increase in the number of HNWIs in the UAE by 2026. Real estate remains the cornerstone of investment strategies for both wealthy individuals and families. 'Real estate continues to be a key asset class for UHNWIs. It provides long-term value, income generation, and capital preservation, especially in markets like Dubai,' notes the Knight Frank report. According to Sivaprasad, these trends have directly contributed to the significant increase in both asset values and rental yields across the emirate. 'We've seen property asset values rise by 20 to 30 per cent in the last year, depending on location. Rental yields are strong, averaging around 10 per cent,' he said. European buyers now form the majority of purchasers at Golf Links 18, led by investors from the UK, Russia, France, Slovakia, and the UAE. Many are relocating from countries with high taxes and cumbersome fiscal regimes, drawn by the UAE's business-friendly ecosystem and simple, low-tax regulations. 'The demographic of our buyers is rapidly diversifying,' Sivaprasad added. 'Dubai's global appeal, combined with strategic government initiatives, has reshaped the real estate landscape. It's no longer just a regional market — it's a global destination for wealth.' Condor Developers is poised to expand aggressively. With a project pipeline worth Dh2.5 billion across Dubai Islands, Al Majan, and Jumeirah Village, the company is gearing up to meet the continued demand from the rising tide of international investors, he said.
Zawya
29-05-2025
- Business
- Zawya
Influx of global investors to Dubai pushes Condor Golf Links 18 sales to nearly 70%
Luxury developer, Condor Developers, anticipate early completion of its fifth AED 300 million premium golf course facing project at Dubai Sports City before Q1 2026 DUBAI: The homegrown luxury residential property developer, Condor Developers, today said that with the influx of new global investors, particularly from Europe to Dubai, demand for its premium Golf Links 18 project at Dubai Sports City has been surging and nearly 70 per cent of the golf facing development has been sold out. "The sharp rise in European investors entering Dubai's property market over the past year, driven by relocation to the UAE's tax-friendly environment, has created a ripple effect in the real estate sector, providing strong tailwinds to the country's growing economy," said Vidhyadharan Sivaprasad, Chairman and CEO of Condor Developers. He said construction of the project is also moving ahead at a rapid pace with a milestone of nearly 70 per cent of the AED 300 million Golf Links 18 now complete. 'We are looking at early completion of the development before the first quarter of 2026, in line with our reputation of delivering projects even before the scheduled timelines.' Condor Golf Links 18, coming up on a plot area of 47,000 square feet, offering an array of diverse amenities for premium residential living, will have a total of over 250 luxury residential units. The project's range of 18 amenities span a Sky Retreat, two Infinity pools, a rooftop Yoga deck, outdoor cinema, indoor gymnasium, sun and float lounges, jacuzzi, picnic areas, BBQ stations and open cabanas, among others. The property will also have a viewing area, outdoor fitness box, sauna and steam rooms. Investor diversity Sivaprasad said the demographic mix of investors in Dubai's real estate market as well as across its own developments has seen a marked shift with the inflow of new high net worth investors from across Europe, bringing in more diversity to the market. 'These shifts of a large number of people moving from tax-stringent countries of Europe, combined with Dubai's strategic and persistent vision to make the Emirate a global investment destination is amply reflected in the sharp growth of asset values and rental yields in the property market,' Sivaprasad said. According to him, property asset values have increased by 20 to 30 per cent in tandem with the increase in land prices, while rental yields is in the range of 10 per cent respectively depending on the location. A majority of the buyers of the Golf Links 18 residential apartments so far is from the UK, followed by Russia, France, Slovakia and the UAE. Sivaprasad said that for many High-Net-Worth (HNW) families and non-HNW professionals, the UAE real estate market offers an attractive destination of low-tax jurisdiction without the rigors of complex and cumbersome tax machinery, attracting new European investors from across the UK, Germany, Belgium and the Netherlands. It is estimated that 6,700 millionaires moved to Dubai last year as per Henley & Partners' 2024 Wealth Migration Report, which is the highest for any country in the world. The influx is also expected to grow with a New World Wealth report projecting a 39% increase in the number of HNWIs in the UAE by 2026, bringing the total to over 100,000 individuals. Condor which has a pipeline of AED 2.5 billion worth of projects in the next couple of years across Dubai Islands, Al Majan and Jumeirah Village is well-positioned to reap the dividends of the new investor surge, Sivaprasad added.
Khaleej Times
16-04-2025
- Business
- Khaleej Times
Dubai's luxury realty soars as Condor delivers Concept 7
Dubai's luxury real estate market continues to boom, with Condor Developers reinforcing its prominence by completing the handover of Condor Concept 7, a premium residential project in Jumeirah Village Circle (JVC), on schedule. The Dh200 million, 10-floor development underscores the emirate's robust property sector and Condor's reputation for timely, high-quality deliveries, as demand for upscale residences surges. Located in the heart of JVC, near Circle Mall and within 10-20 km of Dubai's iconic landmarks like Burj Khalifa and Dubai Marina, Condor Concept 7 offers 158 residential units. The project, handed over on April 15, 2025, features modern amenities tailored to affluent buyers, including a swimming pool, open cabanas, a gym, a study area, and a unique rooftop pet park. These align with Dubai's growing appetite for lifestyle-driven properties, where luxury and convenience are paramount. 'The handover of Condor Concept 7 marks another milestone in our commitment to excellence in construction, design, and timely delivery,' said Vidhyadharan Sivaprasad, chairman and CEO of Condor Developers. 'Our focus on quality and sustainability has earned us trust in Dubai's competitive market.' Dubai's real estate sector is thriving, with the luxury segment leading the charge. According to Knight Frank's 2025 Wealth Report, Dubai ranks among the top global cities for ultra-high-net-worth individuals, driving demand for premium properties. JVC, once a mid-tier community, has evolved into a sought-after destination, with average property prices rising 12 per cent year-on-year to Dh1,100 per square foot, per Property Monitor data. Realty experts said that as Dubai cements its status as a global luxury hub, Condor Concept 7's completion highlights the resilience and dynamism of the emirate's real estate sector. 'The developer's ability to deliver on time also boosts confidence in a market where delays can erode trust.' Condor Concept 7's strategic location and upscale offerings position it to capitalize on this trend. The emirate's luxury market is projected to grow by eight per cent in 2025, fuelled by foreign investment and government initiatives like the Golden Visa program, which grants long-term residency to property investors. CBRE reports that Dubai recorded Dh135 billion in real estate transactions in 2024, with off-plan sales — a key driver for developers like Condor — accounting for 60 per cent of deals. Condor's timely delivery of Concept 7 strengthens its appeal to investors seeking reliability amid global economic uncertainties. Condor Developers, a 40-year veteran of Dubai's real estate scene, has built a strong portfolio with projects like Condor Castle in JVC and Marina Star in Dubai Marina, both delivered on time. 'Our track record reflects our dedication to responsible development,' Sivaprasad noted. The company is currently advancing two projects: Condor Sonate Residences in Jumeirah Village Triangle (JVT) and Condor Golf Links 18 at Dubai Sports City, both progressing as planned. Looking ahead, Condor is doubling down on Dubai's growth potential, with plans to develop projects worth Dh2.5 billion by 2027. Upcoming developments in prime areas like Dubai Islands and Al Majan signal the developer's ambition to cater to the luxury market's evolving demands. Dubai Islands, a waterfront destination, is expected to attract high-end buyers, with villa prices starting at Dh5 million, according to Savills. Condor's emphasis on sustainability — evident in Concept 7's energy-efficient design and quality materials — resonates with Dubai's push for green buildings under the Dubai 2040 Urban Master Plan. This focus enhances the project's long-term value, appealing to environmentally conscious investors. The developer's ability to deliver on time also boosts confidence in a market where delays can erode trust.
