Latest news with #DrivenProperties
Zawya
13 hours ago
- Business
- Zawya
Driven Properties buys final Bulgari Lighthouse units for $77mln
UAE - Driven Properties, a member of the Forbes Global Properties network, has announced that it has completed the sale of the last two penthouses at the Bulgari Lighthouse on Jumeirah Bay Island in Dubai for a combined amount of more than AED282 million ($77 million). The first five-bedroom residence, spanning 11,657 sq ft, reached a whopping AED146.6 million, while the second, achieved AED136.25 million, said the company in a statement. Designed by Italian architects Antonio Citterio and Patricia Viel, Bulgari Lighthouse blends contemporary engineering with Mediterranean calm. A coral-inspired façade shields each home while framing uninterrupted views of the Arabian Gulf and Downtown's skyline, it stated. The transactions were brokered by Driven | Forbes Global Properties' Lina Allaoa and Kianoush Darban, founders of The Private Collection, the brokerage's specialist team for ultra-high-end property. The duo is well known for setting several records in the area, from the highest price per sq ft, to the most expensive villa in Jumeirah Bay Island. Terraces flow into private infinity pools, and double-height salons are finished in Italian marble, warm oak and hand-laid silk panelling, said the company. A combination of location, craftsmanship and privacy that has made Lighthouse one of the most wanted addresses in Dubai's ultra-prime market, it added. "Dubai offers our international clients two things they value most: a secure place to allocate their capital and an unbeatable way of life. Bulgari Lighthouse unites those advantages in a single address, blending sound investment with everyday opulence," remarked Allaoa. On the strategic deal, Darban said: "Scarcity drives value. With fewer than 40 residences in the tower, and amenities that rival a private resort, Lighthouse is arguably the most coveted address in Dubai." Every detail of Bulgari Lighthouse, from its infinity pool to lush Mediterranean gardens, is run by the neighboring Bulgari Resort, ensuring a highly private, tailored experience complete with a concierge who can arrange everything from sunset-lawn gatherings to a signature chef's meals, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
14 hours ago
- Business
- Trade Arabia
Driven Properties buys final Bulgari Lighthouse units for $77m
Driven Properties, a member of the Forbes Global Properties network, has announced that it has completed the sale of the last two penthouses at the Bulgari Lighthouse on Jumeirah Bay Island in Dubai for a combined amount of more than AED282 million ($77 million). The first five-bedroom residence, spanning 11,657 sq ft, reached a whopping AED146.6 million, while the second, achieved AED136.25 million, said the company in a statement. Designed by Italian architects Antonio Citterio and Patricia Viel, Bulgari Lighthouse blends contemporary engineering with Mediterranean calm. A coral-inspired façade shields each home while framing uninterrupted views of the Arabian Gulf and Downtown's skyline, it stated. The transactions were brokered by Driven | Forbes Global Properties' Lina Allaoa and Kianoush Darban, founders of The Private Collection, the brokerage's specialist team for ultra-high-end property. The duo is well known for setting several records in the area, from the highest price per sq ft, to the most expensive villa in Jumeirah Bay Island. Terraces flow into private infinity pools, and double-height salons are finished in Italian marble, warm oak and hand-laid silk panelling, said the company. A combination of location, craftsmanship and privacy that has made Lighthouse one of the most wanted addresses in Dubai's ultra-prime market, it added. "Dubai offers our international clients two things they value most: a secure place to allocate their capital and an unbeatable way of life. Bulgari Lighthouse unites those advantages in a single address, blending sound investment with everyday opulence," remarked Allaoa. On the strategic deal, Darban said: "Scarcity drives value. With fewer than 40 residences in the tower, and amenities that rival a private resort, Lighthouse is arguably the most coveted address in Dubai."
Khaleej Times
a day ago
- Business
- Khaleej Times
Dubai: Final Bulgari Lighthouse penthouses sold for over Dh282 million
Dubai's ultra-luxury property market shows no sign of cooling, as the last two penthouses at the Bulgari Lighthouse on Jumeirah Bay Island for a combined amount of more than Dh282 million. The first five-bedroom residence, spanning 11,657 sq ft, reached a whopping Dh146.6 million, while the second, achieved Dh136.25 million. Designed by Italian architects Antonio Citterio and Patricia Viel, Bulgari Lighthouse blends contemporary engineering with Mediterranean calm. Every detail of Bulgari Lighthouse is run by the neighbouring Bulgari Resort. The transactions were brokered by Driven | Forbes Global Properties' Lina Allaoa and Kianoush Darban, founders of The Private Collection, the brokerage's specialist team for ultra-high-end property. The duo is well known for setting several records in the area, from the highest price per square foot, to the most expensive villa in Jumeirah Bay Island. 'Dubai offers our international clients two things they value most: a secure place to allocate their capital and an unbeatable way of life. Bulgari Lighthouse unites those advantages in a single address, blending sound investment with everyday opulence,' said Lina Allaoa. Kianoush Darban added, 'Scarcity drives value. With fewer than 40 residences in the tower, and amenities that rival a private resort, Lighthouse is arguably the most coveted address in Dubai.' Their success mirrors the broader market: Dubai logged a record Dh62.4 billion in property transactions this April, up 95 per cent year-on-year, driven largely by trophy waterfront assets. Analysts expect headline deals to keep setting new benchmarks through 2025 as supply of genuine ultra-prime stock remains limited.
Gulf Business
23-05-2025
- Business
- Gulf Business
Returns, risks, regulations: Driven Properties' Hadi Hamra on Dubai's off-plan property market
Image: Supplied Image: SuppliedDubai's off-plan real estate market continues to capture investor interest with its blend of flexibility, affordability, and high returns. As the city attracts a growing number of high-net-worth individuals and launches lifestyle-driven developments, the off-plan sector has emerged as a key pillar of growth within the emirate's property landscape. In this interview, Hadi Hamra, managing partner of Driven Properties, shares insights into the factors fuellling the market's momentum, the evolving regulatory environment, investor strategies, and how the company is setting itself apart in this competitive space. What are the key factors sustaining the popular momentum of off-plan property investments in Dubai? Off-plan property investments in Dubai continue to thrive, and there are a few key reasons for that. One of the biggest draws is the attractive payment plans, often interest-free, which make it easier for people to invest without relying on traditional mortgage approvals. This flexibility opens the door for many who might otherwise not qualify for a mortgage for various reasons. Another factor is the potential for higher returns, especially when you invest in the early stages of a project. Buyers who secure properties in the initial phases often see their investments grow significantly in the long-term. But it's not just about the numbers. Dubai's off-plan market is evolving with new communities that offer more than just luxury. We're seeing more family-oriented spaces with creative layouts, larger children's play areas, and unique amenities such as lagoons. These developments cater to the lifestyle aspirations of modern families, making them great investments and truly desirable places to live. It's this combination of practicality and innovation that continues to drive the momentum. What are the potential risks and rewards associated with investing in off-plan properties compared to ready properties? The opportunity for higher returns is substantial, particularly when you invest during the initial phases of a project, before the property has appreciated in value. With flexible payment plans and the growth of well-designed, newer communities that appeal to a wide range of buyers, off-plan properties can be a strong investment choice. Off-plan property also offers the opportunity to purchase real estate at a fraction of the price, compared to ready properties. This price difference can range from 15 – 30 per cent, depending on the location and developer. That said, there are some things to keep in mind. While most projects are delivered on time, there is always the chance of delays, which can impact the completion date. Also, some may find themselves in a tough spot if the market shifts or the project doesn't perform as anticipated, especially if they've only planned for the down payment. How has the regulatory environment in Dubai evolved to protect off-plan property investors? The regulatory environment in Dubai has significantly evolved to better protect off-plan investors, particularly since the introduction of freehold ownership in 2002. Over the years, regulations have become increasingly precise, which has not only strengthened the market but also increased transparency, giving buyers more confidence. These enhancements have helped filter out developers who may not be financially capable of delivering on their promises, which ultimately benefits the overall market. For instance, back in 2003, there were no escrow accounts, which created a greater risk for buyers. Fast forward to the period between 2012 and 2016, and investors were required to pay a minimum of 5 per cent upfront. Today, that figure has risen to 20per cent, providing added security to both the buyer and the developer. There have also been significant regulatory advancements regarding real estate agencies, ensuring that fake accounts and listings are removed from the market. While there's still room for improvement, Dubai's real estate regulations are widely regarded as the best in the region. What impact does the influx of high-net-worth individuals have on the demand for off-plan properties in Dubai? Since the post-Covid period, the influx of high-net-worth individuals has had a significant impact on the demand for off-plan properties in Dubai. The emirate is now home to over 81,200 resident millionaires, including 237 centi-millionaires and 20 billionaires. With a continued shortage of high-end projects, the demand for off-plan properties remains strong, especially given this influx. These investors are not only looking for luxury but also seeking opportunities that offer long-term value and potential returns. They have driven demand for upscale off-plan developments, and as long as supply remains limited in this segment, they will likely continue to play a key role in propelling the market forward. For the time being, high-net-worth individuals will undoubtedly keep driving the demand for these properties. Can you comment on Driven Properties' current performance in Dubai's off-plan property market? How is the company being a differentiator? Last year, 60 per cent of our sales were off-plan, compared to 40 per cent in ready properties. We continue to work with established developers like EMAAR, Dubai Holding and DAMAC and we also carefully select exclusive projects from private developers after conducting thorough due diligence. This approach ensures that we offer only the best opportunities to our clients, keeping us ahead of the curve and allowing us to position ourselves as leaders in the industry. Our agents have access to one of the largest portfolios on the market, thanks to projects we take on as a master Tell us more about Driven Properties' current off-plan property projects and their key features. We're proud to offer a diverse range of off-plan projects at Driven Properties, each catering to a unique lifestyle and buyer preference. One of the most exclusive developments in our portfolio is Mews Mansions, located in Meydan. With just 10 luxury mansions, it offers an intimate, high-end living experience, combining modern elegance with panoramic views of both Meydan and the Downtown Dubai skyline. In the heart of Downtown Dubai, we're also offering Fairmont Residences Solara Tower. This project blends urban sophistication with Japanese-inspired tranquility, featuring one to four-bedroom apartments and spacious five-bedroom duplex penthouses. Each unit is designed to maximise natural light and offers sweeping views of Burj Khalifa and the Downtown district, all complemented by Fairmont's iconic hospitality. Along Sheikh Zayed Road, Marriott Residences in Al Barsha brings another level of refinement with two and three-bedroom apartments and duplexes. Residents benefit from custom-designed interiors and the exceptional service standards synonymous with the Marriott name. For those seeking a more contemporary and community-focused setting, Arista One in Jumeirah Garden City offers one and two-bedroom apartments in a lively neighborhood. With amenities such as a rooftop pool, a modern gym, and direct access to parks and sports courts, it is designed for residents who want to stay active and connected within the city. In Jumeirah Village Circle, Helvetia Residences caters to those looking for a peaceful, family-friendly environment. These homes range from studios to three-bedroom apartments and feature open-plan layouts, floor-to-ceiling windows, and high-quality finishes that embrace both comfort and style. We are also proud to have Canal Front Residences, a waterfront community that was initially offered off-plan and is now move-in ready, in our portfolio. Located in one of Dubai's most desirable areas, it provides a luxurious lifestyle with breathtaking canal views and top-tier amenities. Each of these projects speaks to our commitment to offering properties that combine quality, innovation, and lifestyle in equal measure. What strategies do you employ to mitigate risks for off-plan property investors? We take a comprehensive approach to mitigating risks for our off-plan property investors. First and foremost, we conduct thorough due diligence on each project before presenting it to our agents and clients. This ensures that only the most reputable and viable developments make it into One of the key reasons we focus on working with well-established developers or taking on exclusive projects is to minimise risk. These projects are typically more reliable and have a proven track record, giving investors confidence in their investment. Our meticulous attention to detail and focus on quality help ensure that every off-plan property we offer meets the highest standards and is a secure investment. What advice would you give to first-time investors considering off-plan property in Dubai? For first-time investors considering off-plan property in Dubai, my advice would be to start with a few key principles. First and foremost, make sure you can comfortably afford the investment, including the down payment and any associated costs. This will help avoid unnecessary stress down the road. Next, always prioritise prime locations. Location is key to the long-term value of any property, and in Dubai, you'll want to focus on areas that are in high demand or show potential for future growth. Equally important is choosing a reputable developer. Do your due diligence to ensure they have a strong track record of delivering projects on time and to a high standard. You should also ensure that all legal aspects are covered, including proper registration of the property and the use of an escrow account to safeguard your investment. How does Driven Properties ensure the timely delivery and quality of its off-plan projects? We take a careful approach to ensure that the off-plan projects we showcase are delivered to the highest standards. We start by doing thorough due diligence on the developer to make sure we're working with reliable partners who have a proven track record. While delays can sometimes happen in construction, we've never had a project handed over later than promised. This is partly because of the strong regulations in Dubai, which keep developers accountable and ensure projects are closely monitored. By focusing on quality and working with reputable developers, we give our investors the confidence that their investment will be safe and delivered as expected.
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.
