Latest news with #DubaiProperty
Zawya
13 hours ago
- Business
- Zawya
Dubai's luxury real estate boom continues: Final Bulgari Lighthouse penthouses sold for over AED 282mln
Dubai, UAE — Dubai's ultra-luxury property market shows no sign of cooling. Driven | Forbes Global Properties has completed the sale of the last two penthouses at the Bulgari Lighthouse on Jumeirah Bay Island for a combined amount of more than AED 282 million, reinforcing the emirate's place among the world's most resilient prime residential hubs. The first five-bedroom residence, spanning 11,657 sq ft, reached a whopping AED 146.6 million, while the second, achieved AED 136.25 million. 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. Terraces flow into private infinity pools, and double-height salons are finished in Italian marble, warm oak and hand-laid silk panelling. A combination of location, craftsmanship and privacy that has made Lighthouse one of the most wanted addresses in Dubai's ultra-prime market. 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. 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 AED 62.4 billion in property transactions this April, up 95 percent 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. A member of the Forbes Global Properties network, Driven Properties remains a trusted leader at the pinnacle of Dubai real estate, setting new benchmarks for sellers while opening rare opportunities for discerning buyers. About Driven | Forbes Global Properties Since 2010, Driven | Forbes Global Properties has established itself as one of Dubai's leading real estate brokerages and property management companies, delivering award-winning, bespoke solutions tailored to every client aspiration. Driven | Forbes Global Properties prides itself on its unwavering commitment to innovation, integrity, and building lasting relationships based on trust and credibility. As the sole member of Forbes Global Properties in the UAE, brokerage has played a pivotal role in shaping the city's luxury real estate landscape. Its dedicated team of over 600 specialists with in-depth market knowledge provides invaluable expertise at every step, from property selection to management, ensuring long-term value for investors and developers alike. Driven | Forbes Global Properties has brokered some of Dubai's most prestigious destinations, leaving a lasting mark on the city's skyline. Its portfolio boasts iconic projects like the Sea Mirror Villa on Jumeriah Bay Island and Rixos Financial Center Road Dubai Residences, solidifying its position as a market leader. Looking ahead, Driven | Forbes Global Properties remains dedicated to exceeding expectations and setting new benchmarks for excellence in Dubai's dynamic real estate market. The company is committed to leveraging its expertise, innovation, and unwavering client focus to continue shaping the city's future and pioneering new standards of excellence in the real estate industry. For more information, visit:
Khaleej Times
16 hours ago
- Business
- Khaleej Times
'No downturn expected': Dubai's property market will grow through 2033, says top developer
Dubai property prices market will continue to see steady growth over the next 8 years with an increase of up to 7 per cent year-on-year and the market is unlikely to see any 'downturn' in the near future, said a top Dubai developer. "The real estate market is going to continue on a resilient trajectory. Until 2033, we are going to see some steady growth in the market. I see year-on-year growth of 3 to 7 per cent. The growth curve will sort of become steady as we move forward," said Mohamed Binghatti, chairman of Binghatti Developers. "I don't see any downfall or downturn anytime soon, so we'll continue to see growth year-on-year. People are coming to Dubai because the emirate is open to the world, company and real estate ownership is easy, and legislation has become very straightforward. So a lot of people are coming here from around the world and have a presence here," Binghatti told Khaleej Times in an interview. The Dubai property market has seen exceptional growth over the past four years, driven by demand from high-net-worth individuals and professionals worldwide. After the four-year rally of strong double-digit growth, industry data suggests that the market is slowing down and prices will likely stay steady at the single-digit rate. 100 units per day To reflect the strong demand of the Dubai property market, Binghatti said they're selling 100 units a day. "We're almost at 50 per cent of sales of the Aquarise project. Sales are continuing, and we're maintaining an average rate of around 100 units per day. The market continues to attract people from all around the world, such as ultra-high net worth individual investors. We have seen a lot of people coming from the UK, Egypt, Turkey and China," said Binghatti. He stressed that the construction of all of Binghatti's projects is progressing well. He said the company is exploring markets in other countries; however, the focus will remain on the UAE, especially Dubai. "We're looking at other countries, but our main focus will always be the UAE, especially Dubai. Last year, we were amongst the top three or four players in the market, and we tend to maintain that market share in Dubai. That doesn't mean we're not looking at other places. We are looking at markets like Saudi Arabia and London," he added. Interestingly, he elaborated that British buyers of Asian ethnicity are also coming into the market to buy Dubai real estate. He added that the group continues to look at more branded residence projects and tie-ups with other companies from around the world.
The National
12-05-2025
- Business
- The National
Dubai estate agents describe ultra competitive sales market
Dubai's booming property market has created a hyper-competitive industry where commissions can reach six figures for high-end, luxury property sales. Increasing numbers of developments are drawing global interest from super-rich buyers and creating an influx of ambitious real estate agents eager for a slice of the fortune. As more brokers come to Dubai, experts say competition will become even tougher. 'I would say only 20 per cent of brokers here are really doing well,' said Firas Al Msaddi, chief executive of Fam Properties. 'When a deal is done, three to five other brokers have lost out and there are no salaries for brokers who survive on commission. They won't last more than six months without making any sales.' According to data from property intelligence portal DXB Interact, Dubai had 1,240 real estate agencies and 4,500 registered brokers who oversaw 38,600 sales worth Dh78.8 billion ($21.4 million) in 2019. Six years later and there are 7,900 agencies with 27,000 brokers. So far in 2025, a total of 45,485 property transactions have completed, worth Dh142.7 billion. On May 16, a real estate summit at Coca-Cola Arena will share the latest trends, rules and regulations for brokers and agents, in partnership with the Dubai Land Department. Rami Wahood has been selling homes in Dubai since the beginning of 2013 and said it remains a difficult market to break into. 'Some developers only deal with respected and reputable agencies, while others work with anybody and everybody,' he said. 'Developers pay anywhere from 2 per cent to 6 per cent. I've heard stories of brokers giving back all their commission, just to get in the good books of the developers. 'That gives them a higher ranking in their sales, so they are banking on getting future access to more projects or bigger bonuses in the future.' Aida Mateu, from Spain, arrived in Dubai three months ago to take the plunge in real estate after switching her career from adolescent psychology in Barcelona. She works for a company formed only nine months ago on a commission-only deal, so does not earn a salary. 'What is making it difficult is that it all depends on our networking and proactivity, we have to do all the legwork,' she said. Typically, commission paid for selling off-plan property is about 5 per cent of its value. How this is split between agents and agencies varies depending on the company. Some agents claim 40 per cent of the sum, while the agency is paid the remaining 60 per cent, whereas other agencies split profit 50/50 regardless of where business originates from. Ms Mateu, 29, is focusing her efforts on attracting buyers from Spain and Latin America through social media. 'For now, I have not closed any sales, although I am actively working on it,' she said. 'The beginning is hard, especially because it is a very competitive industry, where you have to learn a lot in a short time. 'If you don't sell, you don't get paid. Even so, I'm motivated and I'm constantly training to get my first deals.' Consultants ValuStrat said about 90,000 new residents arrived in Dubai in the first quarter of 2025, edging the emirate's population closer to the milestone four million mark. In record transactions last year, Dubai's housing market surpassed annual sales of Dh500 billion ($136.1 billion) for the first time. Top performing areas were Jumeirah Village Circle, Business Bay, Dubai Hills Estate, Dubai South and Motor City. The emirate is home to thousands of registered property brokers looking to cash in on the surging demand for villas, townhouses and apartments in a fast-growing city. Mr Al Msaddi said he expects Dubai's housing market to continue outperforming other cities around the world. 'People ask, 'there's so much supply − why are prices not going down?,'' he said. 'Dubai has outperformed every area of London, New York and Singapore. 'All these cities have been growing steadily for the last 10 years but in Dubai the demand is insane. Yes, the market is sentimental, but people have built a lot more resilience than before and have a lot more faith in Dubai's resale market, despite the global uncertainties." Mr Al Msaddi said Dubai's runaway housing market has changed considerably in a decade. Tighter regulations for developers − and brokers − mean the market is more resilient and unlikely to suffer from global shocks such as the 2008 banking crisis that caused the value of homes to plummet, he said. Some of the most luxurious Dubai properties can be the hardest to sell. Asad Khan, chief executive of Invest Dubai Real Estate, lost almost everything in the 2008 property crash. Since paying off his debts, he has rebuilt a property portfolio and is the registered agent to sell the Dh180 million Burj Khalifa Palace − the world's highest penthouse. Despite plenty of interest, the 21,000-square-foot apartment on the building's 108th floor remains unsold. 'I remember very clearly how prices just crashed overnight in 2008,' said Mr Khan. 'It's one of those things − you fall down, you get up and learn from your mistakes. Back then, regulation was minimal.' Mr Khan used commission from his property sales from 2003 to 2008 to fund off-plan investment apartments in International City. When the market crashed he lost most of his capital and was forced to return to the UK. Dubai's stricter regulatory laws have reinforced investor confidence, he said, and encouraged his return. 'Before the crash, most developers were heavily reliant on debt and with weak capital structures,' said Mr Khan, who sells mainly to British clients. 'The government has made transactions a lot more digital, everything's online now so it's very fast and transparent. Due to golden visas and the amount of people moving in, Dubai will be able to sustain a crash but we are seeing a lot of bigger investors being more cautious. 'When I started to work on the Burj Khalifa penthouse, I had a huge amount of interest but the market is a little bit more volatile now. It's a sign the ultra-high-net-worth individuals are looking for a deal now, or will wait to see what happens.'
