Latest news with #DubaiRealEstate
Arabian Business
a day ago
- Business
- Arabian Business
Dubai real estate market stabilising; investors confident in long-term growth
The Dubai real estate market is entering a healthy 'stabilisation phase' and investors are confident in long-term projects, according to brokerage and developer Asico. Following a period of remarkable growth where residential property prices surged by approximately 60 per cent between 2022 and early 2025, driven by strong international investor interest, the market is now entering a phase of stabilisation in 2025, said Asico. This transition indicates a move towards a more balanced and sustainable trajectory. Dubai real estate stabilisation phase Several key indicators point towards this stabilisation: Price adjustments: As of January 2025, the average price per square foot stood at AED1,484 ($404), reflecting a slight 0.57 per cent month-on-month dip, indicating a cooling from the rapid escalation witnessed in previous years Shift in demand: While luxury properties continue to attract interest, there's a noticeable shift towards mid-market and affordable housing. In 2024, two out of five ready home sales were valued at less than AED1m ($272,000), highlighting a broader market appeal and a move towards more sustainable growth Supply dynamics: Developers are responding to the evolving market by accelerating construction schedules, aiming to bring handovers forward by three to six months. This proactive approach is designed to meet the current demand and prevent potential shortages, contributing to market equilibrium Wail Abualhamail, Director of Real Estate at Asico, said: 'The current phase of stabilisation reflects the natural progression of a maturing market. We are seeing a shift from speculative buying towards more strategic, long-term investments. At Asico, we believe this evolution is a healthy sign, indicating investor confidence, improved regulation, and a more sustainable future for Dubai's real estate sector.' Despite the stabilisation, Dubai's real estate market continues to exhibit robust performance. In February 2025, the market recorded a 32 per cent increase in transaction volume and a 37 per cent rise in value compared to the same period in 2024, totalling more than AED50bn ($13.6bn). The off-plan market remains a significant driver of this activity, with a 38 per cent increase in volume and a 60 per cent increase in value year-over-year. Key areas such as Dubai Creek Harbour, Mohammed Bin Rashid City, and Dubai Hills have been particularly popular for off-plan investments. The Dubai government's ongoing strategic initiatives are also playing a crucial role in bolstering the real estate sector. The Dubai Economic Agenda (D33), which aims to double the emirate's economy by 2033, specifically focuses on enhancing the contribution of the real estate sector. Furthermore, policies such as the Golden Visa programme and the provision for 100 per cent foreign ownership in certain sectors have further strengthened investor confidence in the market. Asico said: 'As the market enters this phase of stabilisation, investors are presented with opportunities to make informed decisions in a more predictable environment'. The increasing focus on mid-market properties opens avenues for a broader range of investments, while the sustained overall demand underscores the market's long-term strength. According to Asico, this stabilisation period signifies a maturing of Dubai's property sector, where factors such as quality, thoughtful planning, and strategic location are expected to be the primary drivers of long-term returns, moving away from reliance on short-term speculation.
Khaleej Times
a day ago
- Business
- Khaleej Times
Dubai's centi-millionaires to double by 2035; here's why
Dubai's ascent as a global haven for the ultra-wealthy is gaining increased interaction, with its centi-millionaire population — those with liquid investable wealth of $100 million or more — projected to more than double by 2035. According to the 2025 World's Wealthiest Cities Report by Henley & Partners and New World Wealth, Dubai has soared to 18th place globally, hosting 81,200 millionaires, 237 centi-millionaires, and 20 billionaires. Its 102 per cent millionaire growth over the past decade outpaces most global cities, including the Bay Area's 98 per cent, cementing its status as a premier wealth hub. Driven by zero income and capital gains taxes, world-class infrastructure, and a cosmopolitan lifestyle, Dubai's magnetic appeal is drawing high-net-worth individuals (HNWIs) from across the globe, positioning the emirate as a cornerstone of the Middle East's financial ascent. The UAE, with Dubai at its forefront, has seen its millionaire population surge by 98 per cent over the past decade, reaching 130,500 by December 2024, according to Knight Frank's Private Capital Report. This places the UAE as the 14th-largest wealth market worldwide. In 2024 alone, 7,200 new dollar millionaires migrated to the UAE, up from 4,700 in 2023 and 5,200 in 2022, drawn by strategic economic reforms, visionary governance, and a tax-free environment. Dubai's luxury real estate market has flourished, with high-value property transactions soaring as HNWIs invest in prime properties, transforming the city into a global luxury hub. The emirate's proximity to Abu Dhabi, which saw 80 per cent millionaire growth and expects its 75 centi-millionaires to double by 2035, amplifies the UAE's regional dominance as a financial powerhouse. Juerg Steffen, CEO of Henley & Partners, highlights that cities like Dubai, blending investment freedom with lifestyle dividends, are leading the race for mobile capital. Robust legal frameworks, sophisticated financial systems, and residence-by-investment programs make Dubai a gateway for global talent and wealth. Dominic Volek, Group Head of Private Clients at Henley & Partners, notes that centi-millionaires strategically diversify their geographical presence to mitigate risk and maximise opportunity, with Dubai's policies offering seamless entry routes. This strategic allure is evident in the emirate's ability to attract a diverse pool of investors, from tech entrepreneurs to traditional wealth holders, seeking both financial growth and an unmatched quality of life. Globally, the US dominates with 11 cities in the Top 50, led by New York (384,500 millionaires, 66 billionaires) and the Bay Area (342,400 millionaires, 82 billionaires). Tokyo (292,300 millionaires) and Singapore (242,400) follow, while Los Angeles (220,600) has surpassed London (215,700), pushing the UK capital to sixth. London and Moscow (30,000 millionaires) are the only top 50 cities with negative growth, declining by 12 per cent and 25 per cent, respectively. Paris (160,100), Hong Kong (154,900), Sydney (152,900), and Chicago (127,100) complete the top 10. Other fast-growing cities include Shenzhen (50,800 millionaires, 142 per cent growth), Hangzhou (32,200, 108 per cent), and Bengaluru (120 per cent), driven by tech ecosystems. European cities like Warsaw (83 per cent) and Athens, alongside smaller hubs like Malta's St. Julian's and Switzerland's Lugano, are projected to see centi-millionaire populations double by 2035, leveraging investment migration programs. Dubai's real estate, while not topping the World's Most Expensive Cities list— led by Monaco ($38,800 per m²), New York ($27,500), Hong Kong ($26,300), and London ($24,000) — remains a key draw due to its luxury offerings and tax advantages. Andrew Amoils, head of Research at New World Wealth, emphasises that Dubai's blend of financial innovation, tech growth, and investor-friendly policies ensures its enduring appeal. Beyond the top 50, emerging wealth hubs like the Cayman Islands, Costa Rica, and Cape Town are projected to see over 100 per cent centi-millionaire growth by 2035, but Dubai's unique combination of economic dynamism and lifestyle allure sets it apart. As the emirate continues to innovate and attract global wealth, its trajectory as a leading destination for HNWIs is poised to accelerate, redefining the global geography of super-wealth.
Zawya
a day ago
- Business
- Zawya
Dubai's property market enters stabilization phase in 2025, signaling a maturing investment landscape
Dubai, UAE – Asico, a prominent real estate brokerage and developer in Dubai, announces a significant shift in Dubai's property market dynamics. Following a period of remarkable growth where residential property prices surged by approximately 60% between 2022 and early 2025, driven by strong international investor interest, the market is now entering a phase of stabilization in 2025. This transition indicates a move towards a more balanced and sustainable trajectory. Several key indicators point towards this stabilization: Price Adjustments: As of January 2025, the average price per square foot stood at AED 1,484, reflecting a slight 0.57% month-on-month dip, indicating a cooling from the rapid escalation witnessed in previous years. Shift in Demand: While luxury properties continue to attract interest, there's a noticeable shift towards mid-market and affordable housing. In 2024, two out of five ready home sales were valued at less than AED 1 million, highlighting a broader market appeal and a move towards more sustainable growth. Supply Dynamics: Developers are responding to the evolving market by accelerating construction schedules, aiming to bring handovers forward by 3-6 months. This proactive approach is designed to meet the current demand and prevent potential shortages, contributing to market equilibrium. Wail Abualhamail, Director of Real Estate at Asico, commented on these developments, stating, 'The current phase of stabilization reflects the natural progression of a maturing market. We are seeing a shift from speculative buying towards more strategic, long-term investments. At Asico, we believe this evolution is a healthy sign, indicating investor confidence, improved regulation, and a more sustainable future for Dubai's real estate sector.' Despite the stabilization, Dubai's real estate market continues to exhibit robust performance. In February 2025, the market recorded a 32% increase in transaction volume and a 37% rise in value compared to the same period in 2024, totaling over AED 50 billion. The off-plan market remains a significant driver of this activity, with a 38% increase in volume and a 60% increase in value year-over-year. Key areas such as Dubai Creek Harbour, Mohammed Bin Rashid City, and Dubai Hills have been particularly popular for off-plan investments. The Dubai government's ongoing strategic initiatives are also playing a crucial role in bolstering the real estate sector. The Dubai Economic Agenda (D33), which aims to double the emirate's economy by 2033, specifically focuses on enhancing the contribution of the real estate sector. Furthermore, policies such as the Golden Visa programme and the provision for 100% foreign ownership in certain sectors have further strengthened investor confidence in the market. As the market enters this phase of stabilization, investors are presented with opportunities to make informed decisions in a more predictable environment. The increasing focus on mid-market properties opens avenues for a broader range of investments, while the sustained overall demand underscores the market's long-term strength. According to Asico, this stabilization period signifies a maturing of Dubai's property sector, where factors such as quality, thoughtful planning, and strategic location are expected to be the primary drivers of long-term returns, moving away from reliance on short-term speculation. About Asico Asico is a full-service real estate brokerage and developer based in Dubai, UAE, specializing in sourcing premium listings, facilitating exclusive developer collaborations, and offering turnkey solutions to investors. With an integrated property management division, Asico provides end-to-end services, ensuring seamless experiences for property owners and tenants alike. With a customer-centric approach and deep market expertise, Asico caters to a diverse clientele, from individual homebuyers to institutional investors. About Al Suwaidi Investment Founded in the 1990s, Al Suwaidi Investment is a leading investment firm based in Dubai, UAE, with a diversified portfolio spanning real estate, hospitality, and other sectors. Known for its commitment to excellence and innovation, the company has played a significant role in shaping Dubai's economic landscape. Al Suwaidi Investment's ventures consistently reflect its vision of driving growth, fostering partnerships, and delivering value across industries. For media enquiries, please contact: Sarah Alexandra Morris PR Manager
Arabian Business
a day ago
- Business
- Arabian Business
Dubai real estate sector recorded $6.25bn of transactions last week, including $45m Jumeirah apartment
The Dubai real estate sector recorded AED22.94bn ($6.25bn) of transactions last week, according to data from the Land Department. Sales transactions dominated the figures, with AED18.39bn ($5bn), according to Land Department data. In total there were 4,638 sales transactions recorded between May 26 and May 30. Dubai real estate last week Among the most expensive sales transactions listed on the Land Department website were: An apartment in Jumeirah Residences Asora Bay in Jumeirah sold for AED163.8m ($44.6m) An apartment in Jumeirah Residences Asora Bay in Jumeirah sold for AED143.6m ($39.1m) An apartment in Jumeirah Residences Asora Bay in Jumeirah sold for AED121.2m ($33.1m) The Land Department also showed mortgage deals worth AED3.47bn ($944m) last week. Gift transactions in the same period were valued at AED1.08bn ($294m).
Arabian Business
3 days ago
- Business
- Arabian Business
Acube Developments breaks ground on Vega in Dubai Sports City
Acube Developments announced holding the breaking ground event for Vega, its third residential project in Dubai. With 95 percent of units already sold, Vega has drawn strong demand from homebuyers and investors alike, the company said. The project is scheduled for handover in Q2 2027. Inspired by Vega – the brightest star in the Northern constellation of Lyra – the new 23-floor tower will feature 129 luxurious studios, one-, two-, and three-bedroom residences, each thoughtfully designed to blend comfort, style, and functionality, the company said. 'Breaking ground on Vega marks the realisation of a vision inspired by Dubai's relentless pursuit of innovation and excellence,' said Ramjee Iyer, Chairman & Managing Director of Acube Developments. With construction progressing rapidly and sales momentum at an all-time high, Vega is on track to becoming a defining architectural icon in Dubai Sports City, he said. Acube Developments said it is set to launch 10 new projects over the next two years, including landmark developments along Sheikh Zayed Road. As it continues to expand its portfolio, the company said it has also achieved full backward integration through its subsidiary Acube Industries, which manufactures interiors including woodwork, joinery, interior design, and fit-out.
