Latest news with #FarooqSyed
Arabian Business
3 days ago
- Business
- Arabian Business
Dubai residential real estate hit $14.8bn in May; analyst reveals Q2 forecast
Dubai's residential real estate market demonstrated resilient capital performance in May 2025, recording AED54.4bn ($14.8bn) in transactions; a 39.08 per cent increase year-on-year. A total of 17,475 transactions were registered, reflecting both depth and consistency across off-plan and ready segments. This activity was underpinned by structured developer launches, accessible mortgage rates, and sustained inflows of foreign capital. Dubai real estate Off-plan sales represented 60.2 per cent of total market volume, driven by investor confidence in phased masterplans, payment flexibility, and community-led offerings. The secondary market accounted for 39.8 per cent of transactions, led by end-user activity in villa-led zones and branded residential stock. Pricing remained broadly stable across key family-oriented districts, including Dubai Hills Estate, Business Bay, and Jumeirah Village Circle. Farooq Syed, CEO of Springfield Properties, said: 'The data reflects a market moving in sync with structural demand. Developers are not chasing volume; they're curating value. Buyer decisions are increasingly grounded in long-term asset performance, product integrity, and urban positioning. That alignment is what continues to set Dubai apart.' Jumeirah Village Circle led transactional volume with 1,800 deals at an average price point of AED1.07m ($291,000), highlighting the sustained appetite for mid-market liveability. Meanwhile, Palm Jumeirah and Downtown Dubai continued to anchor high-value activity, with average sales exceeding AED5m ($1.4m) across branded and waterfront stock. Favourable financing conditions remained a key pillar of buyer activity, with sub-4 per cent fixed mortgage offerings available across major lenders. Currency movements further supported international transactions, with buyers from Europe, India, and Russia capitalising on improved AED affordability amid FX fluctuations. Dubai's population reached approximately 3.95m in May, reinforcing leasing and ownership demand across both villa and apartment segments. High-absorption areas included Palm Jumeirah and Jumeirah Islands, where average villa rentals exceeded AED1.2m ($327,000). Branded apartments in Business Bay and Dubai Creek Harbour maintained strong yield performance and stable occupancy. Syed said: 'We're seeing strong absorption in thoughtfully released inventory, with developers pacing launches in line with population growth, financing cycles, and real end-user priorities'. As Q2 progresses, Dubai's residential market continues to show consistency in transaction volume and pricing across both off-plan and completed inventory. Developer activity remains disciplined, with launches paced to match buyer demand and capital absorption. Supported by financing stability and population growth, the market outlook remains steady across key segments.
Zawya
3 days ago
- Business
- Zawya
Dubai real estate records AED 54.4bln in may transactions
AED 54.4 billion in total sales value in May 2025, up 39.08% YoY 17,475 transactions recorded, up 6.5% YoY and 15.3% MoM Off-plan accounted for 60.2% of volume; steady absorption observed in completed prime zones Dubai's population reached 3.95 million, reinforcing demand fundamentals Dubai: Dubai's residential market demonstrated resilient capital performance in May 2025, recording AED 54.4 billion in transactions; a 39.08% increase year-on-year. A total of 17,475 transactions were registered, reflecting both depth and consistency across off-plan and ready segments. This activity was underpinned by structured developer launches, accessible mortgage rates, and sustained inflows of foreign capital. Off-plan sales represented 60.2% of total market volume, driven by investor confidence in phased masterplans, payment flexibility, and community-led offerings. The secondary market accounted for 39.8% of transactions, led by end-user activity in villa-led zones and branded residential stock. Pricing remained broadly stable across key family-oriented districts, including Dubai Hills Estate, Business Bay, and Jumeirah Village Circle. Farooq Syed, CEO of Springfield Properties, stated: "The data reflects a market moving in sync with structural demand. Developers are not chasing volume; they're curating value. Buyer decisions are increasingly grounded in long-term asset performance, product integrity, and urban positioning. That alignment is what continues to set Dubai apart.' Jumeirah Village Circle led transactional volume with 1,800 deals at an average price point of AED 1.07 million, highlighting the sustained appetite for mid-market livability. Meanwhile, Palm Jumeirah and Downtown Dubai continued to anchor high-value activity, with average sales exceeding AED 5 million across branded and waterfront stock. Favourable financing conditions remained a key pillar of buyer activity, with sub-4% fixed mortgage offerings available across major lenders. Currency movements further supported international transactions, with buyers from Europe, India, and Russia capitalising on improved AED affordability amid FX fluctuations. Dubai's population reached approximately 3.95 million in May, reinforcing leasing and ownership demand across both villa and apartment segments. High-absorption areas included Palm Jumeirah and Jumeirah Islands, where average villa rentals exceeded AED 1.2 million. Branded apartments in Business Bay and Dubai Creek Harbour maintained strong yield performance and stable occupancy. 'We're seeing strong absorption in thoughtfully released inventory, with developers pacing launches in line with population growth, financing cycles, and real end-user priorities 'added Syed. As Q2 progresses, Dubai's residential market continues to show consistency in transaction volume and pricing across both off-plan and completed inventory. Developer activity remains disciplined, with launches paced to match buyer demand and capital absorption. Supported by financing stability and population growth, the market outlook remains steady across key segments. About Springfield Properties Springfield Properties, headquartered in Dubai, is a beacon of innovation and excellence in the real estate industry. With a team of over 140 dedicated realtors, we are committed to reshaping the financial landscape with a forward-thinking, human-centric approach. Our mission revolves around assisting value-driven investors, individuals, and businesses in achieving financial success while upholding the highest standards of integrity and market expertise. We understand that every client is unique, and our goal is to provide tailored solutions that meet their specific needs. As a dynamic force in the real estate industry, we seamlessly blend innovation and expertise to deliver exceptional results. We harness the power of real-time, data-driven insights while maintaining a deep understanding of the ever-evolving financial landscape in the UAE. Springfield Properties earned the trust of our clients through unmatched market insight and a commitment to excellence. Since our establishment in 2008, we have consistently demonstrated our ability to meet and exceed our clients' expectations. - Facebook: Springfield Properties | Dubai | Facebook - Twitter: Springfield Properties | Dubai | Facebook - LinkedIn: Springfield Properties | LinkedIn - YouTube: Springfield Properties - YouTube
Arabian Business
19-05-2025
- Business
- Arabian Business
E-commerce boom forces Gulf property developers to shift from office towers to mixed-use commercial projects
Real estate developers across the Gulf region are reassessing their approaches to commercial projects as they shift away from towers and consider more diverse, sophisticated and environmentally sustainable developments that integrate office, operational and retail spaces, experts told Arabian Business. The ongoing drive for economic diversification, surge in digital adoption and e-commerce, and rising flexible job market are triggering demand for different types of commercial real estate, with a focus on smart and specialised project clusters, they said. While players in the sector are already catering to these needs with dedicated clusters such as Dubai Healthcare City, technology parks in Abu Dhabi, and Fintech Bay in Bahrain, developers are working hard to adapt their strategies to align with the shifting market dynamics, experts said. 'The evolution taking place in the commercial real estate sector in the GCC region has blurred traditional distinctions between office categories and tenant types, posing challenges to create more dynamic and diverse commercial districts,' Sankey Prasad, CMD, Colliers Middle East and India, told Arabian Business. 'Market dynamics are shifting in the region – as also in the wider Middle East – as governments implement economic diversification strategies and adapt to global trends,' he said. Farooq Syed, CEO of Dubai-based Springfield Properties, said developers are being pushed to deliver mixed-use, flexible, and high-performing environments that go far beyond floor plans. 'The urgency is real and growing, fuelled by a convergence of factors: regional economic diversification mandates, the exponential rise of e-commerce, evolving workplace expectations, and a clear shift in investor appetite toward future-ready, ESG-compliant assets,' Syed told Arabian Business. Gulf commercial real estate evolves Industry players said the commercial property footprint in the UAE and the region increasingly reflects the new economic priorities, with flexible workspaces and innovation-focused facilities gaining prominence. The trend has seen coworking providers expanding rapidly in major cities in the region, catering to startups, freelancers, and international companies seeking flexibility, they said. A surge in e-commerce activities in the region is another driver which is triggering massive growth in the logistics-related commercial sectors, with smart logistics facilities incorporating IoT technology and advanced materials handling systems commanding premium valuations. 'This is creating opportunities for developers who can deliver specialised industrial products,' an industry executive said. The Colliers regional chief executive said the logistics boom extends beyond traditional commercial centres into secondary cities and transit corridors, redistributing development activity across wider geographic areas. The Springfield Properties chief executive said as regional economies diversify and business models shift, the expectations placed on physical spaces are changing just as fast. 'Companies are no longer looking for towers – they're looking for ecosystems,' he said, adding that 'the future of commercial real estate in the GCC is being redrawn in real time.' Syed said this shift is not speculative – it's measurable, as is evident from the 185 per cent jump in demand for logistics and industrial spaces in the UAE in the first half of 2024. Prasad said as the region's commercial real estate landscape continues evolving, stakeholders must adapt their strategies to align with these shifting dynamics. He also pointed out that companies of late are reassessing their real estate footprints, often reducing overall square footage, while upgrading quality and flexibility with Grade A properties. The trend is leading to properties with superior technological infrastructure and wellness features commanding premium rents, while secondary locations face increasing vacancy rates, he said. Office space demand surges Sector experts said meeting the demand for a steady supply of quality office assets is another major challenge developers are facing, especially in major financial centres in the UAE and Saudi Arabia, as they currently run close to capacity. The undersupply in commercial, retail, and industrial and logistics assets is forcing occupiers to renovate existing accommodations, rather than relocating, they said. Both countries have seen a surge in the commercial property market post-pandemic, with high tenant demand from international and domestic occupiers. Industry insiders said environmental considerations are another factor which are reshaping development standards throughout the region. Once known for energy-intensive buildings, Middle Eastern cities are now at the forefront of sustainable construction innovation. Green building certifications like LEED and BREEAM have become competitive differentiators in prime office and retail sectors, with tenants increasingly demanding environmentally responsible spaces, they said. The region's climate conditions have also spurred innovations in cooling technologies, water conservation, and building envelope design, with projects like Dubai's Sustainable City and Saudi Arabia's NEOM touted as prime examples of the commercial viability of eco-friendly development.
Gulf Insider
17-05-2025
- Business
- Gulf Insider
Trump Tower Dubai Sales Are An Early Hit - Investors Eye '30% Resale Potential'
OK, the Trump Tower launch for Abu Dhabi didn't happen during the US President's visit this week – but there was a lot of action happening in Dubai. Buyer interest in the apartments at the recently launched Trump International Hotel & Tower in Downtown Dubai have been rated as 'rock solid' by estate agents, with a lot of attention coming from potential investors in the region and overseas. 'All available market indicators suggest a robust response,' said Farooq Syed, CEO of Springfield Properties. 'The demand signals a healthy absorption early into the sales launch of Trump Tower Dubai. What it also shows in an alignment with demand for branded, high-end real estate in Dubai.' 'The resale potential gain for Trump Tower units is forecasted at approximately 30%.' That's exactly what a number of investors would be thinking about, with the Trump Tower Dubai looking at completion in 2031. Market sources were saying that President Trump's visit to Saudi Arabia, Qatar and UAE over the week was the 'best promotion' the two Trump Towers in Jeddah and Dubai could have got. Multi-billion dollar deals in technology, defense and aircraft acquisitions flowed, with the visit generating unprecedented levels of global attention. 'Trump Tower Dubai offers a compelling proposition for buyers seeking lifestyle differentiation and long-term value': Farooq Syed of Springfield Properties 'More Trump-branded real estate in the Gulf states will happen in no time,' said an industry source. 'Only question is how soon an Abu Dhabi launch will happen.' 'Trump Towers Dubai and Jeddah got the best spotlight ever – President Trump's visit to the Gulf' : Dubai estate agent What the market knows for sure is that there will be two projects launched back to back in Riyadh, with Dar Global as the developer. The company is also responsible for the Trump Tower Dubai. 'The 80-storey tower introduces one of the highest outdoor pools globally,' said Syed. 'Residents have exclusive access to the Trump Membership Club. While memberships are not tied directly to unit ownership, it unlocks benefits across Trump International Towers worldwide. 'The Trump Tower Dubai is situated at the entrance of Downtown, offering a rare balance of visibility, access, and proximity to the city's most iconic landmarks. Its location supports both residential appeal and long-term asset value.' Starting prices at Trump Tower are Dh3.8 million for two-bedroom residences and Dh6.3 million for three-bedroom layouts. This 'reflects its positioning within Downtown's upper-tier market', according to Syed. 'The most exclusive two-bedroom units are priced at Dh7.6 million, while select three-bedroom residences reach Dh8.7 million. These reflect preferred layouts, elevations, and view lines – marking the upper range of each category.' In May 2024, Omniyat Properties confirmed the same of a penthouse at The Lana Residences, Dorchester Collection in Downtown Dubai for Dh139 million. This was the most expensive property to be sold with Burj Khalifa district. 'The Downtown Dubai continues to command some of the highest-value residential transactions in the region,' said Syed. 'Notable sales include a penthouse at Kempinski, The Boulevard sold for Dh80 million, and a residence at Il Primo, which transacted for Dh66.5 million. These sales underline sustained demand for ultra-prime products in the heart of the city.' The SZR is buzzing with the sounds of new projects getting started, most notably the 725 meter tall and 131 storey Burj Azizi. 'Dubai Marina, JLT and surrounding corridors among Dubai's most resilient sub-markets, recording rental yields of 7–10%' : Ravi Menon of Sobha And recently, there was the launch of the 'Sobha Central', a six-tower cluster on SZR. It will have a whole lot of apartments as well as '250,000 square feet of lush green parks, 175,000 square feet of leasable office spaces and 160,000 square feet of retail spaces including an in-built mall', is how the developer Sobha puts it. 'Recent industry reports highlight (Dubai) Marina, JLT and surrounding corridors among Dubai's most resilient sub-markets, recording rental yields of 7–10% and consistent capital appreciation,' said Ravi Menon, Chairman of Sobha. 'Sobha Central caters to the evolving aspirations of homeowners and investors seeking long-term investment value in a vibrant, central location.' The Sheikh Zayed Road is offering up quite a lot of that…
Arabian Business
12-05-2025
- Business
- Arabian Business
Dubai's new land law to spur strategic property market growth, boost foreign investment: Experts
The recently announced new Dubai land law on allocation and management of government land plots to public entities will herald a major shift from fast-paced to foresight-led growth in the emirate's real estate sector, experts said. The move, aimed to act as a template for how Dubai will manage its future urban growth plans, will also elevate its position as one of the world's most investable cities as it will help in instilling long-term market confidence among global investors, they said. The emirate's lat e st legislation – Law No. (6) of 2025 – grants Dubai Municipality the authority to evaluate, approve and reclaim government-owned land assigned to federal and local public entities. The initiative is widely seen as aimed to streamline the distribution process, ensure efficient use of government land, and align land allocation with the Dubai 2040 Urban Master Plan. Farooq Syed, CEO of Dubai-based Springfield Properties, said the initiative is a strong step forward in urban governance. 'It reflects the kind of strategic oversight that global investors value – where growth is guided by vision, supported by policy, and built for long-term sustainability,' Syed told Arabian Business. Sankey Prasad, CMD of Colliers India & Middle East, said the move will help investors, developers, and residents alike, as it reinforces confidence in Dubai's vision of becoming a model city where growth is sustainable, infrastructure is future-ready, and land is managed with precision. 'It's not just a legal shift; it's a philosophical one that underscores Dubai's role as a global leader in urban innovation,' Prasad told Arabian Business. Industry players hailed the new law as a win-win for all – for developers, it unlocks greater predictability, for investors, it signals maturity and for the broader economy, it reinforces Dubai's long-term resilience. Mohammed bin Rashid issues law on government land plots allocation to public entities in Dubai. The law aims to align land allocation with the Dubai 2040 Urban Master Plan, as well as streamline distribution, ensure efficient use of government plots, and provide public entities… — Dubai Media Office (@DXBMediaOffice) April 28, 2025 Land law shifts Dubai's strategy Sector experts said the new land law marks a decisive shift in Dubai's approach to land management, reinforcing its long-term commitment to planned, sustainable urban expansion. With public land now governed under a stricter policy lens, the move reaffirms the emirate's ambition to align infrastructure, services, and development in a single, coordinated strategy, they said. Angad Bedi, CMD, BCD Group, an India-based global real estate company with a major presence in the UAE and the wider Middle East, said Dubai's move to enact a new land law illustrates a maturing real estate ecosystem – one that recognises the strategic value of land as a public asset. 'This law reframes land not just as a commodity, but as a cornerstone of civic planning and environmental responsibility,' Bedi told Arabian Business. 'With tighter oversight on public land use, Dubai is positioning itself to prevent urban sprawl, optimise resource allocation, and enhance liveability for future generations,' said the chief executive of BCD Group, which also has operations in Saudi Arabia and Iraq, and plans further expansion in GCC and the wider region. Syed said while Dubai has long been celebrated for its ambitious urban expansion, the new land law ensures that the pace of development is now even more tightly aligned with public infrastructure and services. 'It reflects a clear shift: from fast-paced to foresight-led growth,' he said. Syed said that by centralising land allocation decisions under Dubai Municipality and tying them to verifiable public need, the law strengthens transparency, planning efficiency, and long-term market confidence. Issued by Sheikh Mohammed bin Rashid Al Maktoum in the last week of April, the new law introduces a rigorous framework that requires entities to justify land requests based on measurable public need – whether economic, social, or strategic. The Dubai Municipality is also granted the authority to withdraw land, including the removal of incomplete or inactive structures, if project commitments are not fulfilled. Dubai's growth blueprint Industry players said the role of the new land policy assumes added strategic significance at a time when Dubai transitions into its next phase of growth. The legislation will also act as a key enabler of the Dubai 2040 Urban Master Plan, which outlines a comprehensive roadmap for the city's sustainable development over the next 15 years, they said. With the emirate's population forecast to reach 7.8 million by 2040, the plan calls for integrated residential communities, enhanced mobility, and expanded public services. 'The new land law ensures that public land plays a foundational role in delivering these objectives, aligning infrastructure deployment with demographic trends and investment flows,' Syed said, adding that the law ensures that land is a key pillar of urban planning. The Colliers India & Middle East chief executive said by bringing public land under a more structured, policy-driven framework, Dubai is sending a clear signal that it's prioritising long-term, integrated planning over ad-hoc development. 'This legislation empowers authorities to align infrastructure rollouts, housing, and community services within a unified blueprint, ensuring balanced growth across emerging and mature districts,' he said. BCD Group's Bedi said new legislation will help enforce accountability and encourage collaboration across government departments, creating a more resilient planning apparatus. 'As cities worldwide grapple with fragmented development, Dubai's approach – centralised, data-driven, and vision-led – cements its status as a benchmark for sustainable urban expansion in the 21st century,' he said.
