Latest news with #KnightFrankMENA
Yahoo
6 days ago
- Business
- Yahoo
Dubai housing prices continue to soar, with villas leading the charge: Knight Frank
A villa in Signature Villas, Emirates Hills in Dubai (Picture: Knight Frank MENA) The Dubai residential market continued to break records in 2Q2025, sustaining momentum that has propelled property values in the emirate. According to research by Knight Frank, Dubai housing prices grew 3.4% q-o-q and 13.7% y-o-y to hit an average of AED1,809 psf ($629 psf) in 2Q2025, marking a new all-time high. Residential prices have now surged 21.6% above the previous market peak recorded in 2014. 'The sustained growth in prices - now approaching five consecutive years since the current cycle began in November 2020 - is a clear sign of a more stable and predictable market environment,' remarks Faisal Durrani, partner and head of research at Knight Frank Middle East and North Africa (MENA). The rise in prices coincides with quarterly sales volume hitting a new record of 51,000 last quarter. Off-plan sales accounted for nearly 70% of all transactions, which signals growing investor confidence in new Dubai developments, says Knight Frank. 'The market is increasingly being shaped by genuine buyers rather than speculators, with resale activity within 12 months of purchase now at just 4–5%, compared to 25% in 2008,' adds Will McKintosh, regional partner and head of residential at Knight Frank MENA. Read also: Dubai homes sold for over US$10 mil hit all-time high in 2Q2025: Knight Frank Over 94,000 homes in Dubai have now been sold since the start of the year, putting the market firmly on track to exceed the 169,000 deals recorded for the whole of 2024. Overall, total residential sales value clocked in at AED268 billion in 1H2025, 41% higher y-o-y. Within the Dubai property landscape, the villa segment has continued to lead the charge in price growth, outperforming apartments. Villa prices rose 4% q-o-q to AED2,172 psf in 2Q2025, bringing the segment's total price growth since 2014 to 49.3%. According to Durrani, momentum in the villa segment will likely keep growing. 'Just 20% of the planned housing supply through to the end of 2029 will fall in the villa category and with demand remaining centred on stand-alone family homes, the delta between villa and apartment price performance may well continue to widen,' he explains. Meanwhile, the prime residential segment has also logged robust growth. Knight Frank data shows that the average transacted price across ten key communities rose 16% over the past 12 months to hit AED3,850 psf. In addition, sales of Dubai homes priced above US$10 million ($12.79 million) reached AED9.5 billion in 2Q2025, the highest quarterly figure on record. The Dubai property market "has become more stable, more transparent and is underpinned by solid fundamentals," observes McKintosh. He adds: "This shift is drawing in more long-term investors and end-users and is helping to strengthen Dubai's position as one of the most attractive residential markets globally.' Knight Frank has maintained its forecast for Dubai housing price growth in 2025 at 8% for the mainstream market and 5% for the prime segment. Read also: Dubai remains top market for homes transacted for over US$10 mil: Knight Frank See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) Dubai homes sold for over US$10 mil hit all-time high in 2Q2025: Knight Frank Dubai remains top market for homes transacted for over US$10 mil: Knight Frank Dubai's real estate market on a hot streak En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available
Yahoo
25-05-2025
- Business
- Yahoo
Dubai remains top market for homes transacted for over US$10 mil: Knight Frank
View from a villa at Palm Jumeirah, Dubai (Picture: Knight Frank) Following robust activity in 2024, the Dubai real estate market is expected to continue attracting demand from among the wealthy. According to a research report by property consultancy Knight Frank, high-net-worth individuals (HWNIs) surveyed around the world have indicated interest in purchasing a property in Dubai, with an estimated US$10.3 billion ($13 billion) in private capital potentially being channelled towards the emirate's residential market. The steady demand has bolstered activity in Dubai's residential market, which logged record residential sales of nearly 170,000 homes last year worth a total of US$100 billion, says Knight Frank. That momentum has carried over into this year, with AED100 billion ($35 billion) in home sales already achieved as of March 4. Dubai property prices have also continued to rise, surging 19.1% in 2024 to hit an average of AED1,685 psf. At the same time, Dubai remains the world's busiest market for sales of homes priced over US$10 million, the report states. Last year, a total of 435 transactions in this bracket were recorded in Dubai, almost equalling the number of such deals logged in London and New York combined. Between January and March this year, 111 homes were sold for over US$10 million in Dubai. Read also: Christie's International Real Estate returns to Singapore'The super-rich remain laser-focused on purchasing luxury homes in the city, and this unrelenting demand has been a critical driver of Dubai being the world's busiest US$10 million+ homes market for the second year running,' says Shehzad Jamal, partner for strategy and consultancy at Knight Frank MENA (Middle East and North Africa). In its latest Destination Dubai report, Knight Frank surveyed 387 global HNWI across the UK, India, Saudi Arabia and East Asia (China, Hong Kong and Singapore) to gauge their appetite for investing in United Arab Emirates real estate. Over half of the respondents (52%) indicated they are interested in buying property in the UAE. "As we have found in our research in previous years and mirroring the experience of our teams, the strongest appetite for a real estate purchase in the UAE comes from those with the greatest wealth and is a testament to the success of the government's programmes to strengthen the emirate's appeal as a place for the world's wealthy to live and invest,' says Faisal Durrani, partner and head of research for Knight Frank MENA. Saudi Arabia and India HNWIs registered the strongest interest, with 66% and 41% of respondents indicating an intent to purchase a UAE property in 2025. For the UK and East Asia HNWIs surveyed, 17% of each cohort indicated a potential UAE property purchase this year. Knight Frank adds that among the East Asia HNWIs, those in Hong Kong displayed the strongest appetite, with 22% of respondents signalling the intent to buy UAE property in 2025. According to the survey, residential properties remain the biggest draw for global HNWI as compared to the commercial and retail segments. Additionally, Dubai remains the top target destination, with 71% of respondents naming Dubai as their preferred emirate. Read also: Dubai's real estate market on a hot streak See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) Christie's International Real Estate returns to Singapore Dubai's real estate market on a hot streak Navigating the real estate market: From Singapore to Bali, Dubai, Japan and the UK En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available
ME Construction
11-02-2025
- Business
- ME Construction
Select Group buys Radisson Blu Dubai for US $54.5mn
Property Select Group buys Radisson Blu Dubai for US $54.5mn By This acquisition further solidifies Select Group's commitment to enhancing hospitality experiences in key locations, ensuring long-term growth and value creation in the sector Dubai-based Select Group has acquired the Radisson Blu Hotel Dubai Media City for US $54.5mn, marking the highest-recorded hotel sale in Dubai's Media Free Zone. The transaction, brokered by Knight Frank MENA, highlights the continued strong investment appeal of Dubai's hospitality sector, which has seen twelve hotel transactions in the past 18 months, with Knight Frank handling nine of them, said a statement. As part of its expansion strategy, Select Group plans to undertake refurbishment of the business-centric hotel, which is situated near the regional headquarters of META, Pfizer, Samsung, and Mastercard. The renovation will focus on upgrading rooms, public areas, and food and beverage venues to fill what Select Group identifies as a critical gap in Media City's hospitality offerings. Rahail Aslam, Founder and Chairman of Select Group said, 'We are excited to announce the acquisition of the Radisson Blu Hotel, Dubai Media City, marking a pivotal milestone in our ongoing commitment to securing prime assets in strategic locations. The property will undergo a comprehensive refurbishment to enhance the experience for both travelers and residents.' Andrew Love, Regional Partner and Head of Capital Markets at Knight Frank MENA highlighted, 'The sale of the Radisson Blu Hotel, Dubai Media City is a testament to Dubai's continued evolution as a global hotspot for hotel investment. As the highest recorded hotel sale transaction in the Media Free Zone, it demonstrates the value of strategically located assets in Dubai's thriving market.' The purchase was executed through Select M City, subsidiary of Select Investments Limited, with Baker McKenzie and Wisefields serving as legal advisors. This acquisition further solidifies Select Group's commitment to enhancing hospitality experiences in key locations, ensuring long-term growth and value creation in the sector. Select Group is expanding its portfolio with a development portfolio exceeding 20m sqft and a gross development value of $9.574bn. This expansion solidifies the company's position in the property development landscape. Select Group has delivered over 7,000 homes and has 6,000 additional units in the pipeline, further enhancing its reputation in the industry.
Tourism Breaking News
31-01-2025
- Business
- Tourism Breaking News
Select Group acquires Radisson Blu Hotel, Dubai Media City in Record AED 200m+ transaction completed by Knight Frank MENA.
Post Views: 58 Select Group announced the acquisition of the Radisson Blu Hotel, Dubai Media City, in a landmark transaction valued in excess of AED 200m+. The Radisson Blu Hotel occupies a prime location in Dubai, surrounded by global corporate headquarters, including META, Pfizer, Samsung, and Mastercard. Select Group plans to embark on a comprehensive refurbishment of the property, with a focus on enhancing its food and beverage offerings to address a critical gap in the area's hospitality landscape, as well as enhancing all the accommodation and other public areas to cater to the strong demand generators through the corporate catchment. Commenting on the acquisition, Rahail Aslam, Founder & Chairman of Select Group, said: 'We are excited to announce the acquisition of the Radisson Blu Hotel, Dubai Media City, marking a pivotal milestone in our ongoing commitment to securing prime assets in strategic locations. This addition to our hospitality portfolio signifies a key step in our growth journey. As part of our vision, the property will undergo a comprehensive refurbishment program for rooms, public areas and food & beverage venues to enhance the experience for travellers and residents. Our upgrades aim to create dynamic offerings that meet evolving demands, solidifying our dedication to excellence in hospitality.' The deal, brokered by Andrew Love, Regional Partner and Head of Capital Markets at Knight Frank MENA, represents the highest recorded hotel sale transaction in Dubai's Media Free Zone. Andrew Love, Regional Partner and Head of Capital Markets at Knight Frank MENA, added:'The sale of the Radisson Blu Hotel, Dubai Media City is a testament to Dubai's continued evolution as a global hotspot for hotel investment. As the highest recorded hotel sale transaction in the Media Free Zone, it demonstrates the value of strategically located assets in Dubai's thriving market. This deal marks Knight Frank's 9th hotel transaction in Dubai in the last 18 months, out of the 12 hotels that have exchanged hands in the same time period, reflecting the team's expertise and stronghold across this asset class. Knight Frank has been privileged to be at the forefront of these transactions, showcasing the strong investor confidence in Dubai's hospitality sector and its unparalleled growth trajectory.' The property was acquired by Select M City Limited, a subsidiary of Select Investments Limited. The transaction was supported by legal advisors Baker McKenzie and Wisefields, ensuring the seamless completion of this milestone deal. Select Group's refurbishment plans will position the Radisson Blu Hotel, Dubai Media City, as a leading destination within Dubai's thriving hospitality and business ecosystem, further solidifying the area's reputation as a global hub for media, marketing and digital innovation.
