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Khaleej Times
24-04-2025
- Business
- Khaleej Times
Dubai real estate residential sales up 22.4%, commercial deals rise 18.2% in Q1 2025
Dubai's residential property sales increased by 22.4 per cent year-on-year in the first quarter, with a 29.6 per cent increase in the total value sold, a report showed on Thursday. According to Engel & Völkers Middle East, a leader in premium residential and commercial real estate services, commercial real estate sales increased by18.2 per cent YO, with a 29.5 per cent increase in the total value of transactions. Despite the usual seasonal dip from Q4, Dubai's residential market delivered broad-based growth. Off-plan sales were up 23.9 per cent and secondary transactions rose 20.3 per cent, with continued demand across both ends of the price spectrum. Apartments remained the dominant property type, comprising 76 per cent of all residential transactions. Jumeirah Village Circle retained its lead in both off-plan and resale apartment sales, supported by attractive pricing, strong rental yields, and proximity to major road networks. Secondary market momentum was also evident in Business Bay, Dubai Marina, and Downtown Dubai — key areas sought by investors and end-users alike for their connectivity, proximity to amenities and enduring rental demand. The villa segment was a clear standout for growth, with transactions increasing by 80.6 per cent year-on-year. The surge was primarily led by off-plan activity in emerging, master-planned communities such as The Valley, Emaar South, and Damac Islands. The total transaction value for villas rose by 55.1 per cent, pointing to a growing preference for more affordable, family-oriented housing in newer developments on the fringes of Dubai. In the luxury and ultra-luxury segment, Dubai maintained its momentum. Sales above Dh10 million grew by 29 per cent from Q1 2024, and are now up 185 per cent from Q1 2022. Palm Jumeirah and the rapidly emerging Palm Jebel Ali accounted for 31 per cent of sales over Dh10 million, supported by demand for ultra-luxury, waterfront villas. Noteworthy deals included the Dh425 million sale of the Marble Palace in Emirates Hills and an Dh115 million villa in Palm Jumeirah's EOME community, brokered by Engel & Völkers Private Office Advisor Fadi Alsalem. Dubai continues to establish itself as the world's leading destination for high-net-worth individuals. According to Henley & Partners, the number of resident millionaires has grown by over 100 per cent in the past decade, with the UAE attracting more HNWIs than any other country in 2023 and 2024. Today, Dubai is home to more than 81,000 millionaires, 237 centi-millionaires, and 20 billionaires - a figure that is set to rise as global wealth reallocates toward stable, high-performing destinations. Dubai's rental market also reflected sustained demand, with over 51,000 new residents added in the first quarter alone. While rent increases show signs of stabilising, luxury apartments in Bluewaters (+14.1 per cent) and villas and townhouses in Dubai Hills Estate (+33.8 per cent), and Arabian Ranches (+20.6 per cent) registered significant year-on-year growth. Commercial property The commercial real estate continued its upward trajectory, with office, retail, and mixed-use segments all posting gains. Office sales transactions increased by 40 per cent, and the average price per sq. ft. rose 15 per cent to Dh1,676. Business Bay and JLT remained leading hubs for Grade A office space, recording 315 and 217 sales respectively. Off-plan interest in Capital One helped position Motor City as a leading office investment destination in Q1. Retail sales, meanwhile, rose 6 per cent year-on-year, with concentration in thriving residential and mixed-use communities such as Business Bay, Arjan, and JVC. Leasing activity also accelerated, with a 17.6 per cent quarter-on-quarter increase across the commercial sector. Office rents grew by 23 per cent year-on-year to Dh112 per sq. ft., led by demand in core business districts such as Business Bay, JLT, and Dubai Investments Park. While retail rents remained steady at Dh240 per sq. ft., increasing appetite for Grade A space suggests upward pressure on pricing may emerge in the latter half of the year. 'In the face of global economic uncertainty, Dubai's real estate market continues to show excellent fundamentals, with cross-sector growth and compelling returns for investors,' said Daniel Hadi, CEO of Engel & Völkers Middle East. 'Demand is being fuelled not just by regional wealth and migration, but by strategic policy, infrastructure investment, and the city's global positioning as a future-forward hub for living and business.' Recent infrastructure announcements — including the acceleration of the Etihad Rail project, the rollout of the Dubai Loop system, and strategic road upgrades in central business zones — are expected to further reinforce the city's competitive edge. Major commercial projects announced in Q1 2025 — such as the Dh5 billion redevelopment of Mall of the Emirates also signal strong confidence from Dubai's top developers in the long-term resilience of the city's retail and consumer sectors. As Dubai continues to attract global investors, business leaders, and new residents, Engel & Völkers remains optimistic about the outlook for the remainder of 2025. 'From prime residential to commercial real estate, Dubai is increasingly seen as a safe haven for capital and a high-performance market that rewards long-term vision,' Hadi added.
Arabian Business
24-04-2025
- Business
- Arabian Business
Dubai residential real estate sales up 30% in Q1; top-performing areas and premium transactions revealed
Dubai residential property sales increased by 22.4 per cent year-on-year, with a 29.6 per cent increase in the total value sold, in Q1 2025, according to an Engel & Völkers Middle East market report. The increases are driven by strong investor sentiment, rising population figures, and a steady flow of global capital into the emirate. At the same time commercial real estate sales increased by 18.2 per cent year-on-year, with a 29.5 per cent increase in the total value of transactions. Dubai real estate 2025 Despite the usual seasonal dip from Q4, Dubai's residential market delivered broad-based growth. Off-plan sales were up 23.9 per cent and secondary transactions rose 20.3 per cent, with continued demand across both ends of the price spectrum. Apartments remained the dominant property type, comprising 76 per cent of all residential transactions. Jumeirah Village Circle retained its lead in both off-plan and resale apartment sales, supported by attractive pricing, strong rental yields, and proximity to major road networks. Secondary market momentum was also evident in Business Bay, Dubai Marina, and Downtown Dubai — key areas sought by investors and end-users alike for their connectivity, proximity to amenities and enduring rental demand. The villa segment was a clear standout for growth, with transactions increasing by 80.6 per cent year-on-year. The surge was primarily led by off-plan activity in emerging, master-planned communities such as The Valley, Emaar South, and Damac Islands. The total transaction value for villas rose by 55.1 per cent, pointing to a growing preference for more affordable, family-oriented housing in newer developments on the fringes of Dubai. In the luxury and ultra-luxury segment, Dubai maintained its momentum. Sales above AED10m ($2.7m) grew by 29 per cent from Q1 2024, and are now up 185 per cent from Q1 2022. Palm Jumeirah and the rapidly emerging Palm Jebel Ali accounted for 31 per cent of sales over AED10m ($2.7m), supported by demand for ultra-luxury, waterfront villas. Noteworthy deals included the AED425m ($116m) sale of the Marble Palace in Emirates Hills and an AED115m ($31.3) villa in Palm Jumeirah's EOME community, brokered by Engel & Völkers Private Office Advisor Fadi Alsalem. Dubai continues to establish itself as the world's leading destination for high-net-worth individuals. According to Henley & Partners, the number of resident millionaires has grown by more than 100 per cent in the past decade, with the UAE attracting more HNWIs than any other country in 2023 and 2024. Today, Dubai is home to more than 81,000 millionaires, 237 centi-millionaires, and 20 billionaires – a figure that is set to rise as global wealth relocates toward stable, high-performing destinations. Dubai's rental market also reflected sustained demand, with more than 51,000 new residents added in the first quarter alone. While rent increases show signs of stabilising, luxury apartments in Bluewaters (+14.1 per cent) and villas and townhouses in Dubai Hills Estate (+33.8 per cent), and Arabian Ranches (+20.6 per cent) registered significant year-on-year growth. The commercial real estate continued its upward trajectory, with office, retail, and mixed-use segments all posting gains. Office sales transactions increased by 40 per cent, and the average price per sq ft rose 15 per cent to AED1,676 ($456). Business Bay and JLT remained leading hubs for Grade A office space, recording 315 and 217 sales respectively. Off-plan interest in Capital One helped position Motor City as a leading office investment destination in Q1. Retail sales, meanwhile, rose 6 per cent year-on-year, with concentration in thriving residential and mixed-use communities such as Business Bay, Arjan, and JVC. Leasing activity also accelerated, with a 17.6 per cent quarter-on-quarter increase across the commercial sector. Office rents grew by 23 per cent year-on-year to AED112 ($30.5) per sq ft, led by demand in core business districts such as Business Bay, JLT, and Dubai Investments Park. While retail rents remained steady at AED240 ($65) per sq ft, increasing appetite for Grade A space suggests upward pressure on pricing may emerge in the latter half of the year. Daniel Hadi, CEO of Engel & Völkers Middle East, said: 'In the face of global economic uncertainty, Dubai's real estate market continues to show excellent fundamentals, with cross-sector growth and compelling returns for investors. 'Demand is being fuelled not just by regional wealth and migration, but by strategic policy, infrastructure investment, and the city's global positioning as a future-forward hub for living and business.' Recent infrastructure announcements, including the acceleration of the Etihad Rail project, the rollout of the Dubai Loop system, and strategic road upgrades in central business zones, are expected to further reinforce the city's competitive edge. Major commercial projects announced in Q1 2025, such as the AED5bn ($1.3bn) redevelopment of Mall of the Emirates also signal strong confidence from Dubai's top developers in the long-term resilience of the city's retail and consumer sectors. As Dubai continues to attract global investors, business leaders, and new residents, Engel & Völkers remains optimistic about the outlook for the remainder of 2025.
Zawya
24-04-2025
- Business
- Zawya
Dubai real estate residential sales up 22.4%, commercial deals rise 18.2% in Q1 2025, reports Engel & Völkers Middle East
Dubai, UAE - Engel & Völkers Middle East, a leader in premium residential and commercial real estate services, has released its Q1 2025 market reports, confirming another standout quarter for Dubai's real estate sector. Residential property sales increased by 22.4% year-on-year, with a 29.6% increase in the total value sold, driven by strong investor sentiment, rising population figures, and a steady flow of global capital into the emirate. Commercial real estate sales increased by18.2% YO, with a 29.5% increase in the total value of transactions. Despite the usual seasonal dip from Q4, Dubai's residential market delivered broad-based growth. Off-plan sales were up 23.9% and secondary transactions rose 20.3%, with continued demand across both ends of the price spectrum. Apartments remained the dominant property type, comprising 76% of all residential transactions. Jumeirah Village Circle retained its lead in both off-plan and resale apartment sales, supported by attractive pricing, strong rental yields, and proximity to major road networks. Secondary market momentum was also evident in Business Bay, Dubai Marina, and Downtown Dubai—key areas sought by investors and end-users alike for their connectivity, proximity to amenities and enduring rental demand. The villa segment was a clear standout for growth, with transactions increasing by 80.6% year-on-year. The surge was primarily led by off-plan activity in emerging, master-planned communities such as The Valley, Emaar South, and Damac Islands. The total transaction value for villas rose by 55.1%, pointing to a growing preference for more affordable, family-oriented housing in newer developments on the fringes of Dubai. In the luxury and ultra-luxury segment, Dubai maintained its momentum. Sales above AED 10 million grew by 29% from Q1 2024, and are now up 185% from Q1 2022. Palm Jumeirah and the rapidly emerging Palm Jebel Ali accounted for 31% of sales over AED 10 million, supported by demand for ultra-luxury, waterfront villas. Noteworthy deals included the AED 425 million sale of the Marble Palace in Emirates Hills and an AED 115 million villa in Palm Jumeirah's EOME community, brokered by Engel & Völkers Private Office Advisor Fadi Alsalem. Dubai continues to establish itself as the world's leading destination for high-net-worth individuals. According to Henley & Partners, the number of resident millionaires has grown by over 100% in the past decade, with the UAE attracting more HNWIs than any other country in 2023 and 2024. Today, Dubai is home to more than 81,000 millionaires, 237 centi-millionaires, and 20 billionaires - a figure that is set to rise as global wealth reallocates toward stable, high-performing destinations. Dubai's rental market also reflected sustained demand, with over 51,000 new residents added in the first quarter alone. While rent increases show signs of stabilising, luxury apartments in Bluewaters (+14.1%) and villas and townhouses in Dubai Hills Estate (+33.8%), and Arabian Ranches (+20.6%) registered significant year-on-year growth. The commercial real estate continued its upward trajectory, with office, retail, and mixed-use segments all posting gains. Office sales transactions increased by 40%, and the average price per sq. ft. rose 15% to AED 1,676. Business Bay and JLT remained leading hubs for Grade A office space, recording 315 and 217 sales respectively. Off-plan interest in Capital One helped position Motor City as a leading office investment destination in Q1. Retail sales, meanwhile, rose 6% year-on-year, with concentration in thriving residential and mixed-use communities such as Business Bay, Arjan, and JVC. Leasing activity also accelerated, with a 17.6% quarter-on-quarter increase across the commercial sector. Office rents grew by 23% year-on-year to AED 112 per sq. ft., led by demand in core business districts such as Business Bay, JLT, and Dubai Investments Park. While retail rents remained steady at AED 240 per sq. ft., increasing appetite for Grade A space suggests upward pressure on pricing may emerge in the latter half of the year. 'In the face of global economic uncertainty, Dubai's real estate market continues to show excellent fundamentals, with cross-sector growth and compelling returns for investors,' said Daniel Hadi, CEO of Engel & Völkers Middle East. 'Demand is being fuelled not just by regional wealth and migration, but by strategic policy, infrastructure investment, and the city's global positioning as a future-forward hub for living and business.' Recent infrastructure announcements including the acceleration of the Etihad Rail project, the rollout of the Dubai Loop system, and strategic road upgrades in central business zones—are expected to further reinforce the city's competitive edge. Major commercial projects announced in Q1 2025 such as the AED 5 billion redevelopment of Mall of the Emirates also signal strong confidence from Dubai's top developers in the long-term resilience of the city's retail and consumer sectors. As Dubai continues to attract global investors, business leaders, and new residents, Engel & Völkers remains optimistic about the outlook for the remainder of 2025. 'From prime residential to commercial real estate, Dubai is increasingly seen as a safe haven for capital and a high-performance market that rewards long-term vision,' Hadi added. Press contact: Diana Džaka Bičo Marketing Director Office 21 Mezzanine Level, Golden Mile 2, Palm Jumeirah, Dubai UAE Dubai, United Arab Emirates Telephone number: +971 52 881 8057 Flor Pamintuan PR Account Director Ishraq Communications LLC flor@ About Engel & Völkers: Engel & Völkers is one of the world's leading service companies specialized in the brokerage of premium residential property, commercial real estate, yachts and aircrafts. For over 45 years now, the wishes and needs of private and institutional clients have had top priority, giving rise to the ongoing development of a range of services relating to all aspects of real estate. Sales and leaseholds, as well as consultancy for various investment opportunities in the real estate segment are among the core competencies of more than 16,500 people operating under the Engel & Völkers brand. The company is currently operating in over 35 countries on five continents. Intensive training schemes in its in-house real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the company's success. Engel & Völkers develops digital tools and IT products on an ongoing basis in order to keep its service as efficient as possible. In doing so, the company is setting new standards in digital solutions for property brokerage. About Engel & Völkers Middle East: Established in 2014, Engel & Völkers Middle East has its offices in Dubai, United Arab Emirates. The team consists of over 200 trusted agents, each focusing on premium residential and commercial properties, serving as experts in their respective areas. The company recently established a separate entity for commercial real estate (Engel & Völkers Commercial Middle East). Engel & Völkers Commercial serves as an entry point to exceptional commercial real estate opportunities in Dubai, from attractive office spaces to industrial complexes. The Private Office provides services for affluent clients and has access to premium real estate globally. Whether you're in the market to rent, buy, or sell a property, Engel & Völkers Middle East is a perfect choice to achieve your real estate goals.
Chicago Tribune
24-03-2025
- Entertainment
- Chicago Tribune
Review: ‘Materialities' at the Driehaus Museum puts new Chicago art in an old Chicago mansion
I really dig house museums. They're like historical fiction rendered as physical space, a portal into the lives of other eras, made newly accessible across barriers of time, race, class, gender and other limitations. Sir John Soane's Museum, a curiosities-stuffed townhouse in London, includes an Egyptian sarcophagus around which its owner used to throw parties. The Ulysses S. Grant Home in Galena has no electricity or indoor plumbing, and plenty of hand-cranked kitchen tools on view. I am very excited about the imminent opening, in early April, of the National Public Housing Museum in the last remaining building of the Jane Addams Homes in Chicago's Near West Side. I don't love the Driehaus Museum, a Gilded Age mansion at the corner of Wabash and Erie that was Chicago's most expensive and ostentatious private residence when it was finished in 1883. Built for the family of Samuel Nickerson, a banker, it was nicknamed the Marble Palace for the 17 types of marble it contained, and it was fireproof, a novelty prompted by the family's loss of their previous home to the Great Chicago Fire of 1871. After multiple residents and much deterioration, the home was meticulously restored in the aughts by the late philanthropist Richard H. Driehaus, who filled it with his sizable collection of historical decorative artworks — so many Tiffany lamps! — and opened it to the public in 2008. And there it sits, a monument to uberwealthy American extravagance. About once a year, though, the Driehaus does something brave and thrilling: it invites in contemporary artists. The series, called 'A Tale of Today,' was inspiringly inaugurated in 2019 with an exhibition by Yinka Shonibare, the British Nigerian artist whose remaking of Victorian fashions with African wax print fabric boldly raised questions about colonial trade, minority bodies and good taste in the Nickerson's grand rooms. Now we have 'Materialities.' Curated by Giovanni Aloi, it features the work of 14 artists and collaboratives, most of them based in Chicago, many of them having made new sculptures especially for the Driehaus. That matters because, as the title suggests, the show is premised on an engagement with the materials out of which the mansion was constructed and decorated. Amazingly, no one used marble, but then, good artists rarely do the obvious. Instead, there is blown glass, carved coal, old wood, wild animals, dead leaves, copper piping, Chicago River clay and even some glossy spandex. What's any of that got to do with this old mansion? Plenty. Let's start in the smoking room, where a Jewish woman such as myself would not have been welcome back in the day. Nor, presumably, would Jefferson Pinder, the African American artist whose 'Gust' fills the center of the den, jutting out of the fireplace as if blown in on a backdraft. The sculpture is a giant speaker cabinet emanating sounds of the past, an atmospheric mélange of whistly, rumbly, carnivalesque noises, plus the voice of George Washington Johnson, the first Black singer ever recorded. Paneled in pressed tin and patterned linoleum scraps salvaged from the working-class neighborhood of Bridgeport, home to successive waves of immigrants, 'Gust' neatly echoes the gorgeous pale blue dimensional tilework that lines the walls. I likely wouldn't have been invited into the front parlor either, and thank goodness, because I couldn't have handled its onslaught of fussy decor. Beth Lipman, whose glass tabletop sculpture stands in front of the fireplace, embraces that Victorian maximalism only to turn it on its head. Her 'Sphenophyllum and Chains' is a still-life gone mad, a jumble of vases and bowls overgrown with the creeping vines of a plant that went extinct 250 million years ago; strung with fetters, half of it hangs impossibly upside down from the underside of the table. Because the table is white and everything else is made of clear glass, the effect is ethereal to the point of disappearance. Sphenophyllum is one of the ancient plants that helped form coal deposits in Chicago and elsewhere, fueling the city's industrialization and urbanization, making the fortunes and fortresses of Gilded Age families such as the Nickersons possible. Naturally, it figures in 'Materialities,' as does coal itself, in the form of wee animal curios cast from coal dust and resin, arranged by Jonas N.T. Becker in the dining room's elaborate built-in oak cabinetry as if it were high-class decorative art. Also on display are large chunks of shiny coal and gnarled oak, plus slabs of timbered walnut, mossy and rough, laid out as a centerpiece on the enormous dining table. As raw materials, they possess an honest beauty. The return to nature continues in a room off the upstairs ballroom, where three artist books by Barbara Cooper seem to want to go back to being trees. The interiors of 'Unbound' are pages recycled from discarded drawings and notebooks; the exteriors are covers cased from veneer scraps. Dense and organic, their legibility is botanical rather than textual, like how one reads tree rings and whorls. In the quarters of the Nickerson's daughter-in-law, Laleh Motlagh has fashioned an imitation Persian rug by pressing dried leaves, collected from the Driehaus garden and her family home in Iran, into the hollowed-out spaces between two large sheets of acrylic. Semi-transparent and floating a few inches off the ground, 'Threaded Memories' is like the ghost of a carpet that once covered the floor at the foot of Adelaide Nickerson's bed. Such haunting happens throughout 'Materialities': Pinder's sounds are those of yesteryear, Lipman's glass-festooned table stands just where a table did in 1883, Becker's walnut slabs are what the dining table once was. Meanwhile, in the former hunting trophy room, Olivia Block has brought the wild animals back to life. 'Lowland' features solarized audio and video footage of moose, bison, deer and other creatures, projected onto the wallpaper as if they were clambering around, not only no longer dead, but also on land still wild enough to allow them free passage. Some of the artists in 'Materialities' fully embrace the mansion and its quirks. Edra Soto installs a trio of pillars as grand and ornamental as anything the Nickersons fancied, only her aesthetic runs modernist and tropical, featuring patterns based on those of her native Puerto Rico. Petra Bachmaier and Sean Gallero, who collaborate as Luftwerk, assembled a sort of upside-down chandelier, a minimalist version of the dozens that hang throughout the building. Theirs sits on the ground, just bare bulbs screwed into the ends of copper piping strung with wires, powering through a wondrous cycle of dimming and illumination, conjuring electricity's arrival to the Marble Palace long ago. Across the hall, a quartet of biomorphic sculptures by Bobbi Meier have settled into Mrs. Nickerson's jewel box of a sitting room. Fashioned from pantyhose and spandex stuffed to bursting, they are voluptuous and grotesque, swallowing up the side tables on which they perch, like ladies who lunch too much. It's tempting to wonder if the Nickersons would have liked 'Materialities.' They were voracious collectors of 19th century Western paintings, Japanese netsuke, Chinese jades and Indian jewelry, and donated more than 1,300 items to the Art Institute before leaving Chicago for the East Coast in 1900. To the great credit of Aloi and his chosen artists, I very much doubt it.
