Latest news with #PaulSharland
Arabian Business
07-03-2025
- Business
- Arabian Business
Dubai – 10 things you missed this week
Dubai real estate prices soared last year and investors are looking to make profits again in 2025. Find out the best-performing areas, how supply will impact costs, top developers and the latest property finance offers. Meanwhile, investors from Germany, China and Russia flock to the city to search for investment opportunities, a DIFC hedge fund is recruiting world class interns and a popular antibiotic has been removed from pharmacy shelves in the UAE. Catch up on 10 of the biggest stories this week, as selected by Arabian Business editors. Dubai real estate: Biggest price rises revealed as neighbourhood sees 33% increase and one area sees 10% rent returns Dubai's residential property market soared to new heights in 2024, with a record-breaking 169,000 sales – an increase of 42 per cent on 2023, according to Cavendish Maxwell. Prices saw sustained increases during the year, ending 0.9 per cent up month-on-month in December, and 3.1 per cent higher than the previous quarter. Year-on-year, prices rose 16.5 per cent, with the cost per square foot reaching AED1,493 ($407) in December – an increase of more than 90 per cent on the April 2009 low, according to Cavendish Maxwell's 2024 Dubai Residential Market Performance report. Dubai's residential property sector closed 2024 with 47 months of continuous price rises. Dubai Police announce fines for traffic violations monitored by AI; $820 speeding penalty and red-light rules Dubai Police have announced fines for traffic violations, with penalties of more than $800 for speeding and range of AI-monitored offences. The General Department of Traffic at Dubai Police has clarified the types of violations recorded by radar systems that utilise artificial intelligence technology, along with the associated fines, vehicle impoundment durations, and black points. This initiative aims to enhance road safety and reduce traffic accidents. Emaar, Ellington, Meraas, Omniyat among Dubai real estate developers to watch in 2025: Experts Dubai's real estate sector has shattered sales records, with industry experts identifying Emaar, Ellington, Meraas, Select, and Omniyat as the premier developers poised for exceptional growth and investment returns in 2025. 'Emaar offers master-planned communities with top-tier infrastructure, Ellington provides high-quality European-style finishes with boutique developments, and Meraas creates unique lifestyle projects, blending luxury and modern design, whereas Select brings forth excellent reputation, premium amenities, and strategic locations,' Paul Sharland, the Off Plan & Investment Associate Director at haus & haus told Arabian Business. However, Andrew Cummings, Head of Residential Agency at Savills Middle East noted that 'there is an increasing number of large developers such as Sobha, Ellington, Select who are challenging the dominance whilst new and innovative products are being released by smaller and boutique developers such as Alta and Mr 8 Development. Aldar has also entered the market in a big way which is having an impact.' UAE real estate developer and bank team up for 'game-changing' property financing offer A leading UAE real estate developer and bank are teaming up for a 'game-changing' finance solution to make home ownership more accessible. DAMAC Properties has partnered with Abu Dhabi Islamic Bank (ADIB) to introduce a home financing solution that enables UAE residents to secure financing for off-plan properties once construction reaches 35 per cent completion. This makes DAMAC the first developer to offer such a financing option, making homeownership more accessible and convenient for buyers. This initiative aligns with DAMAC and ADIB's commitment to providing customer-centric financial solutions that simplify investing in luxury real estate. German millionaires flock to UAE as Europe's political chaos, economic woes bite A significant wave of German millionaires is considering relocation to the UAE amid growing political tensions and economic uncertainty in Europe, according to a new survey by global investor migration consultancy Arton Capital. This trend comes as the Emirates continues its historic rise in global passport power rankings, having recently broken into the world's top 10 most powerful passports—the first Arab nation to achieve this milestone. The survey, which polled 1,000 German residents with a net worth of at least €1 million ($1.08 million), reveals that 37 per cent of German high-net-worth individuals (HNWIs) are now more likely to consider emigration following the recent federal election, with the UAE emerging as a key destination for the wealthy seeking new opportunities. Chinese and Russian investors dazzled by Dubai real estate market Chinese and Russian nationals' investments in Dubai's luxury real estate market increased by 15 and 20 per cent in 2024, respectively, highlighting the BRICS (Brazil, Russia, India, China, and South Africa) Factor that is driving the growth of foreign capital inflows into the emirate. Analytics from the UAE-based Elite Merit Real Estates revealed that Chinese and Russian investors are poised to dominate Dubai's luxury property market, lured by the city's favourable tax policies, world-class infrastructure, and geopolitical stability. Recent data shows that Chinese and Russian investors will increase their market share by over 30 per cent in 2025. Aldar sells out The Wilds first phase in no time; mops up $1.38bn In what Aldar called its 'most successful launch in terms of value', the first phase of its new nature-inspired project in Dubai – 734 villas in The Wilds – has been sold out, generating AED5bn ($1.38bn). Aldar launched three-, four-, and five-bedroom villas through a series of local and international sales events on 19 February. This is the Abu Dhabi real estate giant's third development in Dubai in partnership with Dubai Holding. The launch attracted a wide range of customers with expatriate residents and overseas buyers accounting for 92 per cent of sales. Buyers from India, China, and the UK made up the top three nationalities by sales volume at The Wilds. DIFC: $12bn hedge fund seeks interns to join Dubai office A Dubai hedge fund is seeking world-class interns to join a 16-week programme in DIFC. Verition Fund Management has announced the launch of its inaugural internship programme for its office in Dubai, in collaboration with Dubai International Financial Centre (DIFC). DIFC's inaugural Future of Finance report, which was developed using network-based research and discussions with leaders from the industry, identified the importance of overcoming potential talent shortages by attracting and retaining professionals through competitive compensation, continuous training programmes and partnerships with educational institutions. 'Pfizer is recalling Zithromax 250mg capsules due to a manufacturing-related matter, which does not impact product quality or safety,' a Pfizer spokesperson told Arabian Business. 'Pfizer has determined the root cause and is working to implement appropriate corrective and preventive actions.' Dubai real estate prices are at an all-time high, how will property supply impact market this year? Dubai's residential real estate market saw strong growth in 2024, with property values rising by 19.1 per cent over the past year, now standing at AED1,685 ($459) per square foot, according to the Dubai Residential Market Q4 2024 report from global property consultant Knight Frank. This places average prices at 13.3 per cent above the 2014 peak. On average, villa sale prices have grown by 20.2 per cent over the last 12 months, reaching AED2,009 ($547) per square foot, placing them 38.1 per cent above the 2014 peak.
Arabian Business
04-03-2025
- Business
- Arabian Business
Emaar, Ellington, Meraas, Omniyat among Dubai real estate developers to watch in 2025: Experts
Dubai's real estate sector has shattered sales records, with industry experts identifying Emaar, Ellington, Meraas, Select, and Omniyat as the premier developers poised for exceptional growth and investment returns in 2025. 'Emaar offers master-planned communities with top-tier infrastructure, Ellington provides high-quality European-style finishes with boutique developments, and Meraas creates unique lifestyle projects, blending luxury and modern design, whereas Select brings forth excellent reputation, premium amenities, and strategic locations,' Paul Sharland, the Off Plan & Investment Associate Director at haus & haus told Arabian Business. However, Andrew Cummings, Head of Residential Agency at Savills Middle East noted that 'there is an increasing number of large developers such as Sobha, Ellington, Select who are challenging the dominance whilst new and innovative products are being released by smaller and boutique developers such as Alta and Mr 8 Development. Aldar has also entered the market in a big way which is having an impact.' Dubai 'under-priced' compared to London, New York, Paris, Tokyo In addition, according to Lewis Allsopp, Chairman of Allsopp & Allsopp, developers now focus beyond basic features where 'more than just finishes, people are looking for a lifestyle.' 'This means wellness and community are paramount. Think high-end gyms and yoga studios, dedicated padel courts, and integrated sustainability features,' he said. Nevertheless, all experts advise investors to evaluate developer reputation, financial stability, payment plans, location, and potential rental yields when making investment decisions. 'Using a trusted agent is crucial. Developer sales agents may prioritise commissions over buyer interests, whereas independent brokers ensure their clients get the best deals. The key risk is dealing directly with developers who may push less desirable units,' Sharland explained, emphasising on the importance of professional guidance. Investors are also advised to be 'mindful of affordability pressures, particularly as capital values continue to rise. Mortgage accessibility is also a key consideration, with a 30 per cent deposit required for properties priced above AED5 million,' Cummings said. Aside from this, recent government initiatives have enhanced Dubai's appeal to international investors. 'Visa reforms, multiple residency options, and tax incentives have made Dubai even more appealing to international investors, ensuring sustained demand for real estate,' Sharland said, adding that Dubai remains 'under-priced compared to major global cities.' 'While luxury areas like the Palm and Downtown are expensive, the broader market is much more affordable. Compared to cities like London, New York, Paris, and Tokyo, Dubai offers much better value. This is a key message we emphasise to investors,' he added. Al Khail Corridor, Old Dubai emerge as property investment 'hotspots' for 2025 Several areas have emerged as key investment destinations, according to Cummings. 'The Al Khail corridor and Dubailand, has emerged as a key hotspot. This area, covering Jumeirah Village Circle (JVC), Damac Hills 2, Al Barari, and Dubai Hills Estate, accounted for 51 per cent of all transactions in 2024, highlighting its growing popularity,' he said, adding that premium waterfront locations such as Palm Jumeirah, Bluewaters Island, and Jumeirah Bay Island 'continue to command high price points, particularly in the luxury segment,' whereas for villas, areas like Dubai Hills Estate and Jumeirah Islands 'remain in high demand.' Savills Middle East's Sharland also identified two additional growth regions where 'demand is growing'. 'Old Dubai (Dubai Islands & Maritime City), which is undergoing a major transformation, offering proximity to DIFC while maintaining a beachfront lifestyle and South Dubai (Palm Jebel Ali, new airport, Expo City): Emerging developments with future infrastructure expansion, making it an attractive long-term investment,' he said. Allsopp also noted the popularity of JVC, evidenced by approximately 15,000 units launched there last year, along with 'consistent interest in areas like Dubai Hills Estate, Downtown Dubai, and Dubai Marina, each offering different advantages for investors,' he said. Dubai real estate to see influx of new residents, tourists by 2027 Dubai's property sector registered an extraordinary AED423 billion in sales during 2024, marking a 47 per cent year-on-year increase in transactions and demonstrating unwavering interest from both end-users and investors in a market that continues to outperform global expectations. 'We expect this to continue, driven by Dubai's expanding population, smart government policies, and solid rental returns. While we're mindful of global economic shifts, Dubai's built a solid foundation that keeps attracting investors. Essentially, the market's healthy and we see that trend continuing into next year,' Allsopp said. However there is a 'significant undersupply' of family homes, particularly townhouses and detached villas, which make up only 13 per cent of Dubai's total property inventory, experts said. 'With more families moving to Dubai, especially from Europe, the demand for larger homes will continue to outstrip supply. This presents a prime opportunity for investors targeting long-term capital appreciation,' Sharland added. Developers are responding to population projections by planning approximately 41,000 new units in 2025, up from 29,000 in 2024. However, with 81 per cent of 145,000 units launched in 2024 being apartments, the shortage of ground-level living options persists, Allsopp added. 'Dubai's real estate market is gearing up for significant growth, driven by an anticipated influx of one million new residents and tourists by 2027,' he said, adding that 'this creates a highly competitive environment for investors seeking villas and townhouses, while simultaneously offering sellers of these property types the opportunity to achieve premium prices due to the favourable supply-demand dynamic.' Off-plan properties in Dubai provide higher ROI Off-plan sales now account for 68 per cent of total transactions, up from 55 per cent in 2023, experts said, adding that this is because investors are attracted to flexible payment plans and capital appreciation potential. The ready property market accounted for just 32 per cent of transactions in 2024, reflecting the appeal of off-plan investments despite rising capital values. 'Off-plan properties often provide higher ROI due to structured payments and improved build quality. Dubai's construction standards are continuously improving, ensuring better value for buyers over time,' Sharland said. In addition, for villas and townhouses, 'the lack of ready units is pushing investors towards off-plan projects, where they can secure the type of property they want. For apartments, off-plan developments offer the advantage of newer amenities and upgraded features,' Allsopp concluded.
