Latest news with #Reidin-GCP
Gulf News
21-04-2025
- Business
- Gulf News
Dubai Islands' new access points - and 1,425-meter bridge - will fire up its property market
Dubai: A lot was already happening at Dubai islands and the property sub-market with it – now, the master-development has got another well-timed boost. Contracts have been awarded for direct access points between Dubai Islands from Bur Dubai, and which includes a bridge all of 1,425 meters with four lanes in each direction. Property market sources say the best position for any emerging development – and especially one in the scale of Dubai Islands – is when internal and external construction is taking place simultaneously. Investors get to see proof-of-concept within the islands and how the future of getting in and out of it shapes up. 'Each time there are announcements about a Dubai Metro line expansion or more infrastructure work happening, you can hear a buzz in adjacent freehold investment hubs,' said an estate agent. 'It should be the same with the access points for Dubai Islands.' A five-island project, Dubai Islands will cover a quite sizable 17 square kilometres. In recent months, it has been the hotspot for offplan launches in the Dubai residential property market, a process that's set to continue through this year and beyond. Dubai Islands is emerging as one of the city's most promising destinations for waterfront living. The continued focus and investment by the government in this area is a clear indication of its long-term potential. At IMTIAZ Developments, we are proud to be contributing to this visionary landscape and look forward to shaping vibrant, world-class communities in this iconic location. According to a new Reidin-GCP report, well over 7,000 homes are in construction at Dubai Islands, with last March adding to that tally with a further four launches. (Last month also had eight announcements of impending project launches at the location.) First-time investors in Dubai – and younger ones too A lot of first-time investors – and potential ones - are taking interest in what's available in the islands. Market sources say they are skewing younger, tending to be in the late 20s and early 30s, and with many of them having spent less than 3-5 years as residents in the UAE. 'Dubai Islands' property options are definitely connecting with a younger demographic, who want to get early into a project rather than an already established costlier one,' the agent added. 'There are better chances for price appreciation, given the quality of the build and support infrastructure. 'Now, with the new Bur Dubai to Dubai Islands access points, it will get more buyers interested.' How are Dubai Islands' prices stacking? Aakarshan Kathuria, CEO of the property consultancy RiseUp, says that since the second-half of 2023, the median sale price of an apartment in Dubai Islands has risen from around Dh1,800 per square foot to over Dh2,300-Dh2,400 based on Dubai Land Department data. 'That's an impressive 33% rise in about 18 months,' said Kathuria. 'Even more impressive is the 125% increase in land values there, to currently be in the Dh450 psf levels.' Clearly, the price action is clearly moving in sync with buyer demand. Dubai Islands currently has one entry and exit access point through the Infinity Bridge and Al Khaleej Street. The RTA's newly announced 8-lane bridge contract will allow a capacity of 16,000 vehicles per hour in both directions. (The project includes a pedestrian and cycling track connecting both ends of the bridge.) 'The development of this access point will cut down the travel time significantly, in turn giving a boost to future residents and tenants of this community,' said Kathuria. 'This will propel home sales on Dubai Islands, given that they are within a 5-10 kilometer radius from some of the major hubs of Dubai, such as Deira Gold Souq, Bur Dubai's Meena Bazaar and Deira's spice and electronics markets.' A future rental hub too Closer to the end of the decade, Dubai Islands will take its position as the place for end-user property investors – and tenants seeking mid- to upper-mid tire rents. 'It's got the best of location and draw in the overflow from Deira and Bur Dubai alike,' said an estate agent. 'A good 10,000 homes or to be ready in 5 years, and with many of them in the rental market.'
Gulf Insider
15-04-2025
- Business
- Gulf Insider
Dubai Property: Trump Tower Buzz Builds After Burj Azizi
The first Trump tower is launching soon in Dubai – and estate agents have already been sending the smartphones buzzing and telling potential buyers to keep funds ready. The build up to the project launch has already taken on epic proportions even with all the super-luxury launches that's taken place in Dubai in the 3 months and over of 2025. Whenever the actual launch takes place, the project, estimated to cost Dh2 billion and with Dar Global as developer, is set to be the signature event in Q2-2025 for Dubai's property market. Its location will be somewhere off Sheikh Zayed Road and in the 'wider' Downtown area. 'Thus, two landmark skyscraper launches will define Dubai property in the first six months of 2025 – the Burj Azizi and (when it happens) Trump International Tower,' said an estate agent. 'Whatever be the state of global markets with Trump tariffs, the Trump tower already has created high anticipation for more signature projects in Dubai.' A penthouse at Burj Azizi sold for Dh71 million, the priciest one in the development to date. A 47-storey Trump tower was launched recently in Jeddah, with completion set for 2029. Unit prices start from SR1.7 million. There are other Trump-branded projects in Dubai, but this will be the first tower. Offplan launches by the day There have already been quite a few in Dubai already this year, with March, when this year's Ramadan was observed, seeing another rush of new offplan launches vying for investors' eyes and funds. According to Reidin-GCP data, there were 23 new residential projects launched in Dubai March – and a further 49 announced. It's clear that there was to be now launch slow down during Ramadan. 'Emaar led the activity with the highest number of launches, while developers such as Imtiaz and Sobha also contributed,' says the Reidin-GCP report. The March stats also show Dubai Islands as being the most prominent location for new launches – four projects seeing start of sales and another eight announced. 'Dubai Islands is gaining prominence as a coastal extension of 'Old Dubai' with more than 7,000 residential units under construction. 'Other notable launch clusters include Satwa, Al Furjan and Emaar South.' A higher volume of sales at Dubai Islands – and Palm Jebel Ali – in the coming months should offer evidence that demand for luxury homes in the city is holding its own. 'Based on Land Department data, the Burj Azizi and some of the homes near the Dubai Canal are doing fine,' said an estate agent. 'Once the Trump Tower gets into the sales mix, that too will provide clarity on where the Dubai property market is heading. Throw in a few record deals in Jumeira Bay – whether it's a home or plot – and it's all good. 'Even if property prices stabilize at current levels, that's still a plus for the market.' Also read: UAE Reports Success of Unlicensed Weapons Campaign
