Latest news with #RonanArthur
Time of India
5 days ago
- Business
- Time of India
Dubai to add 73,000 new homes in 2025 as property sales reach $31 billion
Dubai is set to expand its residential inventory with the delivery of 73,000 homes in 2025, taking the emirate closer to a total of 300,000 new units by the end of 2028, according to research from property consultancy Cavendish Maxwell. As reported by Arabian Business, Dubai recorded 42,000 property sales transactions valued at AED 114.4 billion ($31 bn) in the first quarter of 2025. Although this reflects a 10 per cent decline from the previous quarter, it marks a 23 per cent rise compared to the same period last year. 'Dubai's property market is on track for a modest annual increase in terms of sales volumes and values, but there are indications that prices are beginning to stabilise. 2025 began with a brief dip in prices per sq ft, followed by a steady recovery. While prices are still on the up, the pace is showing signs of slowing down. For example, the average quarterly price increase for 2023 and 2024 was 4 per cent, compared to a 2.8 per cent rise in Q1 this year against Q4 2024,' said Ronan Arthur, MRICS, Director and Head of Residential Valuation at Cavendish Maxwell. 'With a weakened US dollar, strong rental returns and appealing yields, Dubai continues to attract local and international property investors. We expect this trend to continue throughout the year,' Arthur added. Off-plan sales led the market with a 70 per cent share, amounting to AED 77.5 billion from 29,000 transactions — a 32 per cent increase year-on-year. Secondary market transactions stood at 13,200, reflecting a 6.6 per cent annual increase. Apartments comprised 75 per cent of all transactions, although interest in larger homes grew. Townhouses accounted for nearly 17 per cent of sales, while villas made up just over 7 per cent. Average property prices reached AED 1,535 per square foot, a 2.8 per cent quarterly increase and 16 per cent higher than in Q1 2024. The luxury segment saw 590 property sales priced above AED 20 million, up from 480 in the same period last year. Nearly 60 of those were for homes priced at AED 50 million or more. Arthur noted that off-plan sales made up 67 per cent of luxury transactions and nearly one-third of ultra-luxury sales. A surge in completions is expected in 2026 and 2027, with over 180,000 units scheduled for delivery. In Q1 2025, Jumeirah Village Circle (JVC) led all locations with 4,330 new units delivered. JVC also saw the highest number of apartment transactions at 3,330 — nearly 2,200 off-plan and 1,132 secondary market deals, reported Arabian Business. Mohammed Bin Rashid City followed with 1,037 units completed, ahead of Business Bay (743), Downtown Jebel Ali (647), and Rukan (636). Looking ahead, JVC is expected to receive almost 27,100 new units by 2028, trailed by Business Bay (19,470), Azizi Venice (17,100), DAMAC Lagoons (10,730), and Arjan (9,750). From January to March, apartments accounted for nearly 80 per cent of all completions. During the same period, 95 projects were launched, delivering around 28,600 new units. DAMAC Islands led off-plan villa and townhouse sales with 1,430 transactions, followed by The Valley, DAMAC Hills 2, Villanova, and DAMAC Lagoons. For secondary market sales in this segment, DAMAC Hills 2 topped the list with 318 deals, ahead of Al Furjan, Emirates Living, Reem, and JVC. Residential rents rose 14.4 per cent annually but showed only 1 per cent growth compared to Q4 2024 — the slowest quarterly rise in two years. 'This slower pace of growth could be partly driven by the influx of new units delivered in the first three months of the year, as well as the Dubai Smart Rental Index, introduced at the beginning of the year, which is likely to influence tenant expectations and price adjustments. With additional supply on the way, monitoring how rental trends evolve in response to increasing inventory and a shifting, regulatory framework will be crucial,' Arthur said. As of March 2025, rental yields averaged 7.3 per cent for apartments and 5 per cent for villas and townhouses. Dubai Investments Park offered the highest yields for apartments at 10.3 per cent, followed by International City (9.1%), Downtown Jebel Ali (9%), Dubai Production City (8.6%), Dubai Silicon Oasis (8.5%), Dubai Sports City (8.4%), and Liwan and International City Phase 2 (8.2% each). For villas and townhouses, Industrial City led with yields of 6 per cent, followed by JVC at 5.9 per cent, DAMAC Hills 1 and 2 (5.7%), International City and Serena (5.5%), Mudon and Villa Nova (5.4%), and Dubai Hills Estate (5.3%). Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Arabian Business
5 days ago
- Business
- Arabian Business
Dubai real estate: 73,000 homes to be delivered in 2025 as property sales hit $31bn
Dubai will add 73,000 residential units to its housing stock this year, with 300,000 units expected by the end of 2028, according to research from property consultant Cavendish Maxwell. The emirate recorded 42,000 property sales transactions worth AED114.4 billion in the first quarter of 2025, despite a 10 per cent decline compared to the final quarter of 2024. Sales increased 23 per cent compared to the same period last year. ' Dubai's property market is on track for a modest annual increase in terms of sales volumes and values, but there are indications that prices are beginning to stabilise. 2025 began with a brief dip in prices per sq ft, followed by a steady recovery. While prices are still on the up, the pace is showing signs of slowing down. For example, the average quarterly price increase for 2023 and 2024 was 4 per cent, compared to a 2.8 per cent rise in Q1 this year against Q4 2024,' Ronan Arthur, MRICS, Director and Head of Residential Valuation at Cavendish Maxwell said. 'With a weakened US dollar, strong rental returns and appealing yields, Dubai continues to attract local and international property investors. We expect this trend to continue throughout the year,' Arthur added. Off-plan sales dominated the market with a 70 per cent share, reaching AED77.5 billion across 29,000 transactions. This marked a 32 per cent increase on the first quarter of 2024. Secondary market sales totalled 13,200 transactions, up 6.6 per cent year-on-year. Apartments accounted for 75 per cent of all transactions, though their market share declined as buyers showed increased interest in larger properties. Townhouses represented almost 17 per cent of sales and villas just over 7 per cent. Property prices reached AED1,535 per square foot, up 2.8 per cent quarter-on-quarter and nearly 16 per cent higher than in the first quarter of 2024. Dubai luxury property sales reach 590 transactions above AED20 million The luxury property segment recorded 590 sales for properties worth AED20 million or more, compared to 480 in the same period last year. Almost 60 homes sold for AED50 million or above. Arthur noted that off-plan property sales accounted for 67 per cent of luxury transactions and nearly a third of ultra-luxury sales. More than 180,000 units will be delivered in 2026 and 2027 when a surge in project completions is anticipated, Cavendish Maxwell said. Jumeirah Village Circle leads Dubai property completions with 4,330 new units 'Demand from high-net-worth individuals (HNWIs) is fuelled by Dubai's favourable tax policies, long-term residency incentives and global connectivity. And while the ultra-luxury segment – properties valued at AED50 million or more – has limited supply, transaction volumes continue to show steady performance. Despite quarterly fluctuations, this segment remains stable, solidifying its position as a niche investment class for elite buyers from the UAE and internationally,' Arthur added. Jumeirah Village Circle led project completions in the first quarter with 4,330 units delivered. The area also recorded the highest number of apartment sales with 3,330 transactions, including nearly 2,200 off-plan purchases and 1,132 secondary market deals. Mohammed Bin Rashid City came second for completions with 1,037 units, followed by Business Bay with 743 units, Downtown Jebel Ali with 647 units and Rukan with 636 units. For future supply, Jumeirah Village Circle tops the list with nearly 27,100 units due between now and the end of 2028. Business Bay follows with 19,470 units, then Azizi Venice with 17,100 units, DAMAC Lagoons with 10,730 units and Arjan with 9,750 units. Apartments represented almost 80 per cent of all completed projects from January to March. During the same period, 95 real estate projects were launched, delivering nearly 28,600 new units. DAMAC Islands recorded the highest number of off-plan villa and townhouse sales with 1,430 transactions, followed by The Valley, DAMAC Hills 2, Villanova and DAMAC Lagoons. For secondary villa and townhouse sales, DAMAC Hills 2 led with 318 transactions, followed by Al Furjan, Emirates Living, Reem and Jumeirah Village Circle. Dubai rental yields average 7.3% for apartments as growth rate slows to 1% Residential rents increased 14.4 per cent compared to the first quarter of 2024, though the quarterly growth rate slowed to 1 per cent compared to the final quarter of 2024. This represented the lowest quarterly increase in two years, compared to previous quarterly rises ranging from 2 per cent to 6 per cent. 'This slower pace of growth could be partly driven by the influx of new units delivered in the first three months of the year, as well as the Dubai Smart Rental Index, introduced at the beginning of the year, which is likely to influence tenant expectations and price adjustments. With additional supply on the way, monitoring how rental trends evolve in response to increasing inventory and a shifting, regulatory framework will be crucial,' Arthur said. At the end of March 2025, rental yields averaged 7.3 per cent for apartments and 5 per cent for villas and townhouses. Dubai Investments Park offered the highest apartment rental yields at 10.3 per cent, followed by International City at 9.1 per cent, Downtown Jebel Ali at 9 per cent, Dubai Production City at 8.6 per cent, Dubai Silicon Oasis at 8.5 per cent, Dubai Sports City at 8.4 per cent, and Liwan and International City Phase 2 both at 8.2 per cent. For villas and townhouses, Industrial City led with yields of 6 per cent, followed by Jumeirah Village Circle at 5.9 per cent, DAMAC Hills 1 and 2 both at 5.7 per cent, International City and Serena both at 5.5 per cent, Mudon and Villa Nova both at 5.4 per cent, and Dubai Hills Estate at 5.3 per cent.
ME Construction
20-03-2025
- Business
- ME Construction
Dubai property sales increase by 42% in 2024
Property Dubai property sales increase by 42% in 2024 By The report showed that the property market soared to record-breaking heights last year with 169,000 sales – an increase of 42% on 2023 Dubai's residential property sector has 243,000 units in the pipeline from now until the end of 2027, with apartments accounting for 80% of future inventory, according to Cavendish Maxwell's 2024 Dubai Residential Market Performance report. The booming off-plan sector continued to dominate the market, with sales four times up on pre-Covid levels. Almost 145,000 new off-plan units came to the market during the year – an average of 400 per day, the report showed. The report said that the property market soared to record-breaking heights last year with 169,000 sales – an increase of 42% on 2023. Prices saw sustained increases during the year, ending 0.9% up month-on-month in December, and 3.1% higher than the previous quarter. Year-on-year, prices rose 16.5%, representing an increase of more than 90% on the April 2009 low. In fact, Dubai's residential property sector closed 2024 with 47 months of continuous price rises. However, as anticipated by Cavendish Maxwell, the rate of appreciation is starting to slow, with monthly growth now hovering around 1%, compared to previous month-on-month increases of up to 2.5%. Mortgage activity also soared in 2024, hitting an all-time high of 36,600 loans, up almost a third on 2023. Ronan Arthur, MRICS, Partner and Head of Residential Valuation, Cavendish Maxwell said, 'These impressive figures are not just the result of the recovery from the pandemic. They reflect a strong, stable property market that has seen consistent growth since 2022, driven by continued international demand from India, China and other Middle Eastern countries in particular.' 'While Dubai's residential market remains extremely robust, with further growth expected in 2025, there are now signs of an adjustment to more sustainable levels. As with previous market cycles, the emirate's regulators, developers and investors are taking the right steps to avoid runaway growth which, as we have seen before, could threaten market stability,' he added. Emaar Properties, Binghatti Properties and DAMAC Properties led the new launch market in terms of both units released and sales value. In 2024, under construction projects represented 68% of the total residential market.
Zawya
10-03-2025
- Business
- Zawya
Dubai's residential property sector robust with 243,000 units in pipeline
Dubai's residential property sector has 243,000 units in the pipeline from now until the end of 2027 with apartments accounting for 80% of future inventory, according to leading real estate advisory and property consultant, Cavendish Maxwell. The property market soared to new heights last year with a record-breaking 169,000 sales – an increase of 42% on 2023, it stated. Prices saw sustained increases during the year, ending 0.9% up month-on-month in December, and 3.1% higher than the previous quarter, it added. Year-on-year, prices rose 16.5%, with the cost per square foot reaching AED1,493 in December – an increase of more than 90% on the April 2009 low, stated Cavendish Maxwell in its 2024 Dubai Residential Market Performance report. Dubai's residential property sector closed 2024 with 47 months of continuous price rises. However, as anticipated by Cavendish Maxwell, the rate of appreciation is starting to slow, with monthly growth now hovering around 1%, compared to previous month-on-month increases of up to 2.5%. Mortgage activity also soared in 2024, hitting an all time high of 36,600 loans – up almost a third on 2023. The booming off-plan sector continued to dominate the market, with sales four times up on pre-Covid levels. Almost 145,000 new off-plan units came to the market during the year – an average of 400 per day, the report shows. Emaar Properties, Binghatti Properties and DAMAC Properties led the new launch market in terms of both units released and sales value. In 2024, under construction projects represented 68% of the total residential market. Ronan Arthur, MRICS, Partner and Head of Residential Valuation at Cavendish Maxwell, said: "These impressive figures are not just the result of the recovery from the pandemic. They reflect a strong, stable property market that has seen consistent growth since 2022, driven by continued international demand from India, China and other Middle Eastern countries in particular." "While Dubai's residential market remains extremely robust, with further growth expected in 2025, there are now signs of an adjustment to more sustainable levels. As with previous market cycles, the emirate's regulators, developers and investors are taking the right steps to avoid runaway growth which, as we have seen before, could threaten market stability," he noted. Apartments accounted for 81% of residential property purchases in 2024, an increase of 3% on the previous year. Townhouses took 13% of the share, a 1% drop, and villas 6%, a decrease of 2% on 2023, he added. Cavendish Maxwell pointed out that Mohammed Bin Rashid City saw the highest number of units delivered in 2024, with 5,300 new homes, followed by Jumeirah Village Circle (4,800), Business Bay (2,800), Al Furjan (2,600) and Rukan, Dubailand (1,500). The future supply table is topped by Jumeirah Village Circle, where almost 25,000 units are set to be delivered between now and 2027, followed by Business Bay (16,000), Azizi Venice (13,500), Damac Lagoons (11,100) and Arjan (9,000). Jumeirah Village Circle also claimed the number one spot for apartment sales – for both title deed and off plan transactions, at 4,048 and 11,917 respectively. In second place for title deed transactions was Business Bay (3,400), followed by Dubai Marina (2,963), Downtown Dubai (2,289) and International City (1,927). In the off-plan sector, Business Bay saw 6,779 transactions, followed by Dubai Hills (5,487), Mohammed Bin Rashed City (4,156) and Sobha Hartland II (3,957). According to Cavendish Maxwell, the apartment prices rose in most areas across Dubai last year, with Barsha Heights commanding the biggest increase: 33% higher in Q4 2024 than in the same period in 2023. Next was Dubai Silicon Oasis at 24%, followed by Jumeirah Lakes Towers at 21%. Prices dipped in Dubai Production City, with a 6% drop, Bluewaters Island (4%) and Mohammed Bin Rashid City (2%). Costs of villas and townhouses increased in all areas studied, with the highest rise at Nad Al Sheba, where home prices were up 54% in Q4 2024 compared to Q4 2023. In second place was Jumeirah Village Triangle (33%), followed by Dubai South (29%), it added.-TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
09-03-2025
- Business
- Trade Arabia
Dubai's residential property sector robust with 243,000 units in pipeline
Dubai's residential property sector has 243,000 units in the pipeline from now until the end of 2027 with apartments accounting for 80% of future inventory, according to leading real estate advisory and property consultant, Cavendish Maxwell. The property market soared to new heights last year with a record-breaking 169,000 sales – an increase of 42% on 2023, it stated. Prices saw sustained increases during the year, ending 0.9% up month-on-month in December, and 3.1% higher than the previous quarter, it added. Year-on-year, prices rose 16.5%, with the cost per square foot reaching AED1,493 in December – an increase of more than 90% on the April 2009 low, stated Cavendish Maxwell in its 2024 Dubai Residential Market Performance report. Dubai's residential property sector closed 2024 with 47 months of continuous price rises. However, as anticipated by Cavendish Maxwell, the rate of appreciation is starting to slow, with monthly growth now hovering around 1%, compared to previous month-on-month increases of up to 2.5%. Mortgage activity also soared in 2024, hitting an all time high of 36,600 loans – up almost a third on 2023. The booming off-plan sector continued to dominate the market, with sales four times up on pre-Covid levels. Almost 145,000 new off-plan units came to the market during the year – an average of 400 per day, the report shows. Emaar Properties, Binghatti Properties and DAMAC Properties led the new launch market in terms of both units released and sales value. In 2024, under construction projects represented 68% of the total residential market. Ronan Arthur, MRICS, Partner and Head of Residential Valuation at Cavendish Maxwell, said: "These impressive figures are not just the result of the recovery from the pandemic. They reflect a strong, stable property market that has seen consistent growth since 2022, driven by continued international demand from India, China and other Middle Eastern countries in particular." "While Dubai's residential market remains extremely robust, with further growth expected in 2025, there are now signs of an adjustment to more sustainable levels. As with previous market cycles, the emirate's regulators, developers and investors are taking the right steps to avoid runaway growth which, as we have seen before, could threaten market stability," he noted. Apartments accounted for 81% of residential property purchases in 2024, an increase of 3% on the previous year. Townhouses took 13% of the share, a 1% drop, and villas 6%, a decrease of 2% on 2023, he added. Cavendish Maxwell pointed out that Mohammed Bin Rashid City saw the highest number of units delivered in 2024, with 5,300 new homes, followed by Jumeirah Village Circle (4,800), Business Bay (2,800), Al Furjan (2,600) and Rukan, Dubailand (1,500). The future supply table is topped by Jumeirah Village Circle, where almost 25,000 units are set to be delivered between now and 2027, followed by Business Bay (16,000), Azizi Venice (13,500), Damac Lagoons (11,100) and Arjan (9,000). Jumeirah Village Circle also claimed the number one spot for apartment sales – for both title deed and off plan transactions, at 4,048 and 11,917 respectively. In second place for title deed transactions was Business Bay (3,400), followed by Dubai Marina (2,963), Downtown Dubai (2,289) and International City (1,927). In the off-plan sector, Business Bay saw 6,779 transactions, followed by Dubai Hills (5,487), Mohammed Bin Rashed City (4,156) and Sobha Hartland II (3,957). According to Cavendish Maxwell, the apartment prices rose in most areas across Dubai last year, with Barsha Heights commanding the biggest increase: 33% higher in Q4 2024 than in the same period in 2023. Next was Dubai Silicon Oasis at 24%, followed by Jumeirah Lakes Towers at 21%. Prices dipped in Dubai Production City, with a 6% drop, Bluewaters Island (4%) and Mohammed Bin Rashid City (2%).
