Latest news with #SavillsMiddleEast
Zawya
3 days ago
- Business
- Zawya
Kamdar Developments breaks ground on 105 Residences in JVC
Dubai, United Arab Emirates – Kamdar Developments has broken ground on its flagship 105 Residences project in Dubai's Jumeirah Village Circle (JVC). The residential development will feature 105-units and is designed to provide buyers with luxury standards at an attainable price point. Residents will also benefit from a prime location in JVC, one of the most sought-after Dubai communities. The ceremonial groundbreaking was attended by Kamdar Developments founder and Chairman, Yousuf Kamdar, Directors Tazmeen Kamdar and Mahomed Kamdar, Luxedesign (LDV) CEO Santosh Shrestha, and Savills Middle East's Marc Tennant. Speaking at the occasion, Chairman Yousuf Kamdar said, 'We are delighted to break ground on our flagship 105 Residences project. This is an exciting moment for the business as we continue to invest and build in Dubai, one of the world's most exciting and innovative cities. 105 Residences will provide lasting quality and value for investors and homeowners, and we look forward to welcoming our first residents in early 2027.' Marc Tennant, Savills Middle East - Head of Exclusive Projects said, 'With great design and amenities, 105 Residences will set a new standard for residential living in JVC. Luxedesign (LDV) is also a contractor most commonly associated with very high-end villas, so investors and end-users can have confidence in a premium build quality across the project.' The groundbreaking follows the recent appointment of main contractor Luxedesign (LDV), who will oversee construction. The 105 Residences project benefits from Kamdar's four decades of real estate development experience across three continents, while Luxedesign (LDV) has constructed more than 100 luxury residential projects across the region. Designed by award-winning architects, 105 Residences includes premium studio, 1-bed and 2-bed apartments, plus a range of world-class amenities across podium and rooftop levels. Across the podium level, 105 Residences features an infinity pool, lounge deck, sports court and children's play area, while there is also a spacious indoor gym and fitness studio. On the rooftop overlooking the stunning Dubai skyline, is an open-air cinema, yoga area, and social zone with barbecue station. Residences are from AED 640,000 with 60/40 two-year post-handover payment plans available. Completion is expected in early 2027. For more information about Kamdar Developments and to discover 105 Residences, please visit or visit the new Kamdar Developments sales centre in Al Quoz, Dubai. About Kamdar Property Development Kamdar Property Development is a Dubai-headquartered, family-run real estate developer and investment company, committed to delivering quality properties that enhance the urban fabric of the United Arab Emirates. With a heritage and track record dating back nearly four decades, Kamdar pursues excellence in every project, reliably delivering high-quality developments on time. Kamdar – Quality you can trust For media enquiries, contact: Jonathan Ivan-Duke Partner, duke+mir jon@
Arabian Business
01-05-2025
- Business
- Arabian Business
Ras Al Khaimah property market set to double by 2030 amid tourism boom
Ras Al Khaimah's residential property stock is on track to double by the end of 2030, with more than 11,000 new units scheduled for completion, according to a report by Savills. The emirate has recorded over AED11 billion in sales transaction values in 2024, with significant momentum in the market since the pandemic. Off-plan sales have dominated transactions, while communities such as Al Marjan Island, Mina Al Arab, and Al Hamra have experienced increases in capital values and rents since 2022. Gaming revenue could generate AED20 billion as RAK transforms into luxury destination 'There is a growing demand for premium residential offerings in RAK. Branded resi dences now make up 32 per cent of the anticipated supply on Al Marjan Island, reflecting buyer appetite for well-located, lifestyle-led investments,' Andrew Cummings, Head of Residential Agency at Savills Middle East said. The report highlights the Sunshine Bay development on Al Marjan Island as a prime example of market momentum. Launched in late 2024 with Savills as master agents, all 240 units sold within three months, achieving average prices exceeding AED2,200 per sq ft. British investors represented more than 40 per cent of buyers among the 37 nationalities who purchased units. Savills is set to launch the Anantara Mina Ras Al Khaimah Residences in April 2025, featuring 84 units including luxury suites, apartments and duplex sky villas. Prices will start from AED2.2 million, with a 60/40 payment plan and handover expected in Q3 2028. The property market expansion coincides with growth in tourism. Ras Al Khaimah welcomed 1.28 million tourists in 2024, representing a 5.1 per cent increase compared to 2023. The visitor mix was evenly split between international and domestic tourists, with 661,000 air arrivals marking a 28 per cent year-on-year increase. Tourism in the emirate has shown consistent growth since 2020, supported by beach resorts, desert landscapes, and activities around Jebel Jais, the UAE's highest peak. Wynn Al Marjan Island to drive record property sales in Ras Al Khaimah A major catalyst for growth is the development of Wynn Al Marjan Island, the UAE's first integrated resort with a commercial gaming operator's licence. The project, set to open in 2027, will span 62 hectares on Al Marjan Island and feature 1,542 rooms and suites, 225,000 sq ft of gaming space, 15,000 sq m of retail, and entertainment facilities. The potential economic impact is substantial, with analysts noting that if UAE gaming revenue reaches 1.6 per cent of GDP – comparable to Singapore – it could generate more than AED 20 billion in revenue. While historically dependent on Dubai for luxury amenities, Ras Al Khaimah is developing its own offerings. These include the Ritz-Carlton Al Wadi's Zuma winter pop-up and improved education options. In the 2023/24 academic year, seven schools received a 'good' rating from the Ministry of Education, up from three the previous year. The British School Al Hamra became the only school in the Northern Emirates to achieve a 'very good' rating. 'RAK's evolution is now beyond tourism alone. We're seeing the pieces come together, infrastructure, education, entertainment, and residential development, which together make a compelling case for long-term investment and growth,' Rachael Kennerley, Head of Research at Savills Middle East added.
Gulf Business
01-05-2025
- Business
- Gulf Business
UAE: RAK's residential supply set to double by 2030: report
Image: Getty Images Ras Al Khaimah's residential real estate stock is expected to double by 2030, underpinned by growing tourism demand and large-scale developments such as the More than 11,000 new residential units are projected for delivery by the end of the decade, based on launches through 2024. Off-plan sales are dominating activity in 2024, with Al Marjan Island, Mina Al Arab and Al Hamra recording notable growth in both capital values and rents. 'Branded residences now account for 32 per cent of expected supply on Al Marjan Island,' said Andrew Cummings, Head of Residential Agency at Savills Middle East. 'This reflects growing appetite for lifestyle-led, premium real estate investments.' Sales transaction values have surged past Dhs11bn in 2024, with Sunshine Bay on Al Marjan Island selling all 240 units in three months at an average of Dhs2,200 per sq ft. British nationals made up over 40 per cent of buyers, part of a broader international pool spanning 37 nationalities. The momentum is fuelled by rising visitor numbers, with the emirate recording 1.28 million tourists in 2024 — a 5.1 per cent year-on-year increase. Air arrivals rose 28 per cent to 661,000, underlining Ras Al Khaimah's emergence as a regional short-stay destination. Tourism growth, anchored by beach resorts, desert landscapes and Jebel Jais attractions, is set to accelerate further with the 2027 opening of Wynn Al Marjan Island. The 62-hectare project will feature 1,542 rooms and the UAE's first commercial gaming operation. RAK is more than just a tourist draw 'RAK's evolution is now beyond tourism alone,' said Rachael Kennerley, Head of Research at Savills Middle East. 'Infrastructure, education and lifestyle amenities are aligning to make it a long-term investment destination.' Improved schooling and international dining options are also reinforcing the emirate's appeal. Seven schools received 'good' ratings in the 2023-24 academic year, up from three the previous year, with the British School Al Hamra rated 'very good' — a first for the Northern Emirates. Savills is set to launch Anantara Mina Ras Al Khaimah Residences in April 2025, offering 84 units starting fromDhs2.2 m with handover expected in Q3 2028. Read:
Arabian Business
14-04-2025
- Business
- Arabian Business
Dubai and Abu Dhabi named world's best cities for HNWI relocations thanks to tax rules and quality of life
Dubai and Abu Dhabi are the best cities in the world for high-net-worth individuals to relocate to, according to Savills research. The trifecta of a fluid geopolitical and economic environment; changing government policies, taxes and incentives; and quality-of-life factors, is increasingly influencing where high net worth individuals (HNWIs) and footloose companies choose to locate, said Savills. The real estate consultancy launched the Savills Dynamic Wealth Indices to identify the cities that are performing well at attracting and developing wealth and investment from individuals and businesses. Dubai and Abu Dhabi attract HNWI and businesses Savills said that personal tax incentives, existing high concentrations of HNWIs, and a good quality of life put the cities of Dubai and Abu Dhabi of the UAE in the top two positions, followed by Singapore, Zurich and Auckland to make up the top five preferred locations for individuals looking to relocate. Meanwhile, Singapore, Seoul, New York, London and Abu Dhabi take the top five places for corporate relocations based on their corporate tax and business environments, volumes of foreign direct investment, and economies and knowledge bases. This means that Abu Dhabi has ranked in the top five for both, individuals and corporates looking to relocate, highlighting its range of benefits. Rachael Kennerley, Director of Research at Savills Middle East said: 'Abu Dhabi's sovereign wealth has notably attracted connected family offices and global corporates. In turn, this has stimulated office demand, with new businesses requiring space, and the luxury residential market. Arguably, the push of fiscal policies of other countries has heightened the UAE's pull.' The UAE is a particularly attractive option for HNWIs who bring their companies with them. It has a dynamic economy that is diversifying away from oil and attracting growing sums of corporate and sovereign wealth investment. This has in turn boosted real estate transaction volumes and values. Prime residential capital values in Dubai rose by 6.8 per cent in 2024, with prime office values growing by 7 per cent in Q4 alone. In 2024, the residential sector recorded unprecedented transaction volumes, with a 47 per cent year on-year increase. Of this, over 4,600 units priced above AED10m ($2.72m) were transacted during the year, marking a 23 per cent year on-year increase. Paul Tostevin, Director of Savills World Research, said: 'Against an increasingly changeable geopolitical and economic backdrop, global wealth flows are evolving, as HNWIs and businesses adapt their decisions on where to locate. 'Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of either innovative talent pools or existing communities of similar individuals, have always been key drivers of dynamic footloose companies and individuals, and will continue to play a major role, but a sense of place, and a high quality of living, are progressively the deciding factor when making location decisions.' Savills says that six of the top 12 locations feature in both the corporate and individual Dynamic Wealth Indices – highlighting how business and personal priorities can often overlap as businesses want to locate in destinations that can provide the necessary talent to sustain them, following skilled workers who tend to prioritise a better quality of life. While lifestyle factors appeal chiefly to the individual, the knock-on effects of creating talent clusters, or HNWIs bringing their businesses with them when they relocate, make them a magnet for corporate wealth, too.
Zawya
14-04-2025
- Business
- Zawya
Dubai, Abu Dhabi take top spots in Savills latest index tracking where global HNWIs choose to locate
The trifecta of a fluid geopolitical and economic environment; changing government policies, taxes and incentives; and quality-of-life factors, is increasingly influencing where high net worth individuals (HNWIs) and footloose companies choose to locate, says Savills. The global real estate consultancy has launched the Savills Dynamic Wealth Indices to identify the cities that are performing well at attracting and developing wealth and investment from individuals and businesses – and highlights some key factors shaping their location decisions. Savills says that personal tax incentives, existing high concentrations of HNWIs, and a good quality of life put the cities of Dubai and Abu Dhabi of the United Arab Emirates in the top two positions, followed by Singapore, Zurich and Auckland to make up the top five preferred locations for individuals looking to relocate. Meanwhile, Singapore, Seoul, New York, London and Abu Dhabi take the top five places for corporate relocations based on their corporate tax and business environments, volumes of foreign direct investment, and economies and knowledge bases. This means that Abu Dhabi has ranked in the top 5 for both, individuals and corporates looking to relocate, highlighting its range of benefits. Commenting on the UAE capital's performance, Rachael Kennerley, Director of Research at Savills Middle East says, 'Abu Dhabi's sovereign wealth has notably attracted connected family offices and global corporates. In turn, this has stimulated office demand – with new businesses requiring space – and the luxury residential market. Arguably, the push of fiscal policies of other countries has heightened the UAE's pull.' The UAE is a particularly attractive option for HNWIs who bring their companies with them – it has a dynamic economy that's diversifying away from oil and attracting growing sums of corporate and sovereign wealth investment. This has in turn boosted real estate transaction volumes and values. Prime residential capital values in Dubai rose by 6.8% in 2024, with prime office values growing by 7% in Q4 alone. In 2024, the residential sector recorded unprecedented transaction volumes, with a 47% year on-year increase. Of this, over 4,600 units priced above AED 10 million were transacted during the year, marking a 23% year on-year increase. 'Against an increasingly changeable geopolitical and economic backdrop, global wealth flows are evolving, as HNWIs and businesses adapt their decisions on where to locate, explains Paul Tostevin, Director of Savills World Research. 'Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of either innovative talent pools or existing communities of similar individuals, have always been key drivers of dynamic footloose companies and individuals, and will continue to play a major role, but a sense of place, and a high quality of living, are progressively the deciding factor when making location decisions.' Savills says that six of the top 12 locations feature in both the corporate and individual Dynamic Wealth Indices – highlighting how business and personal priorities can often overlap as businesses want to locate in destinations that can provide the necessary talent to sustain them, following skilled workers who tend to prioritise a better quality of life. While lifestyle factors appeal chiefly to the individual, the knock-on effects of creating talent clusters – or HNWIs bringing their businesses with them when they relocate - make them a magnet for corporate wealth, too. Read the complete findings of the study here: Savills Dynamic Wealth Indices For further information, please contact: Savills press office:
