Latest news with #SvetlanaVasilieva
Hi Dubai
13-02-2025
- Business
- Hi Dubai
Dubai's Residential Resale Market Surpasses AED 155.72B in 2024
Dubai's residential resale market continued its impressive performance in 2024, demonstrating resilience and strong growth across various segments, according to a new report by Metropolitan Premium Properties, a division of the Metropolitan Group. The report reveals total transaction value increased by 25.3% to over AED 155.72 billion, driven by a robust economy and sustained population growth. Despite global economic uncertainties, Dubai's resilient real estate market remains attractive to both domestic and international investors. Dubai's real estate market has once again outperformed expectations and 2024 was no exception, said Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Premium Properties. The data clearly shows a dynamic and evolving market with strong demand for ready-to-move-in properties. This shift towards secondary sales reflects the increasing preference for immediate occupancy and the desire to capitalize on the current market conditions. Key highlights from the report Total transaction volume : The market recorded 58,328 resale transactions in 2024, representing a 19.3% increase compared to 2023. : The market recorded 58,328 resale transactions in 2024, representing a 19.3% increase compared to 2023. Total resale value : The total value of all residential resale transactions reached AED 155.729 billion, a 25.3% increase versus the previous year. : The total value of all residential resale transactions reached AED 155.729 billion, a 25.3% increase versus the previous year. Average price growth : The average resale price per square foot increased by nearly 8%, rising to AED 1,548 across all property types, reflecting strong demand and limited supply. : The average resale price per square foot increased by nearly 8%, rising to AED 1,548 across all property types, reflecting strong demand and limited supply. Demand for ready properties: Secondary sales accounted for 83% of all transactions by value and 82% of all transactions in 2024. The preference for ready-to-move-in properties is driven by higher rental costs and the absence of interest rate increases, encouraging more residents to shift from renting to purchasing their homes. Secondary sales accounted for 83% of all transactions by value and 82% of all transactions in 2024. The preference for ready-to-move-in properties is driven by higher rental costs and the absence of interest rate increases, encouraging more residents to shift from renting to purchasing their homes. Apartments continue to lead: Apartments accounted for 77.69% of all resale transactions, townhouses made up 14.67% and villas accounted for 7.62%. Most expensive transactions Most expensive villa : A luxury 6-bedroom villa in Jumierah Bay Island was sold for AED 240.5 million. : A luxury 6-bedroom villa in Jumierah Bay Island was sold for AED 240.5 million. Apartment : 5-bedroom apartment at The One on Palm Jumeirah fetched AED 275 million, a 5-bedroom apartment at the Bulgari Lighthouse for AED 137 million and a 5-bedroom apartment at The Crescent, Six Senses The Palm for AED 130 million. : 5-bedroom apartment at The One on Palm Jumeirah fetched AED 275 million, a 5-bedroom apartment at the Bulgari Lighthouse for AED 137 million and a 5-bedroom apartment at The Crescent, Six Senses The Palm for AED 130 million. Most expensive townhouse: A townhouse in Umm Suqeim 2 sold for AED 72 million and another for AED 35.6 million and a 5-bedroom townhouse in Tilal Al Ghaf sold for AED 34 million. Ms. Vasilieva added: For 2025, we project a sustained period of growth and stability in Dubai's resale sector. Investor confidence remains high, bolstered by the city's strong economic fundamentals and world-class infrastructure. This, coupled with attractive financing options, will continue to fuel transaction activity. Property-type highlights from the report Apartments Average resale price : The average resale price per square foot for apartments increased by 5.3%, reaching AED 1,576 compared to 2023. : The average resale price per square foot for apartments increased by 5.3%, reaching AED 1,576 compared to 2023. Resale transactions : A total of 45,320 resale transactions were recorded, reflecting a 22.4% increase compared to 2023. The total value of these transactions reached AED 81.17 billion, up 24.1% year-over-year. : A total of 45,320 resale transactions were recorded, reflecting a 22.4% increase compared to 2023. The total value of these transactions reached AED 81.17 billion, up 24.1% year-over-year. Resale market transactions: 81% of resale transactions were secondary sales while off-plan resale accounted for 19% of the transactions. 81% of resale transactions were secondary sales while off-plan resale accounted for 19% of the transactions. Resale market value: A total of 76% (AED 61.77 billion) of the resale value was attributed to secondary sales, while 24% was linked to off-plan resales. A total of 76% (AED 61.77 billion) of the resale value was attributed to secondary sales, while 24% was linked to off-plan resales. Apartment rentals: The average price per square foot for apartment rental increased 17.3% to AED 77 compared to 2023. There was a total of 477,424 transactions, a nearly 2% increase from last year, with renewals making up 61% while new leases accounting for 39%. Villas Average resale price : The average resale price per square foot for villas surged to nearly 21%, reaching AED 1,937 compared to 2023. : The average resale price per square foot for villas surged to nearly 21%, reaching AED 1,937 compared to 2023. Resale transactions : While the number of resale transactions dipped slightly by 2.6% to 4,449, the total value of these transactions soared by 22.1%, reaching AED 48.89 billion. : While the number of resale transactions dipped slightly by 2.6% to 4,449, the total value of these transactions soared by 22.1%, reaching AED 48.89 billion. Resale market breakdown : Secondary resales: The vast majority (97%) of resale transactions were secondary sales, accounting for AED 48.16 billion of the total value. Off-plan resales: A small 3% of resale transactions were off-plan, contributing to AED 722 million of the total value. : Villa rentals: The average price per square foot for villa rentals increased by 23%, reaching AED 70 compared to 2023. There was a total of 35,085 transactions with renewals accounting for over 61%. Townhouses Average resale price : The average resale price per square foot for townhouses surged 17.3%, reaching AED 1,212 compared to 2023. : The average resale price per square foot for townhouses surged 17.3%, reaching AED 1,212 compared to 2023. Resale transactions: While the number of resale transactions increased 17.4%, totalling 8,559, while the total value of these transactions soared 36.6% to AED 25.66 billion. ● Resale market breakdown: Secondary resale: 76% of resale transactions were secondary sales, accounting for 78% (AED 19.89 billion) of the total value. Off-plan resale: 24% of resale transactions were off-plan, contributing to 22% (5.76 billion) of the total value. Townhouse rentals: The average price per square foot for townhouse rental rose 15.8% to AED 68. There was a total of 21,562 rental transactions, a 2.5% increase from last year, accounting for AED 3.41 billion, which reflects a 16.5% increase. News Source: Leidar MENA
Hi Dubai
27-01-2025
- Business
- Hi Dubai
UAE: Etihad Rail's Impact on Property Values Expected to Boost Up to 15%
The recent announcement from Etihad Rail, unveiling its first high-speed, all-electric passenger train, is set to significantly impact property values, with some areas projected to see increases of up to 15%. Real estate experts believe that proximity to the new rail stations will be a key factor in determining these changes. Jeff Raju, CEO of Manifest Real Estate, expects areas around Etihad Rail stations to see rental and price hikes of 10 to 15%. "The proximity to metro and Etihad Rail stations will likely be crucial in determining property value," he noted. Similarly, Svetlana Vasilieva, head of secondary sales at Metropolitan Premium Properties, anticipates price rises of 5 to 7% in areas like Al Jaddaf, with larger apartments near stations seeing increases of up to 10%. However, experts like Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, caution that the full effects will unfold gradually. "The immediate impact may be limited, but the long-term effects will be more pronounced as residents seek the convenience of faster commutes between Dubai and Abu Dhabi," he said. The Etihad Rail network, which will allow travelers to journey between Dubai and Abu Dhabi in just 30 minutes at speeds of up to 350 km/h, is expected to boost the UAE's GDP by Dh145 billion over the next 50 years. Fibha Ahmed, VP of Property Sales at Bayut, highlights that the improved connectivity will drive demand for properties in areas along the rail route, reshaping residential choices and work opportunities. Notable areas set to benefit include Al Jaddaf, Saadiyat Island, and Yas Island, with significant price increases anticipated for developments near the stations. News Source: Khaleej Times
Khaleej Times
27-01-2025
- Business
- Khaleej Times
UAE: Property prices, rents in some areas near Etihad Rail stations could rise by up to 15%
Some properties could see value increases of up to 15 per cent following the recent announcement from Etihad Rail, real estate experts said. However, they emphasised that the full impact is likely to be felt gradually as the project unfolds and progresses. 'It's likely that areas around the Etihad Rail stations could experience rental and price increases of around 10 to 15 percent,' said Jeff Raju, CEO of Manifest Real Estate. 'The proximity of properties to metro and Etihad Rail stations will likely play a crucial role in determining their value.' Svetlana Vasilieva, head of secondary sales at Metropolitan Premium Properties, agreed, adding that specific areas like Al Jaddaf are expected to see price increases of 5 to 7 per cent. Stay up to date with the latest news. Follow KT on WhatsApp Channels. 'Projects with big apartments layouts located closer to the station may increase up to 10 per cent once Etihad Rail is operational," she noted. "I expect a higher price rise in Saadiyat island due to well established social infrastructure and higher demand, comparing to Reem and Yas Islands.' However, some experts pointed out that property value increases may take time to materialise. Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, noted that while the immediate impact on property price may be 'limited', the long-term effects will be felt slowly. "We anticipate a gradual increase in value, particularly for properties located in close proximity to the rail stations as more residents seek the convenience of shorter commutes between Dubai and Abu Dhabi,' he explained. The Etihad Rail network took a significant step forward on January 23 with the unveiling of its first high-speed, all-electric passenger train that will help commuters travel between Dubai and Abu Dhabi in just 30 minutes. Operating at speeds of up to 350 kmph, the train will pass through six stations, including four in Abu Dhabi: Reem Island, Saadiyat, Yas Island, and Zayed International Airport. In Dubai, the stations will be near Al Maktoum International Airport and Al Jaddaf area. Earlier, two stations were also announced in Fujairah's Sakamkam area and Sharjah University City. 'Reshape residential choices' Areas surrounding the Etihad Rail stations will experience substantial property value increases, noted to Fibha Ahmed, VP of Property Sales at Bayut. Drawing from past trends, she explained how the launch of the Dubai Metro led to price hikes in areas like JLT and Dubai Marina due to improved connectivity. 'When the Metro was launched in Dubai, areas like JLT and Dubai Marina saw property values rise due to improved connectivity,' she said. 'I expect the same for locations along the Etihad Rail route, including ports, industrial zones, and urban centres across all seven emirates. Its extensive network will enhance accessibility, boosting demand for nearby properties.' The high-speed train is expected to contribute Dh145 billion to the UAE's GDP over the next five decades. Besides this, Etihad Rail will also be rolling out a regular passenger train. Experts also believe that the rail network will drastically alter commuting patterns and work opportunities. 'It will potentially reshape residential choices and work opportunities across both emirates,' said Mohammad Braiwish, managing director of UAE-based transportation and traffic technology company TrafQuest. 'For major events like Formula 1, the service will enhance accessibility for international visitors and locals alike. Finally, the strategic placement of stations near international airports will streamline business and tourism connectivity," he added. Improved accessibility In Dubai, the Al Jaddaf station is expected to be a key area for growth, with improved access driving both demand and property values, noted Elie Naaman, co-founder and CEO of Ellington Properties. "Similarly, Saadiyat Island and Yas Island in Abu Dhabi are also set to become significant transit hubs, pushing property prices higher. Infrastructure advancements like these will make properties near the stations more appealing to both residents and investors, creating connected, vibrant communities," she added. Meanwhile, Jeff added that certain developments will see the most significant price increases from this infrastructure investment. 'Developments in areas such as Emaar South, Dubai South, Damac Hills, Nshama, Creek Harbour, and Al Jaddaf stand to benefit the most from this infrastructure investment,' he said. "The intercity connectivity between Dubai and Abu Dhabi will make it easier for residents to commute between these two major cities.' Evgeny further highlighted that new developments located near the stations are 'likely to experience more pronounced price appreciation' due to improved accessibility and reduced travel times.
