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Khaleej Times
2 hours ago
- Business
- Khaleej Times
Hotspots, key trends underpin Dubai real estate boom
Three standout trends, including a big uptick in branded residences, a shift to the suburbs, and luxury villa demand surge are driving Dubai's property market buoyancy as the emirate's economy sustains a boom with foreign direct investment climbing 15 per cent year-on-year in early 2025. Branded residences, currently commanding a 30 to 40 per cent premium over non-branded luxury units, are booming. New launches like Chelsea Residences by Damac, Trump International Hotel & Tower, and Bugatti Residences by Binghatti fuelled a 23 per cent inventory rise in 2024. Yet demand — led by over 60 per cent overseas investors and second-home buyers — outstrips supply in prime areas, a report by Oia Properties said. Foreign buyers, making up over 45 per cent of real estate transactions this year, and a 30 per cent rise in new foreign-owned real estate firms from 2024 to 2025, signal increasing global appetite for Dubai's success story. Second, a shift to the suburbs reflects buyers seeking value as urban prices peaked in 2024. Suburban areas like Dubailand and Dubai South saw a 35 per cent spike in transaction volume in early 2025, with price appreciation of 10 to 15 per cent and rental yields of 6 to 7 per cent, outpacing the 4 to 5 per cent in urban centers, according to Oia Properties' latest outlook report. Third, luxury villa demand, sparked during Covid, continues strong, with prices up 20 to 25 per cent from 2022 to early 2025. Villas now comprise 28 per cent of residential sales, up from 18 per cent in 2022, though a 12 to 15 per cent supply increase over the next year may temper prices by five to 10 per cent into 2026. The report unveils the hottest spots and key trends shaping Dubai's property landscape for the second half of 2025, promising golden opportunities for savvy investors. It pinpoints key investment hotspots for H2 2025. Jumeirah Village Circle (JVC) offers apartments at an average Dh880,000, targeting young professionals and small families. Despite an 8.3 per cent price dip year-on-year, strong rental yields and transaction volumes signal resilience and recovery potential, earning a 6/10 growth projection. Business Bay, with apartments averaging Dh1.9 million, appeals to urban professionals near Downtown Dubai, posting a 5.9 per cent price rise and a 7/10 growth score. Dubai South, at Dh954 per square foot for apartments, draws investors and professionals tied to Expo City and Al Maktoum Airport, boasting a top 10/10 growth outlook amid major infrastructure projects. Dubai Marina, a waterfront gem, sees apartments at Dh2.3 million with a 7.8 per cent price increase, earning an 8/10 projection for affluent residents and investors. Additional hotspots include Dubai Hills Estate, with villas at Dh10 million, targets affluent families, projecting 9.1 per cent annual appreciation and a 9/10 growth score, buoyed by premium facilities and golf course views. Arabian Ranches, offering villas at Dh1.9 million, caters to families, with prices up 13 per cent in Q3 2024 and a 9/10 outlook. Palm Jumeirah, an ultra-luxury haven, lists villas at Dh25 million, with a 7.7 per cent appreciation rate and an 8/10 projection, driven by limited supply and global appeal. Downtown Dubai, with apartments at Dh2.5 million, sees a steady 2.9 per cent rise, earning a 6/10 score for high-income buyers near iconic landmarks. The outlook for Dubai's real estate sector in H2 2025 is upbeat, experts say. The Dubai Land Department reports 2024 transaction values hit Dh200 billion, a 20 per cent year-on-year leap, and 2025 is on track to sustain this momentum. Off-plan sales, up 25 per cent in early 2025, reflect developer confidence, while rental growth of 5 to 7 per cent in key areas signals strong returns. Population growth, projected at 3.0 per cent annually by the Dubai Statistics Center, and infrastructure like Al Maktoum Airport's expansion, set to handle 260 million passengers yearly, bolster demand. Property market pundits highlight GDP growth tracking at 5 to 6 per cent for 2025, fuelling investor confidence alongside Dubai's successful pivot to non-oil sectors, which now account for over 70 per cent of GDP. Tourism, a powerhouse, welcomed 19 million visitors in 2024, a 12 per cent year-on-year surge, boosting the economy. This buoyancy propelled Dubai's main stock index to a 17-year high in May 2025, soaring over 25 per cent since early 2024. 'With a dynamic blend of economic strength, bold diversification, and surging demand for luxury and suburban living, Dubai shines as a trusted safe haven amid global geopolitical uncertainty,' market experts said.
Straits Times
5 days ago
- Entertainment
- Straits Times
Lawyer for Sean ‘Diddy' Combs accuses witness of lying about balcony attack
Sean "Diddy" Combs speaking to his lawyers in a court sketch, before the start of the day's proceedings on June 5. PHOTO: REUTERS NEW YORK - A lawyer for Sean "Diddy" Combs accused a witness at his sex trafficking trial on June 5 of falsely testifying that the hip-hop mogul held her over the balcony of a Los Angeles apartment, and suggested Combs was on the East Coast at the time of the alleged attack. Ms Bryana Bongolan, a friend of Combs' former girlfriend Casandra Ventura, testified on June 4 that Combs in September 2016 held her over the rail of the balcony at Ventura's apartment and then threw her onto the balcony's furniture, causing her bruises. Prosecutors say the incident was among several violent acts that Combs, 55, took against Ventura and people close to her during the decade he was coercing Ventura to take part in drug-fuelled sexual performances with male sex workers known as "freak offs." Combs has pleaded not guilty to five counts including racketeering conspiracy and sex trafficking. He could face life in prison if convicted on all counts. Ms Bongolan had not stated the exact date of the alleged balcony attack during her testimony on June 4. Jurors on June 4 saw a picture Ms Bongolan took of a bruise on her leg taken on Sept 26, 2016. A civil lawsuit Ms Bongolan filed against Combs in 2024 said the incident took place "on or about Sept 26, 2016." On June 5, Combs' lawyer Nicole Westmoreland asked Ms Bongolan if she was aware that Combs performed at a concert in New Jersey on Sept 25, 2016, and attended an event in New York with Ventura the following day. Westmoreland also showed jurors a document from the Trump International hotel in New York indicating that someone named "Frank Black" stayed there from Sept 24, 2016, through Sept 29, 2016. Previous witnesses at the trial have testified that Combs, like other celebrities, frequently used aliases when staying at hotels. "You came in here and you lied to the ladies and gentlemen of this jury, didn't you?" Ms Westmoreland asked. "I can't agree with you," Ms Bongolan replied. Ms Bryana Bongolan (right) leaving court after testifying on June 4. PHOTO: REUTERS Under further questioning from prosecutor Madison Smyser, Ms Bongolan said she did not know the exact date of the incident because it happened 'a while ago', but said she had no doubt it took place. 'I will never forget him holding me on that balcony,' Ms Bongolan said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
5 days ago
- Entertainment
- Straits Times
Sean 'Diddy' Combs' lawyer accuses witness of lying about balcony attack
Sean \"Diddy\" Combs speaks to his lawyers before the start of the day's proceedings during Combs' sex trafficking trial in New York City, New York, U.S., June 5, 2025 in this courtroom sketch. REUTERS/Jane Rosenberg Sean \"Diddy\" Combs speaks to his lawyers before the start of the day's proceedings during Combs' sex trafficking trial in New York City, New York, U.S., June 5, 2025 in this courtroom sketch. REUTERS/Jane Rosenberg NEW YORK - A lawyer for Sean "Diddy" Combs accused a witness at his sex trafficking trial on Thursday of falsely testifying that the hip-hop mogul held her over the balcony of a Los Angeles apartment, and suggested Combs was on the East Coast at the time of the alleged attack. Bryana Bongolan, a friend of Combs' former girlfriend Casandra Ventura, testified on Wednesday that Combs in September 2016 held her over the rail of the balcony at Ventura's apartment and then threw her onto the balcony's furniture, causing her bruises. Prosecutors say the incident was among several violent acts that Combs, 55, took against Ventura and people close to her during the decade he was coercing Ventura to take part in drug-fueled sexual performances with male sex workers known as "Freak Offs." Combs has pleaded not guilty to five counts including racketeering conspiracy and sex trafficking. He could face life in prison if convicted on all counts. Bongolan had not stated the exact date of the alleged balcony attack during her testimony on Wednesday. Jurors on Wednesday saw a picture Bongolan took of a bruise on her leg taken on September 26, 2016. A civil lawsuit Bongolan filed against Combs last year said the incident took place "on or about September 26, 2016." On Thursday, Combs' lawyer Nicole Westmoreland asked Bongolan if she was aware that Combs performed at a concert in New Jersey on September 25, 2016 and attended an event in New York with Ventura the following day. Westmoreland also showed jurors a document from the Trump International hotel in New York indicating that someone named "Frank Black" stayed there from September 24, 2016 through September 29, 2016. Previous witnesses at the trial have testified that Combs, like other celebrities, frequently used aliases when staying at hotels. "You came in here and you lied to the ladies and gentlemen of this jury, didn't you?" Westmoreland asked. "I can't agree with you," Bongolan replied. Under further questioning from prosecutor Madison Smyser, Bongolan said she did not know the exact date of the incident because it happened "a while ago," but said she had no doubt it took place. "I will never forget him holding me on that balcony," Bongolan said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
LeMonde
5 days ago
- Business
- LeMonde
The Trump family's lucrative deals in Vietnam
Letter from Hanoi Announced in October 2024, even before Donald Trump was re-elected US president, construction on the Trump Organization's Vietnamese golf project got underway at breakneck speed. On May 21, it was none other than Vietnamese Prime Minister Pham Minh Chinh who laid the foundation stone, 40 kilometers south of Hanoi. Inside a prefabricated hall set amidst vegetable fields, Eric Trump, the billionaire's younger son, his wife Lara and the project's Vietnamese partners paraded in front of local farmers. A red carpet stretched beneath an archway proudly proclaiming: "The groundbreaking ceremony of Trump International, Hung Yen." In addition to three golf courses, 54 holes, with a highly selective membership that is reportedly "eco-friendly," the site is set to include a hotel, luxury villas and a residential area for 30,000 people spread over nearly 10 square kilometers in a rural area along the Red River. In March, Vietnamese authorities promised to "facilitate the rapid advancement of the Trump project." According to the New York Times, they went even further, noting that just three months passed between the submission of the initial planning documents and the May 21 ceremony. Such projects usually take two to three years. The newspaper quoted experts who said that "Vietnam has ignored its own laws, legal experts said, granting concessions more generous than what even the most connected locals receive." At least six mandatory steps were reportedly skipped, including full land acquisition, public consultation and environmental impact studies.
STV News
23-05-2025
- Business
- STV News
Donald Trump: UK should ditch ‘unsightly windmills' and drill for North Sea oil
Donald Trump has urged the UK to get rid of 'unsightly windmills' and incentivise drilling for oil in the North Sea. The agreement gave the UK relief from tariffs on cars and steel in exchange for giving America's agricultural industry greater access to British markets. But Trump said the UK could get its energy costs 'way down' drilling for oil in the North Sea and suggested Aberdeen as a hub. PA Media Donald Trump owns a golf course, Trump International, in Scotland (Andrew Milligan/PA) PA Media 'Our negotiated deal with the United Kingdom is working out well for all,' he posted on his platform Truth Social. 'I strongly recommend to them, however, that in order to get their energy costs down, they stop with the costly and unsightly windmills, and incentivise modernised drilling in the North Sea, where large amounts of oil lay waiting to be taken. 'A century of drilling left, with Aberdeen as the hub. 'The old-fashioned tax system disincentivises drilling, rather than the opposite. UK's Energy Costs would go WAY DOWN, and fast.' The US president has a golf course, Trump International Golf Links, in Aberdeenshire. He also threatened a 50% tax on all imports from the EU on Friday as he expressed frustration with the lack of progress in trade talks. The bloc has proposed mutually cutting tariffs to zero even as the president has publicly insisted on preserving a baseline 10% tax. 'Our discussions with them are going nowhere!' Trump posted on Truth Social. 'Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
