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Dubai real estate sets new half year record as sales climb to Dh326.7 billion
Dubai real estate sets new half year record as sales climb to Dh326.7 billion

Khaleej Times

time02-07-2025

  • Business
  • Khaleej Times

Dubai real estate sets new half year record as sales climb to Dh326.7 billion

The Dubai real estate market has continued on its record-breaking path, with the first half of 2025 reaching new highs of 98,603 property sales worth Dh326.7 billion. The Q2 sales value was 25 per cent higher than the previous peak of Dh147.2 billion set in Q4 2024, while transaction volume rose 5.39 per cent above the earlier high of 50,400 deals recorded in Q3 last year. Data from DXBinteract shows Q2 increases in all real estate sectors, led by plot sales worth Dh32.2 billion from 1,384 transactions, a 49 per cent leap in volume on Q2 last year and a 27.1 per cent rise on Q1 2025. A total of 10,019 villa sales worth Dh66.5 billion was 38.3 per cent up in volume on the same period last year, while apartment sales worth Dh81.6 billion climbed 18.7 per cent in volume over Q2 last year and 22.7 per cent on the previous quarter. Commercial sales worth Dh3.6 billion also rose 12.5 per cent in volume to 1,252 transactions compared with the same period in 2024. A market update by fäm Properties reveals that the H1 sales value rose 40 per cent year-on-year, driven by the strongest-ever quarterly performance of 53,118 transactions worth Dh184 billion in Q2. Rising property values in recent years were highlighted by a median price of Dh1,607 per sq ft, compared with the Q2 rates of Dh958 in 2021, Dh1,151 in 2022, Dh1,339 in 2023 and Dh1,514 last year. 'These numbers once again highlight the consistent strength and resilience of Dubai's real estate market,' said Firas Al Msaddi, CEO of fäm Properties. 'Dubai's steady growth over the years is reinforcing its place as a top choice for property investment, attracting more global interest while local and regional demand remains solid.' Dubai's Q2 property sales over the last five years have now risen to the current level from Dh10.8 billion (5,400 transactions) in 2020 to Dh36.6 billion (15,400) in 2021, Dh58.2 billion (22,100) in 2022, Dh90.5 billion (31,100) in 2023 and Dh123.9 billion (43,400) last year. The top performing area in terms of overall value was Me'Aisem Second, with total sales amounting to Dh14.94 billion for 844 transactions. With properties worth Dh1-2 million accounting for 32 per cent of sales (16,967), 26 per cent (13,687) were below Dh1 million, 17 per cent (9,163) between Dh2-3 million, 13 per cent (6,804) between Dh3-5 million, and 12 per cent (6,496) more than Dh5 million. Overall, first sales from developers significantly outnumbered re-sales in the secondary market — 66 per cent over 34 per cent both in terms of volume and value.

Do Mortgage Rates Drop in a Recession? This Realtor Has a Hot Take
Do Mortgage Rates Drop in a Recession? This Realtor Has a Hot Take

CNET

time30-06-2025

  • Business
  • CNET

Do Mortgage Rates Drop in a Recession? This Realtor Has a Hot Take

Mortgage rates have typically fallen during recessionary today's news cycle, recession headlines come and go. Amid trade war anxieties, stock market roller-coaster rides and global conflict, no one is hoping for a major economic setback -- except recessions have often created more favorable conditions for mortgage rates. Since the beginning of 2025, average 30-year fixed mortgage rates have been stuck in the high 6.5% to 7% range. Most housing experts, myself included, aren't expecting rates to move much lower by the end of 2025. What would cause mortgage rates to drop? Could buying a home become more affordable in a recession? Would a dramatic shock to the economy send rates down below 3%, as we saw during the pandemic? Not necessarily. Having navigated the real estate market for over two decades, I've witnessed its highs and lows, including the 2008 seismic crash. When my clients are financially ready to buy a home, I tell them that the market is just one piece of the puzzle. There's always an opportunity for certain homebuyers, and the current economic landscape could actually tip the scales in your favor. Let's explore what a recession could mean for mortgage rates, home prices and your journey to homeownership. Do mortgage rates drop in a recession? During an economic downturn, mortgage rates tend to decrease for a few reasons. Market uncertainty can cause investors to seek the stability of government bonds, driving up bond prices and consequently lowering their yields (which are tied to interest rates). Recessions also typically lead to less consumer spending and more job losses, which in turn reduces demand for mortgage loans. This decreased demand can cause lenders to reduce rates. Moreover, the Federal Reserve usually cuts its short-term interest rate during recessionary periods. Lower borrowing rates can help stimulate the economy by encouraging more households to spend and take out loans. Mortgage rates did drop in recent economic depressions, both in 2020 and 2008. But things are messier this time around. There's political volatility and economic uncertainty everywhere, and the Trump administration's policies are changing daily. Even though rates could see some dips, they might also shoot back up. If you're holding out for 4% or 5% mortgage rates, you'll be waiting longer than you'd like. It's going to take far more negative economic news to see rates fall in a big way. Are we currently in a recession? There have been plenty of recession warning signs over the last couple of months. Layoffs are picking up, consumer confidence has dipped, paychecks aren't going as far and retirement accounts are taking hits. While less disposable income and tighter budgets point to a general slowdown in the economy, technically, we're not in a recession. It generally takes two consecutive quarters of negative GDP growth to hit that definition. The official declaration of a recession by the National Bureau of Economic Research usually comes after a period of economic decline has already been ongoing for several months. For a lot of folks, it already feels like we're in the middle of a downturn. Even if the inflation rate isn't going up, the cost of everyday goods and services is high, and budgets are getting hammered. When folks feel the squeeze every time they swipe a card at the grocery store, it prevents them from making huge purchases like a home or from taking on more debt. Will the Federal Reserve cut interest rates? Borrowing costs, credit and debt have been expensive for the last several years, making households and businesses wary about finances. After holding interest rates steady so far this year, the Fed is projected to cut interest rates in September, eventually making financing cheaper. But the central bank has been cautious about shifting policy, especially with tariffs driving prices back up. Rate cuts have been controversial, and the Fed is a bit stuck right now. The economy's losing steam and inflation is cooling, but not fast enough. Also, while lower interest rates will affect the housing market, the Fed doesn't directly control mortgage rates. Mortgage rates move based on many factors, such as the bond market and investor expectations. Even when the Fed starts cutting rates again, don't expect mortgage rates to drop to rock bottom. Many of those expected cuts are already priced into the market. Will home prices fall in a recession? Home prices are a big concern during a recession. Even if home prices are currently showing some signs of cooling off, inventory remains tight on a national scale and sellers still have the upper hand in a lot of regions. Plus, given high construction and labor costs, home prices won't be falling off a cliff anytime soon. Historically, home prices don't fall much during downturns. The 2008 housing crash was the exception, not the rule. What we'll probably see is slower appreciation or small dips in certain markets, especially in areas hit by higher insurance costs, taxes or natural disasters (Florida, Texas and Louisiana come to mind). Is it cheaper to buy a home during a downturn? If you're financially stable, it could be cheaper to buy a home in a recession. You might find better deals, less competition and more negotiating power. But if lending tightens, as it often does during a downturn, getting a loan could get tougher. That's something we're already starting to see with condos and certain types of properties. Don't overlook "the wealth effect." When people feel wealthier, like when their stock portfolio or home value is up, they're more confident in making big purchases. But when economic uncertainty is high, or there's even a threat of job insecurity, households pull back. That negatively affects buyer activity. If someone just lost $20,000 in their 401(k), they're not rushing to get a new mortgage. Is now a good time to buy a home? Your personal financial situation matters more than your interest rate. If you have a solid income stream, strong credit and a long-term plan for paying off a home loan, waiting for lower rates might not be worth it. The best time to buy a home is when it makes sense for you. So don't expect a "perfect time" to take out a mortgage. The green light most people are waiting for doesn't exist. If you prepare, stay informed and work with the right team, you can make a smart move no matter what the economy's doing. Read more: Here's Why You Probably Can't Afford a Home on a $100K Salary Now Playing: 6 Ways to Reduce Your Mortgage Interest Rate by 1% or More 02:31

Top 20 sales: Sydney king of the mansions as $1.1bn in homes sell
Top 20 sales: Sydney king of the mansions as $1.1bn in homes sell

News.com.au

time28-06-2025

  • Business
  • News.com.au

Top 20 sales: Sydney king of the mansions as $1.1bn in homes sell

Sydney has retained its crown as the king of prestige residential real estate in Australia, despite an incursion by upstart Melbourne into the top 20 most expensive sales for the financial year. Sydney mansions took out 17 of the top 20. Melbourne managed the second, and fourth spots in the top 10, and 18th in the Top 20. And the only apartment on the list is also in Sydney. The top 10 sales add up to around $716m worth of real esate while the top 20 have a combined worth of around $1.12bn. The rogue Melbourne homes in the top 10 are two mansions in the exclusive suburb of Toorak, one which reportedly sold for between $115m-$125m (early reports of $150m have been ruled out) and another for $70m. Billionaire chicken heiress's record-breaking sale Director of leading prestige property valuers and author of the Dyson Austen Top 10 Prestige Residential Survey Simon Feilich says the latest results don't suggest Sydney's top-end homes are falling out of favour. 'It's the first time Melbourne has featured so prominently,' Feilich notes. 'These are two highly unique distinctive properties in premier, A-grade locations. 'Ultimately, it came down to the exceptional quality of the homes and significant land holdings.' Ray White Double Bay's Adam Reichman, who recently sold the sixth most expensive property in the country at $55m, doesn't expect Melbourne to come this close to being top dog very often. 'The reality is that if you're looking at trophy real estate, Sydney's got some of the best and most iconic landholdings in Australia by far, with luxury properties and waterfronts,' he said. 'These properties are very rare commodities and when they do get snapped up, buyers pay a premium.' There was also a $40m sale in Queensland, which comes in at No.19. 1. Elaine, Point Piper, $130m Billionaire Atlassian co-founder Scott Farquhar sold Elaine, in October 2024 for $130m and its developer owners are now selling the 7000sqm estate as four trophy home sites via Ken Jacobs of Forbes and Brad Pillinger of Pillinger, with prices starting at $50m for the 1863-era unrestored seven-bedroom mansion. Toorak. $115m-$125m Former Essendon Football Club boss Paul Little and his Melbourne University chancellor wife Jane Hansen sold their Clendon Rd, Italianate mansion on a hectare with pool and tennis court in February. Billionaire Dennis Bastas denied he was the buyer. The exact price for the off-market sale, via Kay & Burton's Ross Savas and Gerald Delany who aren't commenting, won't be known until settlement. 3. Crown penthouse, Barangaroo, circa $80m James Packer adviser Lawrence Myers is tipped to be the mystery buyer of the 849sqm six-bedroom six-bedroom residence on levels 81 and 82 of the casino building tower, sold at the start of the month, via The Agency's Steven Chen. 4. Macquarie Rd, Toorak, about $70m A six-bedroom mansion with pool and tennis court on a 7168sqm block owned by Sue Lord, wife of automation platform Neota chairman John Lord, sold last December via Forbes Global Properties director Michael Gibson. 5. 38 Vaucluse Rd, Vaucluse, $56m The highest Sydney sale of the calendar year was a knockdown with iconic harbour views on a 1400sqm block owned by 98-year-old philanthropist Isaac Wakil sold a few weeks ago via Ray White Double Bay's Riki Tawhara and Elliott Placks, with buyer's agent Simon Cohen introducing the local family who are planning a dream home. 6. 69 Wolseley Rd, Point Piper, $55m Just before the Vaucluse sale, the luxury four-bedroom home on a 703sqm block owned by Retail Apparel Group co-founder Stephen Liebowitz and his wife, Pam, sold via Ray White Double Bay's Adam Reichman and Elliott Placks in conjunction with Michael Pallier of Sotheby's. It had a pool and iconic harbour views. 7. 12 Dumaresq Rd, Rose Bay, $55m The Bruce Stafford-designed six-bedroom residence owned by recycled shopping bag tycoon Frank Qiang Gengh and his wife Juanjuan Zhao sold in February, having had a $20m price cut from the $75m when first listed last June. But the sale, via Michael Pallier of Sotheby's and Brad Pillinger of Pillinger, was still sufficient to nab the Rose Bay house price record. 8. 69 Fitzwilliam Rd, Vaucluse, $52m This sale, last November, was the waterfront home of Dawn Lincoln-Smith, which last traded for £19,500 in 1958 when bought by Lincoln-Smith and her late husband Paul Lincoln-Smith, the former chairman of Magnum Gold and Magnum Resources. By Highland Double Bay Malouf director David Malouf in conjunction with Michael Pallier of Sotheby's. 9. 78 Kambala Rd, Bellevue Hill, $48,500,000 Award-winning film producer Warwick Ross whose first big break was the 1980 classic The Blue Lagoon sold his stunning mansion ahead of a mega international campaign in March. McGrath Double Bay's Luke Hogan and William Manning did the deal with buyer's agents Simon Cohen and Isabella Lucas. 10. 28 Victoria Rd, Bellevue Hill, $45m The French Riviera-inspired residence on a 1,252sqm block of hardware tsar turned property developer Fedor Czeiger and his wife, Elizabeth, sold in a private deal between neighbours in March. The couple had bought the four-bedroom for $6.25m in 2012 from the estate of the late Lady Sonia McMahon. 11. 45 Kambala Rd, Bellevue Hill, $45m Ellie Tavakoli of the eastern suburb's Tavakoli family, who operates national retail group ACS Designer Bathrooms, sold a rebuilt home with pool and tennis court on a 1183sqm block via Highland Double Bay Malouf director David Malouf in conjunction with Alex Lyons of Raine and Horne Double Bay. Updated property records show the buyer was Elham Dalvand. 12. 53-55 Cranbrook Rd, Bellevue Hill, $43,500,000 Food blogger and renowned mansion renovator Stephanie Conley-Buhre's September purchase of 'Monkton', via McGrath Double Bay's William Manning and buyer's agent Simon Cohen, followed her $80m sale of the Bellevue Hill Spanish Mission-style residence, Alcooringa, last June. Monkton was owned by veteran investment banker Tim Burroughs and his wife, Judith, who'd bought it for $30m 18 months before. The five-bedroom home, on a 1,252sqm block, has massive rooms, harbour views and enormous potential. 13. 16 March St, Bellevue Hill, $43m The Bellevue Hill mansion of fashion stylist and personal shopper Natalie Jacobson and husband 'Wazza' sold in April. The five-bedroom recently completed three-level home on a 1278 sqm block came with a resort style heated magnesium pool, championship-grade tennis court with lighting, state-of-the-art gym, infra-red sauna and cinema. It sold after three weeks via Ray White Double Bay's Ashley Bierman and Elliott Placks. 14. 49 Coolawin Rd, Northbridge, $42.75m The largest waterfront landholding in Northbridge reset records on Sydney's north shore when it sold in February via Michael Coombs and Andrew Drury of Atlas. Sydney-based Manrong Xu snapped up the grand estate on a 3434sqm block, records show. Coombs said at the time of the listing in late January: 'In my two decades of real estate, I've never come across a waterfront property like this.' The vendor was Kristie Ward of the Primo Smallgoods family. 15. 26 Olola Ave, Vaucluse, $42m The five-bedroom, six-bathroom residence on a massive 2266sqm block came with pool, championship-sized tennis court and harbour views to the Manly headlands yet it took 21 months to sell. Its most recent agents, Highland Double Bay Malouf's David Malouf with Michael Pallier of Sotheby's, had a $45m guide. When listed initially with different agents the guide was $50m-$55m. 16 96 Victoria Rd, Bellevue Hill, $42m EverBlu Capita founder Adam Blumenthal and his wife Annabelle Shamir sold their trophy home to IT entrepreneurs Olivia Skuza and Heath Wells, returning from Monaco, in a late-night deal last November. The six-bedroom, five-bedroom mansion sold via Ray White Double Bay's Ashley Bierman and Elliott Placks with Pillinger's Brad Pillinger. Buyer's agent Simon Cohen introduced the buyers. 17. 7 Bradley's Head Rd, Mosman, $40m The record-breaking $40m off-market sale of the grand merchant mansion, Kia Lama, owned by Sydney Swans chairman Andrew Pridham occurred last August via Michael Coombs of Atlas. It best the previous Mosman record of $33m for a knockdown rebuild on the Balmoral slopes two years ago. Pridham, who is also an investment banker, bought the home on a 2600sqm block, with tennis court, pool, gym and views to the city for $6.05m more than two decades ago and did a major reno. 18. Myoora Rd, Toorak, $40m Long-time owners Dion and Sandra Abrahams thought they had their 3700sqm property opposite trucking magnate Lindsay Fox's sprawling compound offloaded in February 2024, but the sale to Phoenix Lithium CEO Nick Wakim fell through. Records show it sold last October at the same price, via Michael Gibson of Forbes Global Properties, to Juan Ma. 19. Jefferson Lane and Fourth Ave, Palm Beach, QLD, $40m The deal on this amalgamated beachfront block (1525sqm over three titles) set a new Queensland residential sale price record when finalised last September. It was sold by former Sydney Swans AFL player and property investor Tony Smith, who owns FINNS Beach Club in Bali. The Brisbane buyer plans to demolish the 1960s beach shack, villa, and timber pole house on the site to make way for two new beach homes. 20. 1 Rawson Rd, Rose Bay, $38,500,000. A Rose Bay dream home that took the Pacanowski family six years to build during Covid sold to the co-owner of Lowes Menswear, Jeffrey Mueller and his wife, Stephanie, last July. It sold via Biller Property's Paul Biller and Ben Torban. Jeffrey Mueller co-owns the iconic Lowes brand with his sister, Linda Penn, who is CEO.

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