DAMAC Properties, a real estate developer in Dubai, has announced the opening of DAMAC Sun City, its sixth master community. Located in Dubailand, the new development promises wellness-focused living, nature, and modern luxury, benefitting physical, mental, and overall resident well-being. Mohammed Tahaineh, General Manager of Projects at DAMAC, said: “These are exciting times for us at DAMAC...
Investment Plan By the end of 2025, Reef Luxury Developments plans to have invested Dh14 billion across 30 different developments in Dubai, delivering 5,000 new residential apartments to the market. The city's newest real estate player announced it has built a land bank in multiple locations and plans to start Dh5 billion worth of projects in the next three months. It will provide affordable pricing...
Project Launch and Market ContextWith the official start of construction, Major Developers has significantly improved Ras Al Khaimah's luxury real estate market with the Manta Bay project.The real estate market in Ras Al Khaimah has been increasing, as seen by the 15% rise in transactions and value in the first half of 2024, which is a sign of strong investor confidence and a healthy market. This coincides...
According to figures from the Land Department, the Dubai real estate market saw transactions totaling more than AED19 billion ($5.2 billion) last week.According to Land Department data, sales dominated the figures, with AED12.48bn ($3.3bn).Between September 23 and September 27, 4,609 sales transactions were registered.Dubai real estate this weekAmong the top sales transactions listed on the Land Department...
Project OverviewIn the center of Jumeirah Village Circle (JVC), the premium residential project The Orchard Palace, designed with European influences, has entered its second phase, according to developer Peak Summit Development of Dubai.The developer said the project's progress is advancing fast, with the construction of a new tower – Tower C – currently underway.Construction ProgressThe first phase,...
Out of all the major cities in the world, Dubai's property market is expected to develop at the fastest rate this year; nevertheless, the high level of new supply may cause a mild correction in the near run.According to UBS Global Real Estate Bubble Index 2024 released on Tuesday, Dubai's score has increased from 0.14 in 2023 to 0.64 this year. Meanwhile, the emirate's ranking in the index has risen from...
Impact of Federal Reserve Rate CutAccording to experts, the US Federal Reserve's decision to cut interest rates by 0.5% will positively impact the UAE property market. Local banks are expected to lower mortgage rates in the coming days and weeks.The Fed's first rate cut since 2020 may result in substantial savings and more affordability for potential UAE homebuyers as mortgage rates decline. Lenders may...
Dubai’s real estate market has stabilized following significant price increases in off-plan properties during 2023, according to a report by Better Homes.The market witnessed a spike in off-plan property prices over the last year, driven by high demand and limited supply in critical areas.Prices in high-demand locations such as Dubai Hills Estate, Business Bay, and Jumeirah Village Circle surged 15-30...
In the first half of 2024, Dubai's residential resale market grew significantly, according to a recent Metropolitan Homes survey.The ‘H1 2024 Residential Resale Market Review 2024’ revealed that transaction volumes increased 17.8% year-over-year to 27,949, while transaction values rose 23.1% to AED76.34 billion.The market soon recovered despite the extraordinary floods that occurred in April, and in...
Project OverviewThe top real estate company in Dubai, Binghatti, unveiled its first project in Al Jaddaf this year: Binghatti Ghost. After a two-year break, Binghatti is returning to the area with this much-anticipated development, spurred by the market's extraordinary demand.There will be 770 residential apartments in the new complex. In addition to these sought-after living spaces, Binghatti Ghost will...