The market has finally seen two deals for a tower worth AED 1.4 billion and a luxury villa for AED 200 million
Dubai real estate continues to be attractive. And the emirate competes with itself
Sobha has sold out all residential units in The S. From the source
image
Dubai's competitiveness has moved to a new level, at a time when real estate deals are breaking records, as the emirate's real estate continues to be attractive, and only competes with Dubai itself, real estate said.
They attributed to «Emirates Today» the achievement of record real estate deals and sales continuously, to the attractiveness of investment, and the availability of security and safety, expecting the continuation of this exceptional performance of the real estate market.
The real estate market in Dubai has recently witnessed two distinctive deals, represented by the sale of a residential tower for AED 1.4 billion, within a short period, and the sale of a luxury villa on Lanai Island worth AED 200 million, in an indicator that reflects the strength of demand within the real estate market.
The rise in demand for residential and luxury properties in Dubai comes at a time when Dubai topped the world's cities in the International Luxury Housing Index in 2023, and for the second year in a row, according to the Wealth Report 2023, issued by Knight Frank, a global real estate consultancy.
Residential Tower
The first deal was for an entire residential tower owned by Sobha Properties for AED 1.4 billion, which was sold out in a short period of time.
Sobha announced the sale of all residential units in its project "The S", stressing that this shows the strong performance of the real estate market in the Emirate of Dubai, which has established its position among the most lucrative luxury real estate markets in the world.
The S Tower consists of 62 floors, 43 of which are dedicated to luxury residential units.
The company has completed the sale of all 84 residential units in the project, including four- and five-bedroom apartments, with prices starting from AED 15.5 million and AED 34 million respectively.
Luxury Villa
Majid Al Futtaim Properties recently sold a luxury Mansion villa on Lanai Island for AED 200 million, the highest ever in Tilal Al Ghaf, a luxury residential community in the heart of Dubai.
The record-breaking villa, with a total area of more than 30,<> square feet, includes eight bedrooms, a floating lounge with direct water views, a rooftop terrace with stunning panoramic lake views, and an interior courtyard that runs from basement to roof.
Increased demand
Saleh Tabakh, an expert in portfolio management and CEO of Andalus Courtyard Real Estate Development Company, said that "competitiveness in Dubai has moved to a new level, as real estate deals are breaking records and Dubai is competing only with itself."
He added: "Dubai has become a destination for the wealthy looking for economic and personal safety to open the way for more projects."
He pointed out that the increase in demand is greater than the current supply by large stages, which is the main reason for breaking the record rates in selling prices, and to more opportunities for developers to launch new projects to meet the large volume of demand, especially luxury real estate.
Investment Attractiveness
Waleed Al Zarooni, Chairman of W Capital Real Estate Brokerage, said the recent deals in Dubai's real estate sector are positive indicators of the continued momentum that began in late 2021, and a strong indication of the growing investment attractiveness of the sector.
Al Zarooni expects this exceptional performance of the real estate market to continue during the remainder of this year, supported by the continued influx of foreign investors, the rise in real estate prices, and the return on investment by a large percentage.
"The outlook for Dubai's real estate market looks very promising in 2023, and it will be a matter of time to know that the year will be able to break this record set last year, as demand is expected to continue to grow and prices are rising, making the Dubai real estate market a fertile ground for investment."
Great popularity
Alaa Masoud, Head of Sales at Leos International Real Estate Development Company, said that the real estate market in Dubai is witnessing a great boom, amid demand from all investors around the world.
He added: "Investors from Europe are looking forward to the facilities in Dubai, and the demand for real estate, especially projects under construction, which are currently witnessing great popularity in Dubai."
Standard Deals
In the same context, the founder and director of «Royal Liwan Real Estate Company», Mohammed Buhareb, attributed the achievement of continuous record real estate deals and sales to the investment attractiveness, and the availability of security and safety, pointing out that there is a large segment of large investors who preferred Dubai to be their investment and residential destination.
For his part, real estate consultant Mohammed Al Hefeiti said that the continued performance of the real estate market strongly after recovering from the Covid-19 crisis and various global economic crises confirms that the real estate market in Dubai is receiving the attention of many businessmen and families, pointing out that wealthy people see Dubai as one of the best places to preserve wealth and attract money.
Al Hafiti pointed to the continuity of demand as a result of the availability of security and safety, the great support provided by the Government of Dubai, and the unlimited support to the real estate sector, which contributed to attracting investors. He said: «The standard of living is high, and has attracted many foreign families, and there is a demand from all nationalities to buy various residential units, and there are large purchases, whether for land, real estate or buildings completely and directly from real estate developers», expecting the continuation of the positive performance of the real estate market in Dubai during the coming period.
Demand Momentum
Ghaleb Bin Kharbash, General Manager of Al Habtoor Group, said: "The momentum of demand for real estate is growing as the Dubai real estate market enjoys high confidence from all segments of investors and investment portfolios.
He added that the Dubai real estate market has seen great demand for all ready-made properties, which are "under construction", at a time when this pace of demand is expected to continue.
Bin Kharbash continued: "All exhibitions and events held in Dubai witnessed congestion, which reflects the confidence of all visitors and residents that Dubai's markets are the main engine in the region, and a bright flame that guides them to the path of success, so that Dubai proves daily that it is the one who leads the region's economy."