The UAE’s resilience and consistency in upkeeping its economy and revenue amidst global calamities as well as the COVID-19 pandemic are undoubtedly commendable.
While rising interest rates in the US are cooling the American housing market, Dubai’s real estate has heated up.
Over the last 12 months, a report in Bloomberg stated that Dubai’s prime real estate prices are up 89 per cent. And in popular neighborhoods like Palm Jumeirah, Jumeirah Bay and Emirates Hills those figures have increased more than 100 per cent as wealthy buyers have lined up to secure property across the city’s new hotel developments. For example, the purchase of a villa in Palm Jumeirah recently sold for a record $82 million back in July. According to Arabian Business, the city’s real estate receipts exceeded $325 million over two days in September, with 386 sales—341 of which were apartment condos and villa purchases at luxe gated communities across the city.
The emirate’s market posted real estate transactions to the tune of AED 1.2 billion on Monday, July 25, 2022.
The Dubai real estate market has been on an upward spiral, recording transactions over $ 1 billion on several days, with the single-day transactions hitting over AED 1.4 billion, AED 1 billion and AED 3.9 billion on July 22, 13 and 7 respectively.
Dubai witnessed a record AED 22.7 billion in real estate sales transactions in June which were the highest sales figures in the last 13 years, reaching almost 71 per cent of the total 2021 sales volume. For the April-June quarter, Dubai’s property market transactions amounted to AED 59.29 billion.
A total of 2,338 real estate transactions worth AED7.3 billion were conducted during the week ending 14th October, 2022, according to figures released by the Dubai Land Department (DLD). A total of 106 plots were sold for AED1.76 billion, and 1,791 apartments and villas were purchased for AED3.81 billion.
The top three transactions were two lands sold for AED 600 million and AED 206.52 million in Palm Jumeirah, followed by another land sold for AED 44 million in Al Satwa.
While many of the new buyers come from countries like Switzerland, Germany and France, wealthy Russians have also been crowding Dubai to park their assets as a result of the crisis. Unlike many Western nations that have sanctioned Russians for their country’s invasion of Ukraine, the UAE hasn’t imposed such measures. Dubai was already a destination for Russians, but now it’s one of the few safe havens to prevent the seizure of assets, so much so that the country has become a yacht sanctuary for oligarchs.
But some also say the boom may be over soon as a possible housing bust is looming. According to a Reuters poll, home prices in Dubai were forecast to slow down by 6.5 per cent in 2022 and 3 per cent in 2023. However, conflicting opinions of other experts say the market doesn’t show too many signs of slowing down anytime soon.
The emirate of Dubai is known for its larger-than-life real estate developments. Contributing to its position as a global real estate powerhouse is an impressive array of renowned property developers. The iconic Burj Al Arab, the majestic Palm Jumeirah, the awe-inspiring Burj Khalifa and other developments like these are just a few examples of what the best real estate developers in Dubai are capable of. Dubai is home to multiple top-class developers who’ve delivered luxurious community projects which heavily influenced the high demand for Real Estate in the city. Some notable developers and their remarkable developments include;
1. Emaar Properties
Emaar Properties has been making waves in the UAE’s real estate sector since it was established in 1997. Apart from the United Arab Emirates, the company has a presence across several foreign markets like North Africa and the Middle East. The Dubai-based developer is responsible for several iconic projects in Dubai. Two jewels in Emaar’s crown are the Burj Khalifa, the tallest building in the world, and The Dubai Mall, one of the largest shopping malls in the world. There is also the Dubai Opera, which is also the first dedicated opera house in the UAE. Furthermore, Emaar was also the mastermind behind the creation of The Dubai Fountain, a choreographed fountain display which is immensely popular with both visitors and tourists alike.
Apart from hotels and resorts, Emaar’s portfolio includes several residential communities like Downtown Dubai, Emaar Beachfront, Dubai Marina, Arabian Ranches, The Meadows, The Lakes, The Greens and The Springs.
2. Nakheel
Nakheel is another well-known name which is often featured in the list of best real estate developers in Dubai, for good reason. The company’s projects cover a major portion of the country’s real estate sector — spanning leisure developments, retail, hospitality, commercial and residential projects.
One of Nakheel’s many noteworthy projects is the massive Palm Jumeirah in Dubai. The development of the artificial archipelago was a feat in itself, considering that it added more than 300 kilometres to Dubai’s coastline.
Aside from the man-made island, Nakheel has a range of other notable residential projects to its name. This includes Discovery Gardens, Jebel Ali Village, The Gardens, Nad Al Sheba Villas and International City.
3. DAMAC Properties
DAMAC Properties was established in 2002 and quickly rose the ranks to become one of the top real estate developers in Dubai. The company delivers commercial and residential projects across Saudi Arabia, Oman, Lebanon, Jordan and the United Kingdom.
As of now, the company has delivered over 26,000 homes with a portfolio of several thousand other units at different phases of growth. A notable development by DAMAC Properties is DAMAC Hills, a premium golf community which offers townhouses, villas and apartments as well as a world-class range of amenities and facilities. Other residential projects include DAMAC Towers, Ghalia Constella, AKOYA by DAMAC, and AKOYA Oxygen.
Dubai has various other notable developers such as MAG who have launched ultra-luxurious residential projects. MAG launched Keturah Resorts in sponsorship with the Ritz Carlton, an ultra-luxurious standard of living that comprised Apartments, Full-Floor Penthouses as well as Mansions. Dubai also has various notable housing communities to live in. These include Dubai Marina, Palm Jumeirah, Jumeirah Lakes Towers (JLT), Business Bay, Downtown Dubai and the most favoured Emirates Hills, a golf course comprising family-friendly community. The plentiful options of properties in the UAE make it favourable for investors around the world as Dubai holds every sort of real estate option an investor or buyer wishes to purchase. And as a result, The Real Estate market is on the all-time rise crossing records claiming a hot 2021 for the city, which saw $35 billion in property transactions, the biggest year since the 2008 financial crisis, according to a report by CNBC.
