Lilium had already filed for bankruptcy in October
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Property developers continue to aggressively launch new projects as demand from end-users and tenants looking to own property in Dubai continues unabated.
Be it new or old with a long track record of delivering projects, developers believe that the market will continue to perform well in the near future, encouraging them to continue to launch new projects.
Projects such as relocation of Dubai International (DXB), new Blue Metro Line covering many communities along Sheikh Mohamed bin Zayed Road and Emirates as well as macroeconomic growth will continue to drive demand for property ownership in Dubai.
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With Dubai’s population growing by over 140,000 in the first 11 months of 2024, demand for properties for ownership is growing at unprecedented pace, driving prices and rents to record highs. This is in addition to over 100,000 new residents that Dubai added last year, including millionaires and professionals.
In the nine months to September 2024, the total number of residential transactions topped 125,000, up more than 36 per cent compared the same period in 2023. Residential sales values have also continued to climb, totalling Dh86 billion for off-plan transactions and Dh33 billion for ready, respectively.
In the past week alone, almost one or two new projects were launched in Dubai by developers including Amwaj Development, Nabni Developments, Acube Developments, Kasco Developments and Qube Development among others.
According to Betterhomes’ third-quarter 2024 report, there are round 250,000 homes under construction, supplying the homes for the future growth of the emirate.
“Like the temperature outside, the market over the summer was hot. A new quarterly record for transactions was set in the third quarter with over 47,300 properties sold. Driven by velocity of developer launches, off-plan sales dominated transactions, equating to 66 per cent, while secondary sales have remained relatively stable over the previous three quarter,” said Richard Waind, CEO of Betterhomes.
In the past few years, many new developers entered Dubai’s property market, raising the competition bar. But as the market matures, developers are also forced to come up with innovative solutions and offerings to attract buyers and tenants.
Developers are coming up with attractive deals for buyers amidst growing competition. Some of the developers – such as Nabni Developments – offer 40 per cent payment during the construction phase and the remaining 60 per cent upon completion, making it a highly attractive deal. Many developers – especially big players who manage to sell their properties within days - offer 80 per cent during construction and 20 per cent during completion.
Residential developments are being constructed with a focus on environmental responsibility and energy efficiency, contributing towards a sustainable future. The buildings utilise sustainable materials that require minimal maintenance, reduce heat and offer high durability, resulting in long-term savings for residents.
Developers are also targeting new buyers with innovative offerings and amenities.
Dubai’s leading Emirati real estate developer Nabni Developments launched the first Emirati-inspired off-plan project which offers a blend of Emirati heritage and modern design.
Set to be completed in the first quarter of 2027, Avenue Residence 7 by Nabni in Al Furjan features an Emirati-inspired facade influenced by Barjeel wind towers and the dhow boat. Residents will also enjoy a wide range of Emirati-inspired amenities, including two pristine outdoor swimming pools, a majlis/residents lounge, a jogging track, a fully equipped fitness studio, a dedicated children's play area, and a serene outdoor Ghaf garden.
“Our latest project meets the growing demand for family-friendly living spaces while expanding our market reach in Dubai. This project reflects our commitment to local culture, innovation, quality, and sustainability, solidifying Nabni’s position as a leader in the real estate sector,” said Khalid Alsuwaidi, chief commercial officer of Nabni Developments.
Similarly, developers are aggressively focusing on home automation systems, co-working spaces and other amenities such as coffee lounges, wellness centres and gaming rooms, with increased focus on amenities.
Amwaj Development’s The Cube Residences offers 54 uniquely designed apartments, with each apartment fully furnished and equipped with advanced home automation systems.
“The Cube Residences is an amazing project that embodies our commitment to innovative design and advanced technology,” said Emad Saleh, founder and chairman of Amwaj Development.
“Dubai’s real estate market has been growing rapidly over the last few years and we felt it is time for us to capitalise on the growing demand for real estate in the UAE,” said MuradSaleh, CEO of Amwaj Development.
Residents will also enjoy a range of ground floor amenities including a co-working space, lounge with coffee cart, concierge reception desk, 24/7 security, rooftop amenities including fitness club, sauna and showers, rooftop pool, and a gaming room equipped with billiard tables, arcade games, and more.
Developers are also focusing on local manufacturing to reduce import costs. Acube Developments has launched an interior design and manufacturing facility Acube Industries for producing interiors.
“This facility not only enhances our capabilities but also opens the door for other developers in the region to benefit from our services. With the latest advancements in specialised machinery and technology, we guarantee precision, speed, and cost-effectiveness, ultimately providing immense value to the UAE’s real estate market,” said Ramjee Iyer, chairman and managing Director of Acube Developments.
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