Dubai offers its residents and visitors wonderful experiences, distinguished from other cities around the world, including high-rise skyscrapers and world-leading amusement parks, as well as quality of life and safety, and the nature of the atmosphere, where the sun shines throughout the year.
Real estate developers in Dubai advise their clients to buy properties in the city, not only because of its investment potential, but also because of the fact that the emirate, like the rest of the UAE, has a policy of not imposing a personal income tax, or a tax on capital gains, in addition to the many facilities that investors receive. When you mention the real estate boom at the altity of skyscrapers, construction or sales or design, innovation and technology, Dubai leads the scene in the region.
Half a Trillion Sales
After real estate sales in Dubai Ataba the threshold of 400 billion dirhams in 2023, through 129 thousand deals, today it exceeds the barrier of half a trillion dirhams in 2024, (518.3 billion dirhams), resulting from 179757 deals. The impressive growth in the real estate market has helped new players enter the market, after the entry of 400 new developers, bringing the number of developers working in the real estate market to 1659 developers, since the beginning of 2024.
The British newspaper «London Daily News» described the real estate market in Dubai as a situation worth studying, in terms of resilience, innovation and sustainable growth. The newspaper said in an article about Dubai real estate: Whether it is luxury real estate, closed residential complexes or upcoming mega projects, one thing is clear, and that is that all of them have their distinctive character. Explaining that what makes this industry unique and very attractive to local and foreign investors, several factors were formulated by the article in the following:
A present lifestyle, tax-free living, appropriate pricing structure, a global link, a tourist attraction center, a sense of security, transformational policies, projects with distinctive designs, economic diversification in the emirate, future ambitions.
The strong growth of the real estate sector in Dubai is an explicit indicator of the rapid development of the Emirate of Finance and Business, which has become attracting hundreds of millionaires from different countries of the world who would like to invest their money in various real estate projects, especially as the emirate is witnessing a strong economic and developmental movement in various fields, which calls for a diversity of the supply of real estate projects, which opens up more opportunities for the local and international investor.
Growth Factors in Dubai
The safe and stable environment that Dubai provides to the investment community, thanks to its laws and legislations that protect the rights of investors and protect their capital, is one of the most important factors that contributed to achieving strong growth rates for the real estate sector during the current year, and attracting more investors.
Hundreds of real estate and investment projects have been witnessed by Dubai since the beginning of this year, most notably in Palm Jebel Ali, Business Bay, Expo City Dubai, and other areas that witnessed remarkable growth in huge real estate complexes that are thriving every day.
Projects with Billion Contracts
One of the projects that was launched this year is the readiness of Palm Jebel Ali Island to build hundreds of luxury villas, after Nakheel gave the green light to three contracting companies to build this huge project. Contracts worth 5 billion dirhams were signed to build 723 villas on Palm Jebel Ali, the largest artificial island in Dubai. The work is expected to be completed by the end of 2026.
The contracts were approved for Ginco General Contracting, Shaporji Palunji Mid East and United Engineering Constructions to start construction of villas ranging from 8,000 to 15,000 square feet, while about a quarter of them will have seven bedrooms.
The company is also considering setting up a real estate investment fund to take advantage of the city’s booming real estate market, which will enable investors to benefit from key high-income assets.
The palm of Jebel Ali consists of 16 malds, and the signed contracts allow construction to begin on the first six streds. The island’s master plan includes 80 hotels and resorts, which will add more than 90 kilometers to Dubai’s coast. Officials hope the island will accommodate up to 35,000 families, and that a third of its public utilities will be powered using renewable energy.
Expo City Dubai
Expo City Dubai launched the first, second and third phases of «Sider Residences”, a new residential project consisting of towers, apartments and houses of different sizes. Especially that the city will accommodate more than 76,000 people in the future. Mangrove and Sky Residences projects were launched earlier than 2024, offering investors and homeowners the opportunity to be part of the master plan, which puts Expo City at the heart of Dubai’s future, and the project will be ready to receive residents in 2027.
Last November, the Asia Pacific Fund, one of Singapore’s leading investment funds, signed a memorandum of understanding to invest AED 5 billion in real estate developer AMIS in Dubai. The partnership reflects the firm confidence in Dubai’s thriving real estate market and the company’s position in offering luxury projects.
Dubai continues to excel globally thanks to its dynamic real estate market, luxury lifestyle appeal, and world-class connectivity, which puts it at the forefront, surpassing prominent markets such as Miami, New York, Phuket and London.
There are currently 740 full-fledged branded dwellings around the world, and the number is expected to rise to 790 by 2031 in 100 countries.
Dubai alone includes around 140 completed and expected projects, during the forecast period, reflecting its ability to attract global brands, and deliver developments that meet the needs of diverse international clients.
These projects include hotel branded residences that provide five-star services, and others in collaboration with international designers, meeting the aspirations of buyers and investors looking for luxury.
Global demand for branded housing is expected to double over the next seven years, with total projects growing by 100%. The Middle East will see the largest growth in this sector, with the market expected to expand by a staggering 270% during this period.
Elite Signs
The world’s elite luxury goods brands are racing towards Dubai to take advantage of the opportunities abounding in the emirate’s thriving real estate sector, especially in the category of brand luxury properties that is witnessing a growing demand by the world’s richest people who flock to Dubai to buy second luxury residences for themselves or to live and invest permanently in Dubai.
Over the past period, Dubai has witnessed the entry of many new players into the branded real estate sector to take advantage of the growth opportunities that Dubai abounds in light of the influx of wealthy people from all over the world to live and invest in the emirate or to acquire second homes in it.
Luxury branded residences appear to be the next opportunity for property operators in Dubai. The numbers in this sector are impressive, as a penthouse apartment with the Baccarat brand was sold in Downtown for 202 million dirhams 3 years before the project was completed.
Dubai made headlines with the sale of a penthouse apartment for 420 million dirhams at the Jumeirah Marina Al Arab Hotel.
Also for brands targeting the middle market, an article published by the magazine explained that the Innesmore brand, Mama Shulter, is on its way to Dubai, and was planned to include 201 hotel rooms and 80 residential units, so its owners decided to make room for 204 housing units instead, with a significantly smaller aspect of the hotel.
Private housing
According to Jeff Tisdale, chief business officer at hotel management firm Accor One Living, the intersection of private residences with the lifestyle of brands is one of the most compelling growth areas today, adding that around the world we are seeing a strong demand for amenities-based homes that promise a beloved brand experience, providing a sense of belonging and community. This is especially true for lifestyle brands, as we see an important and growing segment of residential apartment buyers looking for design-based brands, with unique personalities that celebrate modernity, creativity, food and exceptional experiences, pointing out that Akor launched at the beginning of 2023 its real estate arm “Akor One Living”, as its team sits with developers to ensure that the design, services and features supported by Acor are compatible with the needs of “target homebuyers”.
Brand
The InterContinental Hotels & Resorts Group has focused one of one of its most luxurious properties under development, 6 Seasons in Palm Jumeirah, on the sale of apartments instead of filling hotel rooms. At its opening next year, it will include 60 hotel rooms and 162 hotel apartments for the brand, including 121 penthouses, 32 Sky villas and nine beach villas.
Luxury car signs
Elite luxury car brands have raced to Dubai with luxury real estate projects, led by Bugatti through a partnership with Bin Ghati Company and Aston Martin, which collaborated with Danube Interior Design Company for The Vise Towers project, and Bentley with Klindust to build villas called Bentley Palaces in the Heart of Europe project on the World Islands in Dubai.
Bin Ghati Real Estate Group and Mercedes-Benz, the German luxury car company, also revealed the first real estate project under the name of “Mercedes-Benz Pleases/Ben Ghati”.
Famous Goods
In addition to luxury car brands, Dubai is witnessing significant growth in real estate projects that carry the world’s famous luxury goods brands, led by Armani, Bulgari, Cavali, Versace and Jacob, in addition to luxury hotel brands that dominate the branded real estate sector, led by Four Seasons, Ritz Carlton, and others.
Completed Projects
For its part, the international real estate consulting company “Knight Frank” pointed out that the sales of branded properties in Dubai reached AED 25.4 billion last year, a growth of 80% year-on-year, and expected this sector to witness the entry of 2,000 new housing units during the current year.
London Gate and Swiss luxury watch manufacturer Franck Muller have announced the signing of an exceptional partnership agreement to present the essence of timeless elegance in the world of real estate. The Franck Muller Aternitas Tower with forms of up to AED 2 billion within the Dubai Marina area.
When completed, London Gate is set to become the tallest luxury residential tower up to 450 meters long, and the tallest residential tower with a giant clock in the world, thus contributing to the development of the Dubai skyline and raising the world standards of luxury living while providing the opportunity to enjoy the breathtaking views.
This collaboration represents an exceptional stall with the entry of Franck Muller into the world of real estate, a company that has always been known in the world of watchmaking for three decades, giving this project another pioneering dimension in the real estate sector in line with the brand’s reputation and status.
Bvlgari Ocean Mansions Houses
Meraas announced the completion of construction work on the Bvlgari Ocean Mansions project. Strategically located on the north shore of the upscale Jumeirah Bay Island, it houses seven luxury homes that embody a true example of luxury and privacy. The five-room houses feature a unique architectural design signed by the Italian architectural company Antonio Ceterio Patricia Ville, making them look like a floating on the tip of the island’s beach in a charming flow, providing an exceptional experience with panoramic views of the waters of the Arabian Gulf.