The emirate’s luxury beachfront real estate has been a huge draw for millionaires.   According to a survey by Knight Frank, 20% of the global HNWIs were willing to put upwards of $60 million to purchase a home in Dubai (8% of whom were prepared to spend over $80 million). Meanwhile, 35% of the HNWIs were looking to purchase a home in the emirate for personal use. The average budget for this group stood at $46.8 million.   Knight Frank surveyed 317 HNWIs worldwide, of which 100 were from the GCC. The combined net worth of 217 HNWIs was $3.6 billion, with those from the GCC accounting for $660 million.   “Global HNWIs with a net worth of over $20 million are primed to spend an average of $58.5 million on a home in Dubai. The average budget for a residential…

High-net-worth individuals from all over the world are expected to invest more than Dh16 billion ($4.4 billion) in Dubai’s real estate market by 2024, as the emirate emerges as the most popular destination for investors.   According to global real estate consultancy Knight Frank, HNWIs’ investment appetite drives them to Abu Dhabi and Sharjah following Dubai.   The Dubai property market has been on the radar of high-net-worth individuals or millionaires in the post-pandemic period due to very high returns at low prices, world-class infrastructure, safety and security, and the country’s growing overall economy. The emirate’s property market has surpassed 2014’s peaks, with both prices and rentals reaching new highs.   According to the…

Research conducted by Insight Advantage on behalf of Barratt London, a market-leading residential developer in the UK, has revealed that London is the top choice for UAE investors looking to purchase property overseas. The survey, which was conducted this month, set out to identify the preferences of investors in the UAE.   Among the survey participants, 58% reside in Dubai, 28% in Abu Dhabi, and 6% in Ajman. The remaining percentage is evenly distributed across Sharjah, Ras Al Khaimah, Umm Al Quwain, and Fujairah.   When asked to select the five global capitals where they would most likely consider buying property, 69% of survey participants ranked London as their top choice out of a shortlist of ten global capitals. New York, meanwhile, was identified as the second most…

Dubai-based property brand Binghatti launches its latest project, One by Binghatti. The exclusive reveal will take place on 27th May 2024 at the Bvlgari Yacht Club in Jumeirah Beach.   The project’s design concept is inspired by the harmonious integration of diverse elements, culminated in a unified façade that captivates senses. The mega waterfront development is located in Dubai’s Business Bay district with seamless access to Down-town, offering boundless views of the world-famous Burj Khalifa and the Dubai Water Canal.   One by Binghatti manifests a unique metropolitan experience, located near Binghatti’s collection of ultra-premium branded residences, including Bugatti Residences by Binghatti, Mercedes Benz Places | Binghatti, and Burj Binghatti…

Eagle Hills announces the launch of its new project "Riga Waterfront," which aims to develop the waterfront on the Daugava River in Riga, the capital of Latvia. The project extends for five kilometers in a strategic location at the intersection of Riga's world heritage historic center, which is recognized by UNESCO, and the charming Art Nouveau district. It has been designed to match a modern lifestyle and contribute to transforming the city's living experience.   Riga is located on the shores of the Baltic Sea and is embraced by the majestic Daugava River. It is a city that UNESCO has designated as a World Heritage Site, undergoing a planned development that integrates the city's rich historical fabric with a new, comfortable modern lifestyle.   Mohamed Al Abbar, The…

New posh communities may have been gaining popularity in Dubai but three staple neighbourhoods remain on top of millionaires' list: Dubai Marina, Downtown and Business Bay. These three prime residential areas where millionaires are buying properties, said a new study released on Tuesday.   Millionaires from new markets are now flocking to Dubai to cash in on lower prices and high growth, according to the annual survey conducted by real estate consultancy firm Knight Frank.   Based on a survey of 217 respondents from 11 countries with a value of $20 million, it found that the US, China, Canada, UK and India are the top markets from where millionaires plan to buy property in Dubai.   These areas are among the top 15 places where millionaires are placing their bets when…

Dubai master developer Emaar Properties has announced the launch of its latest project, The Heights Country Club & Wellness, a mega project being set up in Dubai at an investment of AED55 billion ($15 billion).     Unveiling the key development at a grand event held at the Armani Dubai Hotel ballroom yesterday (May 20), Emaar said it is strategically designed to foster an environment of health and well-being, perfectly aligning with Dubai's leadership’s vision to enhance the quality of life and promote well-being across the emirate.   In addition to its chic townhouses and semi-attached villas, the development features a thoughtfully designed wellness centre, parks, ponds, lush greenways, and an overall community-wide country club experience throughout the…

 Azizi Developments has announced that it has renewed its partnership with Abu Dhabi-based Light Concept for the fourth phase of its French Mediterranean-inspired waterfront community Riviera located in Mohammed Bin Rashid City.       A renowned lighting design consultant, Light Concept is known for its deep industry expertise and dedication to delivering outstanding illumination solutions.   Under this partnership, it will be responsible for the design of façade lighting within the mega project.   Specializing in a wide range of projects, including indoor, façade, landscape, street, and infrastructure lighting, as well as bespoke designs, the company is highly acclaimed for its innovation and creativity in illuminating spaces, it…

The gap between asking and bid rates for rentals has been widening in Dubai as growing demand and tight supply are encouraging landlords to demand higher rates.     Real estate industry executives say that the gap between sale prices of rented and empty units are reaching up to 50 per cent in some areas of the emirate.   Property prices and rents have been consistently rising in most of the prominent areas of Dubai due to local population growth outpacing the supply of residential units, surpassing their previous peaks witnessed in 2014. Some residents believe that landlords are exorbitantly charging rents for their properties and become “greedy”, knowing that their vacant properties will be filled up quickly by new entrants.   According to the…

Dubai housing prices will continue to rise in 2024, with capital gains in the villa segment projected to hit 10-year highs.     According to international consulting group ValuStrat, which released its April price index for the emirate, apartment prices will also maintain an upward trajectory, albeit at a slower pace than villas.   “Apartment price growth, which only started gaining momentum in the second half of last year, is expected to reach new record highs this year,” Haider Tuaima, Director and Head of Real Estate Research told Zawya. “It is highly likely that villa capital gains will exceed the record highs of 2022.”   The ValuStrat Price Index (VPI) for April revealed the average villa valuation per square foot surpassed AED 2,000…

In the dynamic landscape of Dubai's real estate market, the necessity of professional property management services has never been more crucial. As the region continues to attract investors and residents alike, the demand for comprehensive property oversight has surged. Provident Property Management stands out as a beacon of excellence in this realm, offering unparalleled expertise and a commitment to excellence. Why Property Management Matters Property management encompasses a myriad of responsibilities essential for maintaining the value and functionality of real estate assets. From tenant relationships to legal compliance, each facet requires meticulous attention to detail. Provident Property Management excels in navigating these complexities, ensuring that properties under their care…

Reportage Properties, the leading UAE real estate developer, is participating in the activities of the first edition of the “Acres Real Estate Exhibition” in Dubai, to be held at the Dubai World Trade Center from May 16 to 19. The “Reportage Properties” portfolio includes 35 projects in the UAE, Egypt, Turkey, Morocco and Saudi Arabia. Reportage confirmed their keenness to participate in the exhibition, which provides an ideal and distinctive platform to support real estate developers and investors by promoting their real estate projects.  The real estate sector benefit from the UAE major urban and economic renaissance in general and the Emirate of Dubai in particular. The UAE government provide facilities, initiatives and legislation to stimulate…