Month: April 2024

As the UAE welcomes 2024, Dubai’s real estate market is demonstrating significant growth, with transaction volumes in the first quarter soaring to a remarkable 108.5 billion dirhams ($29.5 billion), marking an impressive 21.9% increase from last year.

Delving into the transaction data, it becomes evident that the resale market, particularly housing, has been a key driver of this growth. A total of 36,500 transactions were recorded in this period, with resold properties accounting for 17,000 transactions—a significant 67.2% increase from the corresponding period in 2023. This data highlights the strong demand for resale properties, making it a lucrative investment avenue for those looking to capitalise on Dubai’s real estate market.

And those facts lead to one clear reality – the resale of apartments remains one of the most profitable types of additional investments for those who are ready to wait until the completion of construction.

Focusing on the hotspots, Jumeirah Village Circle led the charge with 3,774 transactions valued at approximately AED 3.544 billion. Not far behind, Business Bay witnessed 2,872 transactions totaling AED 6.13 billion. Other areas, such as Madinat Dubai Almelaheyah, with 2,101 transactions worth AED 1.128 billion, and Dubai Marina, with 1,744 transactions valued at AED 6.1 billion, also saw significant activity. Al Merkadh rounded out the list with 1,729 transactions amounting to AED 2.446 billion.

A standout  transaction that underscores  the luxury segment of Dubai’s market was the exceptional $39.7 million sale of an apartment in MBR City, underscoring the city’s position as a hub for high-value real estate dealings. This transaction not only reflects the high stakes involved but also the vast potential for returns in Dubai’s luxury market, which continues to attract affluent buyers and investors from around the globe!

Sourced from: DXB Interact

The UAE has surged in Kearney’s 2024 Foreign Direct Investment Confidence Index, leaping from 18th to eighth place. This marks a significant milestone for the Arab world’s second-largest economy as it intensifies efforts to broaden its economic base.

Notably, the UAE also secured the second spot on Kearney’s emerging market index, positioning just behind China, the globe’s second-largest economy, a step up from its third-place ranking in the previous year.

This advancement underscores the UAE’s unwavering commitment to economic diversification, solidifying its status as a beacon for global investment. The newfound ranking mirrors mounting investor confidence, propelled by the UAE’s persistent pursuit of policy reforms.

Fuelled by government initiatives aimed at steering the economy away from its dependence on oil, sectors such as manufacturing, tourism, and technology are experiencing robust growth. Projections by the UAE Central Bank anticipate a 4.2 percent expansion in the country’s economy for the current year.

Source: The National

We are proud to present another bright representative of Object 1 Youness El Masoudi. Our up-and-coming and ambitious Youness El Masoudi has recently taken charge of his own sales team. He believes that a high level of communication and discipline is essential in sales, which allows him to introduce new ideas and achieve great results. 📈

Would you like to know more about his success? Watch the video

During the first quarter of 2024, Dubai’s real estate sector continued to attract significant attention, both in terms of established properties and those yet to be developed, as indicated by Property Finder’s latest Market Watch digest report.

Analysts at Property Finder uncovered a staggering 36,000 sales transactions during this period, marking it as the second most active quarter on record.

Comparing the figures to the same period in 2023, Q1 2024 boasted a remarkable increase, with transactions surging by 17 percent, reaching beyond the 36,000 mark, up from 31,000.

Source: Arabian Business

This year, investments from the UAE abroad have surged to an impressive $2.5 trillion, contributing significantly to the nation’s economic growth, as stated by Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC).

The UAE has firmly established itself as a key player in global and regional foreign direct investment. Al Jarwan suggests that the collective value of Emirati investments overseas, spanning both public and private sectors, has reached the $2.5 trillion mark as of early 2024.

These developments coincide with the UAE’s investments in Egypt, which are playing a pivotal role in revitalizing the economy and ushering in transformative changes.

According to Al Jarwan’s projections, the UAE’s total investment in Egypt is anticipated to soar to approximately $65 billion upon the completion of the Ras Al Hekma project.

Emphasizing the UAE’s prominent role as an investor in Egypt, Al Jarwan notes the presence of around 2,000 Emirati companies operating across diverse sectors such as telecommunications, real estate, oil and gas, agriculture, among others.

Furthermore, Al Jarwan underscores the global significance of UAE investments, citing factors such as confidence in UAE leadership and the professionalism of investors. He mentioned operating in 90 countries and expressed expectations for interest in investments from countries like India, Indonesia, ASEAN nations, Egypt, Morocco, and others, including certain European countries and Turkiye.

Source: Arabian Business

To honor the end of Ramadan, people usually invite each other to Iftar and Suhoor, and most likely those invitations cannot be rejected. This year, Object 1 is keeping up with this tradition, and we have brought together our friends and colleagues for an incredible dinner! 

You can experience the wonderful atmosphere of the evening by watching the video.

During Ramadan, Muslims observe dietary restrictions, refraining from eating or drinking from dawn until sunset. They are also encouraged to control their emotions and avoid conflicts.

The meal that marks the end of the daily fast is called Iftar, which begins at sunset. It is only allowed after sunset to drink water and start eating. Later, closer to midnight, comes Suhoor, during which people also eat and may smoke hookah.

This year, the holy month of Ramadan began on March 10 for all Muslims and ended with the great holiday of Eid, which is always celebrated lavishly and during which all Muslims congratulate each other with gifts (chocolate, dates, etc.).

In the Dubai Real Estate Market Report for March 2024, the total property sale transactions surged by 10.2% compared to March 2023, with increases noted in both ready and off-plan segments. Let’s delve into the numbers! 

1. Total Property Sale Transactions

ALL (off-plan and ready): 13,394

Up 10.2% vs. March-2023

READY: 5,642

Up 9.9%  vs. March-2023

OFF-PLAN: 7,752

Up 10.4% vs. March-2023

OFF-PLAN Apartments: 6,689

Up 21.2% vs. March-2023

2. Total Sales Value

ALL (off-plan and ready): AED 36.6B

Up 7.4% vs. March-2023

READY: 20.2B

Up 6%  vs. March-2023

OFF-PLAN: AED 16.4B

Up 9.1% vs. March-2023

OFF-PLAN Apartments: AED 12.8B

3. Top 5 Areas in Demand for Off-Plan & Ready Property:

Al Barsha South Fourth

Business Bay

Dubai Marina

MBR City

Zaabeel First

4. Average Rental Property Prices

Apartments: AED 72.2K

Up 20.3% vs. March, 2023

Villas: AED 165K

Up 13% vs. March, 2023

Commercial: AED 55.1K

Up 43.5% vs. March, 2023

5. Average Property Price

Off-Plan Apartment: AED 1.2M

Down 2.2% vs. March, 2023

Ready Apartment: AED 1.1M

Up 7.6%  vs. March, 2023

*All data is provided by dxbinteract