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Last modified on 2nd October 2023. Dubai Real Estate Blog
By Ward Mohammad
2023 has seen a steady increase in the real estate market of Dubai with significant property price trends being observed on the portal throughout the first six months. As analyzed, the average sale price-per-square foot for affordable properties in Dubai recorded upticks of between 1% and 11%, while luxury segment prices in Dubai increased by up to 17%. This is a testament to the growing real estate market in Dubai, with consumer search trends firmly in favor of the emirate's villas and apartments in both the luxury and affordable segments.
The emirate of Dubai is famous for its mega worldwide-recognized real estate developments. An exceptional selection of outstanding property developers contributes to its global real estate household position. The memorable Burj Al Arab, the exquisite Palm Jumeirah, and the awe-inspiring Burj Khalifa – big projects like these are just a few samples of what Dubai's best real estate developers can create. For a better standpoint, here is a run-through of all Dubai's best real estate developers, along with an overview of Dubai's real estate market in 2023.
Importance of choosing a reputable real estate company
Finding a reputable real estate company is essential when it comes to making the best decisions regarding a property purchase. A reputable company will have a strong track record, an extensive network in the industry, and a commitment to providing excellent customer service. These qualities are invaluable when navigating the complex and often confusing process of buying or selling a home. By partnering with a reliable real estate company, you have access to valuable advice and resources that can help you make informed decisions. With the right real estate company, you can trust that the process will be handled with the utmost professionalism and that you will be fully supported throughout.
At Driven Properties, we have an extensive amount of experience in the real estate industry, with 13 years of knowledge and understanding of market trends in the UAE. Our strong network of potential buyers and sellers, industry professionals, and community connections provides our clients with a distinct advantage for their specific property needs.
We pride ourselves on delivering customized services to meet the individual requirements of our clients, whether they are buyers, seasoned investors, or vendors. We are committed to ethical practices and professionalism in all of our dealings, ensuring that our clients can trust the advice they receive and make confident decisions.
Emaar Properties has been constructing magic in the UAE's real estate industry since it was founded in 1997. As one of the most outstanding developers in the UAE, Emaar's interests vary throughout the hospitality, retail, residential, and commercial property development. In addition, Emaar has another foot across many overseas markets like the Middle East and North Africa, apart from the United Arab Emirates.
The Dubai homegrown giant developer is behind many world-recognized 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 biggest shopping malls worldwide. Also, Emaar created the first dedicated opera house in the UAE - Dubai Opera.
Likewise, the creation of The Dubai Fountain was masterminded by Emaar. This dancing fountain show is hugely favored by visitors, tourists, and residents.
Apart from resorts and hotels, Emaar's list of developments contains many residential communities like Emaar Beachfront apartments, Downtown Dubai, Dubai Marina, The Meadows, Arabian Ranches, The Lakes, The Springs, and The Greens.
Another Dubai-based holding company, Meraas, has established many projects in several sectors. Its work span includes real estate, retail, F&B, entertainment, hospitality, and healthcare. It was launched in 2007 and has created many popular projects since its launch. Names include City Walk, Boxpark, The Beach, The Outlet Village, and La Mer.
As one of the leading property developers in Dubai, Meraas also deserves mention for spearheading various residential developments in Dubai. These developments include Port de la Mer, a new island community found at Jumeirah's heart. Other significant developments by Meraas are Caesars Palace Bluewaters, Nikki Beach Resort and Spa, and Bvlgari Resort and Residences.
Next on the list is Dubai Properties, known for founding some of Dubai's most recognizable real estate spots. It is the property management and development unit of the Dubai Holding Group. Dubai Holding was founded in 2004 and has operations in over 13 countries. Its asset portfolio is estimated to be worth around AED 130 billion.
Dubai Properties' portfolio contains larger-than-life real estate developments such as Dubailand, JBR (Jumeirah Beach Residence), Business Bay, and others. The company's projects also include the freehold residential project Madinat Jumeirah Living and Marsa Al Arab, a luxurious tourism and waterfront hub in Jumeirah.
Coming up is Nshama, which is a Dubai-based private developer that was established in September 2014. Nshama Properties offers high-class developments in Dubai and has delivered various mega developments such as the luxurious Arabian Ranches, Nshama Town Square, and Zahra Townhouses.
They created a significant development in Town Square Dubai which features stylish homes surrounded by lush green spaces. Nshama takes green living to the next level. It will develop an outstanding community, designed with next-level technologies, and connect you online 24/7.
Nshama communities will empower creative living and entrepreneurship. For example, Town Square, launched by Nshama, will offer an array of amenities such as hotels, cafes, health centers, restaurants, play areas, educational institutes, and much more. In addition, the community malls will be the ideal place for friends and families to socialize and shop.
A properly-known developer known for its remarkable portfolio of luxury properties, Sobha Realty, has built a powerful status for quality. The multi-national entity, which also has a hand in Oman, Bahrain, Brunei, and India, was founded in 1976 by Indian entrepreneur PNC Menon.
The well-known developer in Dubai has some excellent projects in Meydan, including the highly-anticipated projects in Sobha Hartland.
Ellington Properties was established in 2014. This developer created its first project with Belgravia, a four-story tower in Jumeirah Village Circle. The organization has built brilliant homes and declared its target of creating 14 new communities in Dubai this year.
The new projects will include more than 2,200 private units, including townhouses, villas, and apartments. In addition, Ellington is forthcoming with three different properties, such as Belgravia II, a private structure involving 188 studios, and one, two, and three-room units in Jumeirah Village Circle.
Another upcoming Ellington Collection is DT 1, a 17-story private pinnacle offering 130 studios and 1 to 4-bedroom apartments in Downtown Dubai. At Palm Jumeirah, Ellington properties provide top-of-the-line extravagance villas.
Established in 2002, DAMAC Properties is a premier real estate developer that has rapidly risen in the ranks. Owned by billionaire Hussain Sajwani, the company creates both commercial and residential projects in a number of countries including Saudi Arabia, Oman, Lebanon, Jordan, and the United Kingdom.
So far, the company has constructed 26,000 homes and many more are at different stages of completion. A popular development is DAMAC Hills, a golf community with townhouses, villas, and apartments along with amenities and facilities. Other residential projects in Dubai include DAMAC Towers, Ghalia Constella, DAMAC Lagoons, and DAMAC Hills 2.
Nakheel is widely recognized as one of the most successful real estate developers in Dubai. The company is responsible for a vast array of projects in the city, ranging from leisure developments to residential and retail projects. One of its most renowned projects is the Palm Jumeirah, an artificial archipelago that extended Dubai's coastline by an impressive 300 kilometers.
Some of Nakheel's other residential projects are Discovery Gardens, Jebel Ali Village, The Gardens, Nad Al Sheba Villas, and International City. Its popular retail projects include Nakheel Mall, The Pointe, Dragon Mart, Dragon Mart 2, Ibn Battuta Mall, and Golden Mile Galleria.
Meydan is a prominent developer known for their work in creating the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum.
The Mohammed Bin Rashid City is a highly sought-after project, from residential areas such as District 1 with luxurious villas to the Lagoons in MBR city. Meydan's distinct quality is present in many of the projects they have undertaken in the city.
Omniyat has established itself as a leader in the real estate industry in Dubai, and this is especially evident with its iconic projects. The Opus is a cube-shaped structure located in the Burj Khalifa district with an amorphous hole in the center. Inside, the building was designed by the late Zaha Hadid with mirrored glass, and it contains a hotel, serviced apartments, restaurants, and offices.
The Pad is a high-rise residential building that leans at 6.5°, and other noteworthy developments by Omniyat include The Residences, The Binary, and Bayswater Tower. All of these projects demonstrate the company's success in becoming one of the top real estate developers in Dubai.
Kianoush & Lina - The dynamic duo at Driven Properties
Kianoush Darban was raised in Newcastle, UK, and started his dream job in Real Estate in the UK's largest Real Estate agency. In 2014 he moved to Dubai to continue doing Real Estate, his main passion. After only 2 years, in 2016 and 2017, he became the top sales agent of the year at Driven Properties. Since then, he has maintained his position as one of the top 3 sales agents within the company, with proven records and many satisfied clients. He specializes in Bvlgari Residences, City Walk, Dubai Marina, Palm Jumeirah, and other luxury projects in Dubai.
Kianoush accomplished his 15 years in the real estate industry. Earlier this year, he made headlines as a broker behind the transaction of the most expensive penthouse in Dubai. He has done exceptionally well in terms of performance activity and sales value. In addition, Kianoush continues to showcase an incredible level of expertise in the ultra-high-net-worth market, as well as institutional know-how and knowledge to assist the clients in that market.
Seizing the golden opportunity to sell high-value properties to the highest bidders in Dubai, Lina Allaoa and Kianoush Darban at Driven Properties have managed to sell over two billion worth of property this year alone. One of their sales was the most expensive townhouse in the UAE, which was recently sold for an incredible AED 35.5 million.
Not only did they sell the most expensive townhouse in the UAE, but they also sold an apartment in the Bulgari Resort and Residences, which fetched the highest price per square foot ever recorded at AED 12,624 per square foot.
Lina Allaoua is a sales director at Driven Properties who joined in 2015. Her work provides clients with advice and consultation on choosing the right property for them and providing options that match their requirements. With her long experience in the Dubai real estate market, close eye on the market updates, and thorough knowledge of the client's requirements and needs, Lina guarantees to seal the perfect deal every time.
The real estate sector is changing rapidly and it can be difficult to predict future trends. In the UAE, the estimated real GDP growth for 2023 is 3.9%. Dubai is in a unique position, as the economy is diversifying and new policies are promoting foreign investments. Recent trends include an increase in ownership, shifts in consumer preferences, and a desire for returns as opposed to prices.
Property Finder data suggests that tenants are more likely to buy than rent, and are looking for properties with a range of amenities such as bigger spaces, more bedrooms, outdoor areas, and waterfront locations. These previously overlooked areas are now becoming popular.
The information revealed that despite an increase in costs, ROI on both owned and rented properties, such as apartments and villas, has been consistently increasing. Furthermore, the mortgage market also did better than anticipated and grew by 19% in the first quarter of 2023 compared to the same period of the previous year.
Customers are becoming increasingly knowledgeable and tech-savvy. They also require more personalized solutions that are innovative. This trend is expected to continue, with the demands of individuals being influenced by sustainability and technology. People are leading busier lives, so easy access to digital resources is essential.
Organizations that recognize and act on this shift now will have a competitive advantage in the future. Real estate professionals must incorporate digital transformation and AI into their operations in order to remain relevant and reach their target audiences.
Staying ahead of the game in the competitive Dubai real estate landscape requires sustainability, the integration of technology, and the ability to meet the ever-changing needs of buyers. To achieve this, having a culture that encourages high performance, collaboration, and unity is vital for companies in this day and age.
Emaar Properties, Meraas, Dubai Properties, Nshama, Sobha Group, Ellington Properties, Damac Properties, Nakheel Properties, Meydan, And Omniyat are some of the top real estate companies in Dubai. Each of them has its own focus and offers unique opportunities for investors. They offer a range of services such as property development, property management, property consultancy, and more. Investing in Dubai's real estate market is a great way to make money. To stay informed and updated with the latest news and developments, stay tuned to Driven Properties Blog. By doing so, you can make informed decisions when investing in Dubai's real estate market.
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