VIDEO: Full Recap of the Real Estate Giants Roundtable
CBNME conducted its third Real Estate Giants roundtable at Jumeirah Emirates Towers. We spoke to Atif Rahman – ORO24 Developments, Amira Sajwani – DAMAC Properties; Raja Alameddine – Lootah Real Estate Development; Madhav Dhar – ZaZEN Properties on a variety of topics. The real estate market has seen a exponential boom since the start of Expo 2020.
According to JLL, over 40,000 expected residential units will be handed over by the end of 2022, showcasing the emirate’s strong and resilient sector, especially with how it was able to bounce back from the pandemic two years ago.
The number of Dubai residential units in total, including apartments and villas, has been reported to be at a total of 657,000 on March 31st, 2022 with the expected delivery of 42,000 additional residential units by the end of the year.
The supply of completed residential units is based on quarterly surveys of the entire Abu Dhabi and Dubai metropolitan areas that reflect units that have been handed over for immediate occupation, with the expectation for the year ahead being another successful one with continuous increase in demand, transaction volume and new project launches.
Property Finder also reported that following the conclusion of Expo 2020, 6,983 real estate sales transactions worth AED 18.2 billion were recorded in April, the highest ever for the month since 2009.
Secondary market sales transactions, comprising 60% of the total, constituted 4,212 transactions worth AED 12.86 billion, while off-plan properties, comprising the remaining 40%, constituted 2,771 properties worth a total of AED 5.33 billion.
Compared to April 2021, April 2022 witnessed 45.48% more transactions, resulting in a 66.62% spike in value. This is broken down into a 46.2% increase in the secondary volume and a 63.86% increase in value, as well as a 44% increase in off-plan sales transactions and a 73.68% increase in value.
As a result of the growing market Jochebed Menon and Kasun Illankoon sat down sat down with leading real estate developers to discuss real estate trends, sustainability practices both in construction sites and within their own organizations, and the rise of the affordable luxury market in the UAE.