In a groundbreaking collaboration, Six Senses and Dubai’s esteemed real estate developer Select Group proudly have unveiled: Six Senses Residences Dubai Marina.

This iconic project is set to redefine luxury living standards, elevating holistic well-being to new heights within the city’s skyline.

Standing tall at an awe-inspiring 517 meters across 122 stories, Six Senses Residences Dubai Marina will claim its place as the tallest residential tower worldwide upon its completion.

Rooted in Six Senses’ renowned wellness ethos, the development integrates wellness into every aspect of its design, promising residents a lifestyle prioritising sustainability, well-being, and happiness.

Comprising 251 residences, including two- to four-bedroom deluxe options, half-floor penthouses, as well as duplex and triplex Sky Mansions, each abode is meticulously crafted to offer bespoke features tailored for personal wellness.

From personalised wellness wardrobes to a comprehensive range of amenities promoting residential health.

The array of amenities is as impressive as it is comprehensive, featuring fitness facilities, an infinity pool, ice baths, a salt room, sound healing rooms, massage suites, indoor and outdoor cinemas, and a cutting-edge longevity clinic offering services aimed at enhancing revitalisation.

The tower boasts a breathtaking “Skydeck” on the 109th floor, providing landscaped social spaces for residents to savour.

Rahail Aslam, CEO of Select Group, affirms the project’s commitment to redefining luxury living, with an unwavering focus on residents’ holistic well-being.

Drawing from the success of their previous collaboration on the award-winning Six Senses Residences The Palm, Dubai, this partnership marks Six Senses’ inaugural standalone residential development, setting a new standard for opulent living experiences.

Guided by architectural firms WSP Middle East and Woods Bagot, with interiors curated by Mitchell & Eades, and health and wellness design strategies by Energy & Space, Six Senses Residences Dubai Marina is poised to set a new benchmark in architectural innovation and residential wellness.

Currently, at 25 percent completion, the project is slated for handover in 2028, promising to redefine Dubai’s skyline while offering residents an unparalleled lifestyle experience centred on holistic well-being.

Dubai Property Post

Dubai is the world’s most profitable location for Airbnb property owners.

Dubai’s real estate landscape is experiencing a seismic shift with Airbnb properties emerging as lucrative investment avenues. Over the past three years, the emirate has witnessed a doubling of Airbnb listings, indicating a burgeoning trend gaining traction among property owners.

There are nearly 25,000 active Airbnb listings in Dubai, marking an increase of over 11,000 from 2021. These listings boast an average annual occupancy rate of 56 percent, primarily concentrated in prime tourist destinations such as Dubai Marina, Jumeirah Beach Residence, Downtown Dubai, and Business Bay.

Dean Charter, co-founder of Paragon Properties, notes the significance of this trend, stating, “Dubai’s evolution as the world’s most profitable location for Airbnb landlords underscores its burgeoning stature in the global real estate market.”

According to the Dubai-based real estate consultancy, Airbnb landlords in Dubai can expect an average profit margin of approximately Dh3,500 ($1,000) per unit each month, making it an attractive proposition for investors. “The potential for substantial returns has propelled many investors to build extensive portfolios comprising tens of properties,” adds Charter.

In 2022, Dubai was hailed as the most profitable Airbnb location globally, with landlords in prime areas such as Downtown commanding an average nightly rate of £930 ($1,150). This accolade underscores Dubai’s emergence as a magnet for investors seeking lucrative short-term rental opportunities.

Dubai’s Airbnb market caters to operators of all scales, ranging from established giants like Frank Porter, managing over 700 properties, to newcomers such as Redeet Negate, who has swiftly amassed a portfolio of 24 listings since June. Negate’s ambitious goal of expanding his portfolio to 100 properties reflects the market’s allure and potential for growth.

All Systems Grow

Charter reflects on the industry’s trajectory. “The exponential growth of Dubai’s short-term rental market is a testament to its resilience and appeal to investors worldwide. The market’s evolution aligns with Dubai’s status as a premier global tourist destination.”

As the market matures, new trends are emerging, with operators diversifying their offerings to cater to evolving consumer preferences. There’s a noticeable shift towards longer-term rentals and larger units to accommodate group travelers, indicative of Dubai’s evolving tourism landscape.

Social media has emerged as a pivotal marketing tool for Airbnb operators, providing a platform to showcase their properties and share insights into their businesses. Operators like Redeet Negate openly share revenue and occupancy data, offering transparency and fostering community engagement.

Looking ahead, Dubai’s Airbnb market is poised for continued growth, albeit at a more moderate pace.

Airbnb Balance

Industry experts anticipate a stabilization phase in the coming years, mirroring trends observed in established global markets like London and Paris. Nonetheless, Dubai’s appeal as a tourist hotspot remains undiminished, ensuring sustained demand for short-term rental accommodations.

Charter concludes: “Dubai’s Airbnb market is on an upward trajectory, fueled by evolving consumer preferences and a robust regulatory framework. As the market matures, it presents a wealth of opportunities for investors to capitalize on Dubai’s status as a global tourism hub.”

Dubai Property Post

Dubai Land Department (DLD), through its Real Estate Regulatory Agency (RERA), has forged strategic partnerships with Property Finder, Bayut Web Publishing, and Dubizzle to elevate local talent and promote awareness within Dubai’s real estate sector.

These collaborations are aimed at fostering an exceptional training environment to enhance service efficiency, elevate customer satisfaction, and drive advancements in line with industry best practices and standards.

The signing ceremonies of these agreements were held alongside the ‘Tamkeen Real Estate Workshop’ organised by DLD on March 4.

The event saw the participation of key figures, including Marwan bin Ghalita, Acting Director General of Dubai Land Department, representatives from various organisations such as the Emirati Human Resources Development Council – Dubai, and real estate companies like Property Finder, Bayut Web Publishing, and Dubizzle.

Empowering citizens stands as a paramount objective for DLD, as emphasised by Marwan bin Ghalita.

The initiative aligns with the directives outlined in Dubai’s Social Agenda 33 and Economic Agenda D33, aiming to integrate Emiratis and enhance their participation in the private sector.

“Our partnership with these leading entities underscores our commitment to providing citizens with specialised training and development opportunities,” said Marwan bin Ghalita.

“This initiative aims to enhance their capabilities and equip them with the necessary skills for effective participation in comprehensive and sustainable development.”

The collaborations seek to cultivate citizen competencies within the real estate sector and propel them towards excellence.

Under these agreements, newly licensed citizens working as real estate agents will enjoy the privilege of promoting their properties for free during the first year through platforms such as Property Finder, Bayut, and Dubizzle.

Additionally, the partnerships entail raising awareness among real estate investors, property owners, and stakeholders through comprehensive awareness plans and knowledge dissemination initiatives.

Cherif Sleiman, Chief Revenue Officer at Property Finder, expressed pride in the partnership with RERA, highlighting the platform’s commitment to serving as a launchpad for new UAE national agents.

“Property Finder aims to nurture the talent of UAE nationals and provide support as they develop their careers in the real estate sector,” remarked Sleiman.

Haider Khan, CEO of Bayut and Dubizzle, echoed the sentiment, stating, “We are delighted to initiate this partnership with Dubai Land Department, demonstrating our commitment to empowering and encouraging Emiratis to actively engage in the dynamic real estate sector.”

Khan emphasized the significance of creating meaningful opportunities for local talent through comprehensive training programs offered by Bayut Academy and exclusive startup packages.

As per the agreements, specialized training programs will be devised to bolster localisation endeavours, facilitating citizens’ employment or entrepreneurship ventures. This includes organizing seminars, workshops, and real estate conferences to address pertinent issues and highlight the sector’s current landscape.

The partnerships aim to advance smart and digital services within Dubai’s real estate sector, aligning with the Emirate’s vision for technological advancement and innovation.

Dubai’s Real Estate Regulatory Authority (RERA) has initiated a sweeping overhaul to tackle deceptive online property advertisements, marking a pivotal moment in the city’s real estate arena.

Under the latest directives, RERA aims to slash property sales ads by up to 40 percent across various real estate platforms.

This crackdown targets the rampant misuse of developers’ No Objection Certificates, often exploited by agents to inundate digital platforms with individual property listings, leading to an overcrowded marketplace fraught with misinformation.

The move has garnered a positive reception from industry stakeholders, who lauded the new regulations for bolstering buyer confidence and solidifying the UAE’s commitment to upholding ethical business standards, a facet that had been overlooked in the past.

Central to RERA’s strategy is the introduction of digital form A, the official advertising permit for rental properties. This innovative measure is poised to eliminate 50 percent of current online property rental ads, aligning with RERA’s overarching objective of enhancing transparency and authenticity in property listings and facilitating more informed decisions for stakeholders including buyers, sellers, and tenants.

The anticipated decline in property advertisements is expected to yield several immediate impacts. Firstly, stakeholders can anticipate streamlined decision-making processes, unencumbered by the proliferation of misleading ads. Secondly, the reduced listings could expedite transaction times, potentially leading to an uptick in prices as demand outstrips supply.

RERA’s unequivocal stance mandates that every online property ad accurately represents the promoted real estate, encompassing specifications and pricing. This approach is not only aimed at safeguarding consumers but also at fostering a more transparent and trustworthy market environment conducive to sustainable growth.

Despite the imposition of stringent regulations, certain real estate agents and portals have persisted in adopting creative interpretations of RERA’s advertising guidelines, inadvertently perpetuating a complex landscape of responsibilities among market participants.

The ramifications of tolerating numerous unreliable property listings are multifaceted and profound:

Portals risk reputational damage due to inaccuracies and unavailable listings, which can distort market perceptions and undermine compliance with RERA regulations.

Developers may face discrepancies between listed and actual property valuations, potentially eroding trust among investors.

Legitimate listings from reputable real estate companies may find themselves overshadowed by non-compliant listings, leading to diminished market visibility.

Investors could encounter heightened competition from undercutting or misrepresented listings, posing challenges in identifying genuine investment opportunities. Compliant real estate agents may find themselves at a disadvantage compared to those adopting a more lax approach, potentially impacting their market competitiveness.

Market statistics and performance indicators risk being skewed by inaccurate listings, complicating the assessment of absorption rates and genuine market trends.

Accurate reflection of market dynamics, such as absorption rates and property turnover, becomes increasingly challenging amidst a sea of misleading listings.

In response to these concerns, Dubai’s real estate brokers have been directed by the Dubai Land Department to promptly remove any listings that are no longer available for sale or rent from digital platforms, within a three-day deadline from February 15, 2024.

A recent survey conducted by Khaleej Times unveiled that 21.5 percent of respondents were enticed by advertisements for homes that were either sold or unavailable, with an additional 32.4 percent expressing dissatisfaction with discrepancies between advertised and actual properties.

Dubai’s regulatory authority recently imposed fines of Dh50,000 on 30 real estate companies for breaching advertising terms and conditions, underscoring the commitment to market transparency amidst unprecedented post-pandemic expansion.

In the UAE, numerous websites facilitate real estate transactions.

Notably, Dubai witnessed real estate transactions totalling Dh634 billion in 2023, representing a nearly 17 percent surge from the previous year, with approximately 71,000 investors venturing into the market for the first time, a testament to the enduring allure and resilience of Dubai’s real estate sector amidst global economic shifts.

Dubai Property Post

Chinese buyers are driving Dubai’s property market, positioning the city as a premier destination for affluent individuals, states Knight Frank. The property consultancy forecasts that, in the long term, Dubai will join the ranks of top financial hubs like New York, London, and Singapore.

Knight Frank anticipates growth in Dubai’s office and residential property segments in the coming year due to robust demand and limited supply. Faisal Durrani, Partner and Head of Research for the Middle East and North Africa at Knight Frank, noted that Dubai has reached a pivotal moment.

Instead of competing for recognition, the city is now standing shoulder to shoulder with established global hubs, attracting the world’s wealthy.

Durrani, in an interview with the South China Morning Post, highlighted Dubai’s exceptional transport infrastructure, global connectivity, and forward-thinking leadership as factors propelling its global reputation. The city’s allure is evident in the consistent demand from international high-net-worth individuals seeking second homes or considering relocation to Dubai.

Paragon Properties CFO Angelo Kazantzas stressed that while Chinese buyers were growing a new market, Dubai’s real estate has long been targeted by global investors, with the number of prospective Russian and European property owners increasing rapidly in recent years, adding to the high number of existing Indian buyers.

“Dubai has always attracted foreign investment because of the favourable market conditions and highly profitable real estate sector. It comes as no surprise that savvy Chinese buyers are increasingly joining the race for the world’s most attractive property deals, in Dubai,” said Kazantzas.

The trend of Chinese buyers influencing Dubai’s property market underscores the city’s growing prominence as a global financial and lifestyle hub.

The anticipation is that Dubai’s property market will continue its upward trajectory, making it a significant player in the international real estate landscape.

Dubai Property Post

The market for ultra-luxury homes in Dubai has experienced a remarkable surge, with the sale of residences priced at £18 million (Dh92 million) or more doubling to 56 last year. A reduced inventory of available homes drove this substantial increase compared to the previous year.

Data from Knight Frank revealed that the total value of transactions for properties exceeding £18 million (Dh85 million) reached £1.7 billion (Dh8.4 billion) in 2023, showcasing a persistent demand for the ultra-luxury property segment.

In a report released last week, the property consultancy highlighted that the total number of homes sold in Dubai for £8 million (US$10 million) or more witnessed a remarkable 92.4% increase, totalling 431 transactions in 2023.

The overall value of sales above the £8 million price point grew by 91%, reaching £6.2 billion last year, with a notable 28% of this figure achieved in the fourth quarter alone.

Faisal Durrani, Partner – Head of Research, Mena, at Knight Frank commented, “Dubai has reaffirmed its status as the world’s most active £8 million-plus homes market. The substantial demand from international buyers for Dubai’s most luxurious homes is also evident as city-wide listings above £8 million decreased by 8.9% last year. Developers are racing to keep up with the emirate’s rapid ascent as one of the most sought-after luxury second-home markets globally.”

Further analysis from Knight Frank indicated that during the first nine months of 2023, Dubai outpaced its nearest competitor, New York, selling more than twice as many homes priced over £8 million – 323 in Dubai compared to 159 in New York.

The £8 million+ residential property market in Dubai also outperformed other global cities, with sales totalling £4.3 billion between Q1 and Q3 2023, nearly double the level of London, which came in second at £2.4 billion.

The Palm Jumeirah retained its position as the central hub for luxury home sales in Dubai, accounting for 38.5% of homes sold for more than £8 million in 2023 (166 deals) and 39.2% (22 deals) of sales exceeding £18 million.

Will McKintosh, Regional Partner and Head of Residential for Mena at Knight Frank, noted that Palm Jumeirah’s appeal was now universal, and said the island had “well and truly cemented its status as one of the most desirable addresses globally”.

Palm Jumeirah witnessed a 9.5% decrease in available homes for sale in 2023 compared to 2022, reflecting the prevalent buy-to-stay and buy-to-hold mindset among purchasers.

The island’s central location in New Dubai and recently achieved prestigious Blue Flag status further enhances its allure among the world’s elite seeking immediate access to the vibrant ‘Dubai life’.

Close behind the Palm Jumeirah for the total number of homes sold for more than £8 million in 2023 are Jumeirah Bay Island (47 sales) and the recently launched Palm Jebel Ali (36 transactions).

Dubai Property Post

Dubai is the top choice for expats seeking to relocate abroad, surpassing popular cities like New York, Miami, and Paris, according to research conducted by financial services firm Remitly.

The study, based on a 12-month analysis of Google search data for “move to city” phrases in 164 countries, consistently positioned Dubai as the most sought-after destination.

Renowned for its ultramodern architecture, vibrant nightlife, year-round sunshine, and abundant employment opportunities, Dubai has gained global recognition as an exceptionally desirable place to live. The city witnessed a substantial population increase of nearly 100,000 between 2022 and 2023.

With its diverse community and ease of making friends from various parts of the world, Dubai appears to be an ideal relocation destination for those seeking a fresh start in a new city.

Despite the challenges associated with moving, news of the city’s supportive services, expat-friendly laws, and tax-free salaries have contributed to its attractiveness.

The research indicated an active interest in moving to Dubai from residents in 37 out of 50 US states and seven out of 10 Canadian provinces. Miami secured the second position, with Paris coming in third.

The top ten cities people express a desire to move to are:

1. Dubai
2. Miami
3. Paris
4. New York City
5. Madrid
6. Singapore
7. London
8. Brussels
9. Toronto
10. Washington DC, Buenos Aires, Christchurch, Quebec City, Bogota, Portland, Vienna, Phoenix, Chicago.

Expats’ Choice

Dubai’s recognition as the world’s greatest city in 2021, attributed to its remarkable innovations, unique world records, and exceptional entertainment options, has further contributed to its appeal.

Dubai has previously been acknowledged as an extremely secure location to live in, with the cities of Ajman and Sharjah in the United Arab Emirates also securing fourth and fifth places, respectively.

Dubai Property Post

Expo City Dubai has introduced its latest residential project, Sky Residences, a collection comprising one to three-bedroom apartments in the vibrant Expo Central communities.

Strategically located in Expo City, Sky Residences is one of three distinct apartment complexes, with a central position close to the city’s businesses, restaurants, and attractions, making it an ideal residence with a convenient and sustainable 15-minute commute for residents.

Following the success of Mangrove Residences, Expo Central’s second phase has been unveiled with Sky Residences. Priced from Dh1.79 million, these apartments with breathtaking views are set for handover in Q3 2026.

Ahmed Al Khatib, Chief Development and Delivery Officer at Expo City Dubai, emphasized:

“Sky Residences seamlessly combines convenience and eco-conscious living, establishing a thriving urban community committed to resident well-being and environmental preservation. This announcement is a significant stride in Expo City’s evolution into a sustainable city of the future.”

Al Khatib added: “Today’s announcement aligns with Dubai’s 2040 Urban Master Plan, solidifying Expo City’s status as a cornerstone contributing to the emirate’s ongoing development as a premier hub for global individuals and businesses.”

Situated near the Surreal water feature, Sky Residences integrates modern technology with a serene living environment. Lavish podium gardens, sky terraces, and a variety of city-wide transportation options ensure residents have convenient access to all corners of the city.

Expo City is rapidly emerging as a sought-after destination for both short-term tourists and long-term residents, functioning as a hub for business, innovation, culture, and entertainment.

It stands as the preferred location for major international events.

Mangrove Residences, a trio of towers with stunning views of Jubilee Park and Al Wasl Plaza, were unveiled last year, with units quickly selling out.

Dubai Property Post