403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
market comment on behalf of Michael Gelpke, CEO at Aymara International Fund
(MENAFN- Your Mind Media ) 31st July 2024
The UAE real estate market continues to demonstrate remarkable resilience and growth in 2024, with significant developments across residential and commercial sectors. Recent financial results and strategic moves by major players highlight the sector's dynamism and ability to attract local and international investors.
The second quarter of 2024 has seen impressive financial results from key players in the UAE’s real estate sector. Aldar Properties, a major Abu Dhabi-based developer, reported a 57% surge in net profit to AED 3.3 billion for the first half of 2024. This substantial growth is attributed to robust demand and successful project execution. The company's revenue soared by 73% to AED 10.9 billion, indicating strong sales momentum.
Similarly, Deyaar Development PJSC, a prominent Dubai-based real estate developer, achieved impressive results in the first half of 2024. The company reported a net profit before tax of AED 202.6 million, marking a significant 71% increase year-on-year. This growth was driven by strong property sales and improved performance across various business segments.
Adding to the positive momentum, Drake and Scull International (DSI), the Dubai-based contractor, has achieved a remarkable financial turnaround in Q2 2024. The company reported a net profit of AED 3.79 billion compared to an AED 43.4 million loss in Q2 2023. This dramatic shift is primarily attributed to the successful completion of its financial restructuring.
Dubai's real estate market has shown exceptional vigor in 2024, with robust growth across residential and commercial sectors. The second quarter witnessed an 11.5% surge in residential sales transactions and a 2.7% increase in rental values. The previous week saw 4,000+ property transactions totaling north of AED 10 billion, underscoring the market's strength.
Major players in the UAE’s real estate market are making strategic moves to capitalize on various market segments. Abu Dhabi-based Aldar Properties’ investments in Dubai's office sector reflect confidence in the emirate's commercial real estate growth. This move aligns with the broader trend of increasing demand for office spaces in the UAE. Concurrently, Dubai-based Unique Properties is expanding its focus to include the city's thriving secondary market, catering to the demand for ready properties among investors and end-users.
The UAE real estate market continues to attract significant international interest. Notably, overseas and expat buyers drove 79% of Aldar's UAE sales, totaling AED 10.2 billion. As the market continues to evolve, it will undoubtedly play a pivotal role in shaping the country's economic landscape and reinforcing its position as a global real estate powerhouse.
The UAE real estate market continues to demonstrate remarkable resilience and growth in 2024, with significant developments across residential and commercial sectors. Recent financial results and strategic moves by major players highlight the sector's dynamism and ability to attract local and international investors.
The second quarter of 2024 has seen impressive financial results from key players in the UAE’s real estate sector. Aldar Properties, a major Abu Dhabi-based developer, reported a 57% surge in net profit to AED 3.3 billion for the first half of 2024. This substantial growth is attributed to robust demand and successful project execution. The company's revenue soared by 73% to AED 10.9 billion, indicating strong sales momentum.
Similarly, Deyaar Development PJSC, a prominent Dubai-based real estate developer, achieved impressive results in the first half of 2024. The company reported a net profit before tax of AED 202.6 million, marking a significant 71% increase year-on-year. This growth was driven by strong property sales and improved performance across various business segments.
Adding to the positive momentum, Drake and Scull International (DSI), the Dubai-based contractor, has achieved a remarkable financial turnaround in Q2 2024. The company reported a net profit of AED 3.79 billion compared to an AED 43.4 million loss in Q2 2023. This dramatic shift is primarily attributed to the successful completion of its financial restructuring.
Dubai's real estate market has shown exceptional vigor in 2024, with robust growth across residential and commercial sectors. The second quarter witnessed an 11.5% surge in residential sales transactions and a 2.7% increase in rental values. The previous week saw 4,000+ property transactions totaling north of AED 10 billion, underscoring the market's strength.
Major players in the UAE’s real estate market are making strategic moves to capitalize on various market segments. Abu Dhabi-based Aldar Properties’ investments in Dubai's office sector reflect confidence in the emirate's commercial real estate growth. This move aligns with the broader trend of increasing demand for office spaces in the UAE. Concurrently, Dubai-based Unique Properties is expanding its focus to include the city's thriving secondary market, catering to the demand for ready properties among investors and end-users.
The UAE real estate market continues to attract significant international interest. Notably, overseas and expat buyers drove 79% of Aldar's UAE sales, totaling AED 10.2 billion. As the market continues to evolve, it will undoubtedly play a pivotal role in shaping the country's economic landscape and reinforcing its position as a global real estate powerhouse.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment