Dubai Real Estate Sector Achieves AED 13.36 Billion in Transactions Last Week

The Dubai real estate sector has demonstrated remarkable resilience and growth, recording over AED 13.36 billion ($3.6 billion) in transactions last week, as reported by the Land Department. This impressive figure reflects the ongoing demand for properties in the emirate, showcasing its appeal as a prime investment destination.

Sales Transactions Surge

Sales transactions were particularly noteworthy, contributing a substantial AED 10.01 billion ($2.7 billion) to the overall total. Between September 16 and September 20, the market witnessed a flurry of activity, with 4,243 sales transactions recorded. This surge underscores the strong interest from both local and international investors in Dubai’s dynamic real estate market.

Highlights of Top Sales

Among the most significant sales transactions during this period were several high-value properties that highlight the luxury appeal of Dubai real estate:

  • Six Senses Residences: An apartment in this exclusive development located in Dubai Marina sold for an astonishing AED 99 million ($27 million), reinforcing the demand for luxury living in this sought-after area.
  • Baccarat Residence: Situated in the iconic Burj Khalifa, an apartment here was sold for AED 34.3 million ($9.3 million). This transaction emphasizes the allure of living in one of the world’s most famous skyscrapers.
  • Como Residences: An apartment in the prestigious Como Residences on Palm Jumeirah changed hands for AED 22.6 million ($6.1 million), further illustrating the high demand for waterfront properties in Dubai.

Mortgage Deals and Market Outlook

In addition to the impressive sales figures, the Land Department reported mortgage transactions valued at AED 2.68 billion ($730 million) last week. This activity indicates a healthy lending environment and reflects the confidence that buyers and investors have in the market’s stability and growth potential.

The strong performance of the real estate sector is expected to continue, fueled by Dubai’s strategic initiatives to attract foreign investment, its robust economic growth, and a growing population. As the emirate positions itself as a global business hub and tourist destination, the demand for residential and commercial properties is likely to remain strong.

Conclusion

Overall, last week’s performance underscores Dubai’s status as a leading player in the global real estate market. With its diverse range of properties, from luxury apartments to high-end residences, Dubai continues to captivate buyers and investors, making it a focal point for real estate activity in the region. As the market evolves, stakeholders will be keen to monitor trends and developments that shape the future of Dubai’s vibrant real estate landscape.

 

Nakheel Awards AED 1.8 Billion Contract to ALEC for Como Residences on Palm Jumeirah

Nakheel, a member of Dubai Holding Real Estate, has awarded a contract worth AED 1.8 billion to ALEC Engineering & Contracting LLC for the construction of Como Residences on Palm Jumeirah. Known for its expertise in high-value projects, ALEC is set to deliver this exclusive residential tower.

Scheduled for completion in Q2 2028, the 75-storey tower will soar over 300 meters and feature just 81 luxurious residences. Options will range from two- to seven-bedroom apartments, including a spacious duplex penthouse. Each floor will house a maximum of two apartments, ensuring a private lifestyle for residents, with access-controlled elevators leading to exclusive lobbies. This unique design guarantees that each apartment offers stunning 180-degree views of the sea and skyline, while residences on levels 23 and above will enjoy breathtaking 360-degree views from Jumeirah’s Burj Al Arab to Ain Dubai.

Khalid Al Malik, CEO of Dubai Holding Real Estate, commented, “Como Residences builds on Nakheel’s proud legacy of delivering iconic projects that transform Dubai’s skyline. This development is not just another residential project; it represents Dubai’s ambition and sets a new standard for waterfront luxury.”

Inspired by the sea, Como Residences features an architectural design with sinuous lines that reflect the patterns of seashells, harmonizing with the natural beauty of its surroundings. A standout feature will be its series of elevated private sandy beaches and communal pools, allowing residents to connect with the serene coastal environment.

Inside, the residences will showcase high-end finishes and contemporary designs. Residents will also benefit from a rooftop infinity pool and observation deck on the 75th floor, offering panoramic views of the Dubai skyline and the Arabian Gulf. Additional amenities will include private parking, an on-site spa, a fully equipped gym with spectacular views, green spaces, and children’s play areas. The entrance and main lobby will be architecturally unique, complete with valet and concierge services.

Barry Lewis, CEO of ALEC Engineering & Contracting, stated, “Como Residences promises to be the pinnacle of urban living with curated amenities and opulent finishes. We are honored that Dubai Holding Real Estate has entrusted us with this iconic project, and I am confident we will deliver a tower that elevates Dubai’s renowned skyline even further.”

MGM Resorts to Launch “Dubai Sphere” like Vegas

A new landmark is coming to Dubai with MGM Resorts building its own version of the iconic “Sphere,” similar to the Las Vegas Sphere but with a unique twist. MGM’s CEO and President, Bill Hornbuckle, revealed that the “Dubai Sphere” will be just as mesmerizing as the one in Las Vegas, though on a slightly smaller scale, as part of a larger $2 billion project that includes three renowned MGM brands: MGM, Bellagio, and Aria.

The Dubai Sphere, long in the works, is set to be a transformative addition to the city’s skyline, offering futuristic entertainment while reflecting Dubai’s remarkable journey as a global city.

The Vision Behind the Sphere

The project has been in development since 2017, with initial approval granted by Dubai’s ruler. However, construction only gained momentum this year after the contract was awarded. Positioned at the heart of a complex featuring MGM Resorts’ three flagship brands, the sphere will serve as an entertainment hub, similar to its Las Vegas counterpart.

Hornbuckle, speaking at the Skift Global Forum, said, “[In Dubai], there will be three properties sitting on a large podium and in the middle of it is a sphere. Not as big as the sphere in Las Vegas by any stretch but equally compelling. It has 300 seats with a mini showroom and the visual things you’d obviously do inside a sphere.”

This Dubai version will not replicate the massive scale of the Las Vegas Sphere, which seats 18,600 people and stands 112 meters tall, but it will deliver an intimate, high-tech experience. The Dubai Sphere will rise to 110 meters and be part of an entertainment tower, offering 3D light and sound shows to around 300 guests at a time. These experiences will visually narrate Dubai’s rise from a desert town to a world-class metropolis, an evolution Hornbuckle referred to as “Las Vegas on steroids.”

“When I first visited Dubai,” Hornbuckle shared, “I thought, this is a city that’s taken the best of what Las Vegas has to offer and amplified it.” He marveled at the speed of Dubai’s growth, adding, “In 1985, it was mostly desert, and now 35 years later, it’s this megatropolis with three million people. We’re going to tell that story.”

Independent of Sphere Entertainment

While the Las Vegas Sphere was developed by Sphere Entertainment, the Dubai Sphere is an entirely separate venture. MGM Resorts is spearheading the project independently, although Hornbuckle hinted that they may consider future partnerships. He emphasized that the Dubai Sphere is designed to stand on its own, catering to a more intimate audience compared to the Vegas venue.

The future of the Dubai Sphere may also hold surprises. Hornbuckle said, “Right now, we’re building a non-gaming venue. But that doesn’t mean it will stay that way.” He indicated that as Dubai’s cultural landscape evolves, there may be opportunities for gaming to be introduced into the city. “Once gaming becomes socially accepted – not for Emiratis, but for the large expatriate population – the region could see a major market for casinos. India, the rest of the Middle East, and China are all potential visitor markets for Dubai.”

MGM’s Larger Dubai Vision

The $2 billion development, besides the Sphere, will feature three luxury MGM hotels: MGM, Bellagio, and Aria, all interconnected by a podium structure. MGM’s focus on Dubai reflects the emirate’s growth as a global hub for luxury, tourism, and entertainment.

Currently, MGM is partnered with Wasl, a significant real estate development group in Dubai, to bring this project to life. Wasl is one of Dubai’s largest hotel owners and developers, with strong ties to the government. Hornbuckle also revealed that MGM has submitted an application for a casino license in Abu Dhabi, signaling a growing interest in the UAE as a potential gaming destination.

Hornbuckle reiterated that while there has been no official declaration of gaming in Dubai, the emirate’s evolving social norms and its appeal to a diverse international audience could make it a prime location for such ventures in the future. “We’re excited about what Dubai presents, and we hope to be there when it opens up to gaming opportunities,” he said.

Global Expansion of Sphere Entertainment

Even though the Dubai Sphere is a separate MGM project, Sphere Entertainment, the company behind the Las Vegas venue, has expressed interest in expanding the Sphere concept globally. In an interview last year, MSG executive chairman James Dolan stated, “It’s definitely part of our business plan to build more Spheres around the world, including smaller versions for different markets.”

This sentiment aligns with MGM’s ambition for the Dubai Sphere, and while its capacity is much smaller than the Las Vegas Sphere, the impact it aims to create is equally monumental.

Dubai’s relentless drive for innovation, exemplified by projects like the Sphere, continues to position the city as a top global destination. As Hornbuckle aptly put it, “We’re going to tell the story of a city that grew out of the desert and became one of the most extraordinary places on Earth.”

 

Jason Fong: The Boss of Bali and Luxury Travel Expert

Jason Fong, known as “The Boss of Bali,” is the ultimate resource for celebrities and social media influencers seeking extraordinary experiences in Bali, Indonesia. With a strong background in marketing, this Australian specialist has built an impressive network that includes high-profile clients ranging from famous models to prominent business executives. If you’ve seen breathtaking photos of Bali’s exclusive hotels and villas shared by your favorite social media personalities, it’s likely that Jason Fong played a key role in creating those unforgettable experiences.

 

A Passionate Advocate for Bali

Fong believes passionately that “It’s better to see Bali once than to hear about it from others a thousand times.” This mantra drives his mission to promote the beauty and allure of the island. His extensive experience in the travel industry has equipped him with the insights and connections necessary to showcase Bali as a premier destination

The Power of Social Media

Social media is central to Fong’s strategy. With over two million followers on Instagram, he has cultivated a vast audience eager for inspiration to explore Bali. His Instagram page is filled with captivating content created in collaboration with social media stars, professional videographers, and travel bloggers. Each post serves as an enticing invitation, highlighting the island’s stunning landscapes, rich culture, and exceptional culinary offerings, solidifying Bali’s reputation as one of the world’s most desirable travel spots.

Frequent Visits and Personal Connections

Despite being based in Sydney, Jason makes it a point to spend time in Bali frequently. This connection to the island is evident, as many visitors find themselves so enchanted by its warmth and charm that they often return or even decide to stay.

 

Diverse Attractions for Every Traveler

Visitors are drawn to Bali for various reasons. Some seek spiritual journeys in Ubud, while others enjoy the vibrant social scene in Seminyak and Canggu. The island’s culinary landscape also attracts food enthusiasts, with a plethora of dining options that highlight both traditional and modern cuisine. For those seeking tranquility, Nusa Lembongan offers a peaceful retreat, showcasing Bali’s diverse attractions.

 

Transforming Dreams into Reality

Fong is dedicated to transforming his clients’ dreams into reality, believing that every traveler who returns with magical stories of Bali becomes an ambassador for the island. He emphasizes the importance of local culture and community in crafting authentic experiences, showcasing how the people of Bali contribute to the enchanting atmosphere that keeps visitors coming back.

 

In a world where travel continues to evolve, Jason Fong remains committed to inspiring others to discover the magic of Bali. His unwavering dedication to the island and its tourism landscape ensures that Bali will remain a top choice for travelers seeking unique and luxurious experiences. Through his efforts, Fong not only promotes a destination but nurtures a vibrant community of travelers eager to share their love for Bali with the world.