Dubai is no stranger to architectural marvels, but the latest announcement from Emaar Properties has ignited a wave of excitement that transcends the city's skyline. Mohamed Alabbar, the visionary founder of Emaar Properties, unveiled plans for the Female Burj Khalifa during the Sharjah Entrepreneurship Festival, heralding a new era of architectural grace and sophistication. The decision to construct the Female Burj Khalifa at Dubai Creek Harbour marks a departure from the initial plans for a towering structure focused solely on height. Instead, Emaar Properties has opted for a design ethos that prioritizes elegance and architectural finesse, reflecting Dubai's evolving identity as a global cultural and economic hub. Speaking passionately at the festival, Alabbar described the Female Burj Khalifa as an embodiment of Dubai's ethos - a blend of tradition and innovation. "We believe in creating buildings that not only serve as landmarks but also enhance the overall aesthetic appeal of the city," he emphasized, underlining the project's commitment to striking a balance between modernity and timeless elegance. The significance of the Dubai Creek Harbour site cannot be overstated. As a dynamic waterfront destination twice the size of Downtown Dubai, it symbolizes Dubai's ambition to redefine luxury living, leisure, and commerce on a global scale. With the addition of the Female Burj Khalifa, Dubai Creek Harbour solidifies its position as a premier destination for residents, businesses, and tourists alike. “This will be the first time cars can enter a mall so it will be very unique.” While specific architectural details remain under wraps, anticipation is palpable among architecture enthusiasts, investors, and residents eager to witness the evolution of Dubai's skyline. Emaar Properties, renowned for its meticulous attention to detail and unwavering commitment to excellence, is poised to deliver a landmark structure that will redefine Dubai's skyline for generations to come. "As we embark on this journey, we must prioritize elegance and beauty in our urban planning, Cities are not just about functionality; they're about elevating the human experience." remarked Alabbar. His sentiments reflect a broader shift towards sustainable, aesthetically pleasing urban development, echoing Dubai's ongoing evolution as a city of the future. As construction commences on the Female Burj Khalifa, all eyes are on Dubai Creek Harbour, eagerly awaiting the unveiling of this architectural masterpiece. With its promise of elegance, innovation, and unmatched beauty, the Female Burj Khalifa stands poised to become an iconic symbol of Dubai's progressive vision and enduring commitment to excellence.

Experts estimate that Emaar Properties could receive AED 485 billion ($132.15 billion) from the sale of its development portfolio by 2040. Now, Dubai’s largest developer continues to lead the emirate’s real estate market. In the next 5 years, the company will sell properties worth about AED 155 billion, or 32% of the its total portfolio. Experts note that Emaar communities in Dubai are premium and are in demand among a wide range of buyers. The company holds approximately 25% of the market. It is expected that it will retain its leadership. According to preliminary data, the company’s contracted sales will be AED 35.1 billion in 2023, AED 37.3 billion in 2024, and AED 39.4 billion in 2025. Emaar, the developer of the world’s tallest skyscraper, the Burj Khalifa, has remained at the centre of Dubai’s real estate development for the past decades. The company’s real estate portfolio spans the retail, residential, commercial, office, and hospitality segments. The emirate’s continued recovery from the slowdown caused by the pandemic also bodes well for Emaar’s development outlook. Dubai, the commercial and tourist hub of the Middle East, solidified its status as a major global economic powerhouse in H1 2023, which was driven by strong performance across all sectors, Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai, said in July. In H1, the emirate received 8.55 million visitors. Thus, their total number exceeded the pre-pandemic level. Dubai has also emerged as one of the world’s top three megacities for wealthy shoppers and one of the fastest recovering cities from the Covid-19 pandemic. According to official data, the real estate market in the emirate continues to grow. The total value of transactions increased by 80% to AED 157 billion in Q1. The total number of transactions grew 49% to 38,715 from January to March. Dubai’s average housing market prices rose 16.9% year-to-date through June, with prices for apartments up 17.2% and for villas up 15.1%. It is noted that real estate development will remain the main focus of Emaar, especially in Dubai. In June, the company launched a $20 billion luxury waterfront property development project. The community on the emirate’s outskirts, The Oasis, will consist of 7,000 residential units, including mansions and villas.

The UK developer London Square was completely acquired by the UAE developer Aldar, marking the company’s second significant foreign acquisition. The enterprise value of the deal is Dh1.07 billion, or 230 million pounds. “The move is aimed at accelerating growth, diversifying revenue streams, unlocking synergies, and driving cross-selling opportunities,” said the Abu Dhabi mega-developer in a statement. Aldar made a specific mention of expanding its direct interests in mature overseas markets – and the UK and London specifically ticks that point in fine detail. “Aldar will gain a meaningful foothold in the diverse and dynamic London property market, known for its resilience and enduring appeal to both local and international investors,” the statement added. Aldar and another Abu Dhabi investment firm, ADQ, acquired Sodic, an Egyptian developer of high-end residential communities, last year. The developer in the United Arab Emirates, who is enjoying a particularly prosperous year, has been investing its funds in a number of transactions and launches that are taking place outside of Abu Dhabi. Aldar recently started another project, this time in Ras Al Khaimah, after launching its first in Dubai, where the initial releases sold out right away. Additionally, the developer in Abu Dhabi has maintained a robust supply pipeline throughout. “Our recently announced international expansion strategy centers on exploring opportunities to acquire or partner with established operating platforms in our target markets”– Talal Al Dhiyebi, Group CEO of Aldar Properties A sizeable portfolio With support from Ares Management, London Square was founded in 2010 and has more than two billion pounds in development plans. With a value of 425 million pounds, it has completed over 3,500 homes and has 930 more under construction. Among the projects is the Nine Elms development, which is located near the iconic Battersea Power Station. (In actuality, the entire neighborhood is currently among London’s most fashionable mixed-use areas.) At the “heart of central London’s largest regeneration area,” Nine Elms boasts over 750 luxury residences, along with affordable housing, rental apartments, and 21,500 square feet of commercial and retail space. Aldar stated in the statement that, given the opportunity to profit from cross-selling across both companies’ diverse international customer networks, the purchase of London Square is anticipated to have a “positive impact on (Aldar’s) sales.” The development sales of the UAE entity reached Dh19.4 billion in the first nine months of 2023. “The transaction, which is synergistic in nature, gives us the ability to leverage our mutual strengths,” said Talal Al Dhiyebi, Group CEO of Aldar Properties. “We look forward to playing a leading role in tackling the (UK) housing shortage by providing more much-needed homes in the capital and surrounding areas where there is a continuing lack of supply” – Adam Lawrence, founder and Chief Executive of London Square

New Abu Dhabi real estate development introduces 111 residential units to Masdar City New Abu Dhabi real estate development introduces 111 residential units to Masdar City An Abu Dhabi real estate developer has launched 111 new homes for sale at Masdar City in the UAE. Burtville Real Estate has announced the launch of “Ville 11” in Masdar City, Abu Dhabi. The development will include 111 residential units, Ville 11 in Masdar City, Abu Dhabi The project will make a new addition to their portfolio of real estate projects in Masdar City, one of the most sustainable urban communities in the world. Burtville said that the Abu Dhabi real estate market displays remarkable activity, which encourages many companies to start their business in the emirate, and to continue offering new projects that meet the increasing demand for purchasing real estate in Abu Dhabi. Burtville established business in Abu Dhabi during the past year, and intends to develop a number of new real estate projects in various locations in the emirate. The company confirmed the start of construction works on the project recently, in preparation for the completion and hand off on the scheduled by the third quarter of 2027. Burtville has a registration certificate for the “Ville 11” project from Abu Dhabi Department of Municipalities and Transport. Burtville Real Estate confirmed interests in expanding business in Abu Dhabi and developing more real estate projects with the latest innovations, smart services and sustainable solutions. The developer focusses on providing real estate units of international quality and distinct designs at competitive and attractive prices for buyers. The “Ville 11” project extends over a land area exceeding 57,000 sq ft, while the building area exceeds 212,000 sq ft. The project is distinguished by its unique location at the entrance to Masdar City. Ville 11 includes 113 parking slots, including eight for electric cars, as well as parking for visitors and people of determination. The project include various facilities and services, such as: A large swimming pool Gym Health club with an area of 1,500 sq ft Barbecue area Children’s play area of 6,000 sq ft Rooftop café with an area 8,400 sq ft The project includes two-bedroom, three-bedroom, and four-bedroom units, with: 34 two-bedroom units on one floor (simplex) 61 two-bedroom units on two floors (duplex) Seven three-bedroom duplex units Four four-bedroom units ( Triplex) 5 duplex units The units have modern classic English designs, high-quality finishes, fully furnished apartments, a kitchen containing brand electrical appliances such as Siemens, bathrooms with distinct designs, sanitary ware from international brands such as Roca. The units also include built-in wardrobes, high-efficiency noise-insulating glass, central air conditioning, room for a maid, and a laundry room in each apartment. Ground floor units also have a private balcony and a separate entrance.

Developers coming out with new strategies to encourage renters to become property owners Buyers of properties in Danube Properties recently launched Bayz101 can avail of the one per cent payment plan. Image: Danube Properties Property developers in Dubai are offering potential buyers a range of incentives, such as flexible payment terms and buy-back options, as competition heats up in the emirate's booming property market. Dubai's property market rose to its highest level in nearly 10 years last year, with record sales figures in 2023 in an increasingly competitive sales market for developers and brokers. Last year set new records for value and volume of sales according to real estate broker Betterhomes, which said September saw average prices surpass the previous peak set in September 2014. A slew of new projects in recent months, however, has increased competition among developers and brokers in the emirate. Developers are increasingly exploring ways to connect with customers and offering attractive payment plans is one such option, Swapnil Pillai, associate director of research at Savills Middle East, said. "An attractive payment plan helps end users and investors with their investment decisions, as most of these payment plans have a limited upfront commitment, with most of the payments committed towards the handover of the development," he said. "Post-handover payment plans are also one of the options that developers have offered in the past. However, most of these incentives are usually seen during tough market conditions." One of the many emerging trends in the last 12 months has been an increase in end-user buyers, with soaring rents in Dubai cited as a major contributory factor. In its market report looking back on 2023, Betterhomes said that a combination of rising rents and a desire for long-term stability motivated tenants to transition into buyers. "While payment plans and similar enticements have always been part of the landscape, the current market showcases heightened competitiveness and affordability in these offerings" George Barker, Betterhomes Developers, keen to entice the new buyers, have been using favourable payment plans and incentives to encourage renters to become property owners. One of the payment plans that's growing in popularity among developers is the one per cent offer, which lowers the monthly payments but increases the time the loan is paid back. The buyer pays a down-payment of around 20 per cent and then pays one per cent of the total price monthly until they own it 100 per cent. If it's a Dh1 million ($272,000) property, the down-payment would be Dh200,000 with a monthly payment of Dh10,000, spread over a period of 80 months – or six years and eight months. It looks more attractive to a buyer than the heftier payment terms of 20 per cent on booking, 30 per cent by handover, and the remaining 50 per cent within three years of handover. Rizwan Sajan said the one per cent plan has increased the appeal of Danube's properties to end-users who live in a rented accommodation. Pawan Singh / The National. Danube Properties, which claims to have been the first to offer the one per cent payment in the UAE, said the plan has helped buyers "with limited income buy homes". However, as developers tend to use property sales to finance projects, the plan requires a lot more upfront funding. "This has helped our properties increase their appeal to end users who used to live in rented homes," said Rizwan Sajan, founder and chairman of Danube Group. "In order to achieve this one per cent monthly payment scheme, we had to endure a lot of financial pain, as we had to keep on paying the contractors on time, partly from the buyers' paid amount and sometimes either from our pocket or from bank finance. "Anything lower than this will be difficult for developers, unless they are already cash-rich and can develop projects with own resources." He said the plan reduces the buyers' burden of paying a hefty amount upfront. "We usually deliver homes after 36 months of the customer payments, including the initial down payment of about 20 per cent," he said. "After moving in, the homebuyers can enjoy their homes while the balance 40-50 per cent remain unpaid and we as a developer collect the remaining amount from them in the process." One of the newer payment enticements is offered by Dugasta Properties, which offers a 100 per cent buy-back option after five years on its Al Haseen Residences project in Dubai Industrial City, close to Al Maktoum International Airport. The properties, which start at Dh342,000 for a studio and Dh1,023,000 for a two-bedroom apartment, also come with a 50 per cent guaranteed return in five years and no service charges during that time. Attractive plans Lewis Allsopp, chairman of Allsopp & Allsopp Group, said the resurgence of attractive payment plans is a positive development for the market. "It serves as a catalyst for potential buyers who are on the verge of making a purchase but may face affordability constraints," he said. "Developers are providing these buyers with the chance to invest in the Dubai marketplace through accessible and budget-friendly payment plans. "Many individuals typically need to accumulate a 20 per cent or 30 per cent deposit before being able to make a purchase. "However, with the option to invest and save gradually, it becomes simpler to enter the property market, especially when prices are rising. This presents a fantastic investment opportunity." George Barker, Senior Sales Consultant at Betterhomes George Barker, senior sales consultant at Betterhomes, said while the payment plans "enhance the ease and affordability of purchasing for buyers", the main beneficiaries are often those "with significant liquidity or multiple assets". "First-time buyers in the region, particularly from the expat community, are predominantly opting for some form of financing to facilitate their entry into the real estate market," he said. Mr Barker said the resurgence of attractive payment plans in the Dubai market reflects the surge in developments being launched. "While payment plans and similar enticements have always been part of the landscape, the current market showcases heightened competitiveness and affordability in these offerings," he added. "The lowered mortgage rates have further increased affordability for everyday buyers, prompting significant responses from large developers." Betterhomes said that, despite higher interest rates, 2023 saw an increase in owner-occupiers buying properties due to soaring rents, because of a sharp increase in the population. "Betterhomes noted a substantial shift towards domestic demand, with buyers identifying as end users increasing from 38 per cent to 44 per cent," it said in the report. "This movement towards end-user home ownership is a great sign of the maturing nature of the market and should give confidence to greater price stability in the years to come." Mr Barker said high rents are "nudging potential buyers to consider the option of purchasing a property rather than continuing to pay elevated rents". "The consistent trajectory of the rental market, unyielding even post-Covid, and the projected 20 per cent increase in 2024 in prime residential areas of Dubai, further amplify this trend," he said. "If you're a resident who hasn't considered exploring property ownership in Dubai, you're certainly in the minority."

Company will develop new commercial assets in Yas Island, Saadiyat Island and Al Maryah Island Aldar said it is developing a new retail area at Saadiyat Grove. Photo: Aldar Aldar Properties, Abu Dhabi’s biggest listed developer, will invest Dh5 billion ($1.36 billion) to develop a range of income-generating assets in Abu Dhabi, with a focus on commercial, retail and hospitality sectors amid growing demand for property in the UAE. The new assets will be delivered in a phased manner between 2025 and 2027 and will add to a growing recurring income portfolio of the company that also includes logistics assets, Aldar said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded. “Aldar is driving rapid expansion of its high-value asset portfolio through a disciplined acquisition and develop-and-hold approach, to significantly increase recurring-income streams and long-term capital appreciation,” Talal Al Dhiyebi, group chief executive of Aldar Properties, said. As part of the investment strategy, Aldar will develop commercial assets in Yas Island, Saadiyat Island, and Al Maryah Island. This includes a 12-storey office tower next to the Yas Plaza Hotels on Yas Island, with 25,000 square metres of new leasable area with retail space. It is expected to be handed over in 2025. On Saadiyat Island, the company said, it will develop a business park with about 26,000 square metres of NLA at Saadiyat Grove, an integrated mixed-use development in Abu Dhabi’s Cultural District. Set for completion in 2027, the project will have four Grade A commercial office buildings, the company said. In Abu Dhabi’s financial district on Al Maryah Island, Aldar will extend its partnership with Mubadala and will add a second Grade A commercial tower to the site of the 37-storey office building announced in 2023, to expand the availability of office space within The Abu Dhabi Global Market once completed in 2027. The expansion within the financial district follows Aldar’s acquisition of the four ADGM towers and Al Maryah Tower in 2022 in deals valued at $1.17 billion and $122.5 million, respectively. The commercial developments on Saadiyat Island, Yas Island and Al Maryah Island will increase Aldar’s commercial NLA by 31 per cent to 549,000 square metres. Occupancy across the company’s commercial property portfolio currently stands at 95 per cent, with occupancy at the four ADGM towers at 96 per cent at the end of 2023. The property market in the UAE bounced back strongly from the pandemic-driven slowdown in 2021 and the trend has continued since then as the Arab world's second-largest economy remains on a solid growth trajectory. Aldar will develop commercial assets in Yas Island. Photo: Aldar In the fourth quarter of 2023, sales prices for offices in Abu Dhabi rose 38.7 per cent annually to Dh14,767 per square metre, according to the latest report from ValuStrat. Asking rents for offices during the period rose 13.3 per cent to Dh831 per square metre. The property consultancy expects continued demand for office space in the UAE capital this year, driven by government initiatives and the implementation of visa programmes for remote workers and retirees. Aldar, the developer behind Abu Dhabi's Formula One circuit and other developments in the emirate, is also boosting its retail portfolio. The company is developing 78,000 square metres of NLA at Saadiyat Grove, including a central shopping destination, two retail boulevards, and community retail spaces. It will also develop retail assets in Saadiyat Lagoons, Noya, and Yas Golf Collection. In the hospitality segment, the company will develop and manage the 127-room Nobu-branded hotel on Saadiyat Island, which is set to be completed in the second quarter of 2027. “Once the office and retail assets are completed, they will be part of the Aldar Investment Properties portfolio, which houses the company’s Dh25 billion of income-generating real estate assets,” Aldar said on Tuesday. In 2022, Apollo Global Management, one of the world’s largest alternative investment managers, acquired a $400 million strategic equity stake in Aldar Investment Properties, a subsidiary of Aldar.