Dubai's real estate sector is maintaining its unprecedented growth rate, allaying fears of any possible slowdown.
According to the Dubai Land Department, the emirate witnessed 38,700 real estate transactions worth Dh157 billion in the first quarter. This represents an 80 percent increase in value and a 49 percent increase in volume compared to the first quarter of 2022, which saw 26,000 transactions worth Dh87 billion.
According to CBRE's February 2023 report, the sector saw a significant 78.1% increase in off-plan sales and an 18.8% increase across the secondary market.
MAG, one of Dubai's leading developers, is taking advantage of this trend to cash in. The company recently announced that sales of its projects reached Dh3 billion in the first quarter. As the residential sector continues to witness a surge in demand, MAG's luxury residential project, Keturah Reserve, located in Mohammed Bin Rashid City, Sector 7 of Meydan, recorded sales of all available 93 townhouses, with 70 percent of the units in the project already sold.
Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, was interviewed by The Halifax Times on the company's operations and the state of the real estate market. Excerpts from the interview:
MAG is committed to developing a comprehensive strategic approach to optimize our substantial real estate portfolio. Our current portfolio consists of 1,142 units in Dubai, including those ready to be placed on the market or under development.
To unlock the potential of these properties, we are studying the current state of the market landscape, assessing their potential and identifying the necessary upgrades to increase their value. Our strategic plan aims to accelerate the transformation of these backlogged properties into active, market-ready listings. In the first quarter of 2023, we reached the AED 3 billion sales milestone across our projects.
At "The Ritz-Carlton Residences, Dubai Creek," part of the Keturah Resort, located on the banks of Dubai Creek and facing the wildlife sanctuary of Ras Al Khor, Dubai, penthouses with 360-degree views of the Dubai skyline, two-bedroom sky apartments, and two of the 12 available luxury homes have been sold.
The current supply and demand dynamics in the Dubai real estate market have created a favorable environment that has allowed us to set this ambitious target of delivering 1,598 units this year.
In terms of our performance, this target demonstrates a clear intention to raise the bar. Our goal is not only to improve our quantitative output by delivering these units, but also to improve our qualitative performance by ensuring that these properties meet the highest standards of excellence and meet the evolving needs of our discerning customers.
By bringing these units to the market, we aim to breathe new life into Dubai's real estate sector, thereby contributing to its growth and development.
Dubai's real estate sector is currently undergoing a transformation that showcases many opportunities for growth and expansion. The sector has demonstrated its resilience and growth potential even in the midst of global macroeconomic turmoil. The residential sector is witnessing an unprecedented surge in demand.
Keturah Reserve is a Dh3 billion exclusive and innovative residential development located in Meydan, one of Dubai's most sought-after and exclusive residential areas.
With 93 townhouses, 90 villa plots, 540 units in six apartment buildings and eight penthouses, the project offers transformative living through spatial design.
It is the only residential development in Dubai with a direct nine-minute link to the city center and four separate exits to the city's main roads: Sheikh Zayed Road, Al Khail Road, Al Ain Road Dubai and Al Meydan Road.
Recently, we have launched 90 villa plots for sale. These plots range in size from 480-1080 sqm and will enable buyers to develop their own villas in line with the overall development of Keturah Reserve. 75% of the plots have already been sold and residential units will be available in a few months. In addition, all 93 townhouses in the development have been sold out. The project is scheduled for completion in the second quarter of 2026.
The olive trees, ranging from 150 to 1650 years old, were purchased mainly from legitimate owners in Italy, France, Spain and Greece and prepared for replanting in our facilities through highly technical treatments. In addition, with the assistance of plantation specialists, they were transplanted to a mixture treatment between the new soil and the original soil in which the trees grew in their original country.
Keturah Reserve was conceived to create a thriving and harmonious community with public spaces such as parks, outdoor swimming pools, men's and women's gyms and spas.
The facilities are easily accessible by foot through cool tree-lined paths. Like the architecture, activities such as the Pilates studio, WaterBike pool, Silk Rope classes, rooftop meditation and yoga space are designed to develop and strengthen the core of the body from the inside out. The children's area is designed for conscious educational play activities tailored for all ages, from infants to toddlers, preschoolers to school-age children, and pre-teens to teens. Other facilities include a nursery, educational daycare center and summer camp, Montessori classes, outdoor splash pad and play area, bio-life farm, indoor gym and activity center.
Keturah Reserve is the first residential project in the Middle East to immerse residents in nature through the concept of bio-living, which is based on a water-friendly design. The architecture and interior design, were conceived to integrate nature into the built environment of the development to improve the physical, mental and emotional well-being of the residents.
The biological life of Keturah Reserve creates a perfect synergy between the interior design, architecture and landscape, with total respect for the surrounding ecosystem.
The interiors and architecture are crafted from the same raw materials and colors, subtly blending the architecture with the surrounding desert landscape. Travertine, wood and bronze link the interior to the exterior. A restrained palette of bleached bone, champagne and bronze further brings the natural landscape into the interior of the residence. Lush natural growth can be seen from every view, including olive trees, palm trees, green walls, terrace planters and roof gardens.
Keturah Reserve residences are designed with two-story interior spaces that increase the flow and circulation of naturally cooled air. Open spaces with no corridors or aisles optimize the flow of access. Furniture and fixtures are custom designed and manufactured for each space. They blend perfectly into the interior, releasing the flow and enhancing the physical and mental well-being of the residents.
Every detail of the project has been carefully crafted to enhance and enrich the lives of each generation of our residents. Our vision is for the residents of Keturah Reserve to be the happiest and most fulfilled people in Dubai.
