August 25, 2023 | The Dubai Headlines

Luxury housing prices in Dubai are up almost 50%, while those in Tokyo are up 26%. Here are other cities’ positions.

head dubai August 25, 2023 No Comments

Data from the real estate consulting company shows that prices in Dubai have increased by 225% from plunging to an all-time low in the third quarter of 2020.
For the ninth consecutive quarter, The Emirate held the top spot in the rankings.
According to a new research by Knight Frank, Dubai’s luxury home prices increased by almost 50% in the year leading up to June, keeping its top spot for the eighth consecutive quarter.

The property consultancy firm released figures on Wednesday showing that prices in Dubai have increased by 225% from plunging to an all-time low in the third quarter of 2020. For the ninth consecutive quarter, The Emirate held the top spot in the rankings.

Tokyo, which experienced an annual growth of 26.2%, and Manila, which witnessed a increment 19.9%.

Shanghai, China, saw an addition of 6.7%, and Singapore saw an increase of 4.2%. The survey stated that “the inflow of expatriates to Singapore, spurred by the flourishing financial and professional services sector, has influenced the rental market more than the sales market,” noting that the difference is partially attributable to taxation for purchases by foreign buyers.

Foreign buyers of residential property in Singapore must now pay an extra 60% in buyer’s stamp duty, double the prior 30%, effective of the end of April.

Due to a rise in unsold inventory from recently completed projects, prices in Hong Kong have fallen 1.5% over the past year. The Hong Kong government increased its mortgage loan-to-value ratio for residential properties priced at 15 million Hong Kong dollars ($1.9 million) or less to 70% in an effort to boost demand.

The ability of the shift to “significantly boost” growth is still unknown, according to Knight Frank’s analysts, even though the change is expected to be welcomed by purchasers.

Other cities that experienced declines were New York, which fell 3.9%, and San Francisco, which had an 11.1% decline. Frankfurt, Germany, came in last on the list after experiencing a 15.1% decline.
In all 46 markets included in the Knight Frank Prime Global Cities Index, average yearly price growth was 1.5%.

According to Knight Frank’s Global Head of Research Liam Bailey, “the switch to higher interest rates is still exerting pressure on the world’s housing markets.”

However, he pointed out that the index’s findings confirm that prices are backed by robust underlying demand, limited supply as a result of the interruption of new construction projects due to the pandemic, and the influx of workers back into cities. Changes in prices in many markets are likely to be smaller than was anticipated even three months ago, Bailey continued, as uncertainty regarding the path of inflation appears to have decreased in recent months.

entreprenuership

Rolex makes a surprising acquisition of retailer Bucherer that will increase its global reach.

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Globally, the Swiss shop has more than 100 locations and will carry on with its own identity and management.
Rolex, the largest watch company in Switzerland, has made an unexpected acquisition of Bucherer, a 135-year-old luxury retailer, under which both businesses will continue to function as independent brands.

Bucherer will be integrated into the Rolex group once the takeover has received approval from the competition authorities, according to Rolex, which did not disclose the deal’s value but claimed it will increase the company’s global presence.

According to a statement released on Thursday by Geneva-based and privately held Rolex, “Rolex chose to purchase the watch retailer, which was, until recently, an independent entity, following the decision made by Jorg Bucherer to sell his company’s business in the absence of direct descendants.”

Rolex’s “desire to continue the success of Bucherer and maintain the close partnership ties that have connected both companies since 1924” is reflected in this decision, which was made. The two companies have collaborated for almost 90 years, with one supporting the success and expansion of the other.

The Hans Wilsdorf Foundation, the only owner of Rolex, only owns and manages one store worldwide, which is located in Geneva, the company’s home city. It offers its timepieces for sale through authorized merchants all around the world.

With more than 100 sales outlets worldwide, Bucherer, located in Lucerne, sells a number of high-end watch brands. It has stores in Switzerland, the US, England, Germany, France, Denmark, and Austria.

Since 1924, Bucherer has distributed Rolex watches as an authorized retailer, and 48 of its stores carry Tudor watches, which are less expensive than Rolex models.

The watch retailer has watch repair shops and serves as both brands’ authorized after-sales service center.

Rolex and Tudor run their businesses separately, with Tudor having its own CEO.
The management team at Bucherer will remain the same under the acquisition conditions of the most recent agreement, and Mr. Bucherer, the last person to have met and worked with Hans Wilsdorf, the original founder of Rolex, will continue in his role as honorary president of the Bucherer group.

The Rolex group is sure that this acquisition is the greatest move for all of the watch and jewelry partner brands, as well as for all of the Bucherer group’s employees, according to the firm.

As part of its expansion strategy, Bucherer purchased American watch retailer Tourneau in 2018. A year after purchasing The Watch Gallery in the UK, it made the transfer.

After spending was muted in 2020, it picked up in China and the US in 2021, but the war in the Ukraine, rising inflation rates, and supply chain concerns later had an impact on demand.

According to Deloitte, 2021 was the strongest year ever for the Swiss watch sector, with exports increasing to 21.2 billion Swiss francs, breaking the previous record set in 2014 and surpassing pre-coronavirus levels.

According to the consultancy, the US will account for 15% of Swiss watches exported there in 2022, making it the industry’s largest single market for the past two years.

Deloitte’s poll of business executives found that the US is the next major growth market, followed by China, India, and Gulf nations.

While China hasn’t yet restored its export share to what it was before to the epidemic, Hong Kong’s market is still declining. With 30% and 6%, respectively, Europe and Japan continue to be stable.

Over a million watches were produced by Rolex, which is famous for its Daytona, Submariner, GMT, and Master II models, in 2022, and they brought in more than $13 billion in revenue.

Luxury watches are regarded as reliable stores of value, especially in a market that is unstable and where inflationary pressures are considerable, according to Deloitte.

Consumers who buy watches as investments are motivated to do so, per the consultancy’s research, to resell at a higher price (36%), or to diversify their investment portfolio (33%).

Chinese consumers (55%) are most interested in portfolio diversity, while Singaporeans (49%) prefer resale potential and Italians (31%) are most likely to buy a watch for family members to inherit.

Development in Dubai

Dubai’s Top Upcoming New Mega Projects

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Dubai is well-known for its gorgeous architecture and cutting-edge design when it comes to new projects. Over time, it has undergone a spectacular transformation. In particular because it was moved from a sleepy fishing village to a bustling city that welcomes tourists from all over the world.

Dubai Creek Tower
Marsa Al Arab
Burj Binghatti
Agri Hub District
One Za’abeel Ciel
Dubai Urban Tech
Dubai Wasl
Dubai Tower

It is not surprising that Dubai is currently home to some of the most stunning and ambitious megaprojects ever! Let’s now take a closer look at Dubai’s top most anticipated projects for 2023, as well as their locations.

The Dubai Creek Tower
Dubai Creek Harbour is the location.

if your standards exceed those of the Burj Khalifa. Your goals will be met by this project. The tallest structure in the world, Dubai Creek structure, will undoubtedly entice many people to visit.

The Tower was the name they chose for it initially, however Dubai Creek Tower was later added. Emaar oversees the majority of Dubai’s newest projects. It makes sense that it is the one who built this stunning structure.

The location of this marvel will be in the center of Dubai Creek Harbour. This is a well-known location within the Emirate.

2. The Marsa Al Arab
Location: South of Dubai

Marsa Al Arab is a brand-new construction that will divide the Burj Al Arab into two artificial islands.

The project is now under construction and will have a variety of attractions, including a luxury resort, a theater, a marine park, and more. A helipad, a yacht club, and a private marina will also be included in Marsa Al Arab.

3. Burj Binghatti
Location: of Business Bay
One of the most well-known planned developments in Dubai’s Business Bay neighborhood is the Burj Binghatti. The tower is 200 meters high. Additionally, it provides 181 opulent apartments, ranging in size from studios to three-bedroom homes.

It stands out as a highlight in the city’s skyline due to its distinctive honeycomb design. with first-rate features and a good location. In Dubai, Burj Binghatti has grown to be a highly sought-after address for urban life.

4. Agri Hub by URB
Location: the Al Barari

An upcoming project called Agri Hub by URB is now being built. Additionally, this ground-breaking project aspires to establish an urban agricultural neighborhood that is environmentally responsible and sustainable.

It is situated in a desirable area. Residents will have access to fresh fruit and a distinctive living environment thanks to Agri Hub by URB. This project is groundbreaking in the field of urban development since it places a strong emphasis on sustainability and community.

5. Dubai Urban Tech District
Location: Al Jaddaf neighborhood.

In actuality, Dubai Urban Tech District is one of the brand-new construction initiatives that will likely be finished by the conclusion of 2030. Additionally, this ground-breaking project aspires to establish a center for technology and innovation by uniting business owners, startups, and well-established corporations in a vibrant and cooperative community.

Dubai Urban Tech District is positioned to become a major hub for technology and innovation in the area thanks to its cutting-edge facilities and enviable location. It is a forthcoming initiative that is causing a lot of anticipation in the business and tech circles.

6. One Za’abeel
Location: Za’abeel area

If you want to view one of the most stunning architectural creations you’ll likely ever see. One Za’abeel fulfills all the requirements. It’s one of the upcoming developments in Dubai that will leave you breathless.

The Linx, the longest-ever cantilever bridge, connects two connected skyscrapers in this project. Additionally, the skyscrapers will include a stunning observation deck, a luxury hotel, residential apartments, and retail stores. Pay attention to this one!

7. City of Dubai Vertical
Vertical City, a zero-energy structure, has been suggested for development by Luca Curci Architects. This might bring something unique to Dubai’s famous skyline. This project, whose price tag is unknown, was initially announced in 2019 during the Knowledge Summit in Dubai. The Middle East is the suggested location for this project. And under the project proposal status, the client that is responsible for it is identified as a private organization.

An idea for a self-sustaining, water-based tower complex is called Vertical City. That has a maximum capacity of 25,000 people. The city also wants to implement a zero-waste strategy. Additionally, it will depend on renewable energy sources including solar energy, wind energy, and hydroelectricity.

8. Dubai Wasl Tower
Location : Sheikh Zayed Road
By Q2 of 2024, completion is anticipated. At more than 300 meters tall, the Wasl Tower dominates the skyline.

The 56th story of the Wasl Tower has reportedly had all structural construction done, and as of October 2022, the façade has advanced to level 13.

229 residential units, 258 hotel rooms, 185,345 square feet of office space, and 11 parking floors will be included in the tower’s 64 total floors. Additionally, the tower will appear to be looking in all directions because to its distinctive design based on the Z axis, which will provide the impression of dynamic mobility.

To sum up, Dubai’s forthcoming major projects are expected to completely change the city and solidify its status as a leader in tourism, real estate, and business worldwide. These initiatives will significantly increase the city’s already excellent infrastructure and skyline while also representing a significant investment in its future.

Here is a list of Dubai’s future intriguing new real estate projects that will further add to the emirate’s allure. Future events are imminent.