The dollar index hit its highest level since late November 2022
Dubai’s real estate sector is maintaining its unprecendeted pace of growth, dispelling concerns regarding any possible slowdown.
According to figures from the Dubai Land Department, the emirate witnessed 38,700 real estate transactions worth Dh157 billion in the first quarter. This represents an 80 per cent increase in value and 49 per cent increase in volume compared to Q1 2022, which saw 26,000 transactions worth Dh87 billion.
According to CBRE’s report for February 2023, the sector saw a significant 78.1 per cent increase in off-plan sales and 18.8 per cent across the secondary market.
MAG, one of the premier developers in Dubai, is cashing in on this trend. The company recently announced sales worht Dh3 billion in the first quarter across its projects. As the residential sector continues to witness a surge in demand, MAG’s luxury residential development, Keturah Reserve, located in Mohammed Bin Rashid City, District 7 in Meydan, recorded the sale of all available 93 townhouses, with 70 per cent of the project’s units having already been sold.
Talal Moafaq Al Gaddah, senior executive vice chairman of MAG, spoke to Khaleej Times on the company’s operations and the state of the real estate market. Excerpts from an interview:
Can you shed light on MAG’s current inventory, including backlogged properties?
MAG is committed to formulating a comprehensive and strategic approach to optimize our substantial property portfolio. Our current portfolio consists of 1,142 units across Dubai, comprising those being poised for market release, or under development.
To unlock the potential of these properties, we are examining the current state of the market landscape, evaluating their potential, and identifying necessary upgrades to augment their value. Our strategic plan is designed to expedite the transition of these backlogged properties into active, market-ready listings. In Q1 2023, our sales across various projects reached a milestone of AED 3 billion.
Over at ‘The Ritz-Carlton Residences, Dubai, Creekside,’ part of the Keturah Resort located on Dubai Creek facing Dubai’s wildlife sanctuary in Ras Al Khor, the penthouses with 360-views of the Dubai skyline, the two-bedroom Sky apartments, and two mansions out of the available 12 were sold.
What is the number of units you are looking to deliver this year?
The current supply-demand dynamics in the Dubai real estate market have created a conducive environment that allows us to set this ambitious target of delivering 1,598 units this year.
In terms of our performance, this target signals an explicit intention to raise the bar. We aim to improve not only our quantitative output by delivering these units but also our qualitative performance by ensuring that these properties meet the highest standards of excellence and address the evolving demands of our discerning clientele.
By releasing these units into the market, we aim to inject a fresh wave of dynamism into Dubai’s real estate sector, thereby promoting its growth and development.
What are some indications of the growth potential and resilience within Dubai’s real estate market?
Dubai’s real estate industry is currently undergoing a transformation that showcases numerous opportunities for growth and expansion. The sector is demonstrating its resilience and growth potential even in the face of global macroeconomic volatilities. The residential sector is witnessing an unprecedented surge in demand.
MAG launched its latest development, Keturah Reserve, in Mohammed Bin Rashid City, District 7 in Meydan, with a focus on Bio Living. Can you tell us more about this project?
Keturah Reserve, an Dh3 billion exclusive and innovative new residential development, is in Meydan, one of Dubai’s most sought-after and exclusive residential areas.
The project, which features 93 townhouses, 90 villa plots, 540 units over six apartment block buildings and eight penthouses, offers transformational living through the design of space.
It is the only residential development in Dubai with a direct nine-minute link to Downtown, with four separate exits onto the city’s main roads: Sheikh Zayed Road, Al Khail Road, Dubai Al Ain road and Al Meydan Road.
Recently we launched 90 villa plots for sale. The plots, which range from 480-1,080 square metres, will enable buyers to develop their own villas in line with the overall Keturah Reserve master development. 75 per cent of the plots are already sold and residential units will be launched in a few months. Additionally, all 93 townhouses at the project are sold out. The project is scheduled for completion in Q2 2026.
Keturah Reserve have transplanted olive trees – How are these trees being flown and transplanted?
The olive trees which are 150 to 1650 years old, have been bought from their rightful owners mainly from Italy, France, Spain and Greece and through highly technical process were prepared to travel for replanting at our facility. Additionally, they are transplanted through a treatment which involves a mix between the new soil and the original soil that the trees have grown at in their original countries with the assistance of plantation experts.
What are some of the amenities and facilities residents can expect?
Keturah Reserve is conceived to create a thriving and harmonious community with communal spaces such as The Park, the outdoor pool, women’s and men’s gyms and spas.
Amenities are easily accessed on foot through cool, tree-shaded pathways. Just as with the architecture, activities such as the Pilates Studio, WaterBike pool, Silk Rope classes, rooftop meditation and yoga space, are all designed to develop and strengthen the body’s core from the inside out. The Kids’ Zone is designed for mindful educational play activities tailored to all age groups, from babies to toddlers, pre-school to school-going children, pre-teens to teens. Additional amenities include a creche, educational day care center and summer camps, Montessori classes, outdoor splash pool and play areas, Bio Living Farm, indoor gym and activity center.
The project touts transformational living through the design of space. Can you tell us more about that?
Keturah Reserve is the first residential development in the Middle East to immerse residents in nature through bio-living concept that’s based on biophilic design. Architecture and interior design, which is conceived to incorporate nature into the development’s built environment to improve the physical, mental and emotional well-being of its occupants.
Bio Living at Keturah Reserve creates the perfect synergy between the interior design, architecture and landscape, in complete respect of the surrounding ecosystem.
Can you tell us more about the vision and design aesthetic of Keturah Reserve?
Both interiors and architecture are crafted from the same raw materials and colours to subtly merge the architecture with the surrounding desert landscape. Travertine, wood and bronze link inside with outside. The restrained color palette of bleached bone, champagne and bronze further introduces the natural landscape inside the home. Lush growing nature is visible from every vista, including olive trees, palm trees, green walls, balcony planters and rooftop gardens.
Keturah Reserve homes are designed with double-volume interior spaces, increasing the flow and circulation of naturally cooled air. Open-plan spaces without corridors or hallways optimise the flow of passage. Furniture and fixtures are custom designed and produced for each space. They blend perfectly into the interior, freeing the flow of movement and elevating the resident’s physical and mental well-being.
Each detail of the project has been crafted with care to elevate and enrich the lives of every generation of our residents. Our vision is for Keturah Reserve residents to be the happiest, most fulfilled people in Dubai.
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