Year in review: Dubai real estate (page 3 of 3)

After the recent success of our Jumeirah Park villa launch, Nakheel has now seen investors clamouring for the newly-released plots in Jumeirah Village Circle. This reveals a very clear message: Confidence in Nakheel - and Dubai - is back."
• Emaar announced it will be expanding its Arabian Ranches development with the launch of a new villa community. The developer said the Moroccan-style CASA community will feature 253 three- and four-bedroom luxury villas.
• Emaar said revenue from apartment sales more than tripled in the third quarter to Dhs567m ($154.4m) from Dhs183m in the same period in 2011.
• Emaar said it will expand the Dubai Mall by building a new high-street boulevard style retail destination, as well launch new luxury homes and serviced residences in Downtown Dubai district.
• Dubai's ruler Sheikh Mohammed announced a $680m plan to expand the Madinat Jumeirah development in the emirate. The expansion will include a luxury five-star hotel, villas complex, restaurants, and a commercial centre featuring retail stores.

December

• Jones Lang Lasalle issued a report saying Dubai's property sector is the most popular asset class for Middle Eastern investors thanks to its improved economic outlook, stable political situation and rising rental and values. "Middle Eastern investors prefer Dubai as investment destination in the MENA region with sentiment towards the emirate improving significantly over the past 12 months," it said. "While the real estate market has lagged [behind] the overall economy, there are now increasing signs that the sector is recovering, at least for selected prime locations."
• CBRE said housing rents in Dubai rose by an average of 17% over the past 12 months as demand outstripped supply, while rents in some more established parts of the city such as Downtown Dubai, Dubai Marina, The Greens, Jumeirah Beach Residence and Palm Jumeirah increased by as much as 24% year on year. The real estate firm said that the number of new homes being built in the emirate has slowed since 2009, from delivering about 36,000 homes a year to a situation where the emirate is expected to deliver that number over the total period 2013 to 2015 "provided construction delays are minimal".
• Emaar and Dubai Holding unveiled the first project as part of their joint venture launched in November, the Mohammed Bin Rashid City (MBR City). The mega project will include the world's biggest shopping mall, a Universal family theme park and a park that is a third bigger than Hyde Park in London. The developers said Dubai Hills will be the first residential project within MBR City and will consist of a gated community with luxury residences similar to Emaar's existing Emirates Hills development. The homes will be built around a new 18-hole championship golf course and will include plots of 20,000 to 30,000 sq ft.
• Nakheel said it sold more than $15m worth of villa plots at Jumeirah Islands in a one-day auction. The developer said the plots were sold at higher-than-expected prices, hitting Dhs513 per square foot.
• Damac Properties announced its first major new product launch since 2008, with 295 premium serviced hotel apartments in the Downtown area of Dubai. The Distinction will be a 195 metre, 53-storey tower with views of the fountain, mall and the Burj Khalifa, the world's largest tower.
• Emaar launched another tranche of off-plan sales at its The Address The BLVD scheme in Downtown Dubai. The developer did not say how many apartments would be included in the sale of the so-called "Sky Collection", which is an exclusive portfolio of residences, duplexes, and penthouses, set within the upper-most levels of Emaar's latest Address hotel.