Competition is heating up in Dubai's property market as new developers enter the scene to launch projects amid surging demand from buyers.
Amaal – founded by Abdulla Lahej, former group chief executive of Emaar – made its debut in the Dubai market this year, alongside Kasco Developments, Acube Developments, Source of Fate and PO B1 Properties.
“Of the 40 new developers that have come to market so far this year, approximately 50 per cent are foreign entities entering the Dubai market for the first time," says Zhann Jochinke, chief operating officer at Cavendish Maxwell’s Property Monitor. “Competition is fierce. So far this year, 142 developers have launched projects, whereas, for the whole of 2023, the figure was 125."
Amaal unveiled a Dh1.5 billion ($408 million) project named Amaal 8 in Mohammed bin Rashid City. The project will have 512 units and the first phase is already sold out, with the development set to be completed by the end of 2028, says Mr Lahej. "We have a variety of customers, not only from this region, from all around the world."
Approximately 50 per cent are foreign entities entering the Dubai market for the first time
Zhann Jochinke,
chief operating officer, Property Monitor
The company plans to hold road shows in China, Australia and the UK to attract more customers. New developers entering the market "fosters a healthy competitive environment, which benefits everyone involved", he says. "It's good not to make it only for three or two developers, it becomes a monopoly."
Dubai-based Source of Fate, which is behind a Dh500 million project in Ras Al Khaimah, is to launch Dh10 billion worth of projects in the next 12 months. The new developments to be built in Ras Al Khaimah and Dubai, with the company fully funded, general manager Majid Hsiung says.
Meanwhile, PO B1 Properties, the new real estate development division of Saif Al Ghurair Real Estate Group, announced a Dh206 million project in Dubai Silicon Oasis that is set to be completed in the second quarter of 2027. The project, named Serenova, spans 7,850 square metres of land and comprises 222 apartments.
Acube Developments, meanwhile, has plans to launch three or four projects worth Dh1.5 billion in 2025, in Dubai and Ras Al Khaimah.
Kasco Developments, part of the family-owned Kasco Group with a diversified portfolio, also unveiled a Dh500 million project in Business Bay. “Despite the increased competition in the market, there is still plenty of opportunity for new companies to establish themselves,” says Mustafa Al Kaissi, chairman of Kasco Developments.
The focus should be on “developing unique and innovative products that meet the specific needs and preferences of consumers", he adds. "This approach allows new entrants to carve out their own niche and succeed even in a crowded marketplace.”
Room for more
The entry of the new developers comes as the UAE property market continues to perform strongly on the back of new initiatives from the government, such as residency permits for retired and remote workers, and overall growth in the economy.
During the third quarter, average prices in the Dubai residential market rose by about 20 per cent from the previous year, with a 19 per cent increase in average apartment prices and a 23 per cent rise in average villa prices, a report from CBRE shows.
In the nine months to September 2024, the total number of residential transactions in Dubai topped 125,000, up more than 36 per cent compared with the same period in 2023, while the total value of deals rose 34 per cent annually to Dh314 billion, the report said.
Demand for real estate is at record levels. Cavendish Maxwell’s latest Property Monitor report shows that more than 20,000 property transactions took place in October – the highest monthly figure on record – with 73 per cent being off-plan units.
The market “definitely appears to be there” for new entities to enter as “we keep hitting kind of new records in terms of sales volume and sales values”, says Matthew Green, head of research – Mena at CBRE. "From a risk perspective, it's a higher point on the risk curve given we're four years already into an up cycle. But looking at the transaction volumes and values, demand is still very much kind of sustained and the Dubai success story only really continues to progress."
Luxury pull
One segment specifically seeing a boom is luxury residential property. In the third quarter, the prime villa market in Dubai recorded capital gains of 38.1 per cent annually, while premium apartment values rose 24.7 per cent during the period, a report from ValuStrat says.
Demand is coming from ultra-high-net-worth people moving to Dubai. Global high-net-worth individuals are expected to spend $4.4 billion on Dubai property this year, up 76 per cent compared with last year, Knight Frank said in a report this year.
Dubai's luxury home market hit record levels in 2023, as sales of homes worth more than $10 million nearly doubled to $7.6 billion, performing better than London and New York, Knight Frank said a separate report.
"Although the Dubai real estate market is seeing sustained growth and expansion like never before, units are still largely being absorbed in a timely fashion," Mr Jochinke says. "Large and well-known developers are selling most of their inventory on launch day or in the days and weeks that follow. Newer, lesser-known developers take longer to sell but, nonetheless, are selling."
Aldar Properties this year said it sold the first two phases of its Athlon project in Dubai within 48 hours of launch, generating Dh4.1 billion in sales for the company.
In September, Samana Developers sold its two projects Samana Ocean Pearl 1 and Samana Ocean Pearl 2 on Dubai Islands, within two hours of its launch.
Protection for investors
From the regulatory side, the requirements are more stringent. Developers must meet certain requirements before they register a project and launch it for sale. One key requirement relates to project finance and providing a level of protection to investors.
"Before off-plan sales can begin, developers must provide a minimum 30 per cent guarantee, either by completing the equivalent of 30 per cent of construction, providing a bank guarantee of 30 per cent of the construction, or depositing the equivalent of 30 per cent cash in the Rera [Real Estate Regulatory Authority] escrow account," Mr Jochinke says.
Looking ahead, Mr Lahej expects investor demand to continue, with sales momentum continuing into the next year. "Seeing the ups and downs of this whole experience of real estate from 2008 and later on in 2012, Dubai always comes on top," he adds. "We are hoping this kind of momentum continues and we see all the positive signs of it so far. I think it's going to be there for some time."
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
liverpool youngsters
Ki-Jana Hoever
The only one of this squad to have scored for Liverpool, the versatile Dutchman impressed on his debut at Wolves in January. He can play right-back, centre-back or in midfield.
Herbie Kane
Not the most prominent H Kane in English football but a 21-year-old Bristolian who had a fine season on loan at Doncaster last year. He is an all-action midfielder.
Luis Longstaff
Signed from Newcastle but no relation to United’s brothers Sean and Matty, Luis is a winger. An England Under-16 international, he helped Liverpool win the FA Youth Cup last season.
Yasser Larouci
An 18-year-old Algerian-born winger who can also play as a left-back, Larouci did well on Liverpool’s pre-season tour until an awful tackle by a Sevilla player injured him.
Adam Lewis
Steven Gerrard is a fan of his fellow Scouser, who has been on Liverpool’s books since he was in the Under-6s, Lewis was a midfielder, but has been converted into a left-back.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
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Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
Abu Dhabi Card
5pm: Maiden (PA) Dh 80,000 1,400m
National selection: AF Mohanak
5.30pm: Handicap (PA) Dh 90,000 1,400m
National selection: Jayide Al Boraq
6pm: Handicap (TB) Dh 100,000 1,400m
National selection: Rocket Power
6.30pm: Abu Dhabi Championship Listed (PA) Dh 180,000 1,600m
National selection: Ihtesham
7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 1,600m
National selection: Noof KB
7.30pm: Maiden (PA) Dh 80,000 2.200m
National selection: EL Faust
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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UAE currency: the story behind the money in your pockets
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
