Mansions’ planned at Surfside collapse site. Do developers ‘hope people forget’ tragedy?

A Dubai-based developer has unveiled the details of an ultra-luxury project on the Surfside property where a building collapse in 2021 left 98 people dead and shattered a community. In a press release, DAMAC said construction has begun on what it’s calling The Delmore, featuring 37 “mansions in the sky” starting at $15 million apiece, a “meditation garden” and the availability of “residential butlers.” The release makes no mention of the collapse. On Tuesday morning, dozens of top Miami brokers were set to gather in Surfside to learn more about the condo project, which will be one of the most expensive in South Florida. The announcement comes with the launch of a website to promote sales and an estimated completion date of 2029. The flashy launch didn’t sit well with some who were directly affected by the partial collapse of Champlain Towers South on June 24, 2021. Martin Langesfeld, whose sister Nicole and brother-in-law Luis Sadovnic died in the collapse, told the Miami Herald it was “concerning to see this project marketed without acknowledging the collapse that killed 98 people.” Langesfeld said the project shouldn’t begin until a federal investigation into what caused the collapse is finished. “The focus must be on completing the investigation before allowing another development to proceed, while also ensuring a memorial is included to honor those we lost,” he said. Surfside Mayor Charles Burkett, who was in office when the collapse occurred and elected again last year, said he had hoped the developer would find a sensitive way to honor the site’s history in its marketing.

“The challenge for the developer is to be honest and blend their efforts to do whatever they have to do with a deep respect for the history of that site,” Burkett said. “They’ve got a real opportunity to see the reality that’s right in front of them and take it head on and deal with it.”

Read more at: https://www.miamiherald.com/news/local/community/miami-dade/article299264104.html#storylink=cpy

Dubai real estate sets record breaking transaction record with $115bn of sales in 2024; $65.5m villa and $74.8m apartment top charts

A record-breaking year for Dubai real estate saw more than 40 homes sold for more than $27.2m

The Dubai real estate sector recorded record volume and value of sales transactions last year, with an impressive performance underscoring investor confidence and robust demand.

According to Betterhomes, there were 168,405 sales transactions with a total value of AED423.36bn ($115.3bn).

This is the highest in the city’s history and represents year-on-year growth of 30 per cent in transaction value and 40 per cent in transaction volume.

Dubai real estate records

The off-plan market led the way, accounting for 63 per cent of total transactions and showing a remarkable 66 per cent YoY growth.

At the same time, the secondary market recorded a strong 14 per cent YoY increase, meeting the needs of end-users seeking immediate ownership.

The prime property market also hit unprecedented highs with the prime market definition being set as transactions of more than AED15m ($4.1m).

This sector saw 1,938 transactions in the secondary market (a 63 per cent YoY increase).

Notable sales included:

• Most expensive resale villa: AED240.5m ($65.5m) in Jumeirah Bay Island

• Most expensive resale apartment: AED275m ($74.8m) in The One at Palm Jumeirah

With 40 super-prime transactions exceeding AED100m ($27.2m), Dubai continues to attract high-net-worth individuals seeking bespoke properties and exceptional lifestyles.

Louis Harding, CEO of Betterhomes, said: “As we reflect on another year of incredible growth and transformation, I am reminded of what makes Dubai’s real estate market truly exceptional. It’s not just the skyscrapers or record-breaking transaction volumes—it’s the vision, resilience, and innovation that define this city.

“2024 has been a landmark year, and as we look ahead to 2025, we remain committed to guiding our clients and creating lasting value.”

Dubai’s real estate market is poised for stabilisation as the population grows and more than 72,000 residential units are set to enter the market. While price growth may moderate, demand remains robust. Additionally, the launch of the Smart Rental Index in 2025 promises to enhance transparency and fairness in rental pricing.

Read more: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-sets-record-breaking-transaction-record-with-115bn-of-sales-in-2024-65-5m-villa-and-74-8m-apartment-top-charts