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Dubai’s Luxury Home Market Hits Record With 435 Sales In 2024 On Strong Q4 Demand

by THEFUTURE.TEAM

February 3, 2025

Sales of luxury homes in Dubai valued at over $10 million surged to a record 435 transactions in 2024, slightly surpassing the previous year’s total of 434, as reported by global property consultant Knight Frank.

Q4 Drives Record-Breaking Sales

The substantial growth in 2024 can be attributed to a robust performance in the final quarter, where 153 luxury homes were sold, setting a new record for quarterly sales.

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Palm Jumeirah remained the standout location for high-end property sales, accounting for 127 deals or 29% of the total. This area alone generated $2.3 billion in sales, making up 32.5% of the total value of Dubai’s luxury home market.

Other Key Luxury Areas

Palm Jebel Ali followed with 36 luxury property transactions in 2024, with the first homes in this area expected to be completed by 2027. In terms of transaction value, Emirates Hills secured second place, with sales totaling $514.5 million, or 7.3% of the market.

Jumeirah Bay Island, District One, and Dubai Hills Estate rounded out the top five locations, contributing 6.7%, 6.6%, and 6.2% to the luxury market, respectively.

Villa Demand Fuels Market Growth

Villas made up 68.5% of all luxury property sales in 2024, up from 52% in 2022 and 2023. This growth was primarily driven by increasing demand from international high-net-worth individuals.

More than half (52%) of luxury home sales took place in the primary market, with major developers such as Omniyat, Nakheel, and Emaar Properties accounting for 46% of these transactions.

A Slight Dip In High-End Listings

The report also revealed a 40% decrease in the number of homes listed above $10 million, with only 2,490 properties available in 2024, compared to 4,120 in 2023.

Faisal Durrani, Partner and Head of Research for MENA at Knight Frank, commented on Dubai’s growing appeal: “The city’s magnetic attraction is evident in its population growth, which reached over 3.8 million, increasing by 170,000 or 4.6% during 2024. This growth continues to fuel housing demand across all price ranges.”

Dubai Real Estate Market Performance

The Dubai Land Department recently reported that the emirate’s real estate sector achieved a total value of $207.2 billion (AED 761 billion) in 2024, marking a 20% year-on-year increase. The number of real estate deals reached a record 2.7 million, which includes sales and rental agreements, up 17% from the previous year.

Real estate transactions alone amounted to 226,000, reflecting a significant 36% rise compared to 2023.

Abu Dhabi’s Strong Growth

Meanwhile, Abu Dhabi’s real estate market also saw impressive growth in 2024, with transaction values rising by 10.5% to $26.2 billion (AED 96.2 billion). The number of transactions surged by 24.2% year-on-year to reach 28,249.

Leading Real Estate Players

Emaar Properties from Dubai and Aldar Properties from Abu Dhabi were the region’s top revenue-generating real estate companies, with Emaar reporting $6.5 billion and Aldar $4.5 billion for the first nine months of 2024.

This continued strong performance reflects a thriving luxury real estate market in the UAE, attracting international investors and contributing to the broader growth of the region’s economy.

The Decline Of Smartwatches: A Turning Point In The Wearable Tech Industry

by THEFUTURE.TEAM

March 13, 2025

For the first time in history, the smartwatch market is facing a significant downturn. Shipments are expected to drop by 7% in 2024, marking a major shift in a segment that has been growing steadily for over a decade. A report by Counterpoint reveals that while Apple still holds the top spot, its dominance is being challenged by a surge from Chinese brands like Huawei, Xiaomi, and BBK. Even as the overall market struggles, some companies are thriving.

The Big Picture: Why Smartwatches Are Slowing Down

Apple’s flagship products have long been the driving force in the smartwatch market, but even the tech giant is feeling the pressure. The company’s shipments are projected to fall by 19% this year, though it will remain the market leader. Meanwhile, brands from China are capitalizing on the shift, with Huawei showing an impressive 35% growth in sales, driven by the booming domestic market and a broad range of offerings, including smartwatches for kids.

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Xiaomi, too, is experiencing remarkable success, with a staggering 135% increase in sales. In contrast, Samsung is seeing more modest growth, up 3%, thanks to its latest Galaxy Watch 7 and Galaxy Watch Ultra series.

While some companies are succeeding, the broader market is facing headwinds. The biggest factor behind the overall decline is the slowdown in India, where consumer demand for smartwatches has stagnated. The segment is suffering from a lack of innovation and fresh updates, leaving many consumers with little incentive to upgrade their devices. Add to that market saturation, and it’s clear why many users are content with their current models. The Chinese market, however, is bucking the trend, showing 6% growth in 2024.

A Glimpse Into The Future

Looking ahead, the smartwatch market may begin to recover in 2025, driven by the increasing integration of AI and advanced health monitoring tools. As these technologies evolve, the industry could see a resurgence in demand.

Huawei’s Remarkable Comeback

Huawei’s impressive performance in the smartwatch space signals a broader recovery for the company, which has been hit hard by US sanctions. Once the world’s largest smartphone maker, Huawei’s business was decimated when it lost access to advanced chips and Google’s Android operating system in 2019. But in China, Huawei has maintained its dominance, with its market share growing to 17% in 2024.

This resurgence was partly driven by the launch of the Mate 60 Pro, a smartphone featuring a 7-nanometer chip developed in China. Despite US sanctions, the device surprised many with its capabilities, a testament to China’s rising investment in domestic semiconductor production.

In February, Huawei also unveiled its Mate XT foldable smartphone, the world’s first device to fold in three directions. Running on HarmonyOS 4.2, Huawei’s proprietary operating system, the phone further demonstrates the company’s resilience and ability to innovate despite international challenges.

Huawei’s smartwatch offerings are also catching attention, particularly the Huawei Watch GT 5 Pro, which launched in September of last year. With a premium titanium alloy design, a high-resolution AMOLED display, and impressive health tracking features, the GT 5 Pro has become a standout in the market, available to both Android and iOS users.

A Brief History Of The Smartwatch Revolution

The smartwatch market has had its fair share of milestones, but the real breakthrough came in 2012 with the Pebble, a Kickstarter-funded project that raised over $10 million. Pebble introduced the world to smartphone integration, app downloads, and long battery life, becoming the first truly mass-market smartwatch.

In 2013, Samsung entered the game with the Galaxy Gear, marking its first attempt at wearable tech. But it was Apple’s entry in 2014 that truly set the industry on fire. The Apple Watch’s sleek design, integration with iOS, and emphasis on health and fitness catapulted it to the top of the market, establishing a standard that many other brands would try to follow.

By 2021, the smartwatch industry had grown to over $30 billion in revenue, with annual growth reaching 20%. Yet now, it finds itself at a crossroads, with innovation stagnating and market saturation taking a toll.