Dubai residential property sales surge in 2nd half of 2024, and additional news

For PropertyGuru’s real estate news roundup, residential real estate sales in Dubai increased 31 percent year-over-year (YoY) to AED232 billion in the second half of 2024. In other headlines, Japan has invested in projects worth nearly USD80 billion in Vietnam by the end of the second quarter of 2024, making it the third largest foreign investor in the country. Lastly, Firmus Technologies, based in Singapore, has secured the Asia Pacific Data Centre Project of the Year award for its energy-efficient and sustainable AI Factory.

Dubai residential property sales surged 31 percent in the second half of the year

According to a survey released on Wednesday, residential real estate sales in Dubai increased 31 percent year-over-year (YoY) to AED232 billion in the second half of 2024. As mentioned in PropertyNews.ae, Espace Real Estate’s report solidifies an incredible year of sector expansion. In terms of volume and value, the off-plan market surpassed the secondary market by a considerable margin. The value reached AED127 billion (up 51 percent YoY) due to 61,435 off-plan sales (up 74 percent YoY), which were supported by a thriving secondary market that saw 32,487 transactions (up 15 percent YoY). Dubai’s continuous population increase drives investor hunger, leading to extraordinarily high activity in the off-plan market. In the second half of the year, the off-plan market currently accounts for 65 percent of all transactions, up from 61 percent in the first half.

Vietnam draws 5,369 Japanese projects worth nearly USD80 billion 

Japan has invested in 5,369 projects worth USD76.76 billion in Vietnam as of the end of the second quarter of 2024, making it the third largest foreign investor in the country, Deputy Minister of Construction Nguyen Tuong Van told the 9th Vietnam-Japan Conference on Construction in Hanoi. Co-hosted by the Vietnamese Ministry of Construction and the Japanese Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the event aimed to advance bilateral cooperation in developing quality housing and technical infrastructure. It also sought to promote collaboration between businesses from both nations in these fields. VietnamPlus reports that in his opening remarks, Van underscored Japan’s role as Vietnam’s fourth largest Official Development Assistance (ODA) provider, with major infrastructure, industrial development, and human resource training projects.

Firmus wins award for energy-efficient AI data centre in Singapore

Based in Singapore, Firmus Technologies has secured the Asia Pacific Data Centre Project of the Year award for its AI Factory, a facility recognised for its impressive energy efficiency and advanced infrastructure. The AI Factory is part of Firmus Technologies’ initiative to transform several existing ST Telemedia Global Data Centres (STT GDC) locations into GPU-based AI computing platforms. Firmus Technologies’ projects are aligned with Singapore’s strategy to advance AI infrastructure innovation, further positioning Singapore as a global hub for AI development. “This award reflects our dedication to energy-efficient AI at scale,” remarked Tim Rosenfield, Co-CEO of Firmus Technologies in DataCenterNews Asia. “We have created a platform that supports the growth of AI while promoting environmental sustainability. If we can do it in Singapore, where space is constrained and the humid climate is against us, we can do it anywhere.”

The Property Report editors wrote this article. For more information, email: [email protected].