According to data published by the Dubai Land Department (DLD), on Tuesday, August 9, 436 real estate transactions worth AED 971.4 million ($264.4 million, ¥1.7 billion) were made in Dubai. In addition, 101 mortgage transactions totaling AED 1.38 billion ($375.7 million, ¥2.5 billion) and 17 gift transactions totaling AED 55.13 million ($15 million, ¥101 million) were completed. A total of AED 2.4 billion ($653.4 million, ¥4.3 billion) was spent on properties as a result of selling 360 villas and apartments for AED 738.88 million ($201.1 million, ¥1.3 billion). 88 villas and apartments worth AED 1.24 million ($337.5 thousand, ¥2.27 million) were purchased using mortgage loans, and 13 land plots were bought for AED 147.64 million ($40.1 million, ¥270.5 million).
In Dubai, real estate brokers are asked to make prior agreements and provide a No Objection Certificate (NOC) every time they bring a client to view properties owned by one of the major developers. Agents are concerned that this practice will become more widespread in the future, and thus it will have a serious effect on recruiting new customers. Most of the clients don't want to wait for a few days when an agent will get approval and simply cancel house viewings. Market experts say that this procedure applies not only to real estate agents representing a particular unit in a building but even to the apartment owner before he can invite someone to view a selling property. The NOC only adds extra complexity by the fact that it is not issued at a time to a specific broker. It should be...
Investors and entrepreneurs overseeing the Dubai real estate market should take a closer look at the commercial property sector. Now, the perspective for business premises is becoming more and more encouraging due to the growing demand for high-end offices. While everyone is watching the success of residential real estate, demand in Dubai's commercial sector is at its highest level for the last five to seven years. 26 transactions were registered in Opus by Omniyat, the most sought-after building in Business Bay, during the first six months of 2022. The highest price per square meter of office space was AED 3,200 ($871, ¥5,863). As demand for offices, warehouses, and retail space rises, the emirate's commercial real estate market will continue to attract local and global companies,...
According to Savills Dubai Office H1 2022 – Market in Minutes report, the Dubai office space market remained steady during the first half of 2022. It has been driven primarily by the ongoing demand for Class A business premises, which also has led to a sharp drop in vacancy spaces in this segment. According to the study, there is strong demand for tenants because of a strong local economy, with the completion of business expansion plans and an influx of senior executives, business owners and high net-worth individuals (HNIs). According to the latest report by Savills Prime Office Costs (SPOC), in the second quarter of 2022, Dubai's office occupancy rate was the highest among cities monitored by Savills in Europe, the Middle East, and Africa. In Dubai, 80% of employees typically...
According to information published by the Dubai Land Department (DLD), the total value of real estate transactions hit AED 1.6 billion ($435.6 million, ¥2.9 billion). A detailed review showed that there were a total of 376 purchase and sale transactions for AED 897.38 million. 122 transactions for AED 704.22 million ($191.7 million, ¥1.2 billion) were made using mortgages. 13 transactions for AED 23.3 million ($6.3 million, ¥42.6 million) were conducted to purchase a house as a gift. What was purchased? On that day, buyers preferred apartments and villas. A total of 170 housing units were sold in this category for AED 828.67 million ($225.6 million, ¥1.5 billion). 78 land plot purchase and sale agreements were also concluded. Their total value amounted to AED 295.34...
A mansion worth AED 55 million ($14.9 million, 100.7 million) was sold at a record price per square metre of AED 7,775 ($2,116, 14,245). Not so long ago, a sharp leap of 44.3% in prices per square meter was recorded on the island of Jumeirah Bay. It rose from AED 4,502 ($1,225, ¥8,248) in the first quarter to AED 6,500 ($1,769, ¥11,909) in the second quarter of 2022. Such transactions demonstrate a market tendency for rare properties. This is not speculation or some type of hype, but a true form of end-user interest in ready-made brand-name residences. Exclusive residences at Bvlgari Resorts & Residences are in extreme demand. But currently, there are no options on the market that can meet this demand. Jumeirah Bay, situated not far away off the coast between the famous...
Dubai took 4th place in the ranking of cities with the highest price increase for luxury housing in the first six months22.07.2022
In the first half of 2022, prices for elite realty rose by 4.7% in Dubai, compared with the TOP-30 cities in the world. The average was only 2.4% among these cities. Strong growth rates coupled with effective measures to combat the epidemic, high buying activity, stable demand, and successful visa reforms have helped the emirate to take 4th place worldwide in terms of elite real estate. In the Savills Prime Residential Index: World Cities, the TOP-3 cities in price increase for premium housing units are: Miami; Los Angeles; San Francisco. Dubai took 4th place and was the only foreign city to make it into the TOP-5. Earlier studies by Savills highly evaluated Dubai and awarded it the third best city in the world for international migrants. This was facilitated by extensive visa...
The UAE’s real estate is becoming attractive to a growing number of investors every year. The off-plan market is considered to be particularly lucrative, as investors can count on either a significant return from reselling an off-plan residence at later construction stages or a higher rental income. Now, when the country has confidently recovered after an economic downturn caused by the coronavirus pandemic, the market features numerous interesting offerings from developers once again. We have listed the TOP 10 new off-plan residential projects in Dubai for you to view and choose the option that meets your needs best. Contents: TOP 10 new residential developments in Dubai Cavalli Estates DAMAC Lagoons Damac Safa One Creek Beach Orchid Elite Downtown Residence Sobha Crest...
The Dubai real estate market offers a wide range of options. A potential investor faces the choice of purchasing completed housing or apartments in a building under construction. This post will review the situation of off-plan and pre-launch homes in Dubai, as well as the pros and cons of investing in off-plan projects. Contents: What is off-plan and pre-launch property? Pros and cons of off-plan investment Examples of off-plan and pre-launch investments Impact of the crisis on off-plan investment Real estate in Dubai: off-plan or completed housing Start looking for your dream home now! What is off-plan and pre-launch property? In the UAE, off-plan property means purchasing real estate during the construction phase, before facility commissioning. In this case, the value of...
In 2002, the Emirates allowed foreigners to purchase and own real estate. 20 years later, we can safely say that the demand for local investment assets is growing every year. The Dubai market is extremely inviting for potential investors due to the growing economy, the stable political system, and the high return on investment in real estate. Dubai is the best choice for people who wish to make a successful investment. Specifically, new off-plan residential developments in Dubai are extremely popular among buyers. This post discusses why it makes sense to purchase off-plan property in Dubai and what the risks of purchasing off-plan property are. Contents: Pitfalls of purchasing off-plan Schedule overruns Expectation vs. reality Market fluctuations How to mitigate the risks of...