Dubai Weekly Property News Round Up – 01.06.24

This week, in the world of Dubai real estate we’re taking a look at how the April 16 rains have effected the Dubai property market and what it takes to be spending $4.5 billion on Dubai property.

Whether you’re seeking a stylish one-bedroom apartment in an affordable area, a family-friendly neighbourhood with top-tier schools and healthcare, or a premium investment with luxurious hotel-style amenities that attract and retain quality tenants, there is truly something for everyone.

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Now, let’s take a look at the latest headlines that have caught our eye this week…

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Property news this week:

Dubai’s wealthy willing to spend $4.5 billion on Dubai property – Knight Frank: The report comes at a time when Dubai is continuing to push its credentials as a wealth management, banking and family offices hotspot, competing with rival hubs such as Hong Kong and Switzerland. 
 
High net worth individuals around the world are prepared to spend $4.4 billion on residential real estate in Dubai, a report says underscoring how the Gulf jurisdiction remains a property hotspot.
 
Dubai has taken pole position as the most preferred emirate in the UAE for HNW individuals globally to purchase real estate. Abu Dhabi ranks second, while Sharjah has secured third place this year, according to property consultants Knight Frank.

Dubai property market has bounced back after April 16 rains:
 The one thing that has always held true for Dubai is that it’s a city of surprises. Nobody could have predicted that this ‘megapolis’ in the desert would become the centre of global interest in a post-Covid landscape.
 
Following landmark events like Expo 2020, many have been holding their breath for a so-called bubble to burst – and they should really just exhale by now as their expectations continued to be defied. The city saw record-breaking rainfall in April, yet bounced back so fast that it barely feels like we had more than the usual spring showers. The real estate market continues to soar, setting new benchmarks month after month.

How much should you earn to buy a Dubai property worth $1 million?: Krzysztof Lewandowski, a Polish national, recently bought an apartment in the Emaar Beachfront project in Dubai for Dh4.2 million ($1.14 million).
 
The 37-year-old is an advocate of the Dubai property market having seen attractive returns and significant capital appreciation for other units in his real estate portfolioHe purchased his first property in Dubai, also in Emaar Beachfront, seven years ago and also owns an apartment each in Dubai Creek Harbour and Jumeirah Lakes Towers. These units have been rented out.

That’s all of this week’s most important news. If you’ve got any comments or questions about any of these headlines, hit reply and we talk further about the market and your own property investment goals.

Otherwise, I’ll see you next week for your property market round-up. Have a great weekend!

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