Dubai Weekly Property News Round Up – 08.07.23

Dubai Weekly Property News Round Up – 08.07.23

Hello,

I hope you have had a great week. This week we have been looking at the most valuable amenities that attract high-quality, professional tenants. Dubai is not only home to some of the most luxurious residences in the world, but it also has defined itself as one of the most business-friendly cities for both domestic and ex-pat residents.

If you are interested in catering to the professional tenant demographic, reply to this article today to discuss the best investment options set within prime locations.

Now, let’s take a look at all the headlines that caught our attention this week. I always try to summarise the links to save you having to click through.

News

Episode 64: Beyond the Bricks & Mortar – Property Q&A Session – The latest episode of the Pure Property Podcast is out now. You can listen to it on Apple Podcasts and all other major platforms.

Remember, you can also listen to this week’s newsletter on the podcast as well.

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Dubai’s real estate market experienced a record-breaking June 2023, with 10,419 transactions marking a 17.78% increase from June 2022, and the value of these transactions also surging by 34.1% to Dhs30.41bn. Major contributors to these sales were areas like Dubai Marina, Palm Jumeirah, and Dubai Harbour.

While apartments, especially one- and two-bedroom units, were the preference for 57.5% of buyers, 42.5% sought villas/townhouses. The off-plan segment accounted for nearly half of all transactions. In rentals, the majority of tenants preferred furnished apartments and unfurnished villas/townhouses, with one-bedroom units and three-bedroom villas being the most sought-after.

Dubai’s real estate market saw its strongest June in a decade, with 10,419 transactions indicating a 17.78% YoY increase. Transaction value also rose by 34.1% to AED 30.41 billion. Most buyers preferred apartments, especially two-bedroom units, while a significant portion opted for villas/townhouses. Rental preferences leaned towards apartments, particularly furnished units. The off-plan market was instrumental to this growth, with a 46.6% YoY rise in sales and an 80.26% increase in value.

Dubai led the global luxury property market with 92 transactions above $10 million in Q1 2023, surpassing Hong Kong and New York, according to Knight Frank. The emirate’s $10 million-plus property sales reached 176 in H1 2023, amounting to over $3.1 billion. Prime neighbourhoods like Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island accounted for 63% of such sales. The trend is driven by an influx of millionaires into Dubai, attracted by a strong return on investment and high quality of life.

That is all we have for you this week. If you have any comments or questions on this weeks news summary then please feel free to hit ‘reply’ – if not, see you next week.

Tobi Mancuso
Director, Track Capital

Listen to The Pure Property Podcast from Track Capital here

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