I hope you’ve had an enjoyable week. Here at Track Capital, we have been discussing some of the unique features of property investment in Dubai.
From golden visa options and far fewer charges for purchases to the financial incentives offered to developers for completing their projects on time, the Dubai government is fully committed to supporting their real estate market.
Contact us if you are interested in exploring the perks of Dubai property investment and making the most of its spectacular market recovery.
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 from having to click through.
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Property News This Week
Dubai Tenants Are Urged to Fight Back Against Law-Breaking Landlords – There has been trouble brewing recently for many domestic renters in Dubai, with market recovery combined with an influx of wealthy Russians and Ukrainians driving demand for property. As a result of these changes, many landlords have been ignoring the guidelines laid out to protect tenants and raising rents beyond the affordability of their current tenants. By doing this, they either force tenants to accept a higher rent or force them to move out – replacing them with tenants willing to pay. Since the problem is being exacerbated by the wave of overseas residents currently taking advantage of Dubai’s high standard of living, experts believe that a “false market” is being created, which is largely unsustainable. More tenants are now becoming aware of the laws put in place to support them and put a stop to the tactics of unscrupulous landlords, and they are filing complaints to their local authorities.
- Expo 2020 Has Strengthened Dubai Recovery After Covid-19 – When looking at Dubai’s exceptional market recovery, it is impossible to ignore the role its government has played in bringing about what has arguably been one of the biggest property market turnarounds in recent global history. Employing a variety of factors to encourage investment and reward those choosing to put their faith in Dubai, the government has proactively manoeuvred Dubai to become one of the most flourishing economies throughout the world. Expo 2020 has in many ways epitomised these goals. Creating interest and momentum, the festival presented an excellent opportunity for property developers, innovators and government institutions to build enthusiasm among the 24 million visitors flocking to Dubai’s shores for the event. The international festival has successfully earmarked Dubai as a business hotspot, building positive connections with other countries and highlighting its growing value to international investors.
- UAE Reaches Top Position in Global Real Estate Index – The pandemic has been a time of great uncertainty for the majority of people affected across the world, and it is no surprise that many began a search for a haven away from the confusion and oppressive confines of seemingly neverending restrictions. Because of this, a Global Real Estate Index has been created to map the best countries for investment and migration. It looked at a variety of considerations such as friendliness toward investment, citizen safety, reputation, job opportunities and overall quality of life. Taking first place on the list is Dubai, which scored highly in every area. It was awarded the top position based on its potential for rental income combined with a high standard of living at relatively low prices. Over the past two years, wealthy investors from Russia, India, Switzerland and Monaco have shown persistent interest in luxury Dubai real estate – an interest that shows no signs of slowing as the market hits its stride in recovery.
- Residential Villa Sale Tops Highest-Ever Value in Dubai – The booming Dubai real estate market has just smashed another record for property sales since securing a purchaser for an ultra-luxury property in the sought-after community of Palm Jumeriah. Beating the previous record-holding property sold at AED185m, this latest sale has come in at a whopping AED280 million. For that money, the buyer is treated to a bespoke ten-bedroomed white marble villa and its own 70-meter private beach on the pristine sands of Palm Jumeirah. With 33,000 sq. ft of space and incredible built-in hotel-style amenities, the villa is fully equipped to rival the top range properties of cities such as New York, London and Hong Kong. A transaction of this magnitude showcases the true strength of Dubai’s high-end property market, since the exponential growth it saw in 2021. In the first 10 months of last year alone, property prices increased by approximately 21%, with over AED135 bn worth of transactions taking place between January and November 2021.
That is all we have for you this week. If you have any comments or questions on this week’s news summary then please feel free to send us an email at [email protected] – if not, see you next week.