I hope you’ve had a great week. We had a lot of fun participating in The Landlord Investment Show on Tuesday. It was a huge success and the venue was filled with a wide variety of property experts from every real estate sector and investors keen on getting as much inside information as possible.
With so much being done remotely nowadays, it was very refreshing to see our investors face-to-face. Based in both Dubai and London, we are always very happy to meet if you would like to discuss your property investment goals in person.
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 Headlines This Week
- Dubai Prepares to Take Its Government to the Metaverse – Ever since the inception of the metaverse and cryptocurrency onto the global scene, Dubai has had its sights on mastering these bold new platforms, with sky-high ambitions to become the digital hub of the world. In another step towards this goal, Dubai is reportedly bringing certain government departments into the metaverse in order for users to work with these facilities in the future. It is a lengthy enterprise, but Dubai’s leaders are certain of its value for the emirate and its citizens. There have already been many enquiries from various government departments requesting their processes merge with the metaverse for ease of use. We have started getting a lot of inquiries from government departments and ministries to make them Metaverse-enabled. Experts in the real estate sector anticipate a future where home buyers can soar, superman-style, through communities, exploring the properties and even being able to remotely design their own home interiors.
- Dubai Home Sales Surge Despite Larger House Prices Slowing – The property market in Dubai is now in a strong recovery phase after a drawn-out 7-year-long recession, encouraged by progressive policies, favourable tax conditions and visa options for investors and, more recently, an influx of Russian buyers keen on safeguarding their wealth in the city. All this activity has resulted in a 42% house price growth in June this year, according to consulting firm ValuStrat. Although villa price growth slowed last month, the overall average price is still 32.2% higher than year-to-date in 2021, showing the sustained popularity of villas since the ‘race for space’ hit during the pandemic. Prices for apartments grew by less than 1% in June, showing that the luxury market is still flexing its muscles among the various property niches. Valustrat has reported the total number of all home sales in June climbed 41.6% when compared with May this year, bringing it to 38% higher than the same period last year.
- Russians Fleeing Sanctions Boost Dubai’s Property Sector – Russia’s invasion of Ukraine has undoubtedly shaken global economics, with the effect of both sanctions and reduced output from both Ukraine and Russia causing shockwaves felt around the world. Dubai, however, has felt the effects of this upheaval in quite a different way. Having decided early on to remain neutral in the conflict, Dubai is now seeing a huge influx of wealthy Russians arriving on its shores, desperate to find real estate they can put their wealth into safely. With an ex-pat population of 90% and the incredible tax reliefs available to property investors, it is hardly surprising that High Net Wealth Individuals are flocking to the city, searching for the same hyper-luxury lifestyle as they have become accustomed to. Mira Estate, a Dubai specialist in Russian-speaking clients, has just registered a 100% increase in sales to buyers from Russia and other former Soviet states year-on-year in the first half of 2022 alone.
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.