I hope you have had a restful week. This week, we are deeply saddened to hear of the passing of our excellent Queen, and we know that people around the world will be feeling the same sense of loss.
We would like to take this opportunity to voice our gratitude for the Queen’s incredible and lifelong service to her country and for the high standards she set throughout her reign.
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
- Momentum Growing for the Dubai Property Market – In the first seven months of this year, the UAE real estate sector has earned over Dh170 billion with all the signs pointing to further exponential growth as the year evolves. Global investors are showing ever-increasing confidence in the emirate following its successful handling of the pandemic, coupled with excellent visa options and some of the best infrastructure to be seen worldwide. The luxury real estate sector has seen the most success with investors, with luxury villas, townhouses and high-spec apartments in upmarket locations showing continued popularity among both overseas and domestic investors. Overall, there has been a steep rise in real estate transactions of up to 87% when compared to the first half of 2021, which was already an immensely successful year for Dubai real estate transactions. A look at statistics shows that The UK, Russia and Ukraine are some of the most prominent nations currently keen on investing in the Dubai property market.
- Learning About Dubai Shares & Fractional Ownership – Over the past year, Dubai has shown massive success in a little-known investment option called Fractional Ownership, and it is fast becoming one of the most popular ways to invest. Foreign investors have been attracted to Dubai for some time now, as its relaxed tax policies, relatively low pricing and hyper-luxury lifestyle continue to draw interest worldwide. Now fractional ownership allows investors to buy shares of common property instead of the whole, putting less money down while still generating a positive cash flow. Specialists have seen a significant rise in fractional transactions and share purchases in the first half of 2022, with Azizi Developments reporting that 1 in 10 properties sold is done so in shares, bought by several owners at once. Under this framework, each share owner has equal rights to property and can sell their own share at any time. Developers are encouraging Fractional Ownership with the offer of safe and convenient payment plans.
- Rental Rates Rising Faster in Dubai than New York & London – In recent years, Dubai has set its sights on becoming one of the central business hubs in the world. With upcoming areas like Business Bay skyrocketing in popularity among companies and residents alike, it is no surprise that office rents in Dubai are now rising faster than in London or New York. This growing interest in Dubai office space marks its first rebound in the sector for six years. The emirate’s successful handling of the pandemic and the general close proximity between residences and offices has resulted in a booming demand for office space, particularly those in prime areas. In Dubai, approximately 80% of workers have now returned to their offices, in comparison to the relatively low average of 40% in London and 43% in the US. It is also likely that Dubai’s high focus on designing attractive spaces for workers and attending to their well-being is paying off when enticing employees to leave their homes for work.
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.