Dubai Weekly Property News Round Up – 11.03.23

Dubai Weekly Property News Round Up – 11.03.23

Hello,

I hope you have had a great week. If you are based in Dubai, you have undoubtedly had a sunnier week than those of us in the UK, with snow making everything here look like a belated winter wonderland!

If you are interested in finding a property deal that matches the heat of the Dubai sunshine, reply to this article today to find out about our latest collection.

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

  • Report Says Millennials Will Drive the UAE’s Real Estate Success – There has been a noticeable shift to sustainable real estate interest among property investors according to Dubai’s top sustainable developer, ZāZEN Properties. The company has reported that between 70-80% of both foreign and domestic UAE real estate investors are now actively prioritising sustainability. Global data shows that 90% of millennials, who largely contribute to UAE property investment, are showing commitment to reducing their environmental impact. The Dubai government actively supports eco-friendly developers in its drive to create a fully sustainable future.

 

  • Report Shows Dubai Rent Rate Leap of 27.7% in 2023 – The CBRE has released their latest Dubai Residential Market Snapshot revealing that the Dubai rental market is continuing to skyrocket, with average rents swelling 27.7% in January and February this year.  Annual apartment rents now sit at Dh99,737 on average, and villa asking rents have hit Dh295,436. The Palm Jumeriah saw the biggest increase in this time, but the entire city has seen strong rental growth, driven by its excellent infrastructure, population growth and its reputation of being a global business hub.

 

  • Residential Market Report Shows Massive Year-on-Year Increase – CBRE has revealed in their latest report that Dubai has experienced record levels of residential space demand this year so far, as transaction rates soared past 8,500 in the first two months alone. This number marks a 43.8% increase from 2022, which included a 78.1% increase in off-plan market sales. Despite this staggering growth, the average transaction rates for both villas and apartments still sit below the previous market peak of 2014, showing the city’s tremendous growth potential in the coming years.

 

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.

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