I hope you’ve had an enjoyable week. This week our Dubai office has been filled with talk of the highly anticipated developments that are now nearing their completion dates.
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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.
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Property News This Week
- Prince William Embarks on First Official Visit to UAE – This Thursday marked the UK’s national day at Expo 2020, and it received a truly royal opening as Dubai warmly welcomed Prince William on his first official visit to the United Arab Emirates. This move signifies a strengthening of the UK’s relationship with the UAE. The future monarch took the opportunity to promote a number of environmental and conservation initiatives that he is supporting, such as the United for Wildlife campaign and his interest in the innovative Earthshot Prize, which focuses on solving the world’s most pressing environmental concerns. He also toured regions of Dubai dedicated to nature conservation and praised the efforts made in Dubai to create diverse and thriving habitats for wildlife and flora. The Duke of Cambridge is expected to attend the Expo 2020 state fair and of course, to attend the UK’s own pavilion in celebration of the UK’s building of positive international relations.
- District 2020 to Drive Dubai Property Market Growth – Zoom Property Insights has revealed a forecast of success and upward momentum within the Dubai property market for 2022. The resounding success of Expo 2020 will give rise to the development of District 2020 in its place; a brand new sustainable community built with 80% reused materials and infrastructure from the state fair when it comes to a close. District 2020 will consist of both commercial and residential spaces and is anticipated to become another of Dubai’s stunning master communities, drawing in visitors and residents from around the world. Zoom Property Insights also predicts that surrounding areas will too benefit from the influx of new money and overseas interest, which is already providing a huge boost to the economy. Short-term rental demand in the area is growing rapidly as a result.
- 2022 Dubai Real Estate Forecasts and Predictions – 2021 was a year of unprecedented market growth in Dubai as the government’s efforts to proactively handle the challenges of the pandemic marked just one in a series of positive decisions the Dubai government has undertaken to facilitate its spectacular recovery. With exceptional vaccine uptake, the quick re-opening of international airports and the avoidance of draconian lockdowns, wealthy investors felt more empowered than ever to capitalise on the high quality of life in the UAE, where incentives and helpful legislation are also waiting to welcome them to its golden shores. The latest DLD transaction report states that in 2021, the emirate experienced a 65% growth in property transactions and a 71% increase in value from the previous year. The majority of experts agree that this upward market trend will continue in 2022, propelled by a reduced number of planning proposals driving demand coupled with low mortgage rates available and sustained interest from foreign investors.
- Average Dubai Property Price to Rise by 5-10% this Year – The Managing Director of notable broker firm Haus & Haus has predicted that the average Dubai property price will grow by an average of 5 and 10% throughout the course of 2022 as the market continues its significant upward climb. 2021 was a record-breaking year for the Dubai property market as it broke spectacularly through its eight-year slump to a remarkable V-shaped recovery. Haus & Haus forecasts that overseas investors will continue to saturate the market. This comes as Dubai makes itself known as both an excellent investment choice and as a place to live, made possible by the new visa options and great tax benefits. The short-term rental market is also going from strength to strength, with increasing yields, high occupancy rates and more flexibility for tenants driving demand.
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.