Welcome back to the TrackCapital Weekly Property News Round-Up. I hope you have had a lovely week. We have had an exciting time meeting with developers to discuss some incredible new projects that have just hit the shelves. These brand-new investment opportunities come with strong rental returns, rare staggered payment plans and a selection of highly desirable locations to choose from.
Contact us today for details of all our best new investment products.
Now, let’s take a look at all the news 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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Dubai’s residential real estate sector has witnessed a robust surge in off-plan property sales in the first half of 2023, with a substantial 38% increase in the value of transactions in Q2. Approximately 57% of these sales were in the AED500,000 to AED2 million range, emphasising Dubai’s appeal for sustainable properties.
The new urban planning law aligns with the city’s sustainability goals and has boosted investor confidence, leading to a record-breaking AED177.3 billion in transactions. This signifies strong growth in Dubai in the coming years.
Dubai’s real estate sector is poised for record-breaking levels during the summer of 2023, driven by unprecedented demand from foreign investors, particularly in luxury real estate.
According to Dubai-based brokerage W Capital, the market’s performance continues to surpass expectations, with July sales heralding a historic season. Sales for the first seven months exceeded Dhs216bn, a growth rate of over 60% year-on-year. The highest-ever monthly sales were recorded in July at more than Dhs37bn.
Tecom Group, led by CEO Abdulla Belhoul, added over 1500 tenants in the first half of the year and saw a 6% revenue rise in the second quarter.
Despite a global slump in the commercial real estate market, Dubai’s central business district continues to attract strong demand, particularly for high-quality offices in prime locations. The success is evidenced by major tenants like Meta Platforms Inc. and Alphabet Inc. choosing to expand in Dubai, defying the worldwide downtrend in occupancy rates and rental yields.
That is all we have for you this week. If you have any comments or questions on this weeks news summary then please feel free to hit ‘reply’ – if not, see you next week.
Tobi Mancuso
Director, Track Capital
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