Dubai Weekly Property News Round Up – 19.11.22

Dubai Weekly Property News Round Up – 19.11.22

Hello,

I hope you’ve had a lovely week. This week we have been admiring the unique vision that runs throughout Dubai, infusing state-of-the-art architecture with incredible green spaces and areas of outstanding natural beauty.

There is no doubt that Dubai has become one of the most desirable places in the world to live, work and raise a family in the world, with a myriad of residences to suit every budget and taste.

If you are interested in finding an exceptional Dubai property investment, contact us today.

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.

Episode 51: Guaranteed Returns in Dubai – What Are They And What To Look For – The latest episode of the Pure Property Podcast is out now. You can listen to it on Apple Podcasts and all other major platforms.

Remember, you can also listen to this week’s newsletter on the podcast as well.

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Property Headlines This Week

  • Dubai is Revealed as World’s Top Spot for Branded Houses – A study by leading property services company Savills has revealed Dubai as the top hotspot in the world for branded residences when factoring in current supply and projects in the pipeline. The Spotlight on Branded Residences report comes as the UAE is anticipated to record a rise of 22% in the number of high-net-worth households, particularly in affluent areas. Dubai is well-known for the strength of its luxury real estate market, drawing in high-net-wealth individuals and businesses both domestically and abroad. Since 2012, there has been an increase of over 150% in the branded residences sector globally, with a healthy pipeline suggesting no change in trajectory for this luxury market. Currently, there are 640 branded residence schemes in progress, spanning every continent except Antarctica. This equates to some 100,000 units in total, with supply levels predicted to rise to over 1,100 schemes in the next 5 years.

 

  • Final Height of World’s Tallest Tower to Be Confirmed by Binghatti – The world is waiting with bated breath for the details to be revealed surrounding the final anticipated height and expected cost of what will become the world’s tallest residential tower, the Benghatti Jacob & Co Residences Tower – set to stand in Business Bay, Dubai and attract thousands of residents in search of the ultimate luxury living experience. Already experiencing demand from Binghatti customers, the iconic tower will be a dazzling collaboration between the world-known developer and high-end jeweller, Jacob & Co. Set over 100 floors and featuring an array of 2 & 3-bedroom residences, every aspect of design will reflect the gleaming perfection of the diamond collection that serves as inspiration for this stand-out project. Luxury Dubai properties are in high demand for both homeowners and investors, and the flawless units in this one-of-a-kind development are expected to sell at record speed.

 

  • Dubai Real Estate Prices to Continue Skyrocketing Into 2023 – The latest report from the Dubai Land Department has revealed that Dubai real estate prices have climbed quickly since the beginning of this year, with Q2 2022 being the best-performing quarter for sales volumes since 2012, with over 22,000 transactions collectively valued at AED59.154 billion taking place within the emirate. The sudden growth of the Dubai market was first witnessed toward the end of 2020 as the world was still recovering from the pandemic. Swift action from the Dubai government and a less draconian approach led many people to Dubai’s shores in search of more freedom and a better quality of life. Considered to be one of the safest places to live in the world and offering an incredible living standard for residents, Dubai has proved a popular destination for those seeking relief from the confines of western society and economics. Since the opening of 2022, Dubai apartment prices have risen by 25%, with five-star hotel units seeing price increases of between 30 to 40% Since prices still haven’t reached their 2014 peak, experts foresee stronger future growth ahead.

 

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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