I hope you have had a lovely week. This Tuesday marked the celebration of International Women’s Day, which sees communities and individuals all around the world join together in solidarity for the continued fight for a gender-equal world.
Supporting women’s achievements and promoting awareness against bias will pave the way for a more balanced future, where women and girls everywhere are given equal opportunities and the freedom to reach their potential, without fear of threat or prejudice.
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
Sobha Realty Aims for $1.6B in Real Estate Sales – The Chief Executive and Managing Director of Sobha Realty has released a news statement this week predicting the company’s sales in 2022 to exceed those of last year by a staggering 60%. This would mean an estimated $1.6bn of sales transactions, based on market analysis and Sobha’s expectation for future projects. Among other developments in construction, Sobha has pipeline plans for two ambitious schemes worth $4bn each, due to be implemented this year. Sobha Realty was first established in 1976 and has since established a worldwide presence with numerous international awards. They are currently responsible for the 8 million sq. ft waterfront master development of Sobha Hartland, which will come complete with stunning residential estates, smooth infrastructure and two international schools.
- Wealthy Russians Head to Dubai as West Tightens Sanctions – Wealthy Russians are now in a race to move assets and set up businesses in the UAE in a bid to secure their wealth as the UK, the US & the EU all tighten the noose of sanctions in response to Russia’s war against Ukraine. Dubai has long been established as a haven for the ultra-wealthy and a safe option for those looking to invest away from their home country. The irony of the situation remains that the majority of Russians impacted by bank and lending institution sanctions have sought to remove themselves from Putin’s influence and put down roots in countries considered ‘safe’ and ‘stable.’ So far, the UAE has maintained a neutral position in this latest clash of countries, reflected in its healthy number of both Ukrainian and Russian ex-pats in residence.
- Dubai Real Estate; Last Year in Review – The Director of Research and Data at Property Finder has released a comprehensive review of the Dubai property market in 2021 and provided an insight into what 2022 may bring for the emirate. Last year, Dubai real estate entered a shocking recovery at a time when many markets around the world were struggling under the weight of the pandemic. 2021 saw Dubai hit record numbers in mortgages arranged, sales volumes and valuations, with transaction levels hitting highs not seen since its infamous market crash in 2014. Last year, successful strategy implementation to fulfil new market needs and Dubai’s overall positive handling of the pandemic resulted in over 61,000 sales transactions worth a staggering £31.54bn. To put this in perspective, this is an increase of sales transactions by just under 75% from 2020. Although the market is expected to cool slightly in 2022, Dubai appears to have achieved a strong foundation for reliable future growth.
- Luxury Dubai Property Hit Record High in 2021 – A report on Tuesday by property consultant Knight Frank has revealed that last year, premium homes in Dubai reached levels not seen since 2015, as sales transactions totalled some $10 million across 93 luxury home transactions. Dubai has become an attractive haven for ultra-wealthy overseas investors to make the most of the emirate’s spectacular recovery and the excellent incentives available for international buyers which reward property investment, completion of projects and offer fantastic opportunities for ex-pats. Of all those making up the number of sales transactions in 2021, prominent overseas investment came from Europe, Russia and India, as well as Monaco and Switzerland. 2021 alone accounts for nearly 40% of all $10m-homes purchased in Dubai since 2010. Prime communities like Jumeirah Bay Island and Palm Jumeirah have experienced capital growth of nearly 45% since last year, with signs of future steady growth in 2022 on the horizon.
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.