Dubai Weekly Property News Round Up – 15.01.23

Hello,

I hope you have had a fantastic week. At Track Capital, we are excited to introduce an exceptional and fully complete development to our portfolio – Residence 110 in Business Bay.

These stunning apartments are just minutes away from Downtown Dubai, with views overlooking the iconic Burj Khalifa, large ensuites and a range of high-class amenities.

Watch the video here. If you are interested in finding out more, reply to this article 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 54: House Price Predictions For 2023 & End Of Year Review – 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.

We would really appreciate it if you could subscribe and leave feedback for our Podcast on Apple.

Property Headlines This Week

  • Momentum Grows as Property Transactions Break Records in 2022 – The CBRE has recently published data showing that Dubai sales transactions reached record highs last year, with December showing a surge of 63% in reals estate transactions. This end-of-year boom can be attributed to a 92.5% increase in off-plan sales, with secondary sales also increasing by  35.4%. By close-of-year 2022, the emirate had recorded just under 91,000 residential transactions in total, outperforming 2009 as the best-performing year on record. Experts believe this to have set the scene for another record-breaking year in 2023.

 

  • Will The Dubai Water Canal Become Dubai’s Next Billionaires’ Row? 
    It seems as though the Dubai Water Canal is the latest community to pique the interest of super-high-net wealth individuals on the hunt for unparalleled luxury living. According to Everose Properties, a private family office representing a ‘European billionaire’ has just purchased two duplex penthouses within the prestigious Mr. C Residences in Jumeirah. The units, purchased in a single transaction, weighed in at more than $32.7 million. With more transactions of this value expected in the coming weeks, demand for luxury Dubai properties is anticipated to grow in 2023.

 

  • Business Bay Leads Dubai Communities for Highest Sales in 2022 – Zoom Property Insights has revealed that it fully expects Business Bay to continue its reign as the highest performer for sales in Dubai over the coming year. The flourishing new community sits just minutes away from the popular Downtown, and has already amassed over 10,300 real estate transactions in 2022, with a combined value of Dhs12.6 billion. Dubai Marina, JVC, and Downtown Dubai are among other communities predicted to do very well in 2023, with foreign investors and HNWIs continuing to be drawn to the incredible potential of the Dubai property market.

 

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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