Dubai Weekly Property News Round Up – 15.07.23

Hello,

I hope you have had a lovely week. This week we have been introducing our clients to Samona California; an incredible apartment complex from an award-winning developer with a rare 8-year payment plan.

With their own private swimming pool and priced from just £155,717, these apartments represent an amazing investment opportunity and are anticipated to sell out fast.

If you are interested in learning 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.

News

Episode 64: Beyond the Bricks & Mortar – Property Q&A Session – 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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Dubai’s property market has seen substantial growth in H1 2023 with rents soaring by over 70% in key areas, according to Bayut’s report. The surge has been propelled by strong demand from both local and international property seekers.

Popular areas have experienced up to a 17% increase in sales prices for villas and apartments. The highest interest came from Jumeirah Village Circle, Jumeirah Lake Towers, DAMAC Hills, and Furjan, while high-net-worth investors were attracted to Dubai Marina, Downtown Dubai, Arabian Ranches, and Dubai Hills Estate.

Dubai’s housing market is set for growth in Q2 due to the increasing population and availability of finance. Rental costs are escalating, making homeownership an appealing option. Despite a global increase in interest rates, Dubai’s political stability and laws have insulated its housing market.

The city’s population growth, reaching 3,604,030 in July 2023, fuels property demand, leading to higher prices. Plans are underway to extend public beaches and devote more land to nature, catering to the growing population.

Indians, Britons, and Russians emerged as top investors in Dubai’s real estate market in Q2 2023, according to a Betterhomes study. Political and economic instability led Pakistani investors back into the top 10. Dubai’s real estate continues to draw international attention as it offers safety, tax efficiency, and strong returns.

The post-pandemic period has witnessed an influx of high-net-worth individuals into Dubai, with the UAE expected to attract 4,500 millionaires in 2023 alone. This demand has led to record high property prices, with average prices growing by 16.9% through June 2023.

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

Listen to The Pure Property Podcast from Track Capital here

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