Dubai Weekly Property News Round Up – 17.12.22

Dubai Weekly Property News Round Up – 17.12.22

Hello,

I hope you are having fun as we head into the festive season to end 2022! We have had an exceptional year and are still helping investors get their deals over the line before the year comes to a close.

If you have been thinking that December may not be the best time to invest, you might change your mind when you discover the mind-blowing range of festive discounts and incentives we have in store this month only!

Reply to this article today to find out how we can help you save thousands on your purchase.

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 53: REWIND: Investing in a Limited Company? Meet GetGround – 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

  • How Will Dubai’s Love Affair with Tech Change Property Sector? – Dubai is a city committed to becoming the world’s leading technology hub, and its progress in this goal within the real estate sector is anticipated to bring about a new age of digital enlightenment. Buyers can expect that state-of-the-art smart technology will both aid them in their property searches and make transactions simpler and more transparent. Improved digital services will also provide accuracy of data that will facilitate all stakeholders. For example, the introduction of Blockchain and crypto technology has the potential to facilitate more new buyers into the market as purchases using cryptocurrencies become more prevalent. The implementation of virtual property tours is already reducing costs by allowing buyers to asses potential properties remotely and  AI analytics will offer real-time underwriting and asset management services to enhance the user experience.

 

  • Plans Approved for Residential Neighbourhood Developments – A meeting of the Higher Committee for Development & Citizens Affairs was recently held to discuss plans for developing model residential neighbourhoods for Dubai citizens. The Dubai Crown Prince and Chairman of The Executive Council of Dubai presided over the meeting and approved the plan after highlighting the importance of offering Dubai residents an excellent environment in which to live, with high-quality facilities and smooth public services. The Prince emphasised his goal to strengthen the sense of community bonds within urban settings and described his inspiration taken from the beauty of natural surroundings. Gardens and squares woven through the planned residential neighbourhoods will provide sports facilities and recreational activities while giving residents the sense of being connected to nature and to each other.

 

  • Record Transactions Drive Property Price Increases in November – CBRE has reported that although there has been a slight easing of property price rises, there has been evidence of strong growth and record-breaking transactions throughout November. Sales volumes reached nearly 82,000, beating transactions for the full year in 2009 with both villas and apartments reaching a significant 12-month growth of 12.7 and 9% respectively. The slight slowing of property price growth has been mainly seen in the villa market, but the same trend is expected to appear in the apartment market in the near future. Premium residences and neighbourhoods are projected to continue performing well, with Knight Frank projecting the prime market will finish the year 50% higher than 2021. The latest 2.6% monthly rise among the coveted villas of Palm Jumeirah has resulted in records being set this year for both the most expensive sales and rentals in the city.

 

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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