I trust you have had a great week. This week, Track Capital have welcomed another award-winning developer onto our books.
DAMAC has an impressive record of over 36,000 homes delivered and we are looking forward to showcasing the wide variety and excellent payment options available in some of their stunning upcoming master communities.
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
- Dubai Real Estate Growth Boosted by Expo 2020 – The international real estate investment and advisory firm JLL have recently hosted their annual outlook event in Dubai, this year titled ‘A Reset for the Real Estate Sector.’ The event gave a detailed overview of Dubai’s current market trends and its prospects for the property market going forward. The event highlighted the increased interest in sustainable living seen in both buyers and renters, together with a growing demand for flexible office space. These progressive themes are set to transform the landscape of international real estate, with Dubai determined to set the pace for the creation of homes people will love for life. The UAE has become world-known for taking opportunities to boost its economy with both hands, and even the pandemic has been cleverly utilised as a launchpad for increased overseas interest and innovative design changes.
- Off-Plan Dubai Property Sales Jump by 300% in January – 2022 is on track to win the title of best-performing January ever recorded for the Dubai real estate market. With some 5,797 sales transactions arranged in January totalling Dh16.69 billion, it is clear that Dubai is gaining some serious momentum after its notorious 8-year slump. Property Finder’s monthly report also revealed that 47% of property transactions in January were for off-plan properties, with a combined value of Dh5.32 billion. Even though 2021 was a breakaway year for the emirate, data suggests it was only the beginning of Dubai’s resounding recovery with transaction values growing 6.4% from December to January. The Director of Research and Data at Property Finder projects prime, popular areas will see the best increase in sales. As new supply will be low in these areas, an increase of property value is also on the cards.
- Dubai Hills Mall by Emaar Is Now Open – The spectacular new Dubai Hills Mall, majority-owned by Emaar Properties, has announced its grand opening. As part of Emaar’s sustainably built master development spanning nearly 3000 acres, the Dubai Hills Mall contains a host of retail stores, eateries, and a hypermarket to serve its neighbouring community. This is one Dubai mall with a difference, as visitors will be treated to some never-before-seen experiences, such as the Storm Coaster; a roller coaster experience located within the mall itself. The indoor roller coaster is a heart-racing ride taking guests high above the epic Dubai skyline as it wraps around the building. With cinematic virtual reality features and an adrenaline-filled vertical launch, going shopping has never been so thrilling!
- Rents in Dubai to Continue to Rise in 2022 – Property management firm Asteco has forecast in their annual report that the rising rental rates in Dubai will have a slowing-down effect on relocations to the area from Sharjah. From 2014 to the end of 2020, Dubai experienced a drastic weakening of the market, brought on by extreme oversupply. This caused both property prices and rents to hit an all-time low. However, 2021 marked the beginning of an astounding V-shaped recovery, as proactive government policies encouraged a landslide of overseas interest, coupled with admirable handling of the pandemic crisis with no draconian lockdowns. Attractive tax and visa options are expected to see interest from ex-pats continue in 2022. With the re-balancing of the market, rents are starting to creep higher within the governmental guidelines landlords have to follow. However, more off-plan developments completing this year will ensure that rates remain competitive and fair for renters.
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.