Dubai Weekly Property News Round Up – 14.08.23

Welcome back to the TrackCapital weekly news round-up. I hope you’re having a great week.

We are having an excellent week doing deep research and forecasting on the UK and UAE markets’ futures – and both look incredible. The post-pandemic market malaise is clearing, and we are seeing new optimism emerging in worldwide markets.

Dubai’s news sections are packed with reports of a self-confident property market and bustling tourist numbers. Dubai remains at the very centre of the world.

Now, let’s take a look at all the headlines that caught our attention this week…

Episode 65: Riding the Property Wave: Unravelling the UK’s Housing and Rental Price Rollercoaster

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 Tourism Fuels Renewed Growth: Dubai cements a post-Pandemic return to world-leading record as a tourist destination. As a travel and tourism magnet, Dubai’s residential sector is also growing, with a 30% rise in residential stock exchange (Q2 2023 vs Q2 2022). World-class travel infrastructure provide consistent upside, while Dubai wins another TripAdvisor Traveller’s Choice Award, showing strong positive sentiment.

Emaar Spearheads UAE’s Relentless Development: in an unsurprising turn of events, Emaar Properties shows a staggeringly potent first-half of 2023, with a 25% increase in property sales and $3.3bn revenue. Dubai market’s most prestigious developer has a $14.5bn sales backlog and 96% occupancy rate, contributing to EBITDA growth of 5% on top of an already-incredible financial profile.  Patient, robust profits pay off!

HUGE $137 Million Penthouse: Dubai’s world-famous luxuries are showcased this week by Kamil Magomedov’s Palm Jumeirah penthouse, listed at an incredible $137,000,000. This panopticon penthouse, with 360-degree views, is among the top 3 most expensive apartments of all time – just behind One Hyde Park, London and the Odeon Tower, Monaco). 
The Dubai market continues to offer world-leading opportunities, big and small.

That’s all of this week’s most important news. If you’ve got any comments or questions about any of these headlines, hit reply and we can go over the details or implications for your portfolio.

Otherwise, I’ll see you next week for your property market round-up. Have a great weekend!

Tobi Mancuso
Director, Track Capital

Listen to The Pure Property Podcast from Track Capital here

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