I hope you have had an enjoyable week. This week we have seen a noticeable increase in the number of enquiries received for our Dubai products, reflecting the increase in demand we are witnessing in the wider property market.
Dubai is one of the world’s most promising locations for real estate investment right now, and with the incredible number of unique incentives available for investors, we expect that demand for high-quality Dubai products will continue to go from strength to strength.
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.
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Property Headlines This Week
- Luxury Villa in Palm Jumeirah Sells for $35 Million – On Wednesday, Alpago Properties announced that another signature off-plan villa had just sold for a cool $35mn. Artfully titled ‘Framed Allure,’ this was the latest in a string of hyper-luxury Dubai residences being snapped up by high net wealth property investors attracted to the city’s beauty, lavish lifestyle and excellent capital growth prospects. Framed Allure sits on Frond G of the Palm Jumeirah, one of Dubai’s most coveted communities, and is the most recent addition to the six-villa collection of palatial beachfront homes located on Billionaire’s Row. Designed by world-renowned architects from Emre Arolat Architecture, the property is built over 16,000 sqft and comprises 5 bedrooms set across four floors. Framed Allure is due for completion in Q4 2022 and features a host of jaw-dropping amenities, such as a private gym, home cinema, an infinity pool with stunning ocean views and a fully-equipped rooftop bar and lounge.
- Rising Demand in Dubai Driven By Evolving Buyer Behaviour – The pandemic has been a time of unprecedented global change, and property markets across the world have all experienced major shifts as people reflect on their new needs and capabilities. In Dubai, rental rates are continuing to rise as demand for real estate drives price increases across the city. Now in the full swing of recovery, the Dubai property market is experiencing exponential growth, with buyers shifting their demand from off-plan to fully completed developments as more prime projects approach completion. This new trend has been captured by data from the DLD which shows that 70% of the sales in Q1 this year were for finished units. With low mortgage rates still prevalent, many buyers are opting for larger homes in upcoming communities not yet saturated with residents. In the first quarter of 2022 alone, the average sales price increased by 11% when compared to the same time last year, with premium villa sales pushing the numbers up significantly.
- New Law Grants New Development Rights on Commercial Land – Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has just issued a new law to allow for the commercial development of land plots not owned by the developer for a set period. Known as a grant of Musataha rights, the law has been put in place to support the emirate’s long-term goal to be the world’s most attractive location for property investment. The Musataha agreement will allow the holder rights to develop property, mortgage, sell, lease or invest it, or to purchase a plot of land belonging to a third party for up to 50 years; extendable upon acceptance of request submitted two years before expiry of the terms. The holder of Musataha rights will need to adhere to a defined set of regulations throughout the agreement period which include registering it with either the DLD Registry or the DIFC – two of the predominant regulatory bodies in the emirate.
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.