Dubai Weekly Property News Round Up – 23.10.22

Dubai Weekly Property News Round Up – 23.10.22

Hello,

I hope you have had a relaxing week. We have been having fun this week watching the flooring go down in our new Dubai office and are looking forward to getting in there with clients to secure Dubai property deals that generate excellent income and strong ROI.

If you are interested in discussing your budget and the Dubai locations that offer the best potential for buy-to-let purchases, reply to this post.

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 47: Is the Property Market Crashing??? – The latest episode of the Pure Property Podcast is out now. You can listen to it on Apple Podcasts and all other major platforms.

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Property Headlines This Week

  • Q3 Report Shows Russians Are Dubai’s Top Non-Resident Buyers – Consultancy experts at Betterhomes have pinpointed Russia as being the top country for non-dom residential property investment in Dubai during Q3 2022. According to Betterhomes, Russians have focused on Dubai as a welcome respite from the conflict with Ukraine, capitalising on Dubai’s neutral stance and welcoming visa options for overseas property investors and businesses. Many Russians are seeking to flee from military conscription and increasingly oppressive sanctions from the West, with Russian non-resident sales up 11% from the previous quarter. British buyers came second on the list, even though Dubai property sales from the UK were down 43% from Q2 2022. With no end currently in sight for the Russia-Ukraine conflict, Betterhomes managing director Richard Waind told Reuters that he anticipated Dubai property sales from Russians to grow in the coming months.

 

  • UAE’s Market Performance Continues to Boom in Third-Quarter – In the most recent UAE Real Estate Market Report published by JLL, it appears that the UAE has continued to see positive growth in all prime sectors of the Dubai economy throughout Q3 2022. Thriving sectors include hospitality and both residential and office real estate. Property sales and rents have both seen a marked increase, with residential prices rising by 9% year-on-year, and rental values growing by 25% within the same time. According to JLL, both markets are being supported by sustained demand and heightened buyer activity. According to the quarterly report, some 6,600 residential units in Dubai were handed over throughout Q3, bringing the total to 772,000 units. A further 20,000 units are expected to complete by the close of this year. Buyers looking to finance their purchases using a mortgage are scrambling to push their fixed-rate applications through before interest rates rise. Off-plan BTL purchases are also showing dominance within the sales sector as investors capitalise on Dubai’s strong prospects.

 

    • Palm Jumeirah Manor Just Purchased for a Staggering Rs 1,353 Cr – Well-known for his business acumen and his fondness for prime real estate, the billionaire owner of Reliance Industries has now swooped in to purchase another glittering Dubai real estate gem. Purchased for a mind-blowing Rs 1,353 crores in what is arguably one of the most expensive recent residential real estate deals on record, the Palm Jumeirah manor is now in the proud hands of Mukesh Ambani after belonging to the family of Kuwaiti tycoon Mohammed Alshaya. Little is known about the deal, but it has been reported that Mukesh Ambani purchased the estate as a gift to his youngest son. Former owner Mohammad Alshaya is the chairman of the Alshaya group and one most prolific Arab businessmen in the gulf region. His empire includes the ownership of local Starbucks, Victoria’s Secret and H&M franchises, along with overseeing one of the largest retail distribution businesses in the Gulf, North Africa, and Eastern European regions.

 

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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