Dubai Weekly Property News Round Up – 24.04.22

Dubai Weekly Property News Round Up – 24.04.22

Hello,

I hope you have had an enjoyable week. This week has marked the 52nd Anniversary of National Earth Day, a global event where billions of people around the world join together to raise awareness about environmental protection.

First introduced in 1970, the event now has some 1 billion followers across 193 countries who are committed to protecting the environment and building sustainable biodiversity. This is a great opportunity to think about the power we have when united for a single purpose – to build a better world.

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 41: April Property Market Update  – 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 News This Week

  • New Entry & Residency Rules for the UAE – The UAE cabinet has now approved new regulations designed to solidify Dubai’s continually strengthening goal of becoming the world’s best destination for living, working and investing. The new regulations provide guidelines on residence permits and entry visas, which have been put in place to attract skilled overseas workers and create stability for those participating in the schemes. The Golden Residence scheme has benefited from simplified and more generous criteria, with more people than ever now able to benefit. Among those eligible are scientists, skilled labourers, talented individuals from a range of fields, real estate investors and entrepreneurs. The list of those who can take part in the scheme gives a great insight into Dubai’s plans for the future and what it considers to be the most important areas of focus, with business success, heightened quality of living, art & culture and sustainable technological innovation at the forefront of its ideals.

 

  • Huge Surge in Demand for Dubai Luxury Properties as Covid Fear Subsides –  As the pandemic comes to an end, much is changing across the global property market landscape. Dubai in particular is now seeing a huge influx of overseas investment, encouraged by the success of Expo 2020, which highlighted to many the excellent benefits of living in the emirate. Individuals of high net worth are now looking to Dubai for both holiday homes and permanent residences, attracted by its lavish lifestyle, relatively low prices and government-backed incentives. This has resulted in an increased demand for luxury property. In the prime real estate niche, it appears that demand is now outstripping supply, with data from USH International supporting this trend. According to them, super-luxury residences by all major developers in Dubai have now been fully sold out as of 2021, with their records showing some AED3 billion in property transactions and a customer base growing from six to thirty nations.

 

  • Dubai Celebrates All-Time Low Unemployment Rates – With its population now hitting the 3.5million mark, it is an exceptional success that Dubai has now reached an unemployment rate of just 0.5% – one of the lowest unemployment rates to be found anywhere in the world. The city has enjoyed a steady increase in population over the past two years as people grew attracted to Dubai’s low pricing, high-quality living and non-draconian covid measures, allowing people to continue living ‘as normal’ while keeping people safe by implementing a fast vaccination programme. Since 2020, approximately 100,000 more people have now moved to the city – which is remarkable considering that during this time, global lockdowns were preventing many people from moving even within their current area, let alone abroad. Another factor at play is Dubai’s strong economic recovery, with increased recruitment in sectors such as retail, hospitality, aviation, tourism and real estate. This has resulted in high employment rates and an increased population.

 

  • Emaar Highlights its Resilient Performance in Annual Meeting – The Annual General Meeting has recently taken place among the Board of Directors for Emaar Properties, with the company’s excellent 2021 performance being of particular focus. The prestigious firm lauded the success of the decisive action it took to safeguard its employees and operations throughout the pandemic while delivering a strong business performance throughout the year. During the meeting, it was agreed that a generous dividend of 15% of the share capital would be distributed among shareholders after so much success. This evidences Emaar’s diligent commitment to adding value for its shareholders by offering the best customer service and protecting its products and services. It is this ethos that led the company to achieve property transactions of over $9billion in 2021; a record-breaking number and a true testament to the trust clients have in the Emaar brand. Emaar has an impeccable 20-year track record, delivering over 81,600 residential units globally in that time.

 

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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