I hope you have had a great week. This week we have been touring some of Dubai’s most prestigious landmarks, checking out the new developments that sit minutes away from spectacular sights like the Burj Khalifa, Dubai Creek, The Palm Jumeriah and the Ras al Khor Wildlife Sanctuary.
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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
Omniyat’s Spectacular Design of Latest Project Lights Up the Sky – On Monday, award-winning developer Omniyat revealed its latest plan for an ultra-luxury real estate project in a most surprising and spectacular way. On the very same night that Omniyat’s completion One Palm was officiated, the developer dazzled onlookers with illuminated the night sky with 500 strategic drones displaying the design of their newest project, AVA. This latest development will be the second from Ominyat at Palm Jumeirah, one of Dubai’s most popular communities. AVA will be a unique residential tower comprising 17 hanging palaces with a never-before-seen architectural design. The 500 drones released on Monday hovered over 120 metres above the bedazzled gaze of residents and guests at Dubai Marina, Palm Jumeirah and Jumeirah Beach. AVA is anticipated to enjoy the same success as the record-breaking One Palm, which was 100% sold to foreign investors and is a breathtaking addition to the Dubai cityscape.
- Dubai Rental Prices Set to Increase After Strong Recovery – Following an incredible year of market recovery, experts widely agree that the Dubai rental sector will experience continual growth over the next year. The Dubai Property Market 2022 report recently released indicated that the overall strength of the Dubai economy and strong sales will promote healthy rental increases and an attractive return on investment for both developers and investors. With approximately 30,000 units expected in 2022, rental increases should grow at a relaxed but steady pace this year even as build costs increase and developers look to pass this cost on to the buyer. The sheer amount of units expected to complete this year will make sure prices stay competitive. The government has fully supported Dubai’s property market over the past few years and continues to offer a number of great incentives to developers and investors, with overseas interest being particularly hot since the resounding success of Expo 2020.
- Over 1,600 Investors Attend International Property Show – On Thursday, the CEO of the Real Estate Promotion & Investment Management Sector of the DLD inaugurated the latest edition of the esteemed International Property Show. Set to run from March 24 to March 26, the show, which was organised to be a sales platform for both local and international property investment, has already experienced resounding success. Over 1600 global investors will be taking part in this 3-day event. This incredible gathering is expected to result in billions of dollars of investment injected into Dubai’s already-vibrant real estate scene. The DLD has been largely driven by the desire to launch an effective platform for investors across the world and bring into focus the game-changing Dubai REST app which they anticipate will have a huge impact on the ease of property transactions going forward. The Dubai REST app is a smart platform for real estate services, bringing everyone together from developers all the way through to buyers. This innovative concept is designed to improve the experience of customers and investors alike.
- Sanction-Free Dubai Continues to Attract Russians – Property brokers and estate agents in Dubai’s most upmarket neighbourhoods have reported a huge influx of enquiries coming in from Russians who are exiting the EU, UK and USA and are on the hunt for luxury villas and apartments in the Emirates. Among those reported to be house-hunting is the infamous football tycoon Roman Abramovich, owner of the Chelsea Football Club. Although the Russian billionaire’s current whereabouts are still under wraps, sources say that he has been eyeing real estate in Dubai’s popular community of Palm Jumeirah. All this comes as the U.K. and European Union have placed sanctions on Russian Oligarchs with known connections to the Kremlin. In contrast, the UAE has remained neutral in its position and refused to follow suit with similar sanctions, which it says is not a workable model for handling the crisis. This stance has been disturbing to Western governments, who have long been concerned that the ease of money flowing through Dubai leaves it wide open to international money laundering and criminal activity.
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.