I hope you have had a great week. Thanks to the incredible amount of interest that has mounted in Dubai property, we are gearing up for an exciting expansion in our Dubai team. And that’s not all that’s growing – our Dubai portfolio is home to a stunning range of new developments in prime locations.
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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 from having to click through.
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Property Headlines This Week
- Dubai Residential Builds to Increase by 1 Million Before 2023 – Dubai has been globally commended for its proactive drive toward boosting the UAE’s real estate appeal and has now defied predictions by analysts that suggested Dubai may only have a capacity of delivering 25,000 new residential units every year until 2030. Instead, the city is crushing this estimate with a trajectory suggesting that 1 million new households by the end of the decade is now anticipated. This incredible pace will give both UAE residents and foreigners the chance to invest in the city and further bolster the city’s exponential economical growth.
Investors Continue to Favour Dubai Despite Mortgage Rate Rises – Despite mortgage rates rising by another 0.25% this week, experts agree that buyers are unlikely to be deterred due to Dubai’s incredible growth potential and still comparatively low prices. Favourable tax conditions for property investors are also anticipated to play a part in maintaining interest, combined with special Ramadan mortgage products currently available that offer 5-year fixed-rate mortgages at 5 per cent. Dubai still has not reached its previous price peak and has since improved a great many factors such as build quality, travel infrastructure, amenities and visa schemes, leading experts to agree that the city’s growth will be of great benefit to investors in the coming years.
Prime Property Prices in Dubai 80% Lower than Other Global Cities – In Knight Frank’s recently published The Wealth Report, premium real estate in Dubai was reported to be between 20-80% cheaper than comparable properties in other major cities globally, such as London, Hong Kong, New York, Paris and Tokyo. Dubai has already experienced massive growth since the onset of the pandemic but is still nowhere near its peak potential. The incredible value for money in Dubai real estate, along with it’s welcoming stance toward investors, has resulted in a huge influx of foreign interest, no doubt driven by Dubai leaders’ ambitions to make the city a top real estate investment location in the world.
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.