Dubai Weekly Property News Round Up – 25.05.24

Welcome back to the TrackCapital weekly news round-up. I hope you’re having a great week.

This week, we’ve been exploring the wealth of unique investment opportunities that are exclusive to the dynamic and innovative Dubai property market.

Whether you’re seeking a stylish one-bedroom apartment in an affordable area, a family-friendly neighbourhood with top-tier schools and healthcare, or a premium investment with luxurious hotel-style amenities that attract and retain quality tenants, there is truly something for everyone.

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Now, let’s take a look at the latest headlines that have caught our eye this week…

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Property News This Week

Dubai tenants opt for smaller flats within city amid record high rents, growing demand: Tenants in Dubai are increasingly choosing to relocate to smaller houses within the city as rents remain at a record high in many areas. Industry executives said the inflow of young professionals and smaller families is fuelling the demand for smaller houses while landlords also prefer such units as they are more affordable, easy to rent out and provide robust returns on investment.

Meanwhile, residents looking for larger units are moving to the outskirts of the city where they are still somewhat affordable. As reported by Khaleej Times earlier, people are increasingly opting for larger properties at lower price points on the outskirts owing to high rates in established Dubai communities.

Revealed: 15 Dubai areas where millionaires are buying homes: New posh communities may have been gaining popularity in Dubai but three staple neighbourhoods remain on top of millionaires’ list: Dubai Marina, Downtown and Business Bay. These three prime residential areas where millionaires are buying properties, said a new study released on Tuesday.

Millionaires from new markets are now flocking to Dubai to cash in on lower prices and high growth, according to the annual survey conducted by real estate consultancy firm Knight Frank. Based on a survey of 217 respondents from 11 countries with a value of $20 million, it found that the US, China, Canada, UK and India are the top markets from where millionaires plan to buy property in Dubai.

Most expensive property in Burj Khalifa district sold for Dh139 million: Private luxury property developer Omniyat Thursday said it sold a penthouse for Dh139 million ($37.8 million) in Burj Khalifa district, making it the most expensive property in the area.

The four-bedroom penthouse at the newly opened The Lana Residences, Dorchester Collection, spans over 16,594 sqft, overlooking the Marasi Marina between the Burj Khalifa District and the Dubai Design District.

Dubai’s luxury and branded market has seen massive growth over the last three years, driven by high-net-worth individuals flocking to the city.

That’s all of this week’s most important news. If you’ve got any comments or questions about any of these headlines, hit reply and we talk further about the market and your own property investment goals.

Otherwise, I’ll see you next week for your property market round-up. Have a great weekend!

Tobi Mancuso
Director, Track Capital

Listen to The Pure Property Podcast from Track Capital here