I hope you’ve had a great week. The incredible success of Expo 2020 has really hit its stride this week, as visitors to the world festival exceeded the 15 million mark.
Expo 2020 has been a fantastic way for the UAE to engage the global community after the stress of the pandemic, with its celebration of worldwide innovation, creativity and technological advances bringing people together and showcasing the very best that countries have to offer.
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
- The Frond G at Palm Jumeirah – A Billionaire’s Paradise – The high-end real estate sector in Dubai is currently experiencing exponential growth, which is unsurprising considering its excellent range of luxury homes in up-market areas which are still being offered at comparatively affordable pricing. Combine this with the Dubai government’s positive policies, implemented specifically to attract overseas investors, and you can easily see the sector going from strength to strength. The hyper-luxury Frond G neighbourhood is a perfect example of the allure of Dubai real estate, encircled by the clear blue waters of the Arabian Gulf. It is home to a superb range of high-class residential villas offering world-class amenities and a breathtaking view across the stunning Atlantis and Royal Atlantis residences. It has proved so popular, in fact, that it is now being referred to as the ‘Billionaire’s Row of the Middle East.’
- Dubai Rent Prices Growing at Fastest Rate Since 2015 – The global commercial real estate services firm CBRE has reported that Dubai’s January transaction volumes this year has reached 5,517, bringing it in excess of 80.2% up from January 2021. In the same period, off-plan sales rose by a staggering 187.5%, with secondary market sales also rising by 32.5%. In January this year, an average apartment price rise saw apartments in Dubai reaching Dh1,085 per square foot and average villa prices to Dh1,250 per square foot. In 12 months since January 2021, the average rental value increased by 10.1%. As of January 2022, average apartment and villa rents stood at Dh76,347 and Dh230,275 per annum respectively. Annually, Downtown Dubai has experienced the highest average rental growth on account of its popularity and relatively low availability of prime residences. Although rental and house prices are both expected to even out somewhat in 2022, there are signs that Dubai’s property market will experience continual growth this year.
- Five Areas in Dubai with Fastest-Increasing Rents – As the Dubai rental market continues to experience strong growth, here are the top 5 of highest month-on-month rental increases. At number 1, we have The Greens. This beautiful established residential neighbourhood by esteemed developer Emaar has grown by 3% and is excellently situated alongside The Emirates Golf Club. In joint 1st place with a 3% rise is International City, well-known as one of the most affordable housing areas of Dubai’s real estate market. Residents in Dubai International City enjoy a cosmopolitan lifestyle with stunning communal areas, lakes and a tranquil ambience. The prestigious community of Jumeriah comes in 4th, with a 2.9% rental increase is surrounded by expansive villas, a thriving social scene and popular retail outlets by the sea. Business Bay was 5th on the list, up 2.8%. Business Bay is one of Dubai’s hottest up-and-coming areas, with incredible new developments like Peninsula by award-winning Select Group creating a brand new prime residential community.
- Ellington Properties Commences Handover of Wilton Terraces – Dubai-based Ellington Properties has now commenced the handover of its top-tier residential project, Wilton Terraces. Ideally positioned in the centre of Mohammed Bin Rashid (MBR) City, this has been a highly anticipated development and its quality and sophisticated aesthetics have not disappointed. Authorities have praised the work of such real estate developers, who consistently deliver units on time, building to an exceptionally high specification while staying in line with the strict Dubai real estate escrow account standards. For Ellington Properties, this handover marks a celebration of once again meeting the high expectations of their discerning clientele, with an all-inclusive residential community designed to be both harmonious and elegant in design and execution.
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.