Dubai Weekly Property News Round Up – 27.08.22

Dubai Weekly Property News Round Up – 27.08.22

Hello,

I hope you have had a lovely week. We are excited this week to announce the launch of Phase 4 of the acclaimed waterfront development of Azizi Riviera.

The highly anticipated launch of Riviera Rêve by Azizi has already generated a massive amount of interest from investors and is expected to sell out fast.

Watch the Video Here.

Reply to this article today for more information.

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 45: Property & the Human Battery Charger – Jo Lightfoot – The latest episode of the Pure Property Podcast is out now. You can listen to it on Apple Podcasts and all other major platforms.

Remember, you can also listen to this week’s newsletter on the podcast as well.

We would really appreciate it if you could subscribe and leave feedback for our Podcast on Apple.

Property Headlines This Week

  • More Investment Shows Growing Confidence in Dubai Real Estate – As the Dubai government continually develops their policies to open up the process of real estate investment and increase the transparency of sales, more buyers are becoming interested in investing in Dubai properties. The government has renewed the requirements for recording property transactions and strengthened regulations regarding real estate advertisements in an effort to stabilise the market. The first seven months of 2022 have already seen recorded investments worth over Dh170 billion in the UAE, with an excess of Dh300 billion anticipated in investment by the end of the year. Market experts have predicted that Dubai real estate will continue to dominate growth in the sector, attracting Dh135.5 billion in property investment between January-July 2022. Some of the biggest factors driving property investment include the recently reformed visa rules and a host of investor-friendly policies.

 

  • Russian Demand for Prime Dubai Real Estate Affecting Supply – The recent influx of high-net-wealth individuals into Dubai from Russia has drastically reduced the number of luxury properties that are currently available on the market. The majority of these luxury properties are being sold for personal use, rather than as a BTL or STL investment. With a large number of countries applying sanctions to wealthy Russian individuals, Dubai real estate and business investments have come to be seen as a safe haven for many, with Dubai having affirmed its neutral position since the very beginning of the Russia-Ukraine conflict. This has resulted in Dubai benefiting directly from a situation that has damaged the economy of many western countries. Dubai is world-known for its incredible living standard and the excellent quality of its residences, making it a perfect option for wealthy immigrants looking to retain the lifestyle they are accustomed to.

 

  • Statistics and Prospects for Dubai Real Estate Market 2022 – The Dubai property has undergone continuous evolutions since its dramatic v-shaped recovery in 2020. The UAE has focused heavily on the residential real estate market for investment in the international market. A number of proactive government initiatives have been cited as the driving force of increased demand, with the policymakers working hard to create an extremely attractive package for potential investors, particularly from overseas. Consulting companies have reported growth across all areas of the housing market, irrespective of the rising interest rates and the strengthening dollar in the market for foreign exchange. 60% more property transactions occurred in the first half of this year than had been recorded throughout the same time frame in 2021. There is currently an increase in the number of off-plan projects, with developers particularly focusing on the upcoming areas of Dubai South, Dubai Hills and MBR City.

 

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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