I hope you have had a restful week. Here at the Dubai office, talk has been on the incredible recovery of the hospitality sector since the city first reopened its doors to tourists in mid-2021.
The success has been so great in fact, that Dubai has now been listed as No.1 Worldwide for Hotel Occupancy Rates. If you would like to speak to someone about how you as an investor can benefit from this, contact us today.
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 News This Week
- Even Affordable Dubai Locations Have Now Doubled In Value – It is well known that property prices in Dubai have been going from strength to strength in the past two years, with prime areas, in particular, benefiting from a huge influx of domestic and overseas interest. However, this incredible market growth is now raising property prices in even the most affordable areas. This is great news for investors, particularly those who have recently invested in the likes of JVC and Dubai Sports City, who will be able to ask for higher rental prices straight away. Many relocators and newcomers to the city are attracted to JVC as a low-cost option that still offers a great quality of living. Existing tenants may find themselves under pressure and with little choice but to find a new place to live as landlords raise their rents higher than what can be afforded. Some tenants are seeking help from the DLD to keep their landlords from raising rent beyond the regulated limits.
- Meet Dubai-Based Expat Capitalising on Weak GBP to Grow His Portfolio – It is no secret that the GBP has been falling against the USD for the past year, with the recent 18-month low giving financial analysts growing fears of a recession creeping into the UK economy. It is enough to give any property investor second thoughts about putting more money into a market on the brink of crashing, but some have a very different perspective. Saif Mir is a Dubai-based investor, and he is looking to buy property in the UK while the pound is still weak. With over a dozen UK buy-to-let properties under his belt, he is confident that there has never been a better time to add to his portfolio and take advantage of the favourable exchange rate. This is a great example of the entrepreneurial spirit that is common among successful property investors, who sense an emerging opportunity during times of stress and hardship.
- New BBC3 Reality Show Following Real Estate Brokers in Dubai – A new BBC3 two-part series has been released this week, following a team of young property agents in Dubai working at the world-known UK-owned property agency haus & haus. With a hot mix of property deals and social drama, this show is guaranteed to draw a loyal fanbase tuning in to follow the agents as they push toward their goal of a six-figure income and lavish lifestyle on the golden Dubai beaches. The competition will be heavy, stakes high and ambition through the roof as each agent is out to make the most commission possible before a rival brokerage takes the deal from under their noses. All agents must keep to the city’s stringent code of conduct throughout while showing their quality by landing the very best deals in the business.
- New UAE Regulations Trigger Threefold Increase in Property Demand – Recent changes to the UAE visa system have been met with cheers heard around the world, as improvements allow thousands more to capitalise on the perks of living in Dubai. The government has eased eligibility criteria and added new incentives for businesses, people of talent and skilled workers to settle down in the UAE’s crowning jewel. This revamp has been an instant success and is guaranteed to send Dubai property prices skyrocketing. According to real estate brokerage Union Square House, the number of resident and visitor enquiries has already tripled since the government’s announcement. These policy changes are set to fulfil Dubai’s ambitious goal to grow its population from the current 3.5 million to 5.8 million by 2040.
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.