Dubai Weekly Property News Round Up – 22.06.24

Welcome to this week’s edition of Property News. We’re excited to bring you the latest and most impactful developments in the Dubai real estate market.

In this issue, we highlight how UAE is attracting over 6000 millionaires. How the cost of living in Dubai is one of the highest in the world and finally how prices in the South are increasing due to the announcement of the Al Maktoum airport expansion. Read on further to see more information.

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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

More than 6,700 millionaires will relocate to the UAE this year, putting the Emirates at the top of all the countries in attracting the highest number of high-net-worth individuals, according to a new study released on Tuesday, June 18. 
 
For the third year running, the UAE looks set to take first place as the world’s leading wealth magnet, significantly boosted by large inflows from the UK and Europe, as per The Henley Private Wealth Migration Report 2024 released by Henley and Partners.

Dubai Among Most Expensive Cities for Foreign Employees
Dubai has risen three places to become the world’s 15th most expensive city for international employees, according to the latest survey released by Mercer. The increase in the cost of living in the regional financial capital is mainly attributed to an increase in property rentals, which have been on the rise after the pandemic.
The massive expansion project at Al Maktoum International Airport seemed to have set off a real estate boom in the surrounding areas, pushing up property prices upward, with industry projections indicating a potential price rise of up to 15 percent in Dubai South and neighbouring areas this year alone. 
 
Industry insiders predicted a massive demand for properties – both housing and commercial spaces – pegging the numbers at upwards of 100,000 properties in Dubai South and its vicinities over the next decade, leading to a further surge in prices and creating a lucrative market for investors.

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!

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