I hope you have had a lovely week. We are just coming to the end of an exceptionally busy month at Track Capital, with a record number of properties reserved and a high volume of enquiries still flooding in.
This month we have been excited to announce the launch of several prime developments in sought-after locations. If you are interested in finding out about these, reply to this post 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.
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Property Headlines This Week
- FIFA World Cup: Pre-arrival Covid Test Before Tournament Dropped – Qatar’s Health Minister released a statement on Wednesday scrapping requirements that had been in place for visitors to show proof of a negative covid-19 test before visiting the Gulf Arab state. Fans travelling to watch the World Cup had previously been told they must show proof of a negative test regardless of their vaccination status, but the Health Ministry has now dropped the mandate, citing the dropping number of Covid-19 cases and the city’s successful vaccine rollout as main reasons for the change in directive. The FIFA World Cup tournament, held in Qatar, will run from the 20th of November to the 18th of December and is anticipated to bring in some 1.2 million visitors throughout this time. Along with relaxing rules on mask-wearing, Qatar residents are also no longer required to take a Covid-19 test within 24 hours of returning to the country from abroad, and rules for showing Covid-19 status when entering entertainment and leisure facilities are now also being dropped.
- Dubai Property Hunters Are Preferring Apartments to Villas – According to recent figures from the DLD, it seems that after many months of villa and townhouse sales holding sway over the Dubai property sales figures, apartments in Dubai are now becoming the preferred choice of buyers once again. As Dubai property markets entered recovery from the pandemic, villas and townhouses grew in popularity with buyers seeking spacious and comfortable homes for homeworking and spending more time indoors. With normality resuming and the majority of workers returning to the office, Q3 2022 has seen an increase of 76% in Dubai apartment transactions year-on-year, while villa transactions have dropped down 5% within the same period. Lack of supply and rising demand for villas that can’t be met may be the reason for these figures, with apartments – particularly in prime communities – offering investors a wider selection at more competitive rates.
- Demand for Off-Plan Rises Amid Shortage of Completed Dubai Stock – The founder and chairman of Sobha Realty has commented that Dubai property buyers are switching their focus from completed builds to off-plan purchases as the emirate experiences a shortage of available prime residences. Off-plan builds may also be the preference for a growing number of investors interested in having eco-friendly, sustainable homes with state-of-the-art integrated smart technology, most commonly found in the newest build specs. Custom designs and premium quality furnishings are also highly attractive features that are far less likely to be found in homes on the secondary market. Demand from foreign investors has risen significantly in the past two years on account of Dubai’s safety, its generous visa opportunities and the exceptional lifestyle offered at competitive prices compared with other major cities worldwide.
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.