I hope you have had a fantastic week. Our Dubai office has been enjoying a huge buzz of activity this week as investors, both domestic and overseas, have been rushing to make the most of some incredible new opportunities that have landed on our portfolio.
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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
- Easing of Golden Visa Rules Attracts More Indian Expats – There has been a swift uptick in demand for luxury Dubai residences since the recent positive changes made to the golden visa rules in the UAE. Data from property consultants has revealed that more Indians are choosing Dubai and surrounding emirates as the location for their second home. This has resulted in the introduction of Dubai property expos in India, in order to increase and widen the knowledge base of prospective Indian investors who may not be aware of the new rules and their benefits. The easiest way to invest and secure a golden visa in Dubai is buying a house, which has the added benefit of having no capital gains tax attached. New changes to the golden visa policies include a reduction of the minimum investment needed for someone to be eligible and an extension of the visa duration from five to ten years, making it a highly attractive option for long-term ex-pats.
- Investors Take Advantage of Shared and Fractional Ownership – The value of shared ownership properties in Dubai has risen in the first half of 2022, showing their worth as income generators for investors. Since their inception, fractional and shared ownership schemes for both residential, office and STL properties have proven to be a popular choice for investors, allowing investors with lower budgets to get involved and bolstering sales. A spokesperson for the prestigious developer Azizi Developments commented that 1 out of every 10 properties it currently sells is on a fractional title deed basis. This is when multiple owners share the same rights to the property without their obligations or rights being impacted by one another. Many other developers are looking to try this investment method while allowing their investors to choose this as one among several more traditional ways to purchase a property with them.
- Dubai Continues to be a Popular Target for Property Investment – Research conducted by leading consultancy company Betterhomes has revealed that Dubai’s popularity among investors continues to grow. This sustained interest in the emirate is largely a result of positive, government-led initiatives, high yields, excellent capital growth prospects and low comparable pricing for world-class quality homes. Market growth in all areas of real estate has been recorded in the first half of 2022, with both sales transactions and values doing particularly well, In their 2022 market report, Betterhomes remarked that the real estate in Dubai remained busy and active despite rising interest rates and a strengthening dollar sitting on the horizon. The list of leading international buyers place India in the number one position, followed by other heavy contenders such as the UK, Italy, Russia and France.
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.