Dubai Weekly Property News Round Up – 01.10.22

Dubai Weekly Property News Round Up – 01.10.22

Hello,

I hope you have had a great week. Our Dubai office has been experiencing a swift rise in enquiries for the stunning master development of Azizi Riviera since its recent launch of Phase 4 within the development.

This is one of Dubai’s most anticipated developments, offering a first-class lifestyle and set within some of the area’s most spectacular green spaces. Residences have been designed for comfort, relaxation and beauty, with an impressive array of amenities and a relaxed French-inspired ambience.

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 46: From Real Estate Boom to Bust and Then Back Again – 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.

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Property Headlines This Week

  • Is it Worth Investing in the Dubai Real Estate Metaverse? – Market data from 2021 published by Metametrics has revealed that Dubai metaverse real estate sales of $500 million last year; a figure that is set to double by the end of 2022. The sales include those of hyper-luxury hotels, sophisticated apartments, mega shopping complexes and multi-million-dollar mansions. But as the government continues to drive its Dubai Metaverse Strategy with the aim of supporting over 40,000 virtual jobs by 2030, the question remains – is it all worth it? Over 300 of the leading experts who joined the Dubai Metaverse Assembly on Wednesday are adamant that virtual brick-and-mortar real estate investment presents a fantastic opportunity in this increasingly popular new sector. World-class developer Damac has launched virtual platforms to showcase the best of their properties to raise conversion rates and entice more people to explore digital cities within the real estate metaverse.

 

  • Dubai’s Property Market to be Boosted by New-Look Cityscape – On the 21st of November, Cityscape Dubai will return to the Dubai World Trade Centre for its 2022 edition as it celebrates over two decades as the emirate’s largest real estate exhibition. The organisers have stated their intention to focus on fulfilling the dreams of Dubai homeowners throughout the 3-day flagship event, rather than catering to large-scale investors and trade bodies as it has done in the past few years. This strategy has been implemented to speed up large-scale investment, both domestically and globally. Cityscape Dubai 2022 aims to enhance the connection between leading developers and individual buyers and private property investors. The Exhibitions Director at Cityscape Dubai believes that this focus will help promote the value and volume of Dubai real estate transactions, which reached a record 300 billion last year.

 

  • Things You Should Know When Buying Off-Plan in Dubai – Investors looking to maximise their budget and earnings can find incredible opportunities with off-plan properties in Dubai. Off-plan refers to the purchase of a property while it is still in the planning or construction phase. Most often,off-plan properties are purchased directly from the developer and require a reservation fee of between 20-30%. The amount remaining is paid as instructed by a contractually-agreed payment plan, and Dubai off-plan products are often known for their generous and affordable plans, sometimes allowing the purchaser to complete the sale up to two years post-completion. When buying off-plan, it is common to find properties offered at up to 35% below market value, allowing buyers to get a swift hit of capital growth immediately upon completion. Purchasing before the unit completes also gives buyers the rare opportunity to select the best units without so much direct competition. If you would like to learn more about how to invest safely and securely in off-plan Dubai property, click here.

 

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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