Dubai Weekly Property News Round Up – 29.07.23

Dubai Weekly Property News Round Up – 29.07.23

Welcome back to the TrackCapital Weekly Dubai Property News Round-Up. This week we are excited to bring another incredible Dubai development to our investors: Binghatti Amber – a high-class designer tower block in the popular JVC community that is poised to be a strong income-generating asset and an exceptional addition to any portfolio.

If you are interested in learning more about Binghatti Amber, reply to this article today.

Now, let’s take a look at all the news headlines that caught our attention this week. I always try to summarise the links to save you from having to click through.

Episode 65: Riding the Property Wave: Unravelling the UK’s Housing and Rental Price Rollercoaster

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 news letter on the podcast as well.

We would really appreciate it if you could subscribe and leave feedback for our Podcast on Apple.

Despite concerns about rising interest rates impacting mortgages in the UAE, the fintech Huspy suggests otherwise. The UAE’s competitive property prices and attractive interest rates, coupled with proactive local banks offering flexible mortgage financing, mitigate the effect of rate hikes.

The country has seen healthy mortgage activity, even with multiple rate increases. The latest 3-year fixed mortgage rates are at 4.24%, with average rates at 4.7% for residents and 5.14% for non-residents. The 0.25% rate increase would only add Dh143 ($39) monthly to a 25-year, Dh1 million mortgage.

The Jumeirah Group, an Emirati luxury hotel chain, confirmed the sale of a penthouse in the soon-to-be-completed Jumeirah Marsa Al Arab for $115 million, making it the most expensive apartment in Dubai to date. 

The opulent penthouse, part of a development that includes 82 luxury residences and an 82-berth superyacht marina, spans 27,000 square feet and includes a private pool. The sale also included three other penthouses and 17 additional residences. This high-value transaction highlights Dubai’s robust luxury market, where branded residences are expected to grow by 72% by 2030

Dubai completed nine real estate projects worth Dh4.06 billion ($1.11 billion) in H1 2023, reinforcing its position as a leading global real estate investment destination. Over 390 projects are under development, with 42,583 units registered between January and June. During this period, 47,187 units and 5,546 villas were sold, generating Dh96 billion and Dh15 billion, respectively.

The resurgence in Dubai’s property market, following the pandemic-induced slowdown, was bolstered by government initiatives, the 10-year golden visa programme, Expo 2020 Dubai, and higher oil prices.

That is the hottest news we have for you this week. If you have any comments or questions on this weeks news summary then please feel free to hit ‘reply’ – if not, see you next week.

Tobi Mancuso
Director, Track Capital

Listen to The Pure Property Podcast from Track Capital here

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