Dubai Weekly Property News Round Up – 05.11.22

Dubai Weekly Property News Round Up – 05.11.22

Hello,

I hope you have had a refreshing week. Track Capital is excited to announce the launch of Tower B within the highly popular master development of Peninsula 4 this week.

Located in Business Bay, this excellently-connected development offers investors properties with a real wow factor that are sure to be crowning gems in any portfolio.

Reply to this email 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.

Episode 49: Sunak & Stability – Should You Invest Now? – 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.

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

Property Headlines This Week

  • Annual Report Shows UAE Luxury Market Defying Global Trends – The annual 2022 Global Luxury Landscape Report has just been released from Berkshire Hathaway HomeServices, revealing that the UAE Luxury sector appears to be heading in the opposite direction from other comparable markets worldwide. While other global markets are suffering from undersupply leading to impossibly high price increases, the Dubai real estate market is still in the process of re-balancing from its 2017 crash, making it one of the best value markets still experiencing excellent growth.  Local demand has increased dramatically, particularly among high-net-wealth individuals following the revisions to Dubai’s lauded Golden Visa program. Berkshire Hathaway has predicted that Dubai’s thriving tech economy and the incentives available for global talent will promote sustained demand for high-end properties as we go into 2023 and beyond.

 

  • Developer Finance Gains Popularity to Combat Interest Rate Hikes – As mortgage rates steadily increase for Dubai properties, more people are looking at alternative methods of financing their purchases. This is particularly the case for end-users, who are trying to save money and increase buying flexibility as the market heats up. One option growing in popularity involves signing up for developer-backed payment deals. This financing method involves paying monthly instalments directly to developers, most commonly those offering freshly completed or properties ready to move in to from the moment signatures on the SPA are made. Developers can offer lending options of between 3 to 6 years for full payment, allowing buyers time to save up for the purchase or arrange alternative financing for the remainder. Schemes like these are fixed for the duration of the payment tenure and so offer more guarantee than some mortgages that are currently changing month-to-month.

 

  • Emaar Founder Says Dubai Homes Still Well-Priced Despite Surge – According to Knight Frank’s global index, Dubai’s prime real-estate prices have risen by over 70% from September 2021 to September 2022. This makes it the top gainer on the index which includes all major cities around the world. The index focuses on each participating city’s most desirable and costly homes. Despite surging prices this year, Emaar Properties has affirmed that Dubai’s prices remain some of the most competitive in the world. In comparison, London experienced just a 2.5% price increase, New York only 7.3% and Paris 8.9%. The growth of these property markets has been held back dramatically by energy slowdowns and hefty interest rate rises. Dubai has reversed this trend within its own market through its progressive handling of global crises such as the pandemic and the Russia-Ukraine conflict. While the short-term influx of wealthy Russians and Ukrainians has boosted the economy, Dubai has many more reasons to expect sustained long-term growth ahead.

 

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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