Dubai Weekly Property News Round Up – 06.05.23

Hello,

I hope you are well. In the UK this week we are all in the swing of celebrating the Coronation of our new King. As we embark on this latest chapter in UK history, we have decided to take a look through the journey of both the UK and Dubai property markets.

Understanding the development of these prolific markets can help to give us a clearer understanding of the crucial part we play in helping to create a strong and vibrant economy.

If you are interested to learn more about the extraordinary heritage of the UK or Dubai, click on these links to take a walk down memory lane:

Dubai
UK

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.

– 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 There More for British Youth in Dubai than in the UK? – A British newspaper highlighted the increasing trend of Britons relocating to Dubai for better living conditions and higher salaries. Factors attracting them include high salaries, good weather, no income tax, reasonable housing costs, better quality of life, and a family-friendly environment. The UK is predicted to be the world’s worst-performing economy in 2023, leading professionals like MBA graduate Luke to seek opportunities in Dubai. The changing British view of Dubai has seemingly evolved from a tourist destination to a preferred place for families and work.

 

• Dubai is Now a Top City Globally for Ease of Doing Business – A recent study has ranked Dubai among the top 10 cities for entrepreneurs looking to establish import/export businesses, thanks to its strategic location, tax incentives, and business-friendly policies. Its world-class infrastructure and logistics capabilities make it an excellent place for international trade. Factors contributing to Dubai’s strong business environment include ease of starting a business, simplified construction permit processes, streamlined property registration, accessible credit, investor protection, tax benefits, and efficient cross-border trading.

 

• Dubai to Deliver 32,000 New Property Units by End of Year – Dubai’s real estate sector is expected to deliver over 32,000 residential properties, including villas and apartments, by the end of 2023, according to Asteco’s Q1 2023 report. The appetite for new project launches remains strong among investors and end-users. Villa rental and occupancy rates are a key focus, with average apartment and villa rental rates experiencing growth in Q1 2023. Meanwhile, Abu Dhabi delivered around 1,600 residential units in Q1 2023, with prime and high-quality apartment developments registering rental increases.