Dubai Weekly Property News Round Up – 30.06.24

Welcome to this week’s Dubai real estate update. The market is buzzing with exciting developments and record-breaking transactions.

As Dubai continues to attract global attention and significant investments, we’ve observed intriguing shifts and trends that are shaping the future of the property landscape.

Whether you’re eyeing luxury villas or exploring diverse mortgage opportunities, this week’s insights will keep you informed and ahead of the curve.

So, let’s take a look at the latest headlines that have caught our eye this week…

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Property News This Week

UAE Transforms into Global Innovation and Investment Powerhouse 
The UAE has become a global hub for innovation, AI, and entrepreneurship, attracting significant foreign investments and improving its international business rankings. It offers numerous incentives, such as the Basher digital platform for quick business setup, 100% company ownership, over 40 free zones, and diverse economic activities.
 
The Commercial Companies Law allows foreign investors full control without needing a local agent or minimum capital. With no income tax, full profit repatriation, and long-term residency visas, the UAE fosters a favourable environment. Low tariffs and industrial incentives further enhance its appeal as a leading global investment destination.

Record-Breaking Dh240.5M Villa Sale on Dubai’s Billionaire Island 
A six-bedroom villa on Dubai’s Jumeira Bay Island sold for Dh240.5 million, setting a new record for the location known as ‘Billionaire’s Island.’ This sale, managed by Dubai and Saudi Arabia Sotheby’s International Realty, surpasses previous records and highlights the island’s appeal to ultra-high-net-worth individuals. The 18,800 square feet villa’s unique seahorse-shaped shoreline and exclusive amenities make it highly desirable.
 
This record-breaking transaction follows a Dh175 million sale weeks earlier, reflecting the booming luxury property market in Dubai, which continues to attract significant investments and promises more high-value deals in the coming months.

Dubai Mortgage Transactions Hit 14-Month High Despite High Rates
Mortgage transactions in Dubai surged to a nearly 14-month high in May, with volumes increasing by 57.9% to 3,359 loans, according to Property Monitor. Despite high interest rates, demand for local property remains strong.
 
Allsopp & Allsopp reported May as the second-highest mortgage month on record, driven by better mortgage education and independent advisors. Buyers are increasingly opting for suburban areas like The Springs and Arabian Ranches. Loans for new purchases accounted for 53% of activity, with an average borrowing amount of Dh1.85 million. The UAE’s mortgage market is expected to grow as interest rates are anticipated to drop later this year.

That’s all of this week’s most important news. If you’ve got any comments or questions about any of these headlines, hit reply and we talk further about the market and your own property investment goals.

Otherwise, I’ll see you next week for your property market round-up. Have a great weekend!

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