Hello,
We have had added a range of incredible new developments to our portfolio recently and we are looking forward to introducing these to our clients.
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 having to click through.
Episode 63: A Pulse Check on the UK’s Property Market 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.
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Dubai’s real estate market has been thriving according to the Dubai Land Department, recording 694 sales transactions worth AED1.94 billion in just one day. This includes sales of 55 land plots totalling AED391.98 million and 639 residential properties amounting to AED1.54 billion.
Additionally, 127 mortgage deals reached a value of AED466.28 million and there were 47 gift deals worth AED109.29 million. Mortgages covered 116 residential properties and 11 land plots, contributing to a total of AED2.5 billion in real estate transactions.
These figures highlight the strength and attractiveness of Dubai’s property market.
Dubai is leveraging its swift economic recovery post-COVID to attract people and capital, betting on a more sustainable version of its economic model that traditionally emphasized property investment, tourism, and foreign capital inflows.
The property market is experiencing a new boom, driven by factors such as Russian demand amid the Ukraine conflict and more relaxed residency rules. However, there are concerns about affordability, with calls for more mid-income properties as the population, which grew to over 3.55 million in 2022, is projected to surpass 4 million by 2026.
UAE real estate developer, MAG, reported Q1 2023 sales of Dh3 billion across its projects. All 93 remaining townhouses in the luxury Keturah Reserve development were sold, along with 70% of the project’s total units.
Penthouses and apartments in The Ritz-Carlton Residences, Dubai Creekside were also sold. The MBL Royal Residences, a premium mixed-use skyscraper, sold out within 75 days of its launch. Furthermore, 60% of units in MAG 22, a new residential development, have already been sold.
That is all 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
