Dubai Weekly Property News Round Up – 24.06.23

Hello,

I hope you have had a great week. Our Dubai consultants have been working extra hard this week to keep up with the rising demand for top-quality off-plan investment options in the city.

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.
 
If you are interested in finding out more about our new stock, reply back to this article today.
 

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.

News

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.

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.

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

Popular Posts

Dubai Weekly Property News Round Up – 13.07.24

Date: July 16, 2024

Weekly Property News Round Up – 13.07.24

Date: July 16, 2024

Dubai Weekly Property News Round Up – 07.07.24

Date: July 8, 2024

Weekly Property News Round Up – 07.07.24

Date: July 8, 2024

Dubai Weekly Property News Round Up – 30.06.24

Date: July 8, 2024

Weekly Property News Round Up – 30.06.24

Date: July 8, 2024

Dubai Weekly Property News Round Up – 22.06.24

Date: July 8, 2024

Weekly Property News Round Up – 22.06.24

Date: July 8, 2024

Dubai Weekly Property News Round Up – 15.06.24

Date: July 8, 2024

Weekly Property News Round Up – 15.06.24

Date: July 8, 2024

Labour’s Victory in the 2024 UK Elections: Implications for the Property Investment Market

Date: July 5, 2024

Dubai Weekly Property News Round Up – 08.06.24

Date: June 11, 2024

Weekly Property News Round Up – 08.06.24

Date: June 11, 2024

Dubai Weekly Property News Round Up – 01.06.24

Date: June 11, 2024

Weekly Property News Round Up – 01.06.24

Date: June 11, 2024

The 5 Best Areas For Student Property Investment In Leeds

Date: June 11, 2024

19 Property Investment Tips For Beginners

Date: June 11, 2024

Dubai Weekly Property News Round Up – 25.05.24

Date: May 29, 2024

Weekly Property News Round Up – 25.05.24

Date: May 29, 2024

The Impact of Major Events on Property Demand

Date: May 22, 2024

calculating roi

How To Calculate Buy-To-Let ROI

Date: May 21, 2024

best student areas in nottingham

The Best Areas For Student Property Investment In Nottingham

Date: April 24, 2024

blog post banner graphic

The Best Areas For Student Property Investment In Liverpool

Date: April 5, 2024

off plan property dubai blog graphic

Off-Plan Property Dubai: An Investor’s Pocket Guide

Date: April 5, 2024

best area for student property manchester graphic

The Best Areas For Student Property Investment In Manchester

Date: February 23, 2024

best buy to let areas in bolton graphic

The Best Buy-To-Let Areas In Bolton

Date: February 13, 2024

best buy to let areas in burnley graphic

The Best Buy-To-Let Areas In Burnley

Date: February 13, 2024

The Best Buy-To-Let Areas In Preston

Date: November 28, 2023

The Best Buy-To-Let Areas In Sunderland

Date: November 28, 2023

The Best Buy-To-Let Areas In Brighton And Hove

Date: November 28, 2023

Recent Posts

Dubai Weekly Property News Round Up – 13.07.24

Date: July 16, 2024

Weekly Property News Round Up – 13.07.24

Date: July 16, 2024

Get in touch with us by clicking below and submitting an enquiry.

if you have any questions or would like to inquire about our services, please click on the “Contact Us” button below to be redirected to our contact page. Our team is dedicated to providing exceptional customer service and will do their best to assist you with any inquiries you may have.