A report issued by W Capital, the Dubai leading brokerage, revealed that the British investors are purchasing the most in the Dubai real estate in the first half of 2024, while the sector is still robust and rewarding with attractive investment opportunities and high returns. W Capital stated that the list of most purchasing nationalities also included Indians, Chinese, Lebanese, Canadians, French, Italians, Dutch, Pakistanis, and Turks. The report confirmed that Dubai has several advantages that enhance its position as one of the global most prominent real estate destinations for investment, work and tourism. The relatively high rents in the emirate, the easy real estate financing market and the ease of obtaining a residency visa, push well-heeled residents and foreigners to own the…

Home values in the city have risen for 15 consecutive quarters Average rents for single-family homes have shot up to $96,000 Dubai’s red-hot real estate market is defying predictions of a slowdown, a sign that the Middle Eastern business hub may be breaking free from its boom and bust cycles.   “Prices continue to rise and Dubai’s transient nature appears to be over,” said Taimur Khan, head of research at global real estate consultancy CBRE Group Inc. “Whether new or long-standing residents, most are now buying for residential purposes and as a result we are seeing prices remain resilient.”   An increase in real estate prices Many analysts had expected the rise in property prices and rentals – which had made Dubai one of the…

For the third year in a row, the UAE is poised to become the world’s leading wealth magnet, with 6,700 wealthy migrants expected to call the UAE home by the end of 2024. According to Henley and Partners’ annual Private Wealth Migration Report 2024, the UAE’s millionaire population will grow significantly due to large inflows from the UK and Europe. With its zero-income tax, golden visas, and strategic location, the UAE remains the world’s biggest magnet for wealthy individuals. “With consistent high inflows from India, the wider Middle East region, Russia, and Africa, the anticipated influx of larger numbers of Britons and Europeans looks set to see the Emirates attract nearly twice as many millionaires as its nearest rival, the US, which is projected…

Dubai recorded 948 sales in the luxury property segment, each valued at Dh15 million ($4 million) or more, during the first five months of 2024, according to a new report. These high-value transactions were concentrated in key areas such as Palm Jumeirah, Mohammed bin Rashid City, Dubai Water Canal, Tilal Al Ghaf and Dubai Hills Estate, the report by property company Betterhomes found. These locations not only experienced the highest number of luxury property sales but also contributed significantly to the total value of transactions during this period. A Dh165.6 million sale at Ritz Carlton Residences by MAG in Dubai Healthcare City was the highest-priced primary home sale in the emirate so far this year, according to Betterhomes.     This was followed…

Demand for off-plan homes in Dubai reached record highs in May, with the emirate witnessing a 41.6% month-on-month increase in new contract registrations, representing over 10,000 transactions and 69.4% of all residential sales, according to a new industry report.   Findings of the ‘ValuStrat Price Index - Dubai Residential Capital Values’ revealed that, last month, the emirate reported a 76.3% year-on-year increase in off-plan registrations for residential properties, with communities such as Jumeriah Village Circle and Meydan One driving up demand. The report also found Discovery Gardens and Dubai Hills Estate broke their individual records in May with the highest number of off-plan homes traded in one month. The volume of ready home transactions also grew 8.1%…

The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved a new housing approval package for citizens valued at AED 1.682 billion. The package includes 2,160 decisions for beneficiaries of housing assistance in June 2024 under the Sheikh Zayed Housing Program.     The Cabinet also approved the launch of the "Manzili" bundle for beneficiaries of the Sheikh Zayed Housing Program. This bundle offers 18 housing services to citizens through collaboration with 24 federal and local government entities, simplifying the customer journey and the required documents by reducing the involved entities from 11 to 1 and the documents from 10 to 2. The procedures are reduced from 14 to 3 steps, and…

Dubai Land Department qualified 166 young Emirati citizens through the Dubai Real Estate Brokers Programme, which was launched earlier this year and is considered one of the most important programmes of the Dubai Social Agenda 33.     The recognition took place during a ceremony organised by the Dubai Land Department in collaboration with the New Economy Academy and held at Emirates Towers Boulevard, attended by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and Chairman of the Executive Office of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Mattar Al Tayer, Commissioner General for the Infrastructure, Urban Planning and Well-Being Pillar, and Marwan bin Ghalita, Acting Director General of Dubai Land Department, along with officials and representatives…

According to Bayut’s most recent analysis, apartments in Dubai Investments Park, Discovery Gardens, and Liwan provide the best rental returns of up to 11% for affordable property buyers. Dubai Sports City, Dubai Silicon Oasis, and Motor City have emerged as highly appealing options, offering up to 10% return on investment (RoI) based on projected apartment rental yields. Bayut’s first-quarter analyst revealed that Green Community, Al Sufouh, and Damac Hills provided more than 8% rental returns, exceeding benchmarks set by most global markets. All of these areas in Dubai have much higher rental yields than major cities such as London, New York, Hong Kong, Mumbai, and others, where rental returns typically range from four to seven percent. More importantly, prime property…

The Dubai real estate market continues to thrive, demonstrating substantial growth in rental activity. Provident Property Management, under the leadership of Youssef Rabah, has been at the forefront of this dynamic sector. Here are the key insights and trends observed so far in 2024. Apartments The apartment rental market in Dubai has seen impressive figures in 2024. Nearly 173,000 units have been rented, generating a total of AED 11.3 billion in rent. The average rent per square foot stands at AED 73. Notably, new contracts alone accounted for almost 66,000 units rented, contributing AED 5 billion in rent with an average rent of AED 86 per square foot. In comparison, by the end of May 2023, approximately 188,000 units had been rented, totaling AED 10.7 billion in rent, with an average…

Colife, a UAE-based smart-rental startup that operates as a full-cycle property management company, started the expansion into the Asian market, beginning with Hong Kong in May 2024.     From the start Colife has been revolutionizing the rental market, providing seamless solutions for purchasing, managing, and renting properties in Dubai since 2022 and in Istanbul since 2023. Now, the firm has set its sights on expanding further into the Mena and Asia regions.   These markets represent significant untapped potential for Colife's growth. By 2028, the group plans to establish a presence in 10 major cities, leveraging our innovative approach to redefine urban living and investment opportunities, said a statement from Colife.   The launch was accomplished by a core…

Jumeirah Islands has become a new hunting ground for elites choosing to make Dubai their home, joining the ranks of Emirates Hills, Jumeirah Bay Island, and Palm Jumeirah.   The Islands recorded more than 10 per cent of all the deals valued at over Dh10 million over the past three years, which demonstrates that the area is able to hold its value and make it a prime neighbourhood, global real estate consultancy Knight Frank said. The most expensive home to sell in the man-made island cluster was a 4-bedroom 5,500 square foot home, which was sold for Dh28 million – or Dh5,111 per square foot – in late December 2023. The last 12 months have seen 97 homes changing hands in Jumeirah Islands worth approximately Dh1 billion. Will McKintosh, regional partner and head of…

The occupier market in Dubai and Abu Dhabi saw strong activity in the first quarter, driven by increased demand from new rental registrations.   In Dubai, occupier activity remained strong during the first quarter. According to data from the Dubai Land Department, the total number of rental registrations reached 46,850, representing a 35.8% increase over the previous year. “This headline growth has been largely underpinned by a 51.1 percent increase in new rental registrations, which totaled 34,461. Renewed contracts registered a total of 12,389, marking a 6.1 percent growth from the previous year,” CBRE Middle East said in its UAE Office Market Review for the first quarter of 2024.   In comparison to other global markets, the current dynamics of Dubai’s…