The emirate’s transport infrastructure, tourism hub credentials and pandemic recovery are main drivers of investment, Knight Frank says Global high-net-worth individuals (HNWIs) plan to spend $2.5 billion on Dubai property this year, a report has found. About 22 per cent of the HNWIs are prepared to commit $5 million to $10 million on real estate in the emirate, while...
Strategic communication is key for tenants to convince landlords or property management firms to reduce rents Tenants have to shell out more as rents have been on the rise in the post-pandemic period across the UAE. According to Property Finder’s first-quarter report, rents in Dubai jumped 18 per cent as compared to the same period last year. While average rental prices in Q1 2023 rose by seven...
Developments are part of plan to lengthen beaches in emirate by 400 per cent by 2040 Dubai has unveiled a major plan to develop 54km of beaches around Palm Jebel Ali, Palm Jumeirah and Al Mamzar, and a new beach at Jebel Ali. The new projects, launched by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, include the development of enclosed beach areas, walkways, cafes and dining...
More than 3,100 Dubai real estate transactions as $2.5bn change hands The Dubai real estate sector saw 3,105 transactions, worth AED9.1bn ($2.5bn), this week. In the week ending May 19, the Dubai Land Department said 191 plots were sold for AED1.14bn, and 2,284 apartments and villas were sold for AED6.03bn. The top three transactions for land a plot in Island 2 sold for...
Further details will be revealed on May 24, 2023 at the Coca-Cola Arena in Dubai French luxury car brand Bugatti, in partnership with UAE real estate developer Binghatti, will create the world’s first Bugatti Residences in Dubai. The upcoming project will be focused on the Bugatti lifestyle “centered on incomparable experiences at the home of Bugatti, the Château Saint-Jean, including lavish...
Azizi Developments confirmed a hospitality division at ATM with an impressive pipeline Dubai developer Azizi is planning to invest AED60 billion (US$16.3 billion) in its new hospitality division, opening 50 hotels along the way. Of those, the group is planning “one very prestigious seven-star hotel” in Dubai. The real estate major announced its move into hotels at ATM and says it will...
The Emirate has 'solidified its position as the premier global tourism destination' Dubai welcomed more than 4.67 million international visitors in the first three months of 2023 — the city’s best Q1 performance since the Covid-19 pandemic. This marks a 17 per cent year-on-year growth, placing it firmly on track to becoming the most visited international destination, according to latest data...
Dubai property market continues to flourish with massive increase in value and volume of real estate deals Dubai saw $9.3bn (AED34.2bn) of property sales last month, according to data published by Property Finder. The number of real estate deals climbed around 45 per cent year-on-year to more than 12,000 transactions compared to 8,344 in March 2022. The value of transactions increased beyond...
UAE Ministry of Finance says certain organisations and companies will be exempt from paying mandatory tax UAE Ministry of Finance says certain organisations and companies will be exempt from paying mandatory tax The UAE has announced a change to tax laws exempting certain companies from paying a mandatory Corporate Tax fee. The Ministry of Finance unveiled a new decision by the UAE Cabinet...
Dubai Land Department (DLD), through the Real Estate Regulatory Agency (RERA), issued a circular confirming the implementation of the new electronic service, Madmoun. Accessible through the Trakheesi System, this service is represented by a quick response code (QR Code) issued for any real estate advertisement permit, as part of DLD's ongoing efforts to modernize and develop real estate governance...