Dubai was recently recognised as the top regional destination and the fifth best city to live in by the World’s Best Cities report for 2023 Dubai’s property sector is experiencing a significant surge, according to Unique Properties, a real estate agency in the emirate. Recent data reveals substantial growth in both the residential and commercial markets during the second half of this...
UAE Ministry of Finance issues cabinet decision on corporate tax rules for real estate investment The UAE has issued rules on whether income from real estate investments is subject to corporate tax in the country. The Ministry of Finance announced the rules in a cabinet decision, which clarifies rules on property across the United Arab Emirates. It outlines whether foreign companies and property owners...
AI-enabled proptech firm sees transactions rise 46% this year The Dubai real estate sector is projected to experience a 4.1 per cent growth rate in Q2 2023 and a surge of 46 per cent in transactions compared to 2022, according to recent research. Property prices have seen substantial increases, particularly in areas like Palm Jumeirah and Trade Centre First. The market’s growth is supported by a...
Project will add 110 kilometres of coastline to Dubai, featuring over 80 hotels, resorts Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the new futuristic development masterplan of Palm Jebel Ali. Spanning an area of 13.4 square kilometres and occupying an area twice the size of Palm Jumeirah, Palm Jebel Ali will...
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...
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...
The most recent massive transaction in the United Arab Emirates' luxury market involved an apartment in the Baccarat-branded residences. One area of Dubai's real estate market is becoming more and more popular with wealthy people looking for somewhere to hide their money: flats and townhouses with a brand name, such as Four Seasons, Bulgari, and Cavalli. As foreign purchasers continue to acquire...