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In the first half of this year, the Dubai real estate market has grown dramatically, and Russians are among the top five buyers. The volume of transactions with residential units increased by 60%, and their combined cost – by 85%. The five largest buyers were immigrants from India, Great Britain, Italy, Russia and France. They are followed by Canadians, Emiratis, Pakistanis, Egyptians, Lebanese and Chinese. The number of Russian buyers in the first half of this year increased by 164% compared to the first half of last year, and French and British buyers – by 42% and 18%, respectively. The number of Indian buyers, on the contrary, fell by 8%, Italian – by 17%. Most experts agree that the growing demand for Dubai real estate is due to geopolitical instability in Europe...

In the first half of this year, record volumes of transactions were recorded in the Dubai real estate market. At the same time, the cost of properties grew from month to month. But June reversed this trend when real estate prices fell by 0.31%. This was the first fall since the beginning of 2022. Despite the decline in prices, many experts agree that this should not bother investors. The resilience of Dubai's real estate market in the face of rapidly rising interest rates, inflation and the strength of the dirham due to its peg to the US dollar continues to surprise. The number of transactions in June reached 8,865, which is 38.8% more than in June last year. Residential real estate transactions accounted for 89.3% of the total number of transactions. Buyers of commercial real estate...

The rental value of apartments in Dubai Marina has increased from 16% to 20% during the first six months of 2022. At the same time, the purchase of a local 1-room residential unit costs an average of AED 88,000. In Downtown Dubai, due to increased demand from buyers and tenants, rents have risen from 3% to 43%. Luxury real estate in Jumeirah is in the greatest demand among wealthy tenants. This is happening despite the increase in rent from 14% to 17%. Taking into account the trends taking place in the Dubai real estate market, experts recommend investors to invest in Dubai Sport City apartments, the monthly yield of which is 8.04%. They should also take a closer look at Dubai Marina and DAMAC Hills, whose profitability ratio has reached 6.97% and 6.53%, respectively. The rental income...

According to data published by the Dubai Land Department (DLD), on Monday, August 8, 2022, the Dubai real estate market demonstrated 376 property transactions with a total value of 897.38 million AED (244.3 million USD, 1.6 billion)), as well as 122 mortgage transactions for 704.22 million AED (191.7 million USD, 1.2 billion ¥) and 13 gift deals totaling 23.3 million AED ($6.3 million, 42.6 million ¥). The total value of today's real estate transactions exceeded 1.6 billion dirhams. The sales included 78 land plots worth 295.34 million AED ($80.4 million, 541.1 million ¥), 78 villas and apartments worth 602.04 million dirhams and 92 villas and apartments worth 226.63 million AED ($61.7 million, 415.2 million ¥).

The real estate agency or portal is responsible for ensuring that any real estate advertisement published in Dubai is supported by the appropriate advertising permits. Dubai real estate websites are required to check the permits for these advertisements through an integrated interface with Dubai Land Department. The Land Department intends to eliminate any possibility of resale or under-sale of real estate through advertisements that make more promises than they can fulfill using these actions. This is also happening at a time when the local unplanned market is becoming very active due to frequent launches, which will increase starting in September. The Dubai Land Department strives for the highest level of transparency in the purchase and sale of real estate, as well as in its marketing...

According to a recent report, the real estate market in Dubai showed good results and ranked fourth in the world in terms of the growth in the cost of luxury housing in the first half of the year, as prices increased by 4.7% compared to an average of 2.4% in 30 cities around the world. This was largely due to the high activity of wealthy individuals and investors as a result of the successful strategy to combat COVID-19 and visa reforms. According to the Savills Prime Residential Index: World Cities, Miami, Los Angeles, San Francisco and New York were the four other U.S. cities ranked first in the ranking, and Dubai was the only foreign city in TOP-5. An early study by Savills also ranked Dubai as the third best place in the world for foreigners, thanks to its extensive visa program,...

This year, the Dubai luxury real estate market has faced a rapidly growing demand from immigrants from Russia and other countries of the former USSR. According to a number of companies specializing in the sale of local residential properties, the number of Russian-speaking buyers has doubled compared to last year. Among the potential buyers was even the billionaire Roman Abramovich, who is the former owner of the Chelsea football club and a long-time associate of Vladimir Putin. He is currently looking for a mansion on Palm Jumeirah, an iconic artificial island. The tycoon's private jet, which costs up to USD 350 million, stood in the emirate for about four months after the US Department of Justice authorized his arrest. The sharp influx of buyers from Russia and CIS countries is...

In recent months, buying activity in the luxury real estate market in Dubai has been growing rapidly. The most attention was paid to the purchase and sale of the Bulgari mansion, the cost of which amounted to AED 55 million (USD 14 million). One square meter cost the buyer AED 83,689. The Bulgari Mansion has become the most expensive four-bedroom property on Jumeirah Bay Island. The house is built in a modern architectural style, which can be seen by its panoramic windows stretching from floor to ceiling, a minimalist color palette (mainly beige and brown shades) and a luxurious swimming pool. Between the first two quarters of this year, a sharp jump in prices by 44.3% was observed on the island of Jumeirah Bay. If from January to March the average cost per square meter was AED 48,459,...

According to the information provided by the Dubai Land Department, on August 2, 2022, a contract was concluded in Dubai: 396 transactions worth AED 845.37 million; 110 mortgage transactions in the amount of AED 376.93 million; 11 deals as gifts in the amount of AED 96.55 million. The total value of Dubai real estate sold on August 2 amounted to AED 1.2 billion. This suggests that the dynamics in the local residential market, which could be observed over the past few months, has not yet faded. In total, 356 villas and apartments worth AED 693.98 million and 40 land plots worth AED 151.4 million were sold on Tuesday. Mortgage transactions included 94 villas and apartments in the amount of AED 286.71 million and 16 land plots in the amount of AED 90.21 million. These are impressive...

The owners of real estate in the UAE, whose payments on fixed-rate mortgages have come up, will feel all the consequences of the latest increase in the interest rate by 0.75%. Over the past two months, the rate has increased by a total of 1.5%, and for property owners with obligations to banks, this will incur serious changes. This is especially true for those who took out a mortgage in 2019/20 and who were offered 2- or 3-year fixed-rate terms at that time. For many who bought at that time, having access to the lowest mortgage terms was the main motivating factor when making a purchase. And no one could have foreseen a series of interest rate hikes this year, provoked by the US – and reflected in the UAE. At the end of a two- or three-year fixed-rate period, monthly payments will...

Throughout Dubai, rental rates have been rising since the beginning of 2022, and analysts predict that by September the situation will gain even more momentum. From April to June, the average quarterly increase in the emirate for apartments and villas was 4% and 6%. In comparison with the figures of the previous year, in the same period of time, the growth was 15 and 23%, respectively. In some areas, for example, in Business Bay and Downtown Dubai, horse racing was the highest, compared to the market average. After a long break, even the rent in Sharjah is gradually rising. Meanwhile, Business Bay and Downtown have seen a jump of more than 20% over the past year. Even in Deira, where many buildings have undergone major repairs or reopened, rents increased by 12% in the 12 months to the...

In the first quarter of 2022, the Dubai real estate market broke another record – 8,897 properties sold with a total value of AED 22.75 billion, which was the highest monthly sales since 2013. About 60% of the total number of registered transactions fell on secondary housing and about 40% on real estate under construction (off-plan). During this period, there was also an increase of 34% in physical terms and 24.8% in value terms compared to May figures. The real estate market under construction showed a result of 3,554 transactions, the total value of which amounted to AED 7.06 billion. In the secondary real estate market, 5,343 properties were registered for sale in the amount of AED 15.69 billion. The number of transactions on properties under construction in June increased by 28...

Sheikh Mohammed bin Rashid issues a decree covering all real estate in the Emirate, including real estate in private development zones and free zones. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued Decree No. (22) of 2022 introducing incentives for real estate investment funds in Dubai. The decree applies to all real estate investment funds licensed and regulated by government agencies, as well as private development zones and free zones, including the Dubai International Financial Center (DIFC). The decree also applies to all real estate in Dubai, including properties located in private development zones and free zones, with the exception of DIFC. Register of Real Estate Investment Funds According to the new...

Housing rents continue to rise in most areas of Dubai, with the largest increases recorded in the areas of Discovery Gardens, Living Legends, Downtown, Jumeirah and Dubai International Financial Centre (DIFC). Real estate analysts and industry executives say that rents are growing at the fastest pace in the last eight years, mainly due to the increase in population after Expo-2020 and the introduction of new reforms, such as the Golden Visa, which attracted many investors and wealthy people to the Emirates. Industry insiders also report that foreign investors increasingly prefer Dubai as their main place of residence in the post-pandemic period due to business-friendly policies, new incentives for investors and improved quality of life. According to the Dubai Statistical Center, the...

Recently, foreigners wishing to apply for a long-term visa for 10 years can do this by enlisting the support of a developer when buying real estate in the amount of 2 million AED ($544.500). This practice appeared after the developer Danube Properties offered a new initiative to its clients after the launch of the Gemz project. Industry experts claim that this option of cooperation will greatly simplify the life of customers and attract more investors from abroad. From now on, obtaining a long-term residence permit is now a simple and understandable matter. The CEO of Samana Developers, Imran Farooq, said that the entire process from applying for and obtaining a visa takes less than two weeks, and all processing fees are paid by the developer. After the client has decided on the choice...