Month: November 2022

The UAE government announced new visa rules applied on October 3, 2022.
It’s a part of the Emirates’ strategy in building a bigger “knowledge economy”.

The government hopes to attract more highly skilled people to live in the Emirates. This significantly applies to scientists, coders, and tech workers. But any international talents and creative freelancers are also welcome.

Population growth is also high on the agenda. Dubai alone due to its Urban Master Plan wants to boost its 3.5 million residents to 5.8 million by 2040.
So, new residency visas through real estate investments are on the table as well.

Tourism is a part of the new visa policy, too. UAE wants to rapidly bounce back from the Covid disaster, welcoming back millions more tourists and allowing people to stay for longer periods.

The new Entry and Residence Scheme offers 10 types of entry visas with simplified requirements and more benefits:

1. New visas require no host or sponsor
2. More flexibility
3. Multi entry
4. 60 days validity
5. One unified platform to apply at

New Visa Rules in Details

New Tourist Visas

• Tourist visas will be valid for 60 days instead of 30 days.
• A 5-year, multi-entry tourist visa will allow visitors to stay up to 90 continuous days in the UAE. However, they can’t exceed 180 days in a year.

UAE Golden Visa Expansion

The range of beneficiaries is expanded offering more benefits including 10 years of renewable residence.

1. This long-term 10-year residence is granted to investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and frontline heroes.
2. Real estate investors can obtain Golden Residence when purchasing a property worth no less than AED2 million.
3. Investors are also entitled to obtain the Golden Residence when purchasing a property with a loan from specific local banks.
4. Investors can also obtain Golden Residence when buying one or more off-plan properties of no less than AED2 million from approved local real estate companies.
5. The benefits allow the Golden Residence holder to sponsor his/ her family members, including spouse and children regardless of their age.
6. The Golden Residence holder is allowed to sponsor support services (domestic) laborers without limiting their number.
7. There is no restriction related to the maximum duration of stay outside the UAE to keep the Golden Residence valid.

New 5-Year Green Visa

The five-year UAE green visa is a residency visa that allows its holder to sponsor him or herself for 5 years without the need for company sponsorship, as well as offering an array of benefits to family members.

3 categories of UAE residents can apply for the green visa:
freelancers or those who are self-employed
investors or partners in commercial businesses
highly skilled workers

Residency Permits

The new system for residence visas and entry permits offers new types of residence permits for investors, skilled employees, self-employment, and family members.

The new types provide customized benefits to each category.

1. Several visas, including the 1-year remote working visa, 5-year retirement visa, and 2-year real estate owner visa require no sponsor and can be renewed for the same period.
2. Residents will also be able to sponsor their unmarried sons until the age of 25, rather than 18, and unmarried daughters regardless of their age.

Metaverse Holdings, an advanced Web3 technology company, has officially announced that Dubai will become the world’s first virtual city and a global center for digital innovation in its global metaverse rollout. The launch of Dubai in their metaverse marks an important step forward to building a sustainable digital future for all. 

What Is Metaverse?

For those who spent the last few years in a cave, we can say that metaverse is the next level of the internet. 

The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.

Before the metaverse, you were looking on the internet through special gadgets: computers, tablets, and smartphones. Now you will experience it from the inside. 

The metaverse will be driven by augmented reality, with each user controlling a character or avatar. For example, you might take a mixed reality meeting with an Oculus VR headset in your virtual office, finish work and relax in a blockchain-based game, and then manage your crypto portfolio and finances all inside the metaverse.

What is Virtual Dubai All About?

The first of several hyper-realistic virtual cities, Dubai will provide a wide range of attractions, offerings, and possibilities that will make you feel as though you are actually there.

The Dubai metaverse will include everything from universities and events to shopping malls and business districts. Together with Metaverse Holdings, Dubai is establishing a case for itself as a cutting-edge virtual metropolis. Not only will the city offer an engaging and realistic experience, but it also has the potential to be a vital conduit of communication and international collaboration in the future. 

Investing in Virtual Dubai

Businesses globally will now have the opportunity to invest in Dubai’s Virtual City, which offers many benefits for entrepreneurs and the global society as a whole. 

Metaverse Holdings intends to empower businesses to reach new heights and create even greater value for their customers, delivering heightened interactive experiences and offerings for all end users.

Dubai Metaverse Strategy: 

• x5 the number of blockchain and metaverse companies in 5 years. 
• 40,000 jobs to create in the metaverse over the next 5 years.
• $4 billion to add to the economy through metaverse and Web3 development.

Real Estate Developers in the Metaverse

Real estate developers stand to be among the biggest beneficiaries of the metaverse with digital twins of their properties seen to help drive marketing and sales, experts said at the Dubai Metaverse Assembly.

By providing virtual tours of projects, developers can build brand awareness, promote the developments in the market at a quicker pace and also scale their reach to investors.

For real estate developers, taking clients on a tour of a digital twin of their properties will allow potential investors to experience the feel of the project.

Companies need to “keep evolving to meet the evolving needs of customers, to make the experience much more seamless and effective”, said Joe Abi Akl, chief corporate development officer of Dubai conglomerate Majid Al Futtaim.

Dubai is certainly a city of endless possibilities. Now in the metaverse!

The most anticipated event in the Dubai real estate market takes place in Dubai World Trade Center, 21-23 November.

It’s a great opportunity to look into the variety of local villas and apartments, take a pick at international real estate, get expert advice, and explore financing options. 

Cityscape Dubai brings together homebuyers, brokers, developers, and buy to let investors as it features property developers from around the world showcasing new properties and upcoming developments.

Attending the exhibition is a gateway to discovering newly developed properties as well as lesser-known areas that have the potential to be your new home.

So whether you are looking to rent, buy, or even invest in local or international properties, Cityscape Dubai has you covered by having all major developers in one place, making it the most convenient and comprehensive real estate event.

Among the developers presented at the event are Sobha Realty, Emtelak Properties, Danube Properties, Arada, Azizi Development, Dubai Investments, Inspire Real Estate, Buhtatir Group, and others.

 “Buying a home, especially your first, is a big moment — and it is clear more and more people are living that moment in Dubai,” said Alex Heuff, the Exhibitions Director at Cityscape Dubai to TradeArabia. “With a fresh approach to this year’s edition, we will provide practical support to help homebuyers make informed decisions courtesy of the expert financial and homebuying advisors that will be present to offer professional advice,” he stated. 

“With some of the region’s leading real estate developers already signed up, we will showcase the latest projects — both off-plan and ready-to-live — that are ready to purchase there and then,” he added.

Heuff pointed out that Cityscape was also doing more to cater to brokers and investors by bringing back the popular Intelligence Talks series, which will include speakers from government organizations, prominent real estate companies, and industry analysts.

“It is all part of our new approach, whereby we want to offer visitors a more relaxed experience, with family activations and zones where you can relax and watch some football, while also browsing or buying your next home,” he added.

Alex Heuff also stated real estate trends for 2023 and beyond:

1. Off-Plan Properties

The real estate landscape in the UAE is consistently evolving. Over the past year, we have already seen a huge rise in demand for off-plan properties. 

2. Recreational and Entertainment Spaces

There has also been a spike in the growth and focus on the recreational and entertainment spaces across the UAE. We expect these trends to pick up in 2023 and are excited to see how these trends impact and evolve the current real estate landscape. 

3. Commercial Real Estate

The commercial real estate space is also becoming more in demand, so 2023 could be a big year for that sector.
Sources: TradeArabia, cityscapeglobal.com

Dubai as an established city of architectural wonders struck again holding a fascinating Architecture Exhibition at Dubai Design District (d3).

During 8-13, November regional and world-renowned architecture studios and visionary architects presented large-scale, immersive installations showcasing ideas on design for a sustainable future.

The innovative exhibits included striking structures and pavilions made of sustainable materials such as date waste, discarded shellfish, old fishing nets, and demolished materials that have been upcycled or repurposed.

The work of leading architects was showcased, including:

 · Dewan Metaverse Dome by Dewan Architects (UAE)

The dome of this installation mimics the forum space of the Babel 4.0 Metaverse being developed by Dewan Architects and Engineers’ Metaverse Architecture department and which will function as a DAO of invited members who come together to explore ideas and share design information. 

· The Musical Ring by Sharabassy Built Environment Studio (UAE)

This installation combines light displays and music to create aesthetic and audible entertainment and is an attractive meeting point. The ring reflects and refracts light to create lighting effects that are regularly synchronized with music so people can gather to enjoy the music at different times.

 · From the Dunes & Trees by ARDH Collective (UAE)

This installation was built using the Collective’s revolutionary natural and waste resources from the dunes and trees of the UAE – the desert sand-based concrete, date-seed-based solid surface material, and the region’s first plant-based vegan leather. The form of the installation is also inspired by the circular life cycle of the material solutions. ARDH Collective designed the space to celebrate the Emirates’ remarkable history in building techniques and its deeply rooted culture in the deserts and agricultural landscapes.

 · Once Upon a Forest by OBMI (USA)

As seasoned masters of vernacular architecture, OBMI has deep expertise in designing the globe’s most storied destinations and creating spaces that transform those who inhabit them. Always seeking to celebrate nature as a place of refuge and inspiration, OBMI’s approach plans for the best long-term outcomes — for the land, the water, and the people. 

With Once Upon a Forest OBMI brings the UAE’s natural world of mangroves to the urban landscape, awakening new possibilities for exploring indigenous forest ecosystems.

 · KIN by studio Fadaa Space (Jordan)

Based on the idea that it is time to rethink our relationship with nature and to end its exploitation and live symbiotically, KIN’s bricks are created using discarded shellfish from restaurants, along with natural, low-carbon lime. 

The installation also hosts native plants and species and this facilitates their interaction with humans, bringing into question our relationship with nature.

 · How much does your debris weigh? by Quartz (Saudi Arabia)

Derived from the idea of an ‘inverted wave’ of waste that creates an enclosure for an experiential space, this design represents our future if we continue our current waste practices. 

It is an example of how waste will overpower human life, which invites us to walk under it and rethink and redesign our surroundings.

· Al Gargoor by architect Sara Alrayyes (Bahrain)

Al Gargoor is a public space made up of a variety of furnishings made from gargoor (a formerly used fishing net), either in its native shape or with minimal alterations. 

The idea of the Al Gargoor Project is to develop a useful yet creative space through the upcycling of old fishing nets. This installation aims to educate the next generation about the importance of the fishing culture while preserving Bahrain and the surrounding Gulf countries’ unique identities. The project also incorporates traditional palm tree weaving (Sa’af) and Naseej textiles, produced and crafted by local Bahrainis.

 · A Palm Renaissance by Shema John, Tash Architects (India)

The UAE’s 40 million date palms alone generate approximately 500,000 tonnes of palm waste annually. Date palm waste can be transformed into contemporary screens, which make efficient, natural sunshades. Creating date palm shelters sustainably disposes of palm waste (relieving the agricultural sector of this challenging process) whilst reducing carbon footprints through their natural cooling ability. 

Palm Renaissance proposes a sustainability-focused solution that is mutually beneficial for the economy and the environment.

Source: https://www.mediaoffice.ae

Dubai is an amazing city with possibly the hottest real estate market in the world. It certainly continues to show dazzling real estate numbers in October 2022. Despite the global recession, rising interest rates, and surging inflation, the new visa policy and Dubai 2040 Urban Master Plan strategy seems to do the magic trick.

Rising rents and an ever-increasing population continue to drive demand for residential and commercial property.

Off-plan sales are holding steady despite costly interest rate rises, as many developers are offering finance packages and other incentives.

Let’s look at some numbers.

In October 2022 there were 8,691 property sale transactions in total.
And that is up 62.3% vs. October 2021. Total sales value is AED 25.4B, which is up 93.7% vs. October 2021.

Off-plan vs. Ready property sales:

Sales Volume
Off-plan – 58%
Ready – 42%

Sales Value
Off-plan – 60%
Ready – 40%

Dubai property sales value by category:

Villa 25%
Plot 20%
Apartment 54%
Commercial 1%

The property demand in October 2022 was mainly in these 5 areas:

Business Bay
Dubai Marina
JVC
Palm Jumeirah
Al Merkadh

Property sales volume by price range. This sales value proposition does not include the mortgage transactions:

Below 1 M – 28%
1-2 M – 38%
2-3 M – 18%
3-5 M – 11%
More than 5 M – 11%

TOP-5 Areas for Apartments Sales

Business Bay,
average sales price AED 1,561,000

JVC,
average sales price AED 600,000

Palm Jumeirah,
average sales price AED 5,404,500

Dubai Hills Estate,
average sales price AED 1,516,366

Dubai Marina,
average sales price AED 1,603,444

TOP-5 Areas for Apartments Rentals

International City, Dubai Silicon Oasis,
average rent price AED 33,000 (per year)

Discovery Gardens, Al Furjan
average rent price AED 40,000 (per year)

JVC
average rent price AED 45,000 (per year)

Al Marsa (Dubai Marina, JBR, Bluewaters, and Dubai Harbour)
average rent price AED 100,000 (per year)

Business Bay
average rent price AED 75,000 (per year)

In October 2022, the property prices of apartments and villas have shown an upward trajectory across both luxury and affordable segments. The average sales price per square foot of affordable properties has shown an appreciation of up to 14%, whereas that for affluent areas has increased by up to 6%.

Similarly, housing costs of rental properties in Dubai have increased across both luxury and affordable segments. There is a 15% increase in the cost of reasonably-priced properties, whereas luxury rentals have surged by up to 25% in certain areas.

Sources: Dubai Land Department (DLD), DXBinteract.com, Bayut