Month: July 2023

In an exciting and inclusive move, Dubai has proudly announced the implementation of new and improved beach facilities and services catering to the needs of people of determination. This significant initiative is a part of the city’s ongoing efforts to enhance the overall experience and happiness of its diverse community, aligning perfectly with the visionary leadership’s mission to create a disability-friendly environment.

The revamp of the city’s beaches will bring forth a host of amenities specifically designed to cater to individuals with different abilities. Among the newly introduced facilities are accessible ramps, well-equipped showers, and personalized assistance services to ensure that everyone can enjoy the beach with ease and comfort.

Earlier this year, Dubai Municipality unveiled a grand beach expansion and renovation plan, covering an impressive 84km extension. This ambitious project incorporates a variety of exciting additions, including night swimming options, camping spots, dedicated cycle paths, convenient bus routes, and a wide range of dining and shopping opportunities.

The commitment to improvement doesn’t stop there. Looking ahead to the future, the city has laid out a roadmap to further elevate beach services and experiences. By 2024, the number of services available at the beach will double, catering to an even wider array of preferences and requirements. Also, an additional 3 percent of public beaches will be allocated for night swimming, allowing people to enjoy the waters under the enchanting moonlight.

Taking things up another notch, Dubai plans to triple beach services by 2025, ensuring that even more people can make the most of this exceptional recreational area. Moreover, the length of cycling tracks will be increased by a substantial 20 percent, encouraging fitness and leisure activities for all.

With this commendable initiative, Dubai continues to prove itself as a global pioneer in creating an inclusive society where everyone can participate, rejoice, and cherish life’s precious moments to the fullest.

We strongly support Dubai’s initiatives by designing all our projects to be diverse and inclusive.

Real estate experts are encouraging Dubai residents to seize the golden opportunity of investing in off-plan properties, riding the wave of the city’s exponential population growth. With the promise of substantial returns, it’s a lucrative chance for savvy investors to maximize their gains.

Dubai’s population explosion remains the driving force behind the ever-increasing demand for residential properties. The UAE government’s strategic initiatives to foster population growth have attracted a continuous influx of individuals to the city.

In today’s global landscape, characterized by high interest rates and soaring mortgage costs, the allure of buying off-plan has become even more enticing. Ready properties, on the other hand, are facing challenges as increased rent yields fail to offset the rising expenses associated with mortgage servicing, ultimately diminishing net returns.

The brilliance of off-plan investments lies in the ability to invest in properties at their original prices, all the while avoiding the adverse impact of high lending rates through flexible payment plans. This financial adaptability allows investors to manage their resources more efficiently.

Off-plan properties have proven to be more investor-friendly due to various advantages such as potential price appreciation, flexible payment options, and attractive incentives from developers. Furthermore, booking an off-plan property comes with a significantly lower initial cost compared to purchasing a completed unit.

Beyond the initial savings, buying off-plan also opens doors to potential further gains, as Dubai’s continuous development and expansion may lead to an appreciation in the value of these properties by the time of completion.

Last month’s top 10 districts for off-plan buyers in Dubai were Dubai Marina, Palm Jumeirah, Dubai Harbour, Dubai Creek Harbour, Dubai Hills, Burj Khalifa, Jumeirah Lake Towers, Jumeirah Village Circle, Umm Suqeim Third, and Dubai Design District.

For the savvy and informed investor, traversing the market with the right steps can unlock more than enough profitable opportunities. 

Dubai’s off-plan boom is an exciting journey filled with potential rewards for those willing to seize the moment.

And we’re happy to help you with any questions about off-plan properties in Dubai!

In a bid to attract and retain exceptional talent from around the world, Dubai Airport Free Zone (DAFZ) has introduced an exciting opportunity known as the Dubai Talent Pass. This freelance license is specifically designed to cater to individuals in media, art, culture, technology, and education.

Launched in January 2022, the Talent Pass aims to cultivate a thriving community of freelancers in the city.

By acquiring the Talent Pass, freelancers gain access to a range of benefits. The most important are: 

• to obtain a 3-year residence visa
• to have the opportunity to rent commercial office space within the prestigious DAFZ. 

This provides freelancers with an optimal environment to pursue their creative endeavors while enjoying the perks of residing in Dubai.

So, how much does the Talent Pass cost? The current price is Dh9,500 ($2,586), with an annual renewal option. It’s important to note that the renewal fee varies depending on the category of the visa sought and the applicant’s profile. To ensure transparency, the Dubai Airport Free Zone provides detailed information regarding the specific fees during the renewal process.

Dubai’s commitment to nurturing its creative and cultural sectors is unwavering. In November, His Highness Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, introduced the UAE’s National Strategy for the Cultural and Creative Industries. This groundbreaking initiative aims to foster the growth of these sectors, to contribute 5% to the country’s gross domestic product within the next decade.

Mr. Al Hammadi, a Dubai Airport Free Zone representative, expressed the city’s dedication to becoming the capital of creative talent. By increasing its contribution to the creative economy, Dubai aims to solidify its position as a global hub for innovation and excellence.

Are you a freelancer? Take the first step towards unleashing your creative potential by exploring this unique opportunity in Dubai!

Dubai has established itself as the premier market for extravagant residences valued at $10 million and above, with an impressive sales record of $3.1 billion during the initial half of 2023. 

This surge in demand for prime properties has contributed to the remarkable growth of luxury home sales in the emirate. According to Knight Frank, a global property consultancy, a total of 176 units exceeding the $10 million threshold were successfully sold from January to June.

This exceptional increase in luxury home sales has significantly impacted apartment and villa prices throughout Dubai. Over the 6 months, apartment prices have risen by 15%, while villa prices have experienced a substantial surge of 46%.

Knight Frank’s report stated that Dubai has already accomplished an impressive 79% of the total number of $10 million homes sold in 2022. Additionally, the average transacted prices, approximately Dh6,900 per square foot or $1,800 per square foot, continue to make luxury living relatively affordable in the emirate.

Dubai has further solidified its position as the world’s busiest market for homes priced at $10 million and above during the first quarter of 2023. With 92 transactions, it surpassed other major cities such as Hong Kong (67) and New York (58) in terms of sales volume.

Andrew Cummings, the partner, and head of prime residential at Knight Frank, emphasized the robust demand for luxury properties in the resale market, driven by the discerning preferences of Dubai residents seeking both functionality and a strong presence within the city. He also noted a significant increase in interest in opulent branded residences within the off-plan segment.

The growing demand for opulent properties in Dubai has resulted in record-breaking prices for luxury homes. Luxhabitat Sotheby’s International Realty, for instance, is offering a mansion reminiscent of Versailles in Emirates Hills for Dh750 million ($204 million). Spanning over 70,000 square feet of land space, the property boasts an additional 60,000 square feet of  built-up area, featuring remarkable amenities such as a coral reef aquarium, two domes, and 160 marble columns. 

Similarly, a luxury mansion in the Tilal Al Ghaf project at Lanai Islands was sold for Dh200 million in May, further highlighting the flourishing market for lavish residences in Dubai.

Dubai’s desert safari has clinched the prestigious title of the world’s best bucket list activity at the 2023 Tripadvisor Awards. Only 1% of Tripadvisor’s 8 million listings achieve the coveted “Best of the Best” classification, making this annual release highly significant.

Tripadvisor recently revealed its Travelers’ Choice Awards for 2023, based on user reviews. These awards recognize top-rated destinations across six categories: popular, trending, food, nature, culture, and ski.

According to Kate Urquhart, Tripadvisor’s general manager for experiences, these experiences transform travelers into adventurers, fostering connections with local communities and creating unforgettable stories.

Dubai’s desert safari offers a thrilling dune-bashing tour that combines various activities, providing the ultimate way to explore Dubai’s desert surroundings. Highlights include a 60-minute quad bike ride, camel rides, sandboarding, stargazing, and a traditional Arabian BBQ. The trip costs from Dh400 ($109) per person and is suitable for ages 14 and above.

Other notable activities on this year’s bucket list include hiking the Inca Trail to Machu Picchu, whale watching in Alaska, driving Ireland’s Wild Atlantic Way, and off-roading in Aruba.

Dubai’s desert experience also secured the No. 4 spot on Tripadvisor’s list of the Top Overall Experiences in the World for 2023, trailing a day tour of Bali, a Thai cookery class in Chiang Mai, and a visit to Hawaii’s Oahu island.

The Dubai stock market reached its highest level since August 2015, marking an eight-year high, primarily due to gains in the real estate sector. 

On Monday, July 3, the Dubai Financial Market General Index closed with a 2.3 percent rise, continuing its growth trend for the year. Emaar Properties PJSC, Emaar Development PJSC, and Emirates NBD Bank PJSC were the key contributors to the index’s gains. 

In June 2023, the Dubai real estate sector recorded transactions worth AED30.41 billion ($8.3 billion), indicating a 17.78 percent increase compared to June 2022.

According to Dahlia Sabaayon, a senior investment analyst at Al Dhabi Capital, 2 main factors contributed to the surge in the Dubai stocks index:

1. The market benefited from recent new listings
2. A significant re-rating of real estate companies. 

Strong momentum in the real estate sector, including the reinstatement of dividends for Emaar Development, has also been influential.

Dubai’s real estate sector accounts for over a third of the emirate’s local consumer price index. Despite falling prices in other regions, Dubai’s real estate market has experienced a rise in prices due to strong demand.

Dubai has emerged from the COVID-19 pandemic as an attractive investment destination and a magnet for wealth and tourism. According to S&P Global Ratings, Dubai’s economy is projected to grow by 3 percent in 2023, following growth rates of 5 percent in 2022 and 6.2 percent in 2021.

Dubai’s real estate market continues to thrive through the 1st month of summer with the strong demand for off-plan apartments.

1. Total Property Sale Transactions

ALL (off-plan and ready): 10,457

Up 18.5% vs. June-2022

OFF-PLAN: 5,383

Up 22.5% vs. June-2022

OFF-PLAN Apartments: 4,722

Up 57.7% vs. June-2022

2. Total Sales Value

ALL (off-plan and ready): AED 30.4B

Up 34.6% vs. June-2022

OFF-PLAN: AED 13.4B

Up 36.1% vs. June-2022

OFF-PLAN Apartments: AED 11.6B

Which is 86% of all off-plan property sales value

3. Top 5 Areas in Demand for Off-Plan & Ready Property:

Dubai Marina

JVC

JLT

Mohammed Bin Rashid City

Dubai Hills Estate

4. Average Rental Property Prices

Apartments: AED 54K

Up 12.5% vs. June, 2022

Villas: AED 160K

Up 29% vs. June, 2022

Commercial: AED 110K

Up 29.4% vs. June, 2022

*All data is provided by dxbinteract