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The most popular areas of Dubai at the end of the first half of 2022 were the premium Dubai Marina, Downtown Dubai and Business Bay. The top three, with a slight lag, are followed by Palm Jumeirah, Jumeirah Village Circle and Jumeirah Lake Towers. Arabian Ranches, Dubai Hills Estate, Damac Hills, MBR City and Dubai Land are also striving for leadership. All these areas are elite places to move and relax with an extremely high price tag for real estate. Their popularity confirms the continued high popularity of the emirate among large investors and wealthy buyers from abroad. However, according to the latest data, this category of buyers is increasingly being captured by citizens of Europe, Russia and Ukraine, displacing other categories from the premium sector. In this aspect, Dubai...

The latest data on the UAE real estate market at the beginning of the third quarter of 2022 demonstrate that prices have begun to decline and stabilize in all directions, except for the construction and premium sector. Today, the last two can be placed in a separate category of the market, as they are increasingly trying to adapt to a specific European buyer. This buyer is wealthy and he is afraid. Rich residents of European countries, Russia and Ukraine see a clearly forming economic storm on the horizon, so they strive to find a quiet bay for their impressive savings as soon as possible. Dubai has become such a bay in the last two years and, by all accounts, it will remain such a bay for quite a long time. This role of the emirate is understood by local developers and realtors, so they...

According to a recent study by Taqeef and O General companies operating in the climate equipment market, about 47% of residents of the Arab Emirates expressed a confident willingness to make their current housing more «eco-friendly» or change their place of residence to a more environmentally friendly alternative. Besides, 55% indicated that they are already paying close attention to the environmental safety of electronic devices that they purchase. Especially when it comes to air conditioning. Another 33% indicated that the issue of environmental friendliness is as important for them as the issue of price, and 27% indicated that they are ready to change electronic products at their disposal, despite the price, if they are safer for the environment. Of the total number of...

A four-bedroom house in Jumeirah Bay was sold for AED 55 million ($14.9 million) at a price of AED 7,775 ($2,116) per square meter. The sale of the Bvlgari mansion takes place due to the fact that prices on the island of Jumeirah Bay have increased by 44.3% per square meter - from AED 4,502 ($ 1,225) in the 1st quarter of 2022 to AED 6,500 ($1,769) in the 2nd quarter. Such transactions reflect the real excitement of the market for rare real estate. This is not speculation, but a true form of end–user interest in turnkey brand residences," commented George Azar, Chairman of Luxhabitat Sotheby's International Realty. «The exquisite mansions at Bvlgari Resorts & Residences are extremely in demand, but there is currently none on the market that can meet the demand»...

During the week from August 1 to August 5, a total of 2,247 real estate transactions totaling AED 5.3 billion ($1.4 billion) were registered in Dubai. 1,510 apartments and villas were sold for AED 2.79 billion ($759.5 million), while 255 plots were sold for AED 1.24 billion ($337.5 million). The land in Hadaeq Sheikh Mohammed Bin Rashid was sold for AED 106.57 million ($29 million), taking first place, and land on Island 2 was sold for AED 90 million ($24.5 million), taking second place in the ranking of the most expensive deals of the week. The fifth-largest company Al Habib made the most transactions this week, making 130 purchases worth AED 310.91 million ($84.6 million). Jabal Ali First took second place with 40 sales worth AED 126.81 million ($34.5 million), and Al-Youfra 2 took...

Demand for first-class office space is growing in the UAE due to the high activity of foreign investors. Now this sector has been receiving record attention over the past 5-7 years. The highest level of activity in the office space market is recorded in the area of Business Bay and JLT. In proportion to the growth of the demand for offices, the number of office space is decreasing, and therefore one of the largest developers in the UAE has concluded a deal worth 4.3 billion AED ($ 1.17 billion) for the purchase of four office towers on the island of Al-Marya in Abu Dhabi. To date, this is one of the largest such transactions in the UAE real estate sector. The most popular building in Business Bay – Opus by Omniyat – registered 26 transactions in the first six months of 2022,...

Already at the beginning of the year, wealthy buyers faced a shortage of premium housing offers. Experts suggest that at least 4,000 wealthy people will move to Dubai in 2022, which will make the emirate the leader in the number of living dollar millionaires. Successful fight against coronavirus, loyal visa regime and high quality of life contribute to foreign investments. Also, the liquidity of real estate generates a Russian-Ukrainian conflict, undermining confidence in the further stability of Europe. Luxury continues to be a stable segment of the market. The demand for luxury real estate has been steadily growing since the last quarter of 2020. In 2021, the number of transactions with objects worth more than $3 million has overtaken the results of the last decade. About 35% of these...

The Dubai market is on the rise and shows strong growth trends. It would seem that buyers with an unlimited budget should be in the most advantageous position. But even here everything is not so simple. In 2022, millionaires and billionaires faced a shortage of exclusive housing offers. The main buyers of luxury real estate are citizens of the Middle East, Africa, Asia, India and Russia. Already this year, Dubai occupies a leading position in the number of dollar millionaires and their number is rapidly increasing. This ensures the prosperity of the premium real estate sector, as buyers seek to purchase property in prestigious areas of the emirate. The first places among them are occupied by Palm Jumeirah and Emirates Hills. Luxury villas worth several tens of millions of dollars are...

Dubai real estate is actively acquired by foreign citizens. TOP-5 are Indians, residents of the UK, Italians, Russians and the French. In many ways, the interest of non-residents is stimulated by the loyal policy of the authorities welcoming foreign investment. The results of the first half of 2022 demonstrated a steady increase in demand and prices for real estate. According to the Dubai Land Department, 37,762 properties were sold in the first six months of the year. This figure is 60% higher than in the same period of 2021. The total cost of sales for this period increased by 85%. The interest of buyers in real estate caused an increase in offers on the market. The most impressive figures are for townhouses – the growth of offers was 141%. But for villas, this figure was only 2%...

We are talking about townhouses and villas, the demand for which is growing rapidly. The pandemic has had a significant impact on the taste preferences of potential buyers and now an increasing number of people seek to live in detached housing with sufficient free space and at least a small house territory. The increase in demand for housing is also contributing to the increase in the population of Dubai. According to statistics, by April 2022, the number of people living in the emirate reached 3.5 million. Most of them are newcomers in need of housing. Focusing on the taste preferences of consumers, developers began to actively explore this segment of the market. In May 2022, developers began implementing more than 10,000 projects for the construction of villas and townhouses, the...

Dubai's infrastructure is actively attracting foreign investors. This is evidenced by the statistics of the sales market for the first half of 2022: The number of transactions reached 71% of the total number of transactions in 2021. In the first half of the year, the number of sales increased compared to the same period in 2021. The average cost of housing from January 2021 to June 2022 increased by 85%. In June 2022, real estate was sold by 3.8% more than in May. More than 60% of sales related to finished housing and 39.5% of transactions were made with housing under construction. Not only locals are actively buying housing. Among foreign investors, residents of the UK, Indians and the French are in the first place. Russians are among the top five. Real estate is purchased not...

Dubai property buyers continue to set price records. The premium segment of housing is actively finding its owners. And if earlier mansions and villas worth over $50 million were considered quite expensive, now such figures will not surprise anyone. A good example was the sale of a house on the legendary Palm Jumeirah Island. The price of the apartment was $76.2 million. This is not the upper limit of the cost. One of the records was the sale of an apartment in a residential complex, the cost of which is $172 million. Other districts are also not far behind. An apartment worth $172 million was sold in the famous Burj Khalifa Tower, an apartment in Marsa Dubai found its owner, who paid $85 million. Not only ready-made apartments are in demand. Many buyers choose land plots for further...

8,897 purchase and sale transactions were made in the Dubai real estate market in June 2022. The total value of sold properties reached AED 22.75 billion, which is the highest performance for this month over the past nine years. Off-plan properties accounted for about 40% of all transactions. Existing properties were the second most popular option among buyers (accounting for almost all of the remaining 60%). The sales volume increased by 34% compared to May 2022, while the total value of sold units grew by 24.8%. 3,554 residential properties worth AED 7.06 billion were sold in the off-plan real estate market. 5,343 buyers opted for existing properties whose total value reached AED 15.69 billion. The number of transactions with off-plan real estate increased by 28.96% compared to May;...

A recent study showed that Dubai residents who need inexpensive homes increasingly prefer properties in Jumeirah Village Circle. This is because the rent in the city grew by 7 – 16%, averaging AED 34,000, AED 48,000, and AED 70,000 for a studio, a one-bedroom apartment, and a two-bedroom apartment respectively. Besides Jumeirah Village Circle, the demand for rental residential property increased in Al Nahda, Bur Dubai, Business Bay, and Deira. Mirdif, where the rent grew by only 7%, became the district of choice for inexpensive villas. The rent of 4 and 5-bedroom apartments in DAMAC Hills 2 also increased, while tenants of 3-bedroom apartments still pay as much as they used to. This community experienced slight rent fluctuations of about 5%. The rent rose because of the growing...

The average rent of Dubai apartments and townhouses grew by 29% and 33% respectively; the rent of villas, by 64%. These trends are caused by active capital gain, high rental yield, and government initiatives incentivizing investment activity. All segments of the Dubai real estate market demonstrated great performance in the first half of 2022. Despite the barriers, such as higher interest rates and a stronger dollar, the market growth was strong and consistent. As for the nationality of the most active buyers, Indians were number one. Citizens of the United Kingdom, Italy, Russia, and France were also in the top five. From January through June this year, Dubai Land Department registered 37,762 purchase and sale transactions, which is 60% higher than over the same period of 2021. The...