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Residents of several populated areas of Dubai have been paying rent without a check since 2019. A senior official of Dubai Holding Asset Management, who runs 15 communities, said that the company had introduced e-payment when it launched the "DubaiAM Life" application. Communities covered by this scheme include: Remraam, Layan, Ghoroob, Ghoroob Square, Shorooq, Dubai Wharf, Manazel Al Khor, and Al Khail Gate. The government of Dubai recently announced a system in which payments on rental checks are automated and digitized using the direct debit system of the UAE Central Bank (UAEDDS). Tenants can choose this scheme, without having to submit rental checks with a subsequent date, in accordance with an agreement signed between the Dubai Land Department (DLD) and Emirates NBD bank. More...

The committee, headed by the Crown Prince of Dubai, approved the immediate allocation of 2,000 residential land plots in the fourth district of Umm Nahad. This was done in accordance with the instructions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The allocation came after Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, headed the High Committee for Development and Citizens' Affairs. "We are constantly monitoring the progress of the housing program to fulfill the instructions of Sheikh Mohammed bin Rashid to meet all citizens' needs and improve their quality of life," Sheikh Hamdan said. The plots will be distributed, starting from Wednesday, July 27, among eligible citizens who have...

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued Decree No. (23) of 2022 regulating the granting of Musataha rights to commercial land in Dubai. The decree regulates the use of commercial land in Dubai, granting Musatakha the right to develop real estate projects. The new legislation is part of the emirate's efforts to strengthen Dubai's status as a preferred destination for global real estate investment. According to the Decree, the Musatakha agreement creates the right to real estate, which gives its owner the right to erect a building or invest, mortgage, lease, sell or buy a land plot belonging to a third party for 35 years. The agreement can be extended for a maximum of 50 years. An extension request must be...

According to experts, people want more freedom in choosing their own designs and materials, so they are increasingly paying attention to land plots. As real estate prices have reached new highs, more and more people prefer to buy plots and build their own custom-made homes, rather than buying ready-made houses from developers. A weighty argument, among other things, is the desire to make your own home individual. As the real estate market is booming, the prices of plots have also increased, but not at the same level as the finished properties. More and more people prefer to build their own house, because it gives them much more freedom in terms of implementing their own ideas and concepts. Earlier, the Islamic Bank of Abu Dhabi (ADIB) announced the launch of its first-ever land...

As the real estate market is rapidly recovering from the turmoil experienced, Dubai is experiencing a new milestone of economic growth thanks to new investors and end buyers coming here from abroad. The recent event with the project of a well-known Dubai developer testifies to the increased activity of buyers. More than 200 units of Shams townhouses from the UAE developer Nshama, located on the Town Square, were snapped up by investors and end buyers within a few hours after its launch. A new boom in the real estate market Dubai real estate is undergoing an active recovery after the pandemic. Foreign entrepreneurs, in turn, tend to the city in search of a safe haven for their savings. According to the latest data published by the Dubai Land Department (DLD), 6,651 real estate purchase...

According to experts, the total volume of transactions in the Dubai residential property market in May overcame a 13-year high, due to wealthy individuals and investors planning business migration to the most economically successful emirate. According to the latest report published by the international consulting company CBRE, the total volume of residential real estate transactions increased by 33% to 5,542 residential units sold in May 2022, while the total volume of transactions for the year reached 30,903, which is the most impressive figure since 2009. The consulting company reported continued growth in sales of housing under construction (off-plan) and an increase of 55.4%, while sales in the secondary market increased by 18% in the same month. As for the increase in the value of...

According to preliminary estimates of analysts, while maintaining the current pace of sales, by the end of the year the total value of real estate transactions will reach AED 61.9 billion, despite global inflation. Knight Frank believes that the effects of global inflation on the Emirati economy and the Dubai real estate market are likely to be insignificant at the moment due to effective measures taken by the government. According to Faisal Durrani, Partner and Head of Middle East Research at Knight Frank, «when it comes to the restraining factors of inflation in the UAE, there are plenty of reasons for cautious optimism. The government's diversified import strategy, steps to improve food security in recent years, and the strengthening of the US dollar, which curbs import...

In an effort to achieve its ambitious goal of making Dubai the smartest city in the world, the city Municipality has launched a single electronic platform for obtaining construction permits. The program provides comprehensive services, including the issuance of construction permits from all licensing authorities to consulting offices and contracting companies. The unification process was completed by the Dubai Building Permit Development Committee, which was formed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. In order to increase the level of customer satisfaction, the committee was instructed to accelerate the completion of services by developing systems and requirements. It is headed by the Director General of...

Young and middle-aged people who intend to stay in Dubai on a long-term basis are increasingly choosing to buy real estate and rent it. Executives and analysts of the real estate industry say that this trend is mainly observed among people with high salaries in their 20s, 30s and 40s who invest to insure against inflation. As a result, recently there has been a very rapid sale of recently launched projects on the market, some of them are sold out in one day. In March, the 300 million AED Danube Properties Pearl was sold out on the first day of its launch. A recent study by Union Square House, a real estate brokerage, says that from 2021 to April 2022, the residences of all major developers in Dubai were completely sold out and are now being sold at a premium on the secondary market...

When comparing these entry requests, rental contracts and real estate sales in January-March 2021 and the same period in 2022, it became possible to identify where the main interest of Dubai residents has shifted over the year and where this interest will continue to move in the future. The data below was provided by the relocation company Service Market, based on the requests that the company received for the specified year. The top ten most popular areas of Dubai were headed by Dubiland, Jumeirah Village, Downtown Dubai, Business Bay and the DIFC Special Economic Zone. In general, the list compiled by the percentage of requests to the total number looks as follows: DubaiLand — 15.6% of the total number of relocation requests; Jumeirah Village Circle and Triangle —...

According to a recent analysis of the largest international real estate markets (approx. by city), Dubai ranked 14th in the top of the highest cost of renting premium /elite office space. The leaders were London, Hong Kong and Tokyo. At the moment, the cost of renting a premium class office in Dubai will cost a little more than $1,010 per square meter. For comparison, London, which took the first place, offers offices at a price of $2,883 per square meter of space. At the same time, the emirate shows the highest rates of office space occupancy among all the key markets of the EMEA region (approx. Europe, Middle East and Africa). However, there are several factors that give sufficient confidence to say that within the next couple of quarters of this year, the rental rate for offices will...

The first quarter of 2022 showed extremely impressive growth rates in the Dubai real estate market. According to the Dubai Land Department (DLD), almost 26,000 real estate purchase transactions were registered in the emirate in the first three months, which was the largest number of transactions since 2010. The volume of transactions and the speed of their conclusion is growing month by month, and some brokers and agencies, inspired by the situation, have begun to resort to questionable marketing practices in order to snatch a piece of attention from buyers. In particular, the traditionally popular, but guaranteed illegal method of advertising through «cold calls», the so-called telemarketing, began to become popular. So, the other day it became known about an unnamed real...

One of the Dubai hotel chains, located in the Jumeirah Bay Island area, recently announced that it was able to sell the most expensive residential property in Dubai market. We are talking about a three-room apartment at a really historically record price of $36,994 per square meter. This property is elite in every sense, but even in its category, such a price is a rarity. Its price included a unique location on a man-made island in the form of a seahorse, and an exclusive interior design made in antique Italian style, a variety of places for leisure and recreation. Dubai real estate market has become an object of active discussion in 2022. Against the background of a sharp influx of wealthy foreigners from all over the world, the market has already surpassed such world leaders as Paris,...

The current year was predicted to set numerous records at its very beginning. Fresh data for the first quarter of 2022 largely confirmed such expectations, although in some cases the growth came from extremely unexpected sources. Nevertheless, it is useful to consider the results of the first quarter not only in the perspective of their growth over the records of previous years, but in the perspective of what foundation they lay for the future. Having collected data from various analytical sources, the most important factors of the development of the local real estate market in the near future are presented below. Large-scale migration of foreigners The influx of Europeans was so great that in just a couple of months they jumped from seventh to fifth place in the top of the largest...

The Cabinet of Ministers of the United Arab Emirates has approved changes to the existing regulations of resident programs and the issuance of visas for foreigners, largely simplifying the process and making it more transparent. In a statement on the new legislation, it was stated: «The new system of granting resident visas aims to create an environment attractive to highly qualified foreign specialists and outstanding cultural figures. Promote the development of a competitive and flexible labor market, create a sense of stability for UAE residents and their families». Accounting for 80% of the population of the Arab Emirates, foreigners have always been the backbone on which the local economy has been maintained and developed both in the country as a whole and in its...