According to data released by Dubai’s Land Department (DLD), the real estate market in Dubai saw 477 sales transactions valued at AED1.66 billion on Monday. Additionally, there were 129 mortgage deals worth AED430.56 million and 20 gift deals totaling AED60.74 million. AED983.33 million was spent on 431 villas and apartments, and AED674.53 million was spent on 46 land plots. The total value of...
Ras Al Khaimah Economic Zone (RAKEZ) launches permanent UAE residency visas as the emirate experiences an uptick in business activity The UAE’s city of Ras Al Khaimah is now issuing permanent residency visas for just AED16,500 per year, according to the emirate’s freezone authority (RAKEZ). Dubbed an “all-inclusive” package on the RAKEZ website, the visa offers significant value and...
The supply of residential real estate in Dubai is lagging behind the growth of the population, and in some areas of the emirate, there is a shortage of affordable housing in addition to luxury. Industry leaders predict that even in 2024, supply will fall short of demand because of the large influx of foreigners and residents who are becoming buyers due to rising rental costs. Fifty thousand new...
Recent deals saw 2-bed homes at The Springs go for Dh1.8m against market prices of Dh2.3m Dubai: Coveted plots in Dubai Marina or the Palm aren’t the only deals investors can get through an auction – buyers will find they can even end up owning upscale homes at a fairly steep discount to their prices in the secondary market. Just recently, a two-bedroom unit at The Springs sold for a shade over...
On a per square foot basis, deal works out to an impressive Dh3,591 Palm Jumeirah has never been short of the eye catching deal in the last two years. This December sees another one. Dubai: A land transaction valued at Dh940 million was completed on the Palm Jumeirah area, as part of the Royal Amwaj project. The plot spans 261,712 square feet, setting the price per square foot at an impressive...
The upscale car manufacturer Mercedes-Benz and the UAE-based Binghatti Properties have joined hands to create a luxury residential tower – Mercedes-Benz Places | Binghatti – in Downtown Dubai. In announcing the ground-breaking project, Binghatti Properties claimed that the 65-story structure, which soars to a majestic height of 341 meters, is an architectural marvel that completely transforms the...
With record sales prices and high interest being reached in new luxury projects, Dubai’s off-plan super-prime real estate market is only going to get bigger. According to official figures recently released by the DLD for November, post-sales reports indicate that Bugatti Residences by Binghatti outperformed all other off-plan projects in Dubai, gaining the highest rate per square foot at Dh9,674....
Dubai real estate experts have revealed the best time to buy property in the emirate. According to Betterhomes’ Senior Sales Agent Calvin King, the “best time” to buy property in Dubai solely depends on personal circumstances and financial readiness. “Currently, many residents who are renting and seeing price increases in Dubai are becoming future homeowners, those with job stability and...
A Dubai property developer has awarded contracts to build Las Vegas-style project The Island in the city. Real estate developer Wasl awarded a AED4.4bn ($1.2bn) contract to the China State Construction Engineering Corporation, according to a report by MEED. The contract was reported to be the largest construction deal in the Emirate since 2017. The Island in Dubai The Island has been under...
The demand for mansions in Dubai has increased significantly this year as more of the world’s wealthy flock to the UAE and tastes for luxury real estate begin to shift Mansions are typically popular among high net-worth individuals in cities like Los Angeles and Florida known for grand properties. However, there has been a shift in demand towards Dubai as more wealthy people move there for its...