property in uae

Upcoming Real Estate Trends in Dubai

2 MIN READ

Real estate markets all around the world, when compared to UAE, fall short on rental yields. Thus, it is no surprise that Dubai manages to attract a lot of investment not just from domestic investors but foreign ones as well. If you think you’re missing out, you need to read on to see how properties in Dubai are only just increasing in numbers. You can take a look at the number of projects being undertaken by the biggest giants like Emaar, Damac, Nakheel and Deyaar, to name a few.

Housing Projects:

Global events and interests have piqued around Dubai as the city has managed to provide opportunities for the last decade. Even though there has been a decline being noted by experts over the last two years in ValuStrat values for residency homes, apartments and villas. However, this doesn’t stop the city from growing. Projects are underway to make available at least 48,500 units before October’s Expo 2020.

  • Emaar Properties are single-handedly taking the initiative to complete at least 4000 units
  • Damac is not falling far behind with their 1058 apartment units being added to the total.
  • Comparatively lower in numbers but still in the race is the project Arabian Gate by Time Properties with 704 apartment complexes.
  • Furthermore, Wasl Asset Management Group’s 2500 apartment complex is almost completed in Ras Al Khor.
  • Al Habtoor Group’s 3 City Residential Towers housing 1427 freehold apartments for sale is another project worth mentioning.
  • Millennium Palace at Al Marsa will be completed in the middle of the year and will offer almost 1500 apartments with 128 service ones.

Rental Yields and Return on Investments:

Although Monaco is still the most expensive city in the world to buy property in, Dubai still leads the global demand for property being the most lucrative investment hub. How? Let’s take a look at the various rental yields offered in apartment complexes in various places in Dubai:

  • Discovery Gardens offer an 8.6 percent rental yield.
  • International City comes in a close second with an 8.2% yield on annual rentals.
  • Remraam is offering a 7.6% yield on net rentals.
  • Al Barsha offers a close 8 percent yield.
  • Barsha Heights trail close behind with a remarkable 7.9% yield offer.
  • Jumeirah Village Circle or JVC offers its investors a 7.6 percent yield.
  • Dubai Marina offers a 6.3% yield.
  • Palm Jumeirah is yielding a close 5.3 yield.
  • Downtown Dubai is currently yielding 4.8% on annual rentals.

It is indeed noteworthy to factor in these numbers to plan on investing in Dubai. Similarly, if you take a look at the apartment complexes that are offering the highest yields, you can certainly invest in property for rent in Dubai in the following places:

  • Ajman’s Emirates City provides rental yields amounting up to 10.5% on the original investment.
  • Ajman Downtown comes close with the 8.7% yield that makes investors bid on every opening.
  • Ras Al Khaimah’s Al Hamra Village is also providing an 8% yield.

The question is not why you should buy property in Dubai. The question is, why wait? Because every moment that passes is another opportunity someone else will take.

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dubai property

How Smart Dubai Initiative Will Help UAE Real Estate to Flourish?

3 MIN READ

With the goal to make Dubai the happiest and smartest city in the world, the state has come up with Smart Dubai initiative which will also add value in the UAE real estate sector. One of the most advanced projects undertaken by any administration to work towards an eco-friendly environment. This project is attaining new heights with the lawmaking of His Highness Sheikh Mohammad Bin Rashid Al Maktoum. The new law designates the Smart Dubai office as the Smart Dubai department as of 2020. The whole world is looking up to Dubai as one of the smartest players in the battle against climate change. Achieving eco-friendly infrastructures especially in the governmental sector is the department’s main goal. 

What is The Smart Dubai Initiative? 

 Let’s take a look at some of the responsibilities of the Smart Dubai department. Their duties include facilitating the transformation of the city’s governmental departments towards digitalization. To achieve this, they are authorized to formulate plans, strategies, programmes and take up any initiative they need to. They answer to the Executive Council that approves of their policies. They can basically take up any sector of the government departments and work on ways to digitalize and improve on it. The main idea is to eliminate all aspects of physical resources being used to decrease paper usage. The department assesses various businesses and public sector offices to rank them based on their paper usage. There are three ranks as per their criteria:

  1. Small Entities
  2. Medium Entities
  3. Large Entities

Methodologies and Technologies

 The department has focused on using blockchain technology and the latest innovations in the fields of data sciences. This will aid in making sure that everything, from government to citizen dealings (G2C) to intra-governmental dealings (G2G) is done on a digital platform even in UAE real estate sector. You can imagine registering online to let the government know that you have a property for sale and even pay the municipality tax online. The benefits of such a system include decrease in discrepancies and corruption, not to mention the insane amount of time that is saved. Some of the means to achieve this are the DubaiNow app, DubaiNow Portal, Dubai Pulse, the smart assistant Rashid and the UAE pass. Also added to the project are the Happiness Meter and the Smart Supplier. 

DubaiNow

DubaiNow app offers access to over 85 city services that include bill payments, NOL, fuel top-ups, property finding and much more. This app has a rating of 3.7 on Apple iStore.

UAE Pass

The UAE pass is the national digital identity and digital signature solution offered by the Smart Dubai department. You can get in touch with almost all the major government entities by using the UAE pass. You can also complete legal transactions by using your legal digital signature. This app has 3.1 rating on android and 4 on Apple iStore. This app can also help in buying or renting a property in Dubai for quick identification.

Dubai Pulse

Similarly, Dubai Pulse offers the city’s data to all its residents and employers to better view the standings of everything and everyone in the city. 

Dubai Careers

 Dubai Careers App allows the residents of the city looking for jobs to connect with the government agencies that can provide them with the opportunities. 

Happiness Meter: 

The happiness meter is the first emotion-measuring engine working on a large scale that factors in the city’s population and their moods to procure results. 

Progress and Further Developments:

 Up till now, almost 14 major entities of the city have joined in the venture and those who have achieved complete paperless infrastructures are awarded the Paperless Stamp by the Department. The entities that have joined in the project are: 

  • RTA
  • Dubai Police
  • DEWA
  • Department of Economic Development
  • Department of Tourism and Commerce Marketing
  • Department of Land and Property 
  • Dubai Courts
  • Dubai Municipality
  • Dubai Public Prosecution
  • Knowledge and Human Development Authority 
  • Dubai Health Authority
  • Community Development Authority and many more are following in the footsteps.

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