You’ve come to the right place. Here is our quick round-up of the latest stories to hit Dubai.
The Dubai property market saw an increase in sales this year, with more than 50,000 transactions taking place. According to the Dubai Land Department (DLD) key trends were heightened off-plan sales, low inventory costs, efficient unit sizes and yield compression. Off plan property sales accounted for 74% of activity throughout the year, of which 80% were apartments.
The biggest driver of such sales has been the incentive schemes offers provided by developers. First time buyers in particular have been able to take advantage of generous payment plans and great offers that have proved too good to miss. Serena, Mohammed bin Rashid City (MBR), Al Furjan and Dubai Healthcare City were the highest ranking destinations of choice for off-plan sales.
While it’s been a better year for sales, the rental figures haven’t been so positive. A dip in the Dubai Land Department’s rental index has meant that monthly fees have drooped by as much as 25% in some areas- great news for tenants, but landlords have unsurprisingly been less enthusiastic.
Affordability still remains a major issue in the residential market. The new VAT regime and increased inflation have led to living costs soaring, making home ownership impossible for many. Affordable living districts in Dubai are few and far between; mainly in built up and well established areas such as Dubai International City and Discovery Gardens. For those who want Dubai to remain a luxury destination this is arguably a good thing, but the average person with a young family may disagree.
Emaar Development raised Dh4.82 billion from its IPO during 2017. This has been the biggest boom since 2014 and the third largest Dubai listing following Emaar Malls DP World on Nasdaq Dubai. Emaar remains the number one developer in the Emirate, with world famous mega developments including Downtown Dubai, Arabian Ranches, Emirates Hills and Dubai Marina all in its impressive portfolio.