Dubai, known for its dynamic real estate landscape, is experiencing a shift in apartment rental rates due to revised RERA (Real Estate Regulatory Agency) rates. In this blog, we’ll break down the essentials, explaining what this means for tenants and landlords alike.
In a major development, His Highness Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Quwain, has issued a series of pivotal laws aimed at reshaping the real estate landscape in the emirate.
These laws, comprising a comprehensive framework, are designed to invigorate the Real Estate Foundation of Umm Al Quwain and bring about effective regulation within the sector.
The Dubai real estate market continued to make headlines in August 2023, demonstrating remarkable growth and resilience. Last month’s report brings us an in-depth look at the key trends, transactions, and statistics that define the current state of Dubai’s real estate landscape.
Dubai saw a total of 12,035 property sale transactions in August 2023, marking a significant 23.7% increase compared to the same period in 2022.
The breakdown of property types reveals some interesting insights:
– Apartments dominated the market with 8,983 transactions, representing a substantial 33.2% increase compared to August 2022, with a total value of AED 18.1 billion.
– Villas, while showing a slight decline of 11.7% compared to the previous year, still managed 2,142 transactions with a total value of AED 8.6 billion.
– Commercial properties, numbering 309 transactions, experienced a 15.7% growth, totaling AED 487.2 million in value.
– Plot sales witnessed a staggering 105.1% increase, with 601 transactions amounting to a total value of AED 6.5 billion.
Buy Property in Dubai, once again making headlines in International Media
A gateway to the middle east economy and known as a city of high standards of living and luxurious life, Brand Dubai always is a dear name in the international media. Lately, it has once again surfaced in the international press as the third most affordable city in the world for purchasing a prime residential property. The emirates are just behind Cape Town and Kuala Lumpur, according to the Savills World Cities Prime Residential Index. In-house Savills research into excellent residential rental yields, highlight Dubai as the fourth-best global hub for returns on investment (4.6 percent).
While the regular investment options like stocks, bonds, gold, and mutual funds have their benefits, investing in real estate is the simplest and most recommended option. With the Dubai World Expo 2020 ( Oct 20 – April 21) around the corner, the Dubai property market is expected to grow exponentially, having a significant impact on property values.
Whenever we think of family-friendly locations for residing purposes, the first country that comes to mind is Dubai. There are wide varieties of residential options that are safe as well as secure for families. Before shifting to a place for good, one needs to zero down on certain factors such as work commutes, school, medical facilities, budget, and space.
