UAE property news from August 7th to 13th highlights captivating developments and trends in the current property scene. This week we focus on activity shaping the UAE property market trajectory including the return of Chinese investors to Dubai, a thriving off-plan property sector, and significant project launches—Let's delve into the details below!
Chinese investors made a forceful comeback in the Dubai property market recording a 130% increase in residential property investments in the first half of 2023 compared to the post-Covid period. This surge coincides with a 27% decline in apartment sales in China, attributed to its slower economic growth rate of 3% in Q2 2023. The trend also shows a shift towards investing in spacious housing units in prestigious areas like Downtown Dubai with 78% of Chinese buyers opting for cash payments. The lifting of travel restrictions in early 2023 enabled direct access to the Dubai property market, leading to record sales. The strong bilateral ties between the UAE and China and Dubai's commercial-friendly environment are expected to continue attracting Chinese investment, rivaling Russian investment levels by year-end.
Further Details: https://www.arabianbusiness.com/industries/real-estate/chinese-investors-surge-back-into-dubai-real-estate-market-with-remarkable-130-jump
The off-plan property market in Dubai is witnessing a promising and optimistic outlook constituting 52% of total transactions in Q2 2023. Off-plan investment involving purchasing property during planning or construction stages offers advantages such as flexible payment schedules and potential capital appreciation. The surge in interest marked by a 40% to 60% increase in foreign and local property buyers. Investors should conduct a search, assess the developer's track record, evaluate the area's financial potential, review legal and payment terms, and other essential factors. Meanwhile, ready-to-move-in properties attract buyers with immediate self-occupation or rental income. The overall landscape suggests a positive trajectory for Dubai's off-plan market reflecting the emirate's favorable environment for property investment.
Further Details: https://www.khaleejtimes.com/business/how-is-off-plan-investment-different-from-investing-in-ready-properties
Danube Properties announces the launch of Elitz 3, a residential project valued at over Dh800 million, located at the Jumeirah Village Circle (JVC) in Dubai. The twin towers will stand 40 and 46 floors high offering 750 residential units, including studio, 1, 2, and 3-bedroom apartments, along with retail stores scheduled for completion in Q4 2026. The development features over 40 community, health, and lifestyle amenities. Elitz 3 marks Danube's 24th residential project and the 9th tower launched in the past 18 months. The company portfolio now includes 11,529 units across 24 projects with a combined value exceeding Dh10 billion. Residential unit prices start from Dh699,000 with a 1% monthly payment plan. The Dubai real estate transactions surged to 60,440 totaling Dh177.3 billion, in the first half of the year, leading to the launch.
Further Details: https://www.zawya.com/en/business/real-estate/dubai-danube-properties-launches-elitz-3-ibptr2de
Emaar Properties, Dubai's largest listed developer, reported a 15% increase in first-half profit, reaching Dh4.9 billion ($1.3 billion), driven by higher property sales and strong investment returns. The company's first-half group property sales reached Dh20.2 billion marking a 14% annual growth while revenue dropped 10% to Dh12.2 billion. The cost of revenue slid 18% to Dh5.5 billion and other income rose 89% to Dh919 million. Emaar's revenue backlog from property sales stood at Dh63 billion as of June 30. Government initiatives bolster the Dubai property market's recovery, the economic gains from Expo 2020 Dubai, and higher oil prices. Emaar's divisions, such as shopping malls, retail, commercial leasing, international real estate, and hospitality, all showed growth adding to the company's overall positive performance.
Further Details: https://www.thenationalnews.com/business/property/2023/08/10/dubais-emaar-first-half-profit-surges-15-on-higher-sales/
The Dubai residential sector is on course for a record year, with half-yearly transactions reaching 57,700 units across villas and apartments, a 44% increase. In H1 2023, 46,100 apartments and 11,600 villas were sold marking the highest half-yearly transactions on record, a 209% increase over the five-year average. The Dubai Land Department also recorded the highest semi-annual sales in the first six months of 2023 with 60,440 transactions worth Dh 177.3 billion. Off-plan segment activity remains strong constituting 53% of units sold, reflecting buyer preference to delay high lending rates. JLL's Q2 report shows a 38% year-on-year increase in off-plan residential sales in Dubai. Meanwhile, a survey by Kamco Invest indicates that property sale transaction value across the GCC surged 9.9% to $90.7 billion in H1 2023, with Dubai contributing 54% of the region's total value.
Further Details: https://www.khaleejtimes.com/business/realty/dubai-set-to-record-busiest-year-for-residential-sector
Language
Price display
