1.27 million British people visited Dubai last year helping the city’s international visitor numbers grow to a new record as we inch closer to achieving a target ofwelcoming 20 million travellers annually by 2020
Many of those visitors arrive at the busiest international airport in the world but then leave immediately for Ras Al Khaimah (RAK), the fourth largest emirate in the UAE, who reported a growth of 19 percent in the overall number of tourists in 2017.
RAK is well on the way to welcoming One Million visitors by the end of this year, and you may be surprised to learn that half of those tourists are ex-pats and nationals living in the UAE. The hotels are often fully booked on the weekends, and there is a healthy demand for both temporary and permanent holiday homes from residents and their families looking to escape the city at weekends and during the school holidays.
Ras Al Khaimah is the perfect beach and desert escape, but with the recent opening of a world record-breaking zip line suspended 1,680 metres in the sky and reaching speeds close to 150 kilometres per hour, it is now the ‘go-to’ destination for adrenaline junkies in the Middle East.
Did you know that many Dubai locals and ex-pats include cycling as part of their fitness regime?
Dubai plans to have 500 km of dedicated cycle tracks within three years, andthese tracks will often connect with the major communities, in fact, all self-respecting master developers are incorporating a cycle track alongside or combined with a jogging track.
Perhaps we will soon claim the accolade of being the fittest city in the world
It was a slow week for new launches however it was a busy week for sales and rentals:-
There are less than 1,000 days to go until EXPO 2020 in Dubai and the international marketing campaign was launched this week.
EXPO 2020 Dubai will run for six months from 20 October 2020 to 10 April 2021and is expected to receive 25 million visits, with 70 percent due to come from outside the UAE - the largest proportion in the history of World Expos.
More than 180 countries are expected to participate.
Take a look at the official website here to learn more about EXPO 2020 and to understand more about the legacy visit here
This week’s meetings and discussions have included the following:-
Read MoreDid you know that oil revenues make up less than 1% of Dubai's GDP today?
The city has been diversifying its economy since the 70’s to reduce its dependence on fossil fuels and it seems to be working very well indeed.
Dubai is now poised to be the growth leader among the six countries in the Gulf Cooperation Council, with GDP expanding three percent or more this year and in 2019.
Have you seen January’s Confessions of a Real Estate Agent?
Here is some of what I have been talking about with clients this week:
I am always on the lookout for interesting news articles and reports to share with you.
I'm an avid reader of anything to do with Dubai property, I learn lots in the process, and I am informed about the market and better equipped to help my clients.
With some articles, it's clear that the writer has their own agenda and I often don’t recognise the market that they are commenting on and does not reflect my experiences. I am confused by the difference of opinions so its no wonder that many people feel the same as they navigate through the piles of misinformation online when researching and considering an investment. I am here to help you find your way through the confusion and enable you to make better buying decisions.
To all my readers, I wish you a wonderful year ahead
On January 1, 2018, the UAE implemented a Valued Added Tax (VAT) at the rate of 5% on selected goods and services.
Read how it affects real estate here
We are all having to quickly learn what is exempt, what is zero-rated, when we need to add VAT or when we must pay, next step is how we can claim a refund, but we have a few months to learn that one.
The UAE remains a predominately Tax-Free country with zero Income Tax, zero capital gains, zero inheritance tax and zero corporation tax (except for oil and gas entities and some banks), so a 5% tax is unlikely to have a dramatic effecton the way we spend our money.
This week’s meetings and discussions have included the following
Happy New Year, to all my readers
2017 will be remembered as the year where the number of off-plan sales transactions exceeded those for the secondary market and agents, developers and pundits talked about affordable housing but couldn't agree on what was "affordable".
Compliments of the Season to all my readers
Another record breaking December at the world’s busiest airport for international passengers.
Dubai International expects as many as 8 million passengers, and over 250,000 on some days, to pass through its gates this month, a figure boosted by the growing number of tourists and the closure of schools in the UAE for the Christmas and New Year holidays.
Meanwhile, Emirates have announced that they will be flying to and from Essex in 2018.
This week’s discussions about property have included the following
Read MoreEarlier this week, Dubai approved its biggest ever budget as the emirate ramps up infrastructure spending in 2018 to finance work for Expo 2020. Expenditure will surge 19.5 per cent to Dh56.56 billion and revenue will increase 12.5 percent to Dh50.36bn in 2018.
The IMF is projecting growth of 3.3 percent for Dubai’s economy this year, and 3.5 percent next year, up from 2.9 percent growth last year.
In other breaking news - rain is forecast for the weekend - read all about it here.
Did you know that know that the UAE and Saudi Arabia will be the first in the Gulf Cooperation Council (GCC) to introduce Value Added Tax (VAT) in 2018 while other countries will follow in the coming years?
The introduction of VAT will help the UAE government to generate an estimated AED 2 billion (around 0.8 percent of GDP) worth of revenue in the first year, which will increase to AED 20 billion (approximately 1.2 percent of GDP) in 2019.
Read MoreThe United Arab Emirates was formed on the 2nd December 1971, just 46 years ago, and it is one of the most notable days in the calendar where the entire country comes together to celebrate and honour the historical moment when the seven emirates combined to form one nation.
I arrived here in 2003 shortly after the government announced that overseas buyers were able to invest in Dubai’s freehold property and it still amazes me that every apartment, house and community that you can buy into today did not exist 14 years ago.
Elsewhere in the world, it's Black Friday, but here in Dubai, we call it White Friday out of respect for the day of worship and the gathering of friends and family.
Today is also the start of the three Day Super Sale where retailers across the city will slash prices, with discounts of 30-90% off on in-demand items over the course of the weekend.
The developers of Dubai have joined in, and many have announced launches and deals to coincide with the retail madness