The wholesale and retail segment accounted for the lion’s share, followed by the financial sector.
The Dubai Statistics Centre (DSC) announced that foreign investment stocks in Dubai had reached Dh505 billion in 2016, an increase of 25.3 per cent from 2015.
Read MoreA new statistic released by the Dubai government states that almost 30 per cent of Dubai’s property is owned by women.
The number of female buyers is growing, and in Q1 2018, they invested AED4.4 billion in the Dubai property market, and AED 27 billion throughout 2017, as per Dubai Land Department (DLD) data.
When buying a property here, it is important for all buyers and especially non-muslins who may not want their wealth to be allocated according to Sharia law, to register a will that will distribute their estate according to their preferences. Read more here
This week’s property discussions have included:-
The Holy Month of Ramadan is expected to begin on May 15 and end on the 15th June; some of the developers have already declared their special Ramadan offers, and we are expecting a very busy month ahead of us.
Women accounted for 30% of Dubai realty transactions in Q1 2018
Women buyers are an active part of Dubai's real estate market and they continue to represent a growing share of total buyers. In Q1 2018, 2,431 female investors participated in 2,780 transactions and invested Dh4.4 billion in the Dubai property market, according to statistics from the Dubai Land Department. They cumulatively invested Dh27 billion in the property market in 2017, as per DLD data.
"According to recent Q1 2018 figures reported by the DLD, women investors accounted for almost 30 per cent of the total number. We see a higher percentage of these acquisitions to be investment driven, mostly as a second/additional home within the family," says David Godchaux, Group CEO of Core Savills.
The Dubai government is focusing on encouraging developers to build more affordable properties and there is much talk in the press about the UAE Central Bank changing the rules on Mortgages to enable more of the growing middle class of Dubai to purchase a property and to break away from the rental trap. Read it here
An ex-pat resident can borrow a maximum of 75% Loan to Value (LTV), and after all the purchase fees are added, then the buyer roughly needs a minimum of 31% of the purchase price in cash to buy a property with a mortgage. That’s a large amount of cash to save up for a young family even with a reasonably good income so any improvements to LTVs will be a positive for first-time buyers and to the market in general
Please read the following for an overview of the current availability for mortgages
This week’s property conversations have included: -
Dubai's transformation from a fishing village to a global real estate hub has been nothing short of remarkable. From having the world's tallest building to man-made islands in the shape of a world map, the U.A.E.'s most populous city has never shied away from ambitious construction projects.
Today's motion graphic video, from Knight Frank, is a unique overview of Dubai's half-century long growth spurt.
Read MoreIf you are a non-Muslim female property owner in Dubai, how do you protect your property? A new statistic released by the Dubai government says that around 30 per cent of Dubai’s property is owned by women. The information came from Sultan Butti Bin Mejren, director general of the Dubai Land Department, who said that this shows the accumulation of large amounts of wealth in female hands.
This shows the UAE as an open and progressive country where men and women are free to make their own choices about investment, according to their own judgement. But as a lawyer, the news also brought a question into my mind. How do the many non-Muslim female property owners in Dubai deal with the delicate question of inheritance?
Read MoreEmaar launches the Collective at Dubai Hills Estate with young professionals in mind.
A younger buyer profile is starting to figure more prominently in Dubai developers’ plans. And “co-living” spaces are what the developers are building for them where buyers and tenants could aim to live and work within the same neighbourhood.
Emaar has launched the “Collective”, where one-bedroom units start from Dh671,888 at its 11 million square metre Dubai Hills Estate project in MBR (Mohammad Bin Rashid) City. The “functional spaces encourage a connected and collaborative environment that appeals to entrepreneurs, creatives, professionals and families”, Emaar said in a statement on Thursday.
Read MoreCycling lanes in Dubai will expand almost threefold to 850km by 2030 from the current 316km cycle track and only 10km in 2006.
This was announced on Tuesday by the Roads and Transport Authority (RTA) during the three-day MENA Transport Congress and Exhibition in Dubai, organised by the RTA and International Association of Public Transport (UITP)
Mona Al Osaimi, RTA director of strategic planning, said: "The RTA has strategic plans to make Dubai one of the best cities in providing cycling lanes and supporting non-mechanical mobility means. It is anticipated that the total length of cycling lanes in Dubai will reach 850 km by 2030 from 316km this year, and only 10km in 2006."
Read MoreDubai has huge potential as a world class centre for medical tourism, according to a new report that pits it against other major global cities.
The demand for healthcare services has more than matched population growth for a decade, reveals the Hub Report from property consultants Knight Frank.
Even so, Dubai still ranks at the low end of a league table that compares eight leading medical tourism destinations in terms the number of hospital beds for every 1,000 people.
France, the leader, has six times the number of hospital beds for its population compared to Dubai, while Hong Kong has five and Australia nearly three.
Dubai now has two beds for every thousand of the population, an increase of nearly 14 per cent since 2012, thanks to the support of the Government in “creating an investor friendly environment”, Knight Frank concludes.
It adds: “Comparing Dubai in terms of number of beds…we see that there is significant potential for growth in the healthcare centre.”
Read MoreData published recently for The Arabian Travel Market 2018, which takes place tomorrow at the Dubai World Trade Centre, shows that almost 25 million Europeans will travel to the GCC between now and 2020, that’s four million more travellers than 2015–2017.
The UAE and Saudi Arabia continue to be the preferred GCC destinations for European visitors; together they are on track to welcome 81 percent of the projected business and leisure travellers
While these tourists have previously travelled to the GCC for its luxury resorts, the growing numbers of millennial travellers, middle-class tourists and corporate travellers on a budget, are slowly changing traditional market trends, as is the growth in affordable, mid-market hotels combined with an increase in low-cost flights
We are also witnessing a similar shift in property purchasing trends over the last couple of years and now according to the Affordable Housing Institute, 82 percent of transactions in 2017 were below AED2m or GB£ 400k, and almost half – 47 percent – were below AED1 million (GB£ 200k). Most of the transactions – 85 percent – were for apartments, a clear choice for budget-conscious residents and market-savvy investors.
This week’s property conversations have included: -
Global property developer Emaar said its hospitality arm has announced the launch of ‘Address Al Marjan Island’ hotel and residences project located in a scenic resort-style development by the Arabian Sea in the northern emirate of Ras Al Khaimah.
Located in the Views island of Al Marjan Island, a four-island mega-development, Address Al Marjan Island hotel and residences will be managed by Emaar Hospitality Group’s premium lifestyle brand, Address Hotels + Resorts.
It will be a resort-style development that draws on its exceptional natural location, directly by the Arabian Sea. The hotel will have 249 rooms, including suites, while Address Residences Al Marjan Island will comprise 234 high-end apartments.
Luxury airline Emirates want to hire Dublin cabin crew for an amazing opportunity in Dubai.
No prior experience is required and the benefits are unbelievable.
According to a spokeswoman for the airlines: "Cabin crew are offered an entire employment package, which includes a tax-free income, free high standard shared accommodation in Dubai, free transport to/from work, medical and dental cover as well as exclusive discounts on shopping and leisure activities in Dubai.
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