A total of 1,600 real estate transactions worth over AED4.8 billion were conducted during the week ending 30th November, 2022, according to figures released by the Dubai Land Department (DLD).
The top three transfers for apartments and villas were an apartment was sold for AED38 million in Jumeirah Second, and another for AED 37 million in Palm Jumeirah, with a third being sold for AED35 million in Al Barsha First.
Now, let’s take a look at some of the property news that caught our attention last week. I’ve included the summary of each article below.
After Two Years In Which The Pandemic Fuelled A Surge In House Prices In Most Global Cities, The Landscape Is Now Shifting. Money Is Becoming More Expensive, Geopolitics More Complex And China Is No Longer Powering The World’s Economy.
UAE-based Azizi Developments has announced that work has entered into fast-track on its French Mediterranean-inspired waterfront community, Riviera, strategically located in Mohammed Bin Rashid City, Dubai, with the first two phases recording over 95% completion rate. While 75% of the work has been completed on the project in the third phase, the fourth phase has recorded 22% completion rate.
In a thought-provoking day of discussion at the Cityscape Intelligence Talks, the region’s leading content platform, industry leaders concluded that while Dubai’s real estate industry has matured into a developed marketplace complete with extensive opportunities, and investors and homebuyers should really focus on where they want to put their money.
For Dubai and the UAE’s property market to sustain its 2022 momentum, those foreign investors need to keep on buying. Developers believe a repeat is in store in 2023, and putting their considerable resources into new launches, and not overly concerned about property market up-and-down cycles.