Dubai Weekly Real Estate News 05/02/23
A total of 2,157 real estate transactions worth over AED 9 billion were conducted during the week ending 3rd February, 2023, according to figures released by the Dubai Land Department (DLD).
The DLD report revealed that 237 plots were sold for AED 1.56 billion, with an additional 1,920 apartment and villa sales recorded totaling AED 5.77 billion.
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.
Property News This Week
Prices of villas, apartments soar by up to 100% as ultra-rich flock to the Palm
Homes worth over $27.24mln are selling almost like hotcakes, with some investors doubling their investments, depending on the property’s location
Dubai’s rising population set to spur property market growth
The population in Dubai officially hit the 3.55 million mark in 2022, and with more expatriates making the emirate their second home, it continues to grow at a rapid pace.
Dubai’s most expensive apartment sold for $112m
A Dubai apartment has been sold for $112m, breaking property records in the city. The apartment is in the Bulgari Lighthouse development and was sold for AED410m, according to Dubai real estate analysis firm Property Monitor.
‘New wave’ of Chinese investors set to return to Dubai property market
Chinese buyers look set to reclaim their spot on the UAE’s list of top property purchasers this year after they slipped out of the rankings during the Covid pandemic.
Dubai announces rent can now be paid by direct debit instead of cheque
Tenants in Dubai can now make their rental payments by direct debit, according to a circular shared by the Dubai Land Department on Monday.
