Dubai Weekly Real Estate News 05/03/23

Dubai real estate market continued its upward trend as sales transaction surged 43 per cent in February on high demand from the foreign investors and end-users, according to a report.

Latest data released by Property Finder shows that property transactions climbed to 9,020 last month compared to 6,310 in February 2022, generating sales revenue of more than Dh26.7 billion in February this year — an increase of 65 per cent. The emirate recorded 9,800 sales transactions in January 2023.

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

Dubai is world’s fourth most active luxury real estate market 

Dubai is closing in to become the most sought-after market for luxury residential properties in the world, with high-net-worth buyers snapping up dozens of multimillion-dollar homes that cost at least $10 million last year. 

Proptech companies set to drive UAE real estate market

Proptech companies are gaining grounds and will drive growth in the UAE real estate due to strong start-up ecosystem, government support and high demand for SMART solutions in one of the most promising markets of the world, says a report.

Sobha Realty completes work on Dubai residential tower

Sobha Realty, a premium UAE real estate developer, said it has successfully completed work on Waves, a 35-storey residential tower, featuring a mix of one- and two-bedroom units, located at the waterfront district in Sobha Hartland.

UAE is ‘country of focus’ as US looks to target Russia’s economic partners

The UAE is a “country of focus” as the US looks to choke Russia’s ties to the global economy, a senior US official said on Thursday, in some of strongest comments yet that Washington is ramping up pressure on its Gulf ally over its ties to Moscow.

Dubai hotels maintain momentum as occupancy rates surge 10% in January 

Occupancy rates at Dubai’s hotel surged nearly 10 per cent annually in January, reflecting the continued resurgence of the emirate’s hospitality sector after the pandemic, industry data platform STR has said.

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