Property News Last Week
Indians are making a dash for properties in Dubai. Real estate consultancies report up to 15 percent rise in enquiries in the first half this year from prospective investors from India. UAE government’s growing list of initiatives on long-term residency visas for overseas investors and top professionals are driving the rush.
Rental cheque payments will soon be automated and digitised using the Central Bank of the UAE’s Direct Debit System (UAEDDS) This means that tenants can make payments through their bank accounts instead of issuing cheques. The new initiative is aligned with the Dubai Government’s vision for paperless payment ecosystems.
Average prices for one-bed offplan apartments launched during this period are higher by 46 per cent from a year ago, at Dh1.2 million. Developers are adding more features – such as individual pools attached to apartments rather than a common one for the building, premium fitness facilities, etc.
Chinese investors are heading back to Dubai as one of the world’s most exclusive markets continues to heal since the pandemic outbreak. Dubai’s residential market ended 2021 on a high, recording 84,196 transactions worth AED300 billion, the highest ever recorded, according to official Dubai Land Department statistics.
Dubai South Properties will develop a new residential community along the Expo Road that is strategically located for easy access to and from the wider city. The South Bay master development at The Residential District of Dubai South will comprise more than 800 villas and more than 200 waterfront mansions, the company said on Tuesday, according to a statement by the Dubai Media Office.