The Dubai property market keeps soaring high and continues to break records. Even with the global inflation spikes, it is reported that the impact on the UAE economy is largely nominal.
Property News This Week
With AED 61.9 billion in residential transactions so far in 2022, Dubai’s real estate market has surpassed all forecasts. Global inflation surges will have a limited or no influence on the UAE economy and Dubai’s real estate market for the time being, due to a variety of variables such as the government’s diversified import strategy and the strength of the US dollar. Most foreign investors are drawn to Dubai because of its economic stability, low energy costs, and, most crucially, its tax-free environment for businesses. With the number of transactions we’ve witnessed so far this year, 2022 might set a new high for the past decade, with a remarkable rebound in less than two years.
According to a research released on Tuesday by the Family Vacation Guide, Dubai is the seventh safest family-friendly vacation destination in the globe. As part of its selection of the world’s top 10 safest destinations for family vacations, the travel guide looked at a variety of factors such as overall safety and family-friendly accommodations. According to the research, Dubai scored a family safety rating of 6.76/10. The emirate has over 23% family-friendly hotels, 18% child-friendly restaurants, and 30% child-friendly activities and attractions.
Though a relatively new concept in Dubai, co-living is a place where people interact, share work space and common areas, and get to meet like-minded people. Though co-living is similar to the shared housing concept, it’s more organised, legal and controlled by a professional landlord. While shared housing is pretty common in the Emirates, it is a grey area overall.
Despite mounting inflationary pressures, business activity in Dubai’s non-oil private sector economy showed a “solid rebound” in May, jumping to its highest level in 35 months on the strength of significant growth in the emirate’s travel and tourist industry. From 54.7 in April, the headline S&P Global Dubai Purchasing Managers’ Index rose to 55.7 in May. A value over the neutral 50 threshold suggests growth, whereas a reading below implies contraction.
Buyers see a great deal of value for their money. For Russians wishing to buy a second property, the emirate’s ease of doing business, tax-free regime, and reasonable mortgage options are all huge draws. at least 100,000 Russians have arrived in Dubai since the beginning of the Ukraine crisis, doubling the size of the community.