Dubai Weekly Real Estate News 12/12/22
Dubai’s property market ended the week on a positive note, with the value of transactions reaching AED 9.1 billion ($2.5 billion), according to the Dubai Land Department (DLD).
I feel like every week we are reporting positive data and it’s somewhat repetitive but please be aware, this is the current state of the Dubai market, it is continuous positive momentum that we don’t expect to slow down anytime soon.
The deals recorded during the week ending December 9, 2022 included at least 2,233 apartments and villas with a combined value of AED 4.64 billion.
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
Côte d’Azur Monaco: You can now check-in to the first Heart of Europe hotel
Four kilometres off the Jumeirah coast, the World Islands project is made up of 300 man-made islands in the Arabian Gulf. A large part of this development is The Heart of Europe – a Dhs18.3 billion project located at the centre of the artificially developed islands.
Palm Jumeirah, Downtown in demand as Dubai realty continues its growth in Q4
With a nearly 1.8 per cent price increase in October and a similar trend in November, the Dubai property market is heading for a strong fourth quarter and end to the year as the investors and end-users continued to invest in the emirate’s real estate sector.
Dubai records over AED9.1bn in weeklong real estate transactions
The DLD report revealed that 419 plots were sold for AED 2.24 billion, while 2,233 apartments and villas were purchased for AED 4.64 billion. The top three transactions were a land in Marsa Dubai sold for AED 265.69 million, followed by a land that was sold for AED 64.16 million in World Islands, and a land sold for AED 38 million in Palm Deira.
Metropolitan Premium Properties (MPP) – a full-service real estate agency and the Metropolitan Group’s flagship property company, together with Mallorca Properties, a boutique commercial real estate firm specializing in high-end and private real estate investment opportunities, have closed Dubai’s single biggest residential land transaction to date – an AED 690M (USD 187.6M) deal for three plots at Dubai Marina.
UAE’s non-oil economy business conditions continue to improve
Business activity in the UAE’s non-oil private sector economy continued to improve in November as the Arab world’s second-largest economy is set to grow at its fastest pace in more than a decade this year, owing to a rebound in tourism, construction and activity related to Expo 2020 Dubai.
