Dubai Weekly Real Estate News 13/11/22

As the UAE continues to make it easier to live and work in the country through the Golden Visa programme, the real estate sector is set to benefit. A range of new visa options being announced, which are set to boost the number of people looking to call the UAE home.

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 to build world’s tallest residential skyscraper

New hypertower with diamond-shaped spires comprises over 100 stories, featuring lavish two-bedroom and three-bedroom residences. Binghatti on Wednesday announced a project to develop the world’s tallest residential structure in Dubai — Burj Binghatti Jacob & Co Residences.

Sheikh Mohammed launches $27bn UAE tourism strategy, eyes 40m hotel guests by 2031

UAE tourism strategy will see sector contribute $122bn to economy in 2031. The strategy is aimed at adding a further $27 billion of investment to the tourism sector in the country and attracting 40 million hotel guests to the country in 2031.

12.7 Billion Dirhams Of Dubai Real Estate Transactions In A Week

Real estate transactions in the Dubai Land Department this week amounted to more than 12.7 billion dirhams.

The department witnessed the registration of 2,330 sales of allegiance worth 6.89 billion dirhams, including 306 sales of land, worth 1.72 billion dirhams, and 2024 sales of apartments and villas, worth 5.18 billion dirhams.

In the lap of luxury in Dubai

Going into 2023, the outlook for Dubai is auspicious. With the IMF having recently revised the UAE’s economic growth forecast upwards to a projected GDP of 5.1 per cent for this year, compared to its previous forecast of 4.2 per cent , we can expect to witness the highest growth rate the nation has experienced for several years. 

Dubai Palm Island developer gets $4.6 bln funding for new waterfront projects

Dubai state developer Nakheel has secured 17 billion dirhams ($4.63 billion) in financing as the group behind the palm-shaped islands accelerates plans for new waterfront projects including Dubai Islands amid a red hot property market.