Dubai Weekly Real Estate News - 15/10/22

If you missed my recent Q3 Dubai Real Estate Market Video Summary you can watch it here. 

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.

Dubai’s real estate market records over AED7.3 bn in weeklong transactions

A total of 2,338 real estate transactions worth AED7.3 billion were conducted during the week ending 14th October, 2022, according to figures released by the Dubai Land Department (DLD). A total of 106 plots were sold for AED1.76 billion, and 1,791 apartments and villas were purchased for AED3.81 billion.

Dubai: Why Bollywood stars are investing in city’s real estate

Dubai remains highly attractive for foreign real estate investors – including Bollywood stars, as some of them have made the emirate their first home. The emirate’s attraction to Indian investors has grown even more, of late, following the introduction of the 10-year Golden Visa on the investment of Dh2 million.

Unique Properties observes significant growth and price increase in UAE’s luxury real estate sector

One of Dubai’s leading real estate agencies, Unique Properties, has observed a consistent trend of luxury property purchases increasing in the UAE. Dubai saw an 18% rise in high-net-worth individuals (HNWIs) over the year’s first six months. The emirate is projected to overtake the US and UK in attracting the highest net inflow of millionaires, globally, by the end of 2022.

Real estate bubble risk lowest in Dubai: UBS

Dubai’s real estate bubble risk is the second-lowest after Warsaw among the world’s 25 major cities as the nominal house price growth across the world accelerated to 10 per cent on average from mid-2021 to mid-2022 amid signs that the global housing boom is coming to an end, a study by a leading Swiss bank says.

Dubai’s short-term vacation rental market sees strong growth

The rise in demand for short-term rental properties is expected to pick up even more speed this year following the formal rollout of new visa policies implemented to spur further global tourist arrivals to the country. The UAE government has announced new regulations for the holiday homes industry, including a scheme that allows homeowners to rent out their properties for up to 180 days per year at 50% below market value.