Property News Last Week
A sustained surge in rental, prices and transactions of residential properties underscores the buoyancy of Dubai’s real estate market during the first half of 2022 in the backdrop of sweeping visa and economic reforms as well as other initiatives to attract global investors and talents. The total volume of transactions in Dubai’s residential market reached 7,941 in June 2022, up 33.3 per cent from a year earlier while the average prices increased by 10.1 per cent in the year to June 2022, according to Dubai Residential Market Snapshot – July 2022 released on Friday by CBRE.
Dubai villa prices in prime areas recorded significant increases in June as transactions in the wider market stayed close to historical highs. Average residential property prices increased 10 per cent in the year to June, with apartment prices nearly 9 per cent higher on average and villa prices increasing 19 per cent, CBRE said in its latest Dubai market report.
Property Monitor, the market leading provider of real estate data intelligence, has tied up with Holo, UAE’s experts in online mortgage brokerage, to provide home finance customers with an instant estimate of the value of property. The new partnership will mark a significant enhancement to the digital mortgage journey as it will allow Holo customers to Benefit from val Check–Property Monitor’s newly released automated valuation model (AVM).
UAE-based real estate developers are looking to make the most of the Golden Visa scheme by offering attractive Golden Visa benefits to eligible customers, including shouldering the cost of obtaining a UAE Golden Visa. The Dubai real estate market recorded AED 22.7 billion sales in June – highest sales figures in the last 13 years – and reaching almost 71 percent of the total 2021 sales volume, Dubai Land Development (DLD) data revealed.
Dubai home sales jumped 42 per cent in June, consulting firm ValuStrat said, though price growth slowed for larger single-family houses. Prices for villas grew at a monthly rate of 1.7 per cent in June, down from an average of 2.3 per cent per month last year. Still, on an annual basis, prices are 32.2 per cent higher, the consulting firm said in a report.