Hopes of a cooling down in Dubai home rentals in the coming weeks seems misplaced.
In August alone, there were over 36,800 ‘Ejari’ contracts that landlords and tenants entered into within Dubai’s freehold areas alone. And that’s 9.7 per cent higher than the numbers from 12 months ago.
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
UAE – Dubai-based Samana Developers has launched its new residential project, Miami at Jumeirah Village Circle, being set up at an investment of AED110 million ($30 million). The project’s architecture is influenced by designs of the US city which exemplifies glamour, fun and excess. It gives a look and a feel of Miami lifestyle, stated the developer.
Mukesh Ambani’s Reliance Industries Ltd. is the mystery buyer of an $80 million beach-side villa in Dubai, the city’s biggest ever residential property deal, two people familiar with the deal said. The property on Palm Jumeirah was purchased earlier this year for Ambani’s youngest son, Anant, one of the people said, asking not to be named as the transaction is private.
A crowdfunding platform, SmartCrowd, is allowing its investors to do that, buying/selling shares they own in properties bought by it through their funds. Typically, such investors need to hold on to their ‘shares’ in that particular property until it appreciates in value.
Huge crowds gathered at the fourth edition of the Pakistan Property Show over the weekend at the World Trade Centre in Dubai to explore major investment opportunities in the Pakistan property market. Over 60 exhibitors showcased more than 200 of the best and most trustworthy major property developments in Pakistan. A record breaking 20,000 people attended the two-day event which was organised by Zameen.com, Pakistan’s largest real estate enterprise.
Dubai is home to 13 billionaires, 202 centi-millionaires and around 68,000 millionaires, according to a new global study. In a ranking of the cities worldwide with the most number of millionaires, Dubai ranked 23rd, while Abu Dhabi, Sharjah, Riyadh and Doha were among the fastest-growing on the list, having performed especially well this year.