Property News This Week
The total volume of transactions in Dubai’s residential market reached 5,542 in May 2022, up a whopping 33 per cent from a year earlier. Off-plan sales increased by 55.4 per cent and secondary market sales by 18 per cent. Average prices increased by 10.9 per cent in the year to May 2022.
The United Arab Emirates (UAE) has announced plans to invest an additional $50 billion to scale up climate action through the deployment of clean energy solutions at home and abroad. Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, said the announcement is yet another milestone in the UAE’s long track record spanning close to three decades. She noted that the UAE has introduced multiple roadmaps along the way that reaffirm its keenness to build a sustainable future for the next generations.
The UAE is expected to attract 4,000 millionaires into its borders by the end of 2022 — the most of any country globally, a new report claims. This projected increase, compared to 2019’s net inflow of 1,300, is set to be one of the largest on record and secured the UAE its first position on Henley & Partners’ list of top ten countries.
Dubai recorded May 2022 6,652 sales transactions worth AED18.4 billion. This is the highest volume of transactions for the month of May in the past decade. The emirate’s real estate market recorded a 51.60 percent increase in volume and 66.14 percent value growth. The total rental contracts in May 2022 attained 35,327 registered leases of which 59.6 percent included new contracts whereas 40.4 percent were renewed. Annual contracts acquired 80.9 percent of the total contracts while 19.1 percent were non-annual.
Up to 15% rise in villa rents seen in next two quarters as influx of new residents lift demand for residential properties. Rental market will balance out and start favouring the landlords after being tenant friendly in recent years, however, rental rises will not be uniform across the city, experts say.