Property prices in Dubai continue to increase at an unprecedented rate since the beginning of 2022. According to the Dubai Land Department, Q2 2022 marked the highest quarterly volume of sales transactions over the past 10 years, achieving a total of 22,504 transactions worth AED59.154 billion. We have witnessed an upward trajectory since the end of 2020, with a steadier and more notable rise in prices this year.
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
Over the past 20 years in Dubai, the renowned Sheikh Zayed road has almost been fully built upon, but developers are now rapidly filling the vacant plots of land with new developments. Several projects incorporating high-end infrastructure and amenities have been announced in the lead-up to Q3 and many have begun launching.
One of the big names in the UAE’s gold and jewellery space is developing an interest in real estate. And is all set to make its ambitions clear. The property arm of Pure Gold – is making a start through its first freehold project, in Al Furjan, and with the aim of delivering on time and with all the promises it made to buyers showing up in the building’s quality and features added.
The fast-approaching 2022 World Cup has been heralded as a potential boon to nearby Dubai’s luxury property market—but it might be the last uplift before an impending slowdown, experts say. Brokers anticipate a spike of interest in prime properties due to increased tourism on top of surging prices, though a market slowdown looms.
Ellington Properties, a leading design-led boutique developer in Dubai, has sealed a partnership deal with Shuaa Capital, the region’s leading asset management and investment platform through its real estate development arm, Northacre, and Sol Properties, a unit of UAE-based Bhatia Group, to develop a new residential project on Palm Jumeirah.
Dubai’s real estate market continues to record growth in property deals, with the residential sector witnessing 8,269 transactions in October, registering a 72.5 percent increase from the prior year, global commercial real estate service provider CBRE said in its latest report.