Property News Last Week
Dubai’s luxury property market will continue to rise in the second half of the year, experts say. Limited stock of prime and ultra-prime residential units is unable to cater to rising demand from both end-users and foreign buyers. High net worth individuals (HNWIs), millionaires and entrepreneurs are looking to relocate or buy a secondary home in Dubai.
UAE ranked as the number one country in the Arab world and the 19th country globally for its ability to attract foreign direct investment (FDI), according to the World Investment Report 2022. The country also ranked 17th globally for FDI outflows, with outflows totalling $22.5 billion in 2021, a 19 percent jump over 2020.
Dubai real estate market recorded 438 sales transactions worth Dh1.19 billion, plus 118 mortgage deals of Dh852.36 million, and 18 gift deals amounting to Dh29.65 million on Thursday. Sales included 362 villas and apartments worth Dh902.54 million, 76 land plots worth Dh283.46 million, while mortgages were worth Dh747.86 million and 14 land plots valued at Dh104.5 million. The total realty transactions of Thursday amounted to over Dh2 billion.
Dubai’s economy has posted a 6.2% growth in its GDP in 2021. The emirate’s GDP also rose 5.9% to AED 102 billion ($27.8 billion) in Q1 2022, supported by strategic initiatives and economic stimulus programmes. The UAE central bank had launched a Targeted Economic Support Scheme (TESS) to help various banks provide temporary relief to companies and individuals affected by the crisis and boost lending capacity through the relief of existing capital and liquidity buffers.
The UAE is all set to attract the largest number of millionaires in the world this year, surpassing big countries like Australia, Singapore, Israel, Switzerland, USA, Canada, New Zealand, UK, and others. The latest Henley Global Citizens Report projected that 4,000 millionaires will migrate to the UAE in 2022.