Property News This Week
Dubai’s real estate market saw a total sales transactions volume worth AED21 billion ($5.7 billion) in July – making it the highest in that month in the past 12 years. Transactions volume reached 7,092, according to a report by Property Finder, which is a jump of 63.6 percent year-on-year. In terms of value, July recorded an 88.41 percent rise.
Dubai: More tenants in Dubai are taking the easiest option when rents are soaring –stay put. Rather than shift to new homes and the much higher rentals that come along with it, residents are extending their current leases.
Global inflation, a flood of Russian investors and pent-up demand are driving booming property sales in Dubai, according to local real estate experts. Amid geopolitical tensions and cost-of-living crises around the world, many investors are choosing Dubai as an attractive alternative to other metropolitan hubs.
Dubai’s largest listed developer Emaar Properties more than doubled its second-quarter net profit as sales revenue climbed amid a strong rebound in the UAE’s property market. Net profit attributable to owners of the company for the three-month period to the end of June climbed more than 128 per cent on an annual basis to Dh2.06 billion ($561.3 million).
As interest rates rise in the UAE, property buyers are increasingly opting for cash purchases rather than mortgages. According to the latest Betterhomes report, the UAE has seen a 1.75 per cent increase in interest rates in the first half of 2022. It said around 31 per cent of property purchases were financed through mortgages in H1 2022 as against 36 per cent in the same period last year.