Photos and videos posted on social media on Tuesday night and Wednesday morning showed long lines of people looking to bag a deal as master developer Nakheel launched 360 units as part of phase 2 of Murooj Al Furjan West. The new collection of townhouses in Al Furjan master community has three- and four-bed units for a starting price of Dh1.85 million.

Long queues to buy property in Dubai is a nostalgic pre-pandemic feature and one of the barometers of market confidence.

Nakheel told Khaleej Times in a statement that it had taken all precautions and applied the highest standards of hygiene to keep customers and staff safe. This included a “large, dedicated waiting area”.

Marwa, a property consultant, said she expected the buyers to queue up till all units are sold out.

Farooq Syed, CEO of Springfield Properties, said Nakheel has seen an “excellent response” to its latest launch. “Ready townhouse prices have moved up extremely fast post-Covid as people prefer the extra square footage and communal lifestyle as compared to living in tall vertical structures. Moreover, Nakheel is (among the few) … developers launching townhouses close to the Sheikh Zayed Road.”

He added that the townhouses have good plot sizes and built up areas as compared to others available in the market.

Fathi Akram Skaik, managing director and business owner of Noble Empire Real Estate Brokers, said phase one of the project had sold out “within hours”.

“The newly launched project is proof that there is still a big demand in the market for townhouses. I think that we will still see a demand for townhouses and small standalone villas in the coming future,” added Skaik.

Expo 2020 Dubai, which begins in just over 20 days, will bring in a lot of international investments, said Krishma Gehani, senior client manager, Homes4Life Real Estate. This will go up further with five- and 10-year Golden Visas being given to property owners, she said.

Source:gulfbusiness.com

Hundreds of families have moved from Asia to the UAE in the past six months, with the country proving an attractive destination because of the way it has handled the Covid-19 pandemic.

Estate agents, schools and recruitment experts said they had seen an influx of highly paid professionals fed up with lockdowns, home schooling and new waves of coronavirus cases.

Dubai in particular is considered a good option for families, thanks to its high vaccination rate, a return to in-school learning and open restaurants and bars.

The UAE has won international recognition for its pandemic strategy, with Abu Dhabi topping a new global ranking of 50 cities for their Covid-19 response in which Dubai placed fifth.

Alex Urquhart, 44, a British mother of three, lived in Singapore for 11 years before she moved to Dubai this summer.

"We were considering moving to Dubai in 2022, but the catalyst for us moving this year was Covid-19," said Mrs Urquhart, whose husband works in shipping.

"Life in Singapore was really restricted, and we had friends in Dubai telling us the situation was under control, and that was a real pull for us.

"Then Singapore went into another lockdown, and we just thought it was going to be lockdown after lockdown.

Tourists walk along the bridge from Jumeirah Beach Residence to Bluewaters Island on a cool January day. The city is one of the global hubs fully open to tourists, who have flocked there for a break from lockdown at home. AP

"Also Dubai is so much closer to home, and with a negative PCR we can just hop on a flight and travel. That's a real draw. In Singapore now that isn't possible, there's no knowing if you can get back in again."

Dubai recruitment expert David Mackenzie echoed that sentiment, and said several European headhunters from Singapore and Australia have approached his company looking for positions because the pandemic has made them realise they want to be closer to home.

"We've had a 20 per cent increase in people coming from Singapore because they're fed up with lockdown, and people are leaving Hong Kong because of the Chinese takeover, plus property prices there are skyrocketing," said Mr Mackenzie, who is the managing director of Mackenzie Jones Group.

"Dubai has a similar benefits package of tax-free living, nice weather, a good environment for the kids and English is a standard language. So expats are naturally looking to the emirate as an alternative."

Open borders vs quarantine

Singapore's zero-Covid policy has kept borders mostly closed since March 2020, and regular social lockdowns have been imposed every time case numbers creep up.

Regular travel to and from Hong Kong has also been curtailed since the start of the pandemic, and incoming passengers are required to quarantine for 14 to 21 days in a government facility.

These restrictions are contributing to an exodus from the island states. Figures from Singapore's Ministry of Manpower shows the number of workers from overseas declined by almost 14 per cent in the year ending December 2020.

Meanwhile, an American Chamber of Commerce survey in Hong Kong in May 2021 showed that 42 per cent of surveyed expatriates are considering or planning to move away.

Nearly two thirds of respondents cited the new National Security Law as a reason, while Covid-19 was mentioned by half of respondents, who said quarantine made it harder for them to travel and visit their families.

Dubai estate agent, Harry Tregoning of Tregoning Property, said he has seen a 60 per cent increase in enquiries from expats looking to move from Asia this year, and fewer people choosing to leave.

"I've had dozens of enquiries from expats in Singapore, Hong Kong and Malaysia who are looking to move, and there're so many families we've run out of big villas for them," said Mr Tregoning, who is from the UK and has lived in Dubai with his family for 11 years.

"People just got fed up with the endless lockdowns – some children have been home-learning for a year now. They look at Dubai, and it's a really appealing alternative."

The draw of in-school learning

The influx of expatriates from Asia is also being felt by Dubai schools, with admissions enquiries staying busy over the summer, when they normally go quiet.

James Monaghan, the principal at North London Collegiate School, said the number of people attending his online "meet the principal sessions" increased by 75 per cent during July – mainly the result of overseas interest and families wanting to move to Dubai.

Source:gthenationalnews.com

 The resurgence of the UAE’s real estate market continued in Q2 2021, with some segments seeing double-digit growth in sales prices ahead of Expo 2020 in Dubai.

Dubai is raring to welcome the world as the mega event will opens its doors to the public next month.

The Q2 2021 UAE Real Estate Report by property management experts Asteco revealed that villa rental and sales rates in Abu Dhabi and Dubai continued to surge, with sales prices in certain segments expanding by almost a quarter in the period under review.

The Middle Eastern real estate markets carry massive untapped potential to be better aligned with green and sustainability goals. Regional service providers, in the real estate sector, are adopting a “Brownfield” approach, to transform existing buildings, in addition to new developments. Simply replacing the entire hardware of existing buildings has huge financial implications. Yet the sector cannot continue with the status quo, in light of increasing regulatory push through initiatives like the UAE Energy Roadmap and the Green Riyadh program.

“Brownfield” advocates are now pushing the consensus on cost-effective, downtime-reducing, and hardware-agnostic solutions, which can bring digital parity between old buildings and new ones. An important new initiative, in this context, is the Netix Novus Partner program - brainchild of leading smart buildings and automation service provider, Netix Global. Its launch has been timed just before the Expo kicks off, to boost the competitiveness of the real estate sector, by leveraging the impact of the mega event.

“A useful analogy for the benefits of the Novus program, in the maintenance space, is the example of premium branded cars, which come with warranty and service contract for a limited period of time. After these arrangements expire, the owner goes to the service provider regularly for ongoing maintenance, often having to pay a premium cost. Due to high maintenance costs, the owner ends up selling the car, only to buy a new car with another binding service contract. The alternative to selling the first car would be to find a reputed, alternative service provider, who can continue offering routine maintenance services at minimum cost. Netix Novus provides this solution in the building automation space,” Sanjeevv Bhatia, Chairman of SB Group International and CEO of Netix Global BV.

The Netix Novus Partner Program was launched on September 1, during a conference hosted at the Burj Khalifa. The event saw both in-person and online attendance, from dignitaries across the real estate value chain, from more than 20 countries. The initiative aims to create an ecosystem of partners, to create a “Brownfield” revolution powered by open-protocol, plug-and-play solutions, for existing buildings.

This “Android building” approach has won the support of top industry leaders, who have come together as Platinum Partners of the Netix Novus program. These stalwarts include Sanjeevv Bhatia, Chairman of SB Group International and CEO of Netix Global BV; Priyesh Bhatia, General Manager of ODS Global, Ganesh Khanolkar, Managing Director of Exenture India & ODS India and DOS of Teknoware and Netix, Jehad Abu Shamiyeh, CEO of Electro Power Systems, Kingdom of Saudi Arabia, Vivek Wagh, Business Development Director, SB Group International, Oman, Africa & South East Asia, and Jagdish Rajan, CEO, Garnet Technologies, part of JBK Qatar.

The Novus Partner Program was inspired by the successful implementation of Netix’s solutions in projects handled by ODS Global, a Dubai-based company with strong connected buildings, smart cities, sustainability, and energy efficiency focus — and now the program’s first Platinum Partner. ODS has won the maintenance of the Building Management System (BMS) of 18 properties and 5 vertical communities by Emaar, across Downtown Dubai and Dubai Creek Harbour. Netix’s retrofit solutions enabled ODS Global to help Mazaya avoid replacing the entire system and save 75% of costs. Netix’s IoT and AI-based open protocol solutions also played a crucial role in ODS Global being awarded a three-year maintenance contract for the building automation systems of 24 DAMAC Properties towers, the upgrade and maintenance of 3 Mazaya Towers’ buildings, and system integration projects at the Jafza Convention Centre, the BVLGARI Resort in Jumeirah Bay, the Pullman Hotel, and the Emirates Airlines Staff Accommodation in Dubai.

 “We are excited to join forces and accelerate the revolution of the industry. Netix Global’s open-protocol, plug-and-play approach offers the perfect solution to the inflexible systems the building automation industry is struggling with currently. Netix’s ‘Android Building’ approach will empower continuous innovation and improvement, and transform the real estate landscape in the Kingdom,” said Jehad Abu Shamiyeh, CEO of Electro Power Systems, KSA.

Source:www.gulftoday.ae

Dubai residents became richer by $39 billion (Dh143 billion) during the past year, reaching approximately Dh2 trillion at the end of June 2021.

According to the New World Wealth report released on Wednesday total wealth held in the city amounted to $530 billion (Dh1.94 trillion) at the end of June 2021 as compared to $491 billion (Dh1.8 trillion) at the end of the same period last year.

Thanks to its successful handling of the Covid-19, the city’s attraction has balloon substantially since the outbreak of the pandemic.

Real estate industry executives have revealed to Khaleej Times that a large number of ultra-high net worth individuals have been scouring the market for the past one year to mop up high-end properties which were selling at an attractive rate following the drop in prices for the past seven years. As a result, many millionaires have moved to Dubai from the other cities which were badly hit by the pandemic.

The latest data from Property Finder showed that Dubai recorded in June the highest real estate sales transaction volume since December 2013 with 6,388 deals worth Dh14.79 billion, taking the January to June total deal value to Dh61.97 billion. In total, the property market recorded a 40 per cent jump in sales transactions during the first half of 2021, reaching Dh61.97 billion.

The first half of 2021 also saw a Dubai villa being let a record Dh3.8 million on Palm Jumeirah. Similarly, a villa on the Palm Jumeirah was sold for a staggering Dh111.25 million, making it the most expensive property sold in Dubai this year. This reflects that big-ticket assets are in strong demand in the emirate.

The New World Wealth study found that Emirates Hills, the Jumeirah Golf Estate and the Palm Jumeirah are the top three neighbourhoods in the emirate where most of the millionaires and billionaires reside.

Maintaining its status as the wealthiest city in the Middle East and Africa (MEA) region, the emirate was ranked 29th wealthiest city globally, it said.

The emirate is home to just over 54,000 HNWIs at the end of June 2021 as compared to 49,400 at the end of June 2020 and 12 billionaires as against nine billionaires in the same month.

Most of the wealthiest people living in Dubai have interests in financial services, basic materials, oil and gas, transport, hotels, retail and real estate.

Source:www.khaleejtimes.com

Residential transactions in Dubai surged to the highest level since 2013 in the six months to June, as people sought out larger homes, boosting prices in a market that’s been hamstrung by excess supply for years. 

Average home prices rose 2.8% in the six months to June, according to real estate adviser CBRE Group Inc. “Given the strength of demand underpinning the market, we have seen price performance improve considerably,” said Taimur Khan, head of research at CBRE. Still, the increase is from a low base as it compares with prices in June 2020, when the world was grappling with lockdowns.

Transaction volumes soared in the first half, surging 69.2% and 46.4% compared to the same periods in 2020 and 2019 respectively, CBRE said. The top end of Dubai’s housing market, mostly single family homes known as villas, saw a resurgence of demand and led the increase in average prices.

The luxury end of the market has come alive in a city that became a haven for wealthy Europeans escaping lockdowns and for others drawn by the ease of getting vaccinated from Covid-19. The Middle East’s business and tourism hub provided an additional lure after a property downturn that started nearly seven years ago shaved more than a third off values.

The Rich Find Haven in Dubai, and Luxury Home-Sale Boom Ensues

Housing is also riding an extended boom around the world, with valuations soaring at the fastest pace since 2006, according to Knight Frank, and annual price increases in double digits. Earlier this year, HSBC Holdings Plc said a growing demand for larger homes during the pandemic would further boost Dubai’s property market, echoing analysts at Morgan Stanley who expect the rally to last for “several years.”

In Dubai, chronic oversupply has somewhat kept price increases in check, but this year witnessed the lowest number of new home launches since 2012. So far this year, 18,616 units have been completed and an additional 37,466 are scheduled to be delivered over the course of 2021 -- a lower rate than the 83,000 initially forecast, CBRE said.

“Citywide, price increases aren’t expected and affordability remains an issue,” CBRE’s Khan said by phone. “Due to oversupply, prices across the city will level up but we’ll have to wait sometime for prices to climb all over (Dubai).”

Home rents are continuing to fall, declining 5.9% in the year to June 2021, and illustrating the challenge facing the overall market. Apartments have been the biggest drag, with rents dropping 8.1% on average amid persisting oversupply. Over the same 12-month period, villa rents increased by 10.1%.

Source:www.bloomberg.com

Demand for residential property in Dubai will pick up further in the coming years as foreign investors are snapping up unsold units amidst a steady recovery in prices, says founder and chairman of Danube Group.

"As a result of strong demand, the market is improving and property prices are on the rise with a good number of high net worth foreign investors from India, Russia and other countries are flocking to Dubai to buy real estate assets at a very attractive price," said Rizwan Sajan.

In order to cash on improving market sentiment, Danube Properties, a real estate development arm of Danube Group, plans to launch its first project since the outbreak of the Covid-19 pandemic in the UAE in the next couple of months.

“We plan to launch a project very soon in Arjan. I feel the real estate market has picked up as investors from all over the world are pumping in money here. All neighbouring countries are still trying to get coronavirus vaccine whereas the UAE is functioning as a normal country. Therefore, the confidence in the UAE is very high and a lot of people are buying second homes. I believe this sentiment will continue over the next couple of years,” Sajan told Khaleej Times during an interview.

Real estate consultancy Asteco said at its second-quarter report that property prices across the UAE continued to recover with some segments seeing double-digit growth in sale prices.

Danube chairman disclosed that the company has been consistently performing better year on year, even during the Covid-19 pandemic.

“Our results for 2021 look much better than 2020. Even 2020 was better than 2019 despite a four-month lockdown. We kept the staff motivated, ensured that we keep proper stock and work hand-in-hand with suppliers during the pandemic. When the situation normalised and businesses improved, payments from clients also improved.

“We helped clients with deferred payment. If their cheques bounced, we did not take them to the court. We held them and let them pay as per their ability. It strained our cash flow but it was the least that we could do. It was an unprecedented crisis and we needed to hold hands with our suppliers, customers and all stakeholders. At the end of the day, we are human beings and it is the time to be compassionate,” said Sajan.

Established in 1993 in Dubai, Danube was launched as a building material supplier company but later expanded into other business verticals such as real estate development and home interiors and decorations.

Danube founder started his career in Kuwait but he returned to India after the Iraq-Kuwait war in 1990-91.

“Since I had some good experience in managing building materials business in the Gulf, I thought of going back to the Gulf and start a new career. So, I came to Dubai to try out my luck. I got a job in the same sector and soon developed good contacts with the contractors. But I soon realised that in order to grow, I need to develop my own business. So I started Danube Building Materials in 1993. Initially, I used to source goods and supply to contractors with a margin. We then started to open shops and warehouses as the business grew to support our clients. This is how the business grew. The rest is history,” Sajan said.

Sharing his life experience, he said: “In the last 28 years, I have seen three ups and downs. But whenever there is a crisis, Dubai has emerged stronger because its fundamentals are very strong. Similarly, Danube’s also emerged stronger – whether it’s the Kuwait-Iraq war, 2009 financial crisis or the ongoing Covid-19 pandemic crisis. Because the lessons I had learnt in my childhood and my early career taught me certain things that help me even today – be honest, hard-working, be ethical and straightforward in your dealings. Don’t make a promise that you can’t keep. These simple but powerful values helped me develop Danube Group into a successful business.”

He revealed that the construction material business is under pressure because not many new projects have been launched in Dubai. “However, a number of developers are going to launch new projects that will change the dynamics and help the sector grow.”

He noted that home improvement and interiors sections are growing even during the pandemic for people are now investing in home improvement due to work from home and upgrading their furniture etc.

Source:www.khaleejtimes.com

Beginning his career in real estate in 2006, Haider Tuaima has witnessed the major swings of Dubai property market. 

Mr. Tuaima, 55, has been living in Dubai for over 20 years. Now serving as the head of real estate research at one of the Middle East’s leading consulting and advisory firms ValuStrat, Mr. Tuaima delivers data-driven market intelligence to help his clients and beyond make informed decisions. 

While the Dubai real estate market has been through a lot in recent times, including years of slumping prices, the veteran real estate researcher said supportive government policies, buyer-friendly mortgage rates and a pandemic-led work-from-home trend has helped put the city’s property market on track to recovery. 

Despite some uncertainties, Mr. Tuaima believes the outlook of Dubai’s prime real estate in 2022 could be very positive with a successful Dubai World Expo. As the long-awaited mega event, which was postponed due to the pandemic last year, sets to kick off in October, the city is expecting more foreign investment and possibly the return of international home buyers who have been a major force driving the city’s high-end market. 

Mansion Global caught up with the Dubai-based real estate expert recently to find out how the Covid-19 pandemic and delayed World Expo has impacted the city and what the real estate market there will be like in the post-COVID era.  

More: Young Professionals Have Accelerated Plans for Second Homes During Pandemic, Says Maryland-Based Architect

Mansion Global: What is ValuStrat known for? 

Haider Tuaima: We are not developers, we are not brokers, we provide market research.

One of my responsibilities is creating an index for the market and trying to define where the market is heading for the U.A.E. and the region. 

Generally, 90% of the population [in Dubai] is very much transitional, so people leave and new people will come, therefore the real estate market here is very difficult to gauge. That’s where my job comes in as you need a dedicated team to figure out and try to measure where the market is heading.

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MG: How has Covid-19 impacted the Dubai real estate market? 

HT: Before Covid, in late 2019 and early 2020, the market was thinking that everything is going to be positive in 2020. 

Then Covid came. Basically we went into lockdown; the Expo was postponed and market sentiment was hit hard. At least 90% of the market has been hit hard.

We don’t have any more international investors coming into the country because their countries were in lockdown. The inside domestic buyers were thinking they could lose their jobs because of Covid, and people have been laid off because of that. So it became very complicated and a very uncertain market. 

Transactional activity was at a record low for the second quarter of 2020. So we reached the bottom in 2020. Between the peak of 2014 and the bottom of 2020, the Dubai real estate market lost about 40% of value.

More: The Pandemic Has Made Outdoor Space Key for Luxury Owners, Related Exec Says

MG: Has the city bounced back from Covid shock? 

HT: We definitely hit rock bottom last year, and now we are seeing very good growth. 

The properties have become so affordable they became buying opportunities for many. In addition to that, banks started to offer higher loan to values. So before we were capped at 75% loan-to-value maximum, which has increased to 85% for first time homebuyers. At the same time, the government stepped in and tried to strike a balance between supply and demand. 

The U.A.E. also rolled out probably the most ambitious vaccination programs, so the country is now really coming back.

More: Architect Zoltan Pali on Los Angeles Luxury

MG: What kind of properties are more in demand in Dubai now and how has it changed over the years? 

HT: At the moment, I think there is a trend that is happening worldwide, not just in the U.A.E., which is [homebuyers are] moving toward bigger spaces. There is also a migration away from the city center.

In the last six to nine months, there has been a concentration on villas and townhouses transactions as people are looking for bigger spaces rather than sitting in an apartment when they are working from home. 

A few years ago, there was more concentration on the off-plan market. So about three-quarters, perhaps two-thirds of real estate investments were toward the off-plan market, which are the properties that have not been built yet. 

When the government stepped in, now we have less of that. So now the market has switched to the majority of investments toward existing properties. Good thing about older, existing properties is that in general, for the same budget, the older ones offer bigger spaces compared to those being built more recently. 

From Penta: Louis Vuitton Launches a Video Game to Target Young Consumers

MG: Who are buying in Dubai now? 

HT: Most of the demand right now is from domestic investors, especially in the high-end sector. 

MG: Why are foreign buyers interested in Dubai and when will they come back to the market? 

HT: Safety and security here is top notch. The whole city is a 24-hour city, and it’s very, very safe so people are attracted to the safety. 

Also the majority of us speak English, and speak many languages, most of us speak more than one language. So whoever comes here from wherever they are, whatever part of the world, Dubai might not be home, but at least there is a support system where you will be no stranger and you will see people from all over the world.

The Expo is coming in a couple of months. Hopefully then the borders will open to other countries to come to this country, which means we will have investors from the outside, not just the domestic investors.

More: The Future of Wellness Is Personalization, South Florida Resort Developer Says

MG: What’s the future looks like for the Dubai real estate market? 

HT: Now that we have reached the bottom, we are starting to grow and the growth will be gradual, which is healthy. 

The growth has been very gradual because we have so much supply coming in, particularly in the apartment sector. It will need a lot of time for all of these units to be absorbed. I think it will be a healthy growth going forward. 

We do expect, between now and mid-next year, we will see an accelerated growth and so far it is definitely happening. Month on month we are seeing the difference.

Source:www.mansionglobal.com

Dubai’s residential property sector witnessed a V-shaped recovery in the first half of 2021 subsequent to a bottom out in November 2020, a property investment and technology platform said in a research report.

During the first six months of 2021, Dubai’s residential property market recorded a 74 per cent increase in overall volume of transactions compared to the same 2020 period, while the value of property transactions increased by 113 per cent in the same period, analysts at SmartCrowd said in their “Dubai Residential Property Report.”

Siddiq Farid, CEO and co-founder of SmartCrowd, said a combination of factors appeared to have strengthened the volume and value of transactions in Dubai during the first half of this year.

“Government policies to introduce attractive visa and residency schemes for investors and professionals are starting to bear fruit. Incentives to support entrepreneurs and the private sector, proactive safety measures to combat Covid-19, and visionary thinking for events such as Expo 2020, have underpinned investor appetite for real estate in Dubai. While nothing is guaranteed, we expect that confidence to continue to grow for the remainder of the year,” said Farid.

Ready properties drew the most attention from investors with 72 per cent of overall deals in completed homes as against 28 per cent off-plan. Demand for ready stock also helped drive per square foot prices for available properties up by 10 per cent.

“With a lack of new supply in Dubai’s most popular areas and pricing at levels last seen in 2011, there is positive sentiment in the market and a resultant boost in demand for existing properties,” said Farid.

Dubai’s villa segment has posted some of the strongest sales performance as people’s preferences have shifted to larger living spaces, with room for outdoor activities.

The research shows that the sales average for ready villas in Dubai has increased by over 19.3 per cent from Dh 758.4 per square foot in H1 2020 to Dh905.1 per square foot in H1 2021. Similarly, off-plan sales prices of villas have grown by 9.3 per cent from Dh 684.8 per square foot in H1 2020 to Dh748.4 per square foot in H1 2021. For apartments, ready sales prices have increased by 8.7 per cent year-on-year, while off-plan apartment prices have dropped on average 9.5 per cent compared to the same period last year.

The report said average off-plan price per square foot took a dip by 3.42 per cent compared to H1 2020 and attributed it to new supply focusing on affordable housing segments and thus putting downward pressure on average pricing.

The report also looked more closely at specific areas and segments in Dubai. Palm Jumeirah has shown a 34 per cent uptick in the value of property transactions and a 221 per cent increase in volume of transactions, while JLT saw the highest increase in transaction volume of 262 per cent.

“Dubai is a unique market with some pockets of the city performing better than others. One of the advantages of investing in real estate via crowdfunding is diversification of your portfolio – you can spread investment over a number of areas and follow the overall trend of the market, rather than putting all your eggs in one basket in a single property,” said Farid.

Farid said crowdfunding properties can help to further stimulate the market and support developers with their sales efforts. Investor sentiment is returning, and personal finances are beginning to recover too. “While investing in an entire property in Dubai might still be out of reach for some, investment via crowdfunding allows people to take a fraction of a property from as little as Dh2,000. Crowdfunding in real estate is an accelerating trend and has the potential to be a major catalyst for the region’s property market.”

Source:www.khaleejtimes.com

 is back in the spotlight as one of the hottest real estate markets where individuals and investors flock in droves to purchase high-end properties, Betterhomes said on Tuesday.

Releasing its H1 2021 Dubai Real Estate Market Report, the real estate brokerage said that the number of units sold increased by 70 per cent in the first half of 2021 compared to the same period last year and 52 per cent compared to H1 2019. “With an overall positive economic and employment sentiment in Dubai, residents have been investing heavily in the property over the past six months.”

Richard Waind, group managing director, said in the first half of 2021, the Dubai property market saw transaction levels at their highest for over a decade. “Domestically, low interest rates and improving job sentiment, coupled with a focus on the "home" brought on by the pandemic, have led to a surge in demand from residents.”

Internationally, Dubai's Covid-19 response and business-friendly approach have won many admirers, said Waind. “As a result, investors have returned in large numbers, looking to take advantage of both improving capital growth prospects and attractive rental yields, which remain higher than most established markets.”

He said prices would continue on an upward trajectory for the next couple of years with the US Fed reserve indicating that interest rates will remain at their current low levels well into 2022 and the supply of new units peaking and expected to drop from next year.

“However, with rental prices lagging sales prices in many places, we see investor margins are being squeezed, especially in periphery communities with lots of new apartment supply, so I expect we will continue to see some winners and some losers in terms of prices across the market," said Waind.

Transactions and prices in villa communities surged in H1 2021. Villa transactions increased by 167 per cent while townhouse transactions increased by 97 per cent.

At Betterhomes, the number of buyer leads for villas/townhouses jumped by 123 per cent, and the number of villas/townhouses sold increased by 146 per cent. Four-bed villas proved popular in this category with a 26 per cent increase in transactions.

The number of UK buyers increased by 600 per cent in H1 2021 as they jumped from 10th place in H1 2020 to 2nd place in the company's ranking of buyers by nationality, according to Betterhomes data.

Prices increased almost 40 per cent in some communities, like in the Jumeirah Islands, while at the same time reduced in others by over 25 per cent, like in Al Habtoor City and Dubai South, according to Dubai Land Department data. Average property prices per sq.ft. increased by 24 per cent for villas/townhouses and 3.0 per cent for apartments in H1 2021.

The report said the residential leasing market in Dubai has followed a similar trend to sales in H1, with tenant leads and rental transactions up significantly compared to the previous year. Leasing transactions increased by 31 per cent while the number of registered tenants increased by 47 per cent compared to H1 2020 at Betterhomes.

“The desire for outside space and home offices has been a key driver for larger units. Three-bed apartments and villas were particularly in high demand. Many villa communities experienced a sharp decline in rental supply this year as tenants competed to snap up available units, which in turn had pushed prices up,” said the report.

“Rising rental prices in villas and townhouses have not gone unnoticed by investors. Since they typically have lower service charges than apartments, investors went for smaller villas and two or three-bed townhouses with high rental demand and attractive yields. Rental prices of villas followed market trends and increased by 14 per cent, primarily due to a decline in the inventory in certain communities,” said the report.

Source:www.thenationalnews.com

Dubai has taken a crucial step in realizing its goal of becoming a regional and global hub for 3D printing by announcing a decree to regulate the use of this game-changing technology.

In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Decree No. (24) of 2021 regulating the use of 3D printing in the construction sector in the emirate.

Dubai Municipality is tasked with overseeing the implementation of the new decree. The legislation supports the emirate’s strategic target to ensure that 25 per cent of its buildings are constructed using 3D printing technology by 2030, a statement from the Media Office said.

“The decree, effective from its date of issuance, also aims to promote Dubai as a regional and global hub for the use of 3D printing technologies. Part of a broader plan to spur economic growth and promote adoption of advanced technologies in the emirate, the new legislation seeks to enhance efficiencies in construction projects, enhance the local industry’s competitiveness, reduce waste and attract leading companies in the sector to Dubai,” it said.

The global 3D printing market size, estimated at $16.54 billion in 2021, is projected to hit $34.8 billion by 2026 at a compound annual growth rate of 22.5 per cent. Also known as additive manufacturing, the revolutionary technology is becoming popular with manufacturers. 3D printing process offers a range of advantages compared to traditional manufacturing methods. These include those related to design, time and cost, among others.

As per the new Dubai regulation, any entity seeking to conduct 3D printing activity in the sector must first register with Dubai Municipality and obtain a license before seeking further approvals from other authorities. “Real estate developers should also ensure that 3D printing related projects are executed only by contractors licensed for the activity by Dubai Municipality,” the statement said.

Dubai Municipality will promote the use of 3D printing in collaboration with government and non-government entities under the framework of the decree. To encourage the use of 3D printing in the construction sector, the municipality will create a consolidated list of incentives and facilities provided by both government and non-government entities.

The director general of Dubai Municipality will issue all the decisions necessary to implement this decree, which annuls any other legislation that may contradict its provisions, said the statement.

Source:www.thenationalnews.com