Following the conclusion of Expo 2020, Dubai witnessed 6,983 real estate sales transactions worth $4.9 billion (AED 18.2 billion) in April 2022, recording the highest ever for the month since 2009.

Secondary market sales transactions, comprising 60 percent of the total, constituted 4,212 transactions worth AED 12.86 billion, while off-plan properties, comprising the remaining 40 percent, constituted 2,771 properties worth a total of AED 5.33 billion.

Commenting on the market, the UAE Country Manager at Property Finder, Scott Bond, said: “All eyes were on the real estate performance post Expo 2020, and with April 2022 performing the highest since 2009, the data is a strong testament to the growing appeal for the Dubai Real Estate Market.

How it works

Employees will be able to apply for different annual packages through insurance companies to secure themselves against a potential job loss.

The redundancy payment will enable insured workers who suddenly lose their jobs to retrieve 60 per cent of their basic salaries with a maximum amount of Dh20,000 per month.

Al Awar stressed that the mandatory insurance package will cost workers an amount that ranges from Dh40 to Dh100 annually.

However, employees have the option to apply for higher insurance packages.

“Insurance packages will be created to accommodate different range of salaries and match everyone’s financial capability. This means that employees with lower salaries can sign up for packages that accommodate their income.”

Al Awar added, “We will not create a system that will add to the financial burden of the employees. The scheme is only designed to provide a safety net for everyone who works in the UAE.”

House prices in Dubai grew by 10.6 percent in 2021 and rose by a further 2.6 percent during the first three months of 2022, according to a recent analysis shared by Knight Frank.

The latest increase leaves values 11.3 percent higher than Q1 2021, making it the highest rate of annual growth since January 2015.

Meanwhile, prime residential prices, encompassing Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, surged by 58.9 percent over the last 12 months, according to global real estate consultancy Knight Frank.

Disparity between buyer and seller expectations

Knight Frank also pointed to a growing disparity in buyer and seller expectations; a trend identified in the second half of 2021.

This trend is persisting in some segments of the market, which is starting to have the overall effect of causing average price increases to slow, just as Knight Frank previously forecast.

Overall villa prices grew by 3.2 percent during Q1 2022, down from 3.4 percent in the final three months of 2021, marking the slowest quarterly increase in over two years.

Durrani explained: “This slowing price growth is not uniform across the board, with the city’s most expensive locations are still locked in Dubai’s version of the ‘Roaring Twenties’. This outperformance is being fuelled in large part by the influx of overseas UHNWI capital that continues to target Dubai’s most luxurious homes.”

Luxury property prices in Dubai slipped by six per cent in the first quarter of 2022, with an average price of prime property at Dh4.5 million.

According to an analysis by Luxhabitat Sotheby, based on data from the Dubai Land Department, the Emirate’s prime residential market saw a minimal surge in volume in Q1 2022 of 1.03 per cent at Dh17.28 billion compared to the previous quarter.

he top three areas in terms of sales volume were Mohammed Bin Rashid City at Dh3.19 billion, Palm Jumeirah at Dh3.10 billion and Downtown Dubai at Dh 2.6 billion.

In the prime residential market, the Jumeirah Islands area sales more than doubled from Dh90 million to Dh201 million, followed by Mohammed Bin Rashid City and Al Barari.

“The current market has seen a surge in activity from continental European clientele. Shell and core villas are among the highest demanded properties on which end users are looking to put their signatures on.

Dubai: Planning for a Golden Visa with a Dh2 million property investment. Then try this payment formula.

1. The down payment needs to be Dh200,000 (10 per cent of the Dh2 million investment value to be eligible for the Visa) and developers’ instalment schemes can take care of the rest. This is what developers are working on and there will be multiple competitive offers coming property investors’ way. The first of these Visa-linked schemes could hit the market as soon as the Eid holidays are over.

Dubai: The UAE cabinet, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners aimed at strengthening the UAE position as an ideal destination to live, work, and invest.

The executive regulations provide comprehensive information on the types and conditions of entry visas and residence permits. The new system of entry and residence aims at attracting and retaining global talents and skilled workers from all over the world, and boosting the competitiveness and flexibility of the job market and fostering high sense of stability among UAE residents and families.

The new Entry and Residence Scheme also offers 10 types of entry visas with simplified requirements and more benefits. The new visas require no host or sponsor, offer more flexibility, multi-entry, 60-day validity, and one unified platform for applications.

The new system for residence visas and entry permits offers new types of residence permits for investors, skilled employees, self-employed individuals and family members. The new visa types provide customised benefits to each category.

The company’s shares closed 15.73 per cent higher on the first day of trading at Dh2.87 per share, after rising as high as Dh3.05 compared to the listing price of Dh2.48. Dewa has a market value of about $39 billion and is the largest on the exchange.

The listing of the Dubai utility is the largest in Europe and the Middle East since Saudi Aramco’s debut in 2019. Dewa raised Dh22.41bn ($6.1bn) from its initial public offering earlier this month.

“Today’s listing on the Dubai Financial Market is the beginning of an exciting new chapter in Dewa’s growth story,” said Saeed Al Tayer, managing director and chief executive of Dewa.

“The strong interest we have seen from institutional and retail investors reflects the confidence in Dewa as a globally leading utilities company. We are proud to be able to offer investors the opportunity to be a part of Dewa’s future as it supports Dubai’s growth and energy transition.”

A total of nine billion ordinary shares, representing 18 per cent of Dewa’s issued share capital, were offered at Dh2.48 a share. This includes commitments from cornerstone and strategic investors amounting to about Dh13.8bn.

The offering garnered strong interest from local and international investors and was 37 times oversubscribed (excluding cornerstone and strategic investors) with total demand amounting to Dh315bn, the utility said.