Dubai Weekly Property News Round Up – 30.04.23

Hello,

I hope you are well. This week we have been speaking to investors about off-plan property investment in the Dubai market and why it has become such a popular choice for both domestic and foreign investors over the past few years.

Dubai has achieved world acclaim for the exceptional quality of its new builds, its generous payment plans that allow investors to maximise their budget and invest with full confidence and its comparatively low entry prices for luxury real estate.

If you are interested in learning more about the benefits of investing in off-plan Dubai property, reply to this article today.

Now, let’s take a look at all the headlines that caught our attention this week. I always try to summarise the links to save you from having to click through.

– The latest episode of the Pure Property Podcast is out now. You can listen to it on Apple Podcasts and all other major platforms.

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Property Headlines This Week

• Dubai Investor Received Over Dh1 Million Refund from Developer –
  A Gulf investor has been refunded over Dh1 million by a Dubai property developer following a court ruling. The investor filed a lawsuit against the real estate company for not refunding payments and refusing to hand over completed units. The company cited contract clauses that allowed it to withhold amounts and not deliver the units. The buyer’s lawyer argued that the buyer complied with the contract terms but was late in paying due to the COVID-19 pandemic and the developer’s delay in completing the project. The Dubai Court of Appeal annulled the previous judgment, obliging the developer to refund the investor and pay litigation fees.
• What’s So Special About Sand? Dubai’s $34 Million Land Plot Explained – A 24,500 square feet sand plot on Dubai’s Jumeirah Bay artificial island sold for a record-breaking 125 million dirhams (US$34 million). The land was purchased by an undisclosed international buyer from British fashion entrepreneur Umar Kamani. Global property consultancy Knight Frank revealed the plot was valued at Dh5,100 per square foot. The exclusive Jumeirah Bay Island, linked to Dubai mainland by a single bridge, has become a sought-after destination for the ultra-wealthy, featuring luxury resorts, a yacht marina, and a seven-star hotel. Land prices on the island have increased threefold due to its exclusivity and limited supply.
• UAE Growth Set to Moderate but Outlook Remains Strong – UAE’s economic growth in 2023 is expected to moderate from last year’s strong levels, supported by high-quality infrastructure and ongoing government reforms, according to an NBK report. Dubai’s property market is experiencing a boom due to economic growth, migration, tourism, and overseas demand, which may slow by next year. Non-oil growth is projected to moderate after the 2022 surge. Risks include a weaker global economy, tighter financial conditions, and a downturn in the property market, while upside risks include higher oil prices and improved regional diplomatic ties boosting trade.