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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 having to click through.
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Dubai’s real estate sector recorded a historic AED179.34bn ($49bn) from 61,000 sales in H1 2023, reflecting a 57% year-on-year growth in sales value and a 42% increase in deal volume, per W Capital.
The market’s resilience was largely attributed to sustained economic momentum and favourable market conditions. Despite the Eid Al Adha holiday, June 2023 recorded the highest-ever monthly transaction value of AED30.3bn ($8.2bn). W Capital’s CEO anticipates the annual sales could surpass AED300bn ($82bn) for the first time in 2023.
UAE offers various property-linked visas, making it an attractive prospect for ex-pats. The Golden Visa is valid for 10 years & requires a minimum property equity value of Dh2 million.
A Property Investor Residence Visa requires an investment of Dh750,000 or Dh1 million for a spouse-named property and mandates a return to the UAE every 180 days.
The Retirement Visa for those above 55 years requires a property investment of AED 2 million, accumulated savings of AED 1 million, or a monthly income of at least AED 20,000.
A survey by Trivago ranks Dubai as the third most popular summer destination for US travellers, after Honolulu and Tokyo, outperforming destinations like Istanbul, Hong Kong, and Paradise Island City.
Dubai’s travel and tourism sector shows a robust rebound post-COVID-19, attracting 6.02 million visitors from January to April 2023, nearing pre-pandemic levels.
Despite a 23.6% increase in lodging prices over two years, 77% of US travellers plan to utilise savings for travel, indicating high demand regardless of economic challenges.
That is all we have for you this week. If you have any comments or questions on this weeks news summary then please feel free to hit ‘reply’ – if not, see you next week.
Tobi Mancuso
Director, Track Capital
Listen to The Pure Property Podcast from Track Capital here
