Dubai has just announced plans to construct the world's largest airport terminal, with a hefty price tag of $35 billion.
The Prime Minister and Vice President of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, revealed that the new terminal will be a staggering five times larger than the current Dubai International Airport and will serve up to 260 million passengers a year.
During a telethon, he elaborated, "As we develop an entire city surrounding the airport in the southern region of Dubai, there will be a demand for housing accommodating up to a million people. The world's leading logistics and air transport firms will find their base here."
This announcement serves as yet another testament to Dubai's dedication to future progress and expansion.
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The Prime Minister and Vice President of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, revealed that the new terminal will be a staggering five times larger than the current Dubai International Airport and will serve up to 260 million passengers a year.
During a telethon, he elaborated, "As we develop an entire city surrounding the airport in the southern region of Dubai, there will be a demand for housing accommodating up to a million people. The world's leading logistics and air transport firms will find their base here."
This announcement serves as yet another testament to Dubai's dedication to future progress and expansion.
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“Dubai is a Gallery, and Buildings are Showpieces”
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The UAE is focused on advancing the construction sector with modern and innovative technologies.
Dubai has already issued the first permit for building construction using 3D printing technology in the Emirates (the permit was granted to the construction company "Nakheel" for the Al Furjan Hills area).
Such companies as 3DXB and AC3D are actively working on applying 3D printing systems in Dubai's construction sector.
Looking ahead, the market for 3D construction printing is projected to reach $2.5 billion by next year, and by 2030, the UAE plans to "print" 25% of all new buildings.
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Dubai has already issued the first permit for building construction using 3D printing technology in the Emirates (the permit was granted to the construction company "Nakheel" for the Al Furjan Hills area).
Such companies as 3DXB and AC3D are actively working on applying 3D printing systems in Dubai's construction sector.
Looking ahead, the market for 3D construction printing is projected to reach $2.5 billion by next year, and by 2030, the UAE plans to "print" 25% of all new buildings.
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“Dubai is a Gallery, and Buildings are Showpieces”
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The UAE has operated according to the principles of FATF, providing the sense of security and prestige to the investors as these are the principles of the European community. In March 2024, the UAE was removed from the FATF "Greylist." This list was developed by the Financial Action Task Force to fight against money laundering.
According to Allsopp & Allsopp (2024), for the UAE, exiting the FATF "green list" offers benefits to its economy and enhances its global position, attracting more foreign investment and establishing trustworthy relationships with international partners. The real estate sector, specifically, is expected to experience substantial advantages from this alteration.
As rental rates rise and interest rates become more affordable, people prefer buying property rather than renting.
Off-Plan Property Sales. Off-plan real estate continues to gain momentum in sales; developers are launching new projects at an impressive frequency—once every 17 hours, significantly more than in the previous quarter, which was once every 36 hours.
The leaders among the regions are still:
1️⃣Jumeirah Village Circle,
2️⃣Dubai Marina,
3️⃣Business Bay.
Apartments accounted for 61.2% of the total sales volume by value, while villas and townhouses made up 38.8%.
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“Dubai is a Gallery, and Buildings are Showpieces”
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According to Allsopp & Allsopp (2024), for the UAE, exiting the FATF "green list" offers benefits to its economy and enhances its global position, attracting more foreign investment and establishing trustworthy relationships with international partners. The real estate sector, specifically, is expected to experience substantial advantages from this alteration.
As rental rates rise and interest rates become more affordable, people prefer buying property rather than renting.
Off-Plan Property Sales. Off-plan real estate continues to gain momentum in sales; developers are launching new projects at an impressive frequency—once every 17 hours, significantly more than in the previous quarter, which was once every 36 hours.
The leaders among the regions are still:
1️⃣Jumeirah Village Circle,
2️⃣Dubai Marina,
3️⃣Business Bay.
Apartments accounted for 61.2% of the total sales volume by value, while villas and townhouses made up 38.8%.
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“Dubai is a Gallery, and Buildings are Showpieces”
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Thanks to an 8% increase in the number of new jobs compared to the fourth quarter of 2023, the UAE has become the leader in job creation among the Gulf countries in the first quarter of this year.
The employment ratings from Cooper Fitch Gulf indicate growth in the number of new jobs in the sectors of real estate, digital technologies, data processing, and artificial intelligence.
🟢 Figures include:
- Real estate sector: +11%
- Construction, planning, and real estate services: +11%
📍Regarding overall growth in the region:
- Saudi Arabia saw a 5% increase in new jobs,
- Qatar had a 3% increase,
- Bahrain had a 1% increase,
- Kuwait had a 4% increase,
- Oman saw no change in job growth.
In the legal and investment management sectors, job numbers in the Gulf countries increased by 9%, indicating the region's growing popularity.
The economic outlook for the UAE remains promising, with projected GDP growth of 4.2% in 2024 and 5.2% in 2025.
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“Dubai is a Gallery, and Buildings are Showpieces”
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The employment ratings from Cooper Fitch Gulf indicate growth in the number of new jobs in the sectors of real estate, digital technologies, data processing, and artificial intelligence.
- Real estate sector: +11%
- Construction, planning, and real estate services: +11%
📍Regarding overall growth in the region:
- Saudi Arabia saw a 5% increase in new jobs,
- Qatar had a 3% increase,
- Bahrain had a 1% increase,
- Kuwait had a 4% increase,
- Oman saw no change in job growth.
In the legal and investment management sectors, job numbers in the Gulf countries increased by 9%, indicating the region's growing popularity.
The economic outlook for the UAE remains promising, with projected GDP growth of 4.2% in 2024 and 5.2% in 2025.
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“Dubai is a Gallery, and Buildings are Showpieces”
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Recently, the UAE Central Bank published updated ratings, in which we detected a particular trend. The growth is supported by diversification and favourable conditions of the national economy.
The report drew attention to employment growth in the private sector. In the first quarter of 2024 alone, the number of employees increased by 3.1%.
In terms of finance, the 2023 fiscal balance showed a surplus of AED 61 billion, which equates to 4.4% of GDP.
What does this tell us?
The market continues its steady growth and attracts more and more investments and entrepreneurs of various levels to the country.
Let's continue to monitor the situation together.
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“Dubai is a Gallery, and Buildings are Showpieces”
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The report drew attention to employment growth in the private sector. In the first quarter of 2024 alone, the number of employees increased by 3.1%.
In terms of finance, the 2023 fiscal balance showed a surplus of AED 61 billion, which equates to 4.4% of GDP.
What does this tell us?
The market continues its steady growth and attracts more and more investments and entrepreneurs of various levels to the country.
Let's continue to monitor the situation together.
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“Dubai is a Gallery, and Buildings are Showpieces”
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The property market is currently growing and evolving in various directions, and surely, we cannot ignore the overall digitisation trend.
Today, it's not just a trend, but a whole system that is revolutionising sales, purchasing, and property management.
📌Blockchain technology
This technology saves us a considerable amount of time and makes transactions more transparent and legitimate.
📌Artificial Intelligence
AI assists in data analysis, contract compliance monitoring, and even home and interior designs.
📌Virtual apartments and houses tours
This feature is particularly relevant for foreign buyers planning to purchase or rent properties in the UAE but are unable to physically visit the properties.
The development of these areas undoubtedly eases the workflow for both developers and brokers.
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Object 1
“Dubai is a Gallery, and Buildings are Showpieces”
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Today, it's not just a trend, but a whole system that is revolutionising sales, purchasing, and property management.
📌Blockchain technology
This technology saves us a considerable amount of time and makes transactions more transparent and legitimate.
📌Artificial Intelligence
AI assists in data analysis, contract compliance monitoring, and even home and interior designs.
📌Virtual apartments and houses tours
This feature is particularly relevant for foreign buyers planning to purchase or rent properties in the UAE but are unable to physically visit the properties.
The development of these areas undoubtedly eases the workflow for both developers and brokers.
-
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“Dubai is a Gallery, and Buildings are Showpieces”
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The first quarter of 2024 saw a sales increase that exceeded average rates by 19.3%, according to data from Allsopp & Allsopp. Analysts are now predicting a record boom in Dubai's real estate sector during the next six months.
By analysing the prices of sold properties, it can be seen that about 30% of properties cost less than 1 million dirhams, indicating that the trend towards buying mid-priced housing is becoming more mainstream.
It is worth noting that the majority of the properties are purchased on mortgage terms (41.7% more than in the previous quarter).
🔊The main focus remains in the following areas:
- Jumeirah Village Circle,
- Dubai Marina,
- Business Bay.
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“Dubai is a Gallery, and Buildings are Showpieces”
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By analysing the prices of sold properties, it can be seen that about 30% of properties cost less than 1 million dirhams, indicating that the trend towards buying mid-priced housing is becoming more mainstream.
It is worth noting that the majority of the properties are purchased on mortgage terms (41.7% more than in the previous quarter).
🔊The main focus remains in the following areas:
- Jumeirah Village Circle,
- Dubai Marina,
- Business Bay.
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“Dubai is a Gallery, and Buildings are Showpieces”
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For those new to real estate investing, the complexities can be overwhelming, and it's easy to fall into common pitfalls. Let's explore the advantages and disadvantages of purchasing property on both the primary and secondary markets.
🟢Primary Market (Off-plan)
Advantages:
- Properties equipped with the latest technology and modern renovations.
- Lower prices compared to the secondary market.
- Option for payment instalments directly from the developer.
- High potential for investment returns.
Disadvantages:
- Construction completion is required, which involves waiting.
- High demand can make securing the desired property challenging.
🟢Secondary Market (Ready)
Advantages:
- Potential for immediate income generation.
- Availability of mortgages.
Disadvantages:
- Use of outdated building technologies and need for renovations.
- Requirement to pay the full price upfront.
- Longer time needed to realise a return on investment.
The main advantage of ready properties is the savings in time. If quick occupancy is a priority for you, then the secondary market might be the more appropriate choice.
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“Dubai is a Gallery, and Buildings are Showpieces”
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🟢Primary Market (Off-plan)
Advantages:
- Properties equipped with the latest technology and modern renovations.
- Lower prices compared to the secondary market.
- Option for payment instalments directly from the developer.
- High potential for investment returns.
Disadvantages:
- Construction completion is required, which involves waiting.
- High demand can make securing the desired property challenging.
🟢Secondary Market (Ready)
Advantages:
- Potential for immediate income generation.
- Availability of mortgages.
Disadvantages:
- Use of outdated building technologies and need for renovations.
- Requirement to pay the full price upfront.
- Longer time needed to realise a return on investment.
The main advantage of ready properties is the savings in time. If quick occupancy is a priority for you, then the secondary market might be the more appropriate choice.
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Dubai ranks first among Maritime Cities of 2024 in Arab countries.
Dubai has achieved the top position among Arab countries in the "Best Maritime Cities of 2024" ranking. This is evidenced by an international report presented by such companies as DNV and Menon Economics, which specialise in assessing maritime cities worldwide.
Comparing the results from 2022 and today, Dubai has climbed two positions up.
This increase is attributed to development of the following areas: maritime hubs, marine technologies, ports and logistics, overall tourist appeal, as well as financial and legal aspects.
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Dubai has achieved the top position among Arab countries in the "Best Maritime Cities of 2024" ranking. This is evidenced by an international report presented by such companies as DNV and Menon Economics, which specialise in assessing maritime cities worldwide.
Comparing the results from 2022 and today, Dubai has climbed two positions up.
This increase is attributed to development of the following areas: maritime hubs, marine technologies, ports and logistics, overall tourist appeal, as well as financial and legal aspects.
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“Dubai is a Gallery, and Buildings are Showpieces”
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The Dubai Land Department and the Real Estate Regulatory Agency (RERA) announced that from April 1 2024, the UAE real estate rental market implemented a new procedure for the reassessment of rental prices.
Landlords are now required to submit a court decision or order to file for a rental appraisal service. Previously, landlords just needed to pay a fee at the Dubai Land Department.
As of today, the price index calculator or RERA is the primary legal tool for calculating rental increases.
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Landlords are now required to submit a court decision or order to file for a rental appraisal service. Previously, landlords just needed to pay a fee at the Dubai Land Department.
As of today, the price index calculator or RERA is the primary legal tool for calculating rental increases.
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The UAE Cabinet of Ministers recently approved a visa for exceptional contributions to the country's environment.
Who can obtain it?
1. Employees of international companies and non-governmental organizations
2. Outstanding activists and researchers
3. Award winners
4. The essential purpose of the visa is to attract international specialists in environmental protection.
The visa will be valid for ten years.
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Who can obtain it?
1. Employees of international companies and non-governmental organizations
2. Outstanding activists and researchers
3. Award winners
4. The essential purpose of the visa is to attract international specialists in environmental protection.
The visa will be valid for ten years.
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According to the REIDIN information service (RPPI), the Dubai real estate price index has the following trend:
Sales
🔺Сompared to March 2024, the index increased by 2.13 points - from 117.87 to 120.00. Growth - 1.81%
🔺Compared to March 2024, the rental index increased by 1.62 points - from 120.82 to 122.44. Growth - 1.34%
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Sales
🔺Сompared to March 2024, the index increased by 2.13 points - from 117.87 to 120.00. Growth - 1.81%
🔺Compared to March 2024, the rental index increased by 1.62 points - from 120.82 to 122.44. Growth - 1.34%
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Based on the latest reports from the organizations that use the Dubai Financial Market (DFM) to raise funds through initial public offerings (IPOs), they have amassed $9.4 billion in revenue over the past three years!
A sharp jump began in 2022 when 230 thousand new investors were attracted, which increased DFM’s capitalization to $187 billion. At the same time, 155 bonds worth $131 billion were listed on DFM and Nasdaq Dubai.
The latest company to hold an IPO is Dubai-based parking supervisory company Parkin Co. PJSC.
Based on those facts, we can assume that this year holds positive dynamics in the market, and new listings can possibly be launched on the market.
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“Dubai is a Gallery, and Buildings are Showpieces”
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A sharp jump began in 2022 when 230 thousand new investors were attracted, which increased DFM’s capitalization to $187 billion. At the same time, 155 bonds worth $131 billion were listed on DFM and Nasdaq Dubai.
The latest company to hold an IPO is Dubai-based parking supervisory company Parkin Co. PJSC.
Based on those facts, we can assume that this year holds positive dynamics in the market, and new listings can possibly be launched on the market.
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Registering your rental agreement in Dubai is a crucial step and is referred to the Ejari system introduced by the Department of Lands (DLD) in 2007. Since 2010, unregistered agreements hold no legal validity.
Once your rental agreement is officially registered, you'll receive an Ejari certificate with a unique number and barcode.
🔺Why do you need a barcode?
- To connect water and electricity services
- To access internet and telephone services
- To obtain a UAE resident visa
🟢 How to register your agreement:
- Via the Dubai Rest and Dubai Now apps
- At Ejari service centers
- Through the DLD website
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“Dubai is a Gallery, and Buildings are Showpieces”
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Once your rental agreement is officially registered, you'll receive an Ejari certificate with a unique number and barcode.
🔺Why do you need a barcode?
- To connect water and electricity services
- To access internet and telephone services
- To obtain a UAE resident visa
🟢 How to register your agreement:
- Via the Dubai Rest and Dubai Now apps
- At Ejari service centers
- Through the DLD website
-
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The World Bank has updated its forecast for the UAE's real GDP growth, projecting it to reach 3.9% in 2024, up from the previous estimate of 3.7%.
Looking ahead to 2025, the UAE's economic growth is expected to improve further, according to the World Bank a forecasted increase will be 4.1%.
The country’s current account surplus is estimated to rise to 8.4% in 2024 and 8.3% in 2025. The budget surplus is projected to be 5.1% by the end of 2023 and 4.8% in 2025.
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Looking ahead to 2025, the UAE's economic growth is expected to improve further, according to the World Bank a forecasted increase will be 4.1%.
The country’s current account surplus is estimated to rise to 8.4% in 2024 and 8.3% in 2025. The budget surplus is projected to be 5.1% by the end of 2023 and 4.8% in 2025.
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