Welcome to our weekly roundup of the latest real estate news and property transactions in Dubai. From notable launches to market trends, here's a recap of the most significant developments from the week of June 24th to 28st, 2024:
New Launches:
Valley Phase 2 by EMAAR
Location: EMAAR South
Valley Phase 2 by EMAAR in EMAAR South is an exciting new off-plan development offering modern townhouses and villas. Designed with family living in mind, this community features spacious homes with contemporary interiors and access to a range of amenities, including parks, schools, and retail outlets. Residents will enjoy a serene and well-connected lifestyle, with easy access to key areas in Dubai.
Milos Residences
Location: Dubailand
Milos Residences in Dubailand is a newly launched development offering luxurious apartments with stylish designs and high-end finishes. This project boasts a range of amenities, including a swimming pool, fitness center, and landscaped gardens. With its strategic location, residents can enjoy a balanced lifestyle, with proximity to entertainment hubs, shopping centers, and major roadways.
Sobha Orbis
Location: Motor City
Sobha Orbis in Motor City is a premium residential development featuring sophisticated apartments and penthouses. The project offers a variety of modern amenities, including a rooftop pool, state-of-the-art gym, and children’s play areas. Sobha Orbis is designed to provide a vibrant and dynamic living experience, with easy access to sports facilities, retail spaces, and dining options within the Motor City community.
Market Trends of Dubai This Past Week:
Luxe Developers have announced a new Golden Visa offer for people who interested in investing in properties located in Ras Al Khaimah:
The Luxe Developers, a UAE-based real estate firm, has achieved a significant milestone as the first off-plan developer in Ras Al Khaimah to secure a UAE Golden Visa for an investor.
An investor acquired two three-bedroom apartments and a penthouse at the Oceano development on Al Marjan Island for over AED 35 million. This purchase qualified them for the long-term Golden Visa, valid for either five or ten years, through the real estate agency.
Golden Visas grant holders the ability to live, work, and study in the UAE without the need for a national sponsor, and they also allow visa holders to sponsor their families.
Property Portal Bayut announces an AI Property Valuation Service:
Bayut has introduced an AI-powered service to provide Dubai real estate investors with instant and accurate property valuations.
After signing an MoU with the Dubai Land Department (DLD), Bayut developed the innovative AI tool, branded as “TruEstimate.” This tool combines Bayut’s extensive data with DLD’s property databases to offer smart property valuation solutions.
TruEstimate delivers detailed property valuation reports, rental yield information, property history, and comparisons with similar properties. This AI-driven service aims to revolutionize how homeowners, property sellers, buyers, and agents interact with the UAE real estate market, providing valuable insights and enhancing user experiences.
Dubai’s Mortgage Activity Has Hit a 14-Month High
Due to Dubai's low interest rates and population influx are fueling a surge in the mortgage sector. In May, Dubai's mortgage market reached a 14-month peak, the second-highest on record, according to the Dubai Land Department.
With over 30,000 new expatriates moving to Dubai this year, demand for home purchases has significantly increased. Properties priced between AED 1-3 million made up more than half of all transactions, followed by the AED 3-5 million range at 25%.
Top areas for apartment mortgages include Downtown Dubai, Jumeirah Village Circle, Dubai Marina, Jumeirah Lake Towers, and Jumeirah Beach Residence.
As Dubai's real estate sector continues to grow and flourish, the latest off-plan launches and market trends highlight the city's enduring appeal as a premier destination for luxury living and investment opportunities. Stay tuned for more updates and insights as we track the dynamic developments shaping Dubai's property landscape.