There is a renewed surge in Dubai property sales, particularly from overseas investors, mainly from the UK and European Union who are benefiting from the weak performance of the US dollar over the past four months, according to Devmark, a UAE-based real-estate consultancy and advisory firm.
Service charges are the only rates that have remained intact through the property market downturn and the subsequent COVID-19 hit on income and activity. Now, property investors want some changes to services charges to reflect market realities.
The pandemic outbreak and the ensuing lockdown have started to influence lifestyle changes and real estate preferences, with buyers increasingly looking for spacious apartments or detached houses with gardens.
Dubai's property market became more competitive globally, as prime residential property capital values declined 3 per cent in the first half of 2020, while Seoul recorded the biggest price rise in the same period, Savills said.
Despite the global pandemic, Dubai has seen “impressive levels” of real estate transactions over the past few months, the chief commercial officer of a United Arab Emirates-based property developer said last week.
The Dubai Land Department introduced a new service that links real estate owners with brokers to help them sell or rent their property, with the aim of improving communication, reducing complaints and boosting transactions.
UAE Tenants take advantage of Lower Rents and Sales Prices to upgrade their homes
Dubai district cooling provider Emicool extends 3-month cost-relief for tenants. Other such service providers could also join in offering much needed savings.
Property transaction levels in Dubai in June hit what was previously recorded in February, setting a foundation for recovery of the local property sector for the second-half of 2020.
Dubai-based Union Properties has revealed plans to launch its new Motor City Hills project which will include 195 villas, 490 townhouses and six areas of commercial land. The 2.9 million square foot development has been announced following the conclusion of the developer’s three-year ‘Strategic Blueprint Plan’.
Arabian Ranches has claimed the top spot among buyers and investors interested in ready villas in Dubai in the first-half 2020, followed by Palm Jumeirah and The Villa.
