Investing in Dubai real estate?

[Ertugrul_Bey]

I have been planning on buying a property in dubai and recently met a real estate agent there. She was trying to have me invest in areas away from the main city but I was not too sure on it as I am not too familiar with the market there.

Has anyone purchased property there as in investment? If yes, what areas would you recommend and what should be the price range. My budget is around 1M dharam and I’m open to looking to Abu Dhabi as well. Thanks in advance!

 

[Asad T]

Just a reminder:

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[Hassan A]

I have been planning on buying a property in dubai and recently met a real estate agent there. She was trying to have me invest in areas away from the main city but I was not too sure on it as I am not too familiar with the market there.

Has anyone purchased property there as in investment? If yes, what areas would you recommend and what should be the price range. My budget is around 1M dharam and I’m open to looking to Abu Dhabi as well. Thanks in advance!

I grew up in Dubai and have been observing the market since like 2015. In my opinion, I think it totally depends on your investment goals, whether you want to flip the property or make sensible returns long-term. Good areas are Downtown Dubai, Dubai Marina, JLT, Blue Water Island, Al Furjan, Palm Jumeirah, Greens, etc. These are prime areas where most of the expats live, they are extremely well built and have access to metro, buses etc. Then there are also areas like JVC, JVT but those communities are a bit old now. Areas like international city and al warsan, they are not built well, like there is only one way to go in the community which is always jam packed with traffic in the mornings and evenings plus there is limited public transport. TBH for investment, areas that seem ''Far from Dubai'' - it may be that your tenant's work place is very near to it or their kids' school is very near to it. So better to look for metro, schools, offices nearby the property.

Below pic, is extension of Dubai Metro in 2021, properties in these areas became quite attractive. Recently it was also announced that Dubai plans to add another 14 metro stations, would be good to look into those areas.

 

[Ertugrul_Bey]

This is great insight from you. I really appreciate it. I am not in it for a quick flip but rather for a long term. While I am living in NY at the moment, it’s always good to have a second base back home and Pakistan is totally out of equation due to obvious reasons.

What do you think of Abu Dhabi? Most one bed in good areas are above 1M dharams. Also, at 4% mortgage rate, would it be better to go with a ready to go property or take the 6 years plan for an unfinished one? Once again, your feedback is very much appreciated.

 

[shaaik]

Look for an off plan option if you ain’t planning to relocate sooner. The real estate price has sky rocketed in UAE from last 12-15 months, people here say that it has got something to with Ukraine War. Just to give a some perspective, the property prices have nearly doubled from Covid to now. Investing in UAE real estate is not a bad option specially in off plan projects but you got to make sure that you chose the right builder and decent location. That’s the key here..

 

[Ertugrul_Bey]

That’s exactly what I am working to figure out. What would be the ideal area for a long term hold with a budget of 1M dharam. Any recommendations?

 

[Asad T]

Look for an off plan option if you ain’t planning to relocate sooner. The real estate price has sky rocketed in UAE from last 12-15 months, people here say that it has got something to with Ukraine War. Just to give a some perspective, the property prices have nearly doubled from Covid to now. Investing in UAE real estate is not a bad option specially in off plan projects but you got to make sure that you chose the right builder and decent location. That’s the key here..

I'm skeptical of off-plan developments in Dubai, even if it's from a good developer.

I had bought something from Emaar off-plan a while ago, and while they are considered to be among the most reliable, they delivered the unit like 5 years after the expected completion date. So after that expirence, off-plan is not for me.

 

[Ertugrul_Bey]

Look for an off plan option if you ain’t planning to relocate sooner. The real estate price has sky rocketed in UAE from last 12-15 months, people here say that it has got something to with Ukraine War. Just to give a some perspective, the property prices have nearly doubled from Covid to now. Investing in UAE real estate is not a bad option specially in off plan projects but you got to make sure that you chose the right builder and decent location. That’s the key here..

Thanks for the feedback. What area would you recommend?

 

[Asad T]

That’s exactly what I am working to figure out. What would be the ideal area for a long term hold with a budget of 1M dharam. Any recommendations?

Also, I'd probably wait a year. Prices are high, and the world is on the verge of a recession

 

[Ertugrul_Bey]

I'm skeptical of off-plan developments in Dubai, even if it's from a good developer.

I had bought something from Emaar off-plan a while ago, and while they are considered to be among the most reliable, they delivered the unit like 5 years after the expected completion date. So after that expirence, off-plan is not for me.

Did they offer any price adjustments since you couldn’t capitalize on the investment due to delays?

 

[Ertugrul_Bey]

Also, I'd probably wait a year. Prices are high, and the world is on the verge of a recession

I met the real estate agent a day ago in dubai. She mentioned that anytime there is war, people with money move to Dubai since you only need to invest 2M dharam to get golden visa. She said at the moment Dubai doesn’t care wether you money is black or white. They just want money coming in as they want the city to expand.

I do see her point though. With so much war and uncertainty around the world. Dubai is far less effected by all of this due to its neutral stance in worlds politics. While being there past 4 days, I didn’t see one rally for Palestine or even a flag. It seems to be a govt policy to keep politics out and maintain the peace.

 

[Hassan A]

This is great insight from you. I really appreciate it. I am not in it for a quick flip but rather for a long term. While I am living in NY at the moment, it’s always good to have a second base back home and Pakistan is totally out of equation due to obvious reasons.

What do you think of Abu Dhabi? Most one bed in good areas are above 1M dharams. Also, at 4% mortgage rate, would it be better to go with a ready to go property or take the 6 years plan for an unfinished one? Once again, your feedback is very much appreciated.

Yeah, I totally get your point, its quite prudent of you. Abu Dhabi is good, but I've lived in Dubai mostly, from what i've seen, tourists or people who usually visit Abu Dhabi to see places in their bucket list for UAE, like the grand mosque, louvre museum etc and I have seen friends who live their totally cause of their work/university, I think in terms of locals and expat ratio, Abu Dhabi has more locals.

But if you really want to be in the center of everything , Dubai is much better, cause its the most happening emirates.

UAE has about 10 million population in which about 80% are expats, you can see that most of them live in the emirate of Dubai. Once you start living here, you will see people who live in different emirates have different mindsets, approaches, goals etc. There are other people who live in different emirates like Sharjah or Ajman but work in Dubai, so they have go through roughly two hours of traffic to and from work - they always look kind of tired/frustrated.

What areas has your broker proposed, are they like studios, 1BHKs ? Are they off plan or built already ?
With regards to off plan properties, you really need to research about the developer, their historical delivery dates, has there been delays in previous projects if yes, delay by how long ? has there been disputes on delivery of property size, or maybe they were promised view of water etc and they did not get it? They are now very strictly regulated but its prudent to research them.

 

[Hassan A]

I met the real estate agent a day ago in dubai. She mentioned that anytime there is war, people with money move to Dubai since you only need to invest 2M dharam to get golden visa. She said at the moment Dubai doesn’t care wether you money is black or white. They just want money coming in as they want the city to expand.

I do see her point though. With so much war and uncertainty around the world. Dubai is far less effected by all of this due to its neutral stance in worlds politics. While being there past 4 days, I didn’t see one rally for Palestine or even a flag. It seems to be a govt policy to keep politics out and maintain the peace.

Bare in mind, look for brokers registered with RERA - Real Estate Regularity Authority. These folks have passed exams and are certified and affiliated with a real-estate. There are some who just come to cash in when their is high demand like right now, prices have been sky rocketing for so long, you'll see students or anyone become a real-estate agent overnight.

You can verify by their name, mobile number or ORN by going to dubailand government website and check for licensed real estate brokers.

Dubai Land Department - Licensed real estate brokers

Dubai Land Department seeks to achieve the objectives of Dubai Government's strategy in the real estate sector, and improve land registration procedures.

dubailand.gov.ae

 

[Ertugrul_Bey]

*ELITZ 3 by DANUBE*: *Jumeirah Village Circle*

https://maps.app.goo.gl/YsX5xjA2nyKePvACA?g_st=iw

Tower A : B+G+4P+41
Tower 2 : B+G+4P+35
40+ Amanities

*Studio* A AED 699K-749K

*StUdio* B AED 729K - 809K

*Studio+pool* B AED 779K to 839k

*Studio+pool* A AED 789k-849k

*1Bed Executive* AED *1,099,000 - 1,199,000*

*1br +pool* B
*AED 1,199,000- 1,289,000*

*1br + pool* A AED 1,269,000 - 1,349,000

2BR (B) Without Pool - AED 1,599,000 - 1,719,000

*2bed with pool* (A) AED 1,679,000 - 1,819,000

 

[Ertugrul_Bey]

This is the price list for JVC project I received. Seems very expensive for an area as such but the same area in next 5 years may double in prices. Just have to do some due diligence.

 

[Ertugrul_Bey]

Yeah, I totally get your point, its quite prudent of you. Abu Dhabi is good, but I've lived in Dubai mostly, from what i've seen, tourists or people who usually visit Abu Dhabi to see places in their bucket list for UAE, like the grand mosque, louvre museum etc and I have seen friends who live their totally cause of their work/university, I think in terms of locals and expat ratio, Abu Dhabi has more locals.

But if you really want to be in the center of everything , Dubai is much better, cause its the most happening emirates.

UAE has about 10 million population in which about 80% are expats, you can see that most of them live in the emirate of Dubai. Once you start living here, you will see people who live in different emirates have different mindsets, approaches, goals etc. There are other people who live in different emirates like Sharjah or Ajman but work in Dubai, so they have go through roughly two hours of traffic to and from work - they always look kind of tired/frustrated.

What areas has your broker proposed, are they like studios, 1BHKs ? Are they off plan or built already ?
With regards to off plan properties, you really need to research about the developer, their historical delivery dates, has there been delays in previous projects if yes, delay by how long ? has there been disputes on delivery of property size, or maybe they were promised view of water etc and they did not get it? They are now very strictly regulated but its prudent to research them.

View attachment 138668

You made some great points and I will definitely share it with my agent. I have posted the JVC listing in the thread so see what you think.

 

[Ertugrul_Bey]

Bare in mind, look for brokers registered with RERA - Real Estate Regularity Authority. These folks have passed exams and are certified and affiliated with a real-estate. There are some who just come to cash in when their is high demand like right now, prices have been sky rocketing for so long, you'll see students or anyone become a real-estate agent overnight.

You can verify by their name, mobile number or ORN by going to dubailand government website and check for licensed real estate brokers.

Dubai Land Department - Licensed real estate brokers

Dubai Land Department seeks to achieve the objectives of Dubai Government's strategy in the real estate sector, and improve land registration procedures.

dubailand.gov.ae

I never asked her about being licensed since I didn’t know. I will ask her if she is registered with RERA. Thanks

 

[Hassan A]

*ELITZ 3 by DANUBE*: *Jumeirah Village Circle*

https://maps.app.goo.gl/YsX5xjA2nyKePvACA?g_st=iw

Tower A : B+G+4P+41
Tower 2 : B+G+4P+35
40+ Amanities

*Studio* A AED 699K-749K

*StUdio* B AED 729K - 809K

*Studio+pool* B AED 779K to 839k

*Studio+pool* A AED 789k-849k

*1Bed Executive* AED *1,099,000 - 1,199,000*

*1br +pool* B
*AED 1,199,000- 1,289,000*

*1br + pool* A AED 1,269,000 - 1,349,000

2BR (B) Without Pool - AED 1,599,000 - 1,719,000

*2bed with pool* (A) AED 1,679,000 - 1,819,000

Thanks for sharing this, Danube is a good developer with flexible payment plans
But lets see this property, Elitz 3, can see that these prices that the broker sent you are in range with the listed prices at Bayut or Dubizzle (usual property listing sites).

But I think these prices have already factored in the present market condition which is on the moon, if you look at previous transaction history of its sister buildings i.e Elitz 1, the actual prices are 10-15% lower for studio and 15-20% lower for 1BHK. Have to find out if there is a major difference in these 1 & 2 tower, are they same with pool in the apartments ?
Or its just that the tower 3 left over units are being sold in their peak prices ? Or maybe they are quoting slightly high prices for inquiries coming in from US ?

 

[Asad T]

Did they offer any price adjustments since you couldn’t capitalize on the investment due to delays?

No, they will not give you any compensation for delays from their side

 

[Asad T]

I met the real estate agent a day ago in dubai. She mentioned that anytime there is war, people with money move to Dubai since you only need to invest 2M dharam to get golden visa. She said at the moment Dubai doesn’t care wether you money is black or white. They just want money coming in as they want the city to expand.

I do see her point though. With so much war and uncertainty around the world. Dubai is far less effected by all of this due to its neutral stance in worlds politics. While being there past 4 days, I didn’t see one rally for Palestine or even a flag. It seems to be a govt policy to keep politics out and maintain the peace.

Yes, it is true, but the upside from the russian-ukraine war is now already priced in. The further influx of them will be limated.

Over the last 2 years, a lot of Israeli's have bought property in Dubai but i feel that this will slow down now as well. While Dubai is friendly to Israeli capital, I feel that Israelis will be hesitant to invest in Arab countries now.

 

[Ertugrul_Bey]

Thanks for sharing this, Danube is a good developer with flexible payment plans
But lets see this property, Elitz 3, can see that these prices that the broker sent you are in range with the listed prices at Bayut or Dubizzle (usual property listing sites).

But I think these prices have already factored in the present market condition which is on the moon, if you look at previous transaction history of its sister buildings i.e Elitz 1, the actually prices are 10-15% lower for studio and 15-20% lower for 1BHK. Have to find out if there is a major difference in these 1 & 2 tower, are they same with pool in the apartments ?
Or its just that the tower 3 left over units are being sold in their peak prices ? Or maybe they are quoting slightly high prices for inquiries coming in from US ?

View attachment 138672

View attachment 138673

Great feedback. What website are these pics from? I would like to do a comparison as well with other areas.

 

[Hassan A]

Great feedback. What website are these pics from? I would like to do a comparison as well with other areas.

Thanks, i compared it from dxbinteract.com, you can check last transactions of purchases in the “buy” section and also in the “rent” section you can see the amount at which the property you are looking at is rented at and then you can do your calculations.

 

[Hassan A]

Dubai records real estate transactions worth Dh429.67 billion in first nine months of 2023

Dubai: Dubai's real estate market experienced significant growth in the first nine months of 2023, with a 36.7 per cent increase in transaction value and a 33.8 per cent rise in the number of transactions compared to the same period in 2022. The Dubai Land Department reported 116,116 real estate transactions valued at Dh429.67 billion during this period, attributing this growth to the city's global reputation, robust infrastructure, and the commitment of its leadership to development.

Real estate investments also saw steady growth, with 81,669 investors registering 109,186 investments totaling Dh278.7 billion. This marked a 50.3 per cent increase in value, a 33.3 per cent rise in the number of investments, and a 37.4 per ent increase in the number of investors, driven by the Dubai Land Department's strategic efforts to enhance the city's status as a global real estate investment destination.

The top areas for real estate transactions included Al Barsha South Fourth, Dubai Marina, and Business Bay. Dubai Marina led in terms of transactional value, followed by Palm Jumeirah and Jebel Ali Industrial First. In terms of mortgages, Dubai Marina had the highest number of transactions, while Jebel Ali First led in mortgage value.

Dubai records real estate transactions worth Dh429.67 billion in first nine months of 2023

Top areas for real estate transactions included Al Barsha South Fourth and Dubai Marina

gulfnews.com

 

[Hassan A]

DUBAI RESIDENTIAL MARKET PERFORMANCE

VALUES UP BY 5.6% IN Q1 2023
Residential values across Dubai rose by 5.6% during Q1 2023, marking the 9th consecutive quarter of price rises. The latest increase leaves values 20% higher than Q1 2020 however, average prices remain 15% below 2014 peak. On an annualized basis, prices are up by 13%. Apartment prices increased by 5.7% to approximately AED 1,230 per sqft. during Q1, with values now 15% higher than Q1 2020. Despite rising by 12% over the last 12 months, apartments still trail the 2014 peak by 18%. Villas continue to outperform the rest of the market, with average values growing by 5.1% between January and March to reach AED 1,450 psf, leaving them 15% higher than Q1 2022. The Covid-19 fillip means average villa prices across Dubai have risen by 44% since January 2020, largely driven by the sustained strong demand for luxury second homes from the international elite. Unsurprisingly, this level of growth has resulted in villa prices reaching the last market peak in 2014.

STRONG GROWTH IN EMERGING LOCATIONS
While price growth over the last two years has undoubtedly been strongest in the city’s most expensive submarkets, more affordable locations, at least on a price per square foot basis, have also experienced sharp increases as domestic buyer requirements for larger homes fuels demand, particularly in more affordable inland communities. Dubai Hills Estate for instance, where apartment prices stand at c. AED 1,825 per sqft., prices are up by 26% in the last 12-months, making it one of the strongest gainers in the city. Similarly, at Emirates Hills, villa prices have increased by 18% in the last 12 months alone to reach AED 2,380 per sqft.

Source: KnightFrank

 

[Ertugrul_Bey]

Thank you so much Hassan!!!

 

[Hassan A]

PRIME MARKET PERFORMANCE

The performance at the top-end of the price spectrum clearly demonstrates the arrival of Dubai as a luxury hub to rival long established markets elsewhere. The submarkets that Knight Frank classify as prime are the Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island. The relentless demand from global ultra-high-net worth-individuals (UHNWI) is showing no signs of abating and is reinforcing Dubai’s position as a world-class second home destination.

Dubai's prime residential market has performed in line with Knight Frank's outlook over the past 12 months. As average transacted prices stand at around AED 3,360 per square foot, or about US$915 per square foot, the city remains one of the world's most affordable luxury home markets, which is further boosting Dubai's appeal amongst international buyers. The demand for prime residential property has been so intense that Dubai experienced a record 44% hike in prime home prices last year – the highest level globally.

Factoring for the 16% increase in average transacted prices during Q1, the annualized rate of growth has further
accelerated to 54.6%.Still, a shortage of new supply and strong inflows of UHNWI who are targeting second homes in Dubai’s
premier districts are expected to sustain further price rises. Despite the headlines and market hubris, villa prices in
Dubai have just reached their 2014 peak levels and values are now what they were seven years ago, while apartment
prices trail 2014 levels by nearly 18%.So, it is perhaps unsurprising that Dubai remains one of the world's most “affordable” luxury home markets, ranking in 16th place among our 20 global prime residential markets during 2022.

Source: KnightFrank

 

[LongHorn]

She said at the moment Dubai doesn’t care wether you money is black or white. They just want money coming in as they want the city to expand.

To make it more accurate, Dubai never cared whether your money is black or white, be it 2005 or 2015 or 2023
They harbor the Guptas who stole millions from South Africa, refusing to extradite them and many other financial criminals

 

[LongHorn]

UAE has about 10 million population in which about 80% are expats, you can see that most of them live in the emirate of Dubai. Once you start living here, you will see people who live in different emirates have different mindsets, approaches, goals etc. There are other people who live in different emirates like Sharjah or Ajman but work in Dubai, so they have go through roughly two hours of traffic to and from work - they always look kind of tired/frustrated.

1) I agree that Dubai is the best Emirate to invest in, for people like the OP

2) The population stats in this graph are absolutely wrong, Abu Dhabi Emirate has close to 3 million people or maybe even more

3) The expats in the UAE are spread across all 7 Emirates, so Dubai does not have the majority of expats. What Dubai does have the majority of, are the following categories of expats
i) Russians, ii) Brits, iii) Westerners, iv) Ex Politicians

 

[LongHorn]

No, they will not give you any compensation for delays from their side

This needs to be put in bold.

Developers in the UAE are like Gods. Even if they delay few years, you have to continue your payments. Withholding payment for delay in delivery is not an option for the buyer

 

[Hassan A]

In Q3 2022:

• There was a 13% increase in the number of rental contracts compared to Q2 2022.
• Average market value for rentals rose by 20%.
• Renewed contracts saw a 16% increase from the previous quarter.
• Annual residential contracts specifically increased by 13% quarter-on-quarter in Q3.

October:

The Dubai real estate sector saw an increase of more than 80 per cent in the value of existing property transactions in October, compared to the year before, according to Property Finder research.
The month saw 7,128 real estate transactions worth a total of AED29.7bn ($8.1bn), recording a 17.46 per cent increase in value compared to the same month last year.

Source: Property Finder

 

[gazza619]

Pakistan’s loss is Dubai’s gain.

 

[Hassan A]

According to Media Sources:

The Russian property boom in Dubai appears to be over.

Russian purchases of Dubai real estate have been slowing down over the last few months, brokers say, after a year in which the ruble lost a third of its value. Meanwhile, there’s a natural ebb after a flurry of buying in the year after the Ukraine invasion, according to the brokers, and some Russians who have resettled here decided Dubai just was not for them and have moved on.

Russians have traditionally been fans of United Arab Emirates property, but they really flooded into the market in 2022, after international sanctions squeezed Russia’s economy and finances after the country’s invasion of Ukraine. They were part of a post-pandemic market boom that’s pushed home prices up about 30 per cent in the past two years to September, according to CBRE Group.

One luxury broker says Russians have become net sellers at his firm, repatriating money after big gains in the emirate’s red-hot property market or getting out of deals they can no longer afford.

“They’re taking profits,” said Abdullah Al Ajaji, founder of Driven Properties, whose Russian clients bought 146.5 million dirhams (S$54 million) worth of real estate in June till August and sold 276 million dirhams’ worth in the same period.

The buying by Russians continued into the first half of 2023, according to Emaar Properties PJSC, Dubai’s biggest developer.

 

[OMB]

Do not fear investing in dubai if you can buy ready property or close to completion properties. Risk is in off plan properties,

 

[OMB]

Yes, it is true, but the upside from the russian-ukraine war is now already priced in. The further influx of them will be limated.

Over the last 2 years, a lot of Israeli's have bought property in Dubai but i feel that this will slow down now as well. While Dubai is friendly to Israeli capital, I feel that Israelis will be hesitant to invest in Arab countries now.

Dubai will not be risky from that POV, they are business driven so it will be all fine

 

[Hassan A]

According to Media sources:

Indians surpass Britons to become largest real estate investors in Dubai, Russians down at No. 3

The Betterhomes Residential Market Report 2023 has stated that Indians have become the largest real estate investors in the Dubai property market surpassing Britons in the latest quarter. The Dubai real estate market recorded 28,249 transactions in the third quarter. This was a 4 per cent increase versus the second quarter and 23 per cent higher than the same period in 2022. The report said it was entirely driven by 34 per cent growth in villa and townhouse transactions, with apartment transactions contracting by 4 per cent

The report highlighted that Indians topped the country-wise list in Q2 (June quarter) and Q3 (September quarter). It was at No. 2 in the first quarter when Britons topped the list. Indians have been topping the list of top five homebuyers in Dubai. However, rising wealth and factors such as Russia's geopolitical isolation have rearranged the pecking order, the report highlighted.

"Indian and British nationals remained the two largest buyers of real estate. Russians moved out of the top 3 buyer nationalities for the first time since Q2 2022, perhaps driven by the continued decline in the ruble. Whilst Turkey moved out of the top 10, buyers from the MENA region remain prevalent, with continued growth in buyers from Egypt, Lebanon, UAE and Jordan," the report said.

 

[globetrotter]

Since January 2024, many dubai properties exhibitions held in Mumbai and it’s suburbs… still happening.. and some of in pipelines for March 2024… why huge number of dubai properties happening in Mumbai and it’s suburbs?

Is properties in dubai facing tough time?…. Dubai developers knows property prices are high in Mumbai than that of Dubai…. They are luring Mumbaikars to invest in dubai properties…
As per Danube properties report, out of total properties sold last year, 50% are bought by Indians.

 

[sweep_shot]

Since January 2024, many dubai properties exhibitions held in Mumbai and it’s suburbs… still happening.. and some of in pipelines for March 2024… why huge number of dubai properties happening in Mumbai and it’s suburbs?

Is properties in dubai facing tough time?…. Dubai developers knows property prices are high in Mumbai than that of Dubai…. They are luring Mumbaikars to invest in dubai properties…
As per Danube properties report, out of total properties sold last year, 50% are bought by Indians.

Should there be a cap on foreign buyers?

If people who are not residents are purchasing majority of the properties, isn't that problematic for the country?

Looks like UAE is making the same blunder Canada made earlier. Canada allowed many foreign buyers to buy properties and it eventually contributed to a housing crisis.

Canada eventually decided to put some restrictions on foreign ownerships (reference: https://www.cmhc-schl.gc.ca/profess...rchase-residential-property-non-canadians-act).

 

[globetrotter]

Should there be a cap on foreign buyers?

If people who are not residents are purchasing majority of the properties, isn't that problematic for the country?

Looks like UAE is making the same blunder Canada made earlier. Canada allowed many foreign buyers to buy properties and it eventually contributed to a housing crisis.

Canada eventually decided to put some restrictions on foreign ownerships (reference: https://www.cmhc-schl.gc.ca/profess...rchase-residential-property-non-canadians-act).

Dubai can’t do restrictions on foreign buying as property their main business along with tourism and duty free trade

 

[sweep_shot]

Dubai can’t do restrictions on foreign buying as property their main business along with tourism and duty free trade

Don't you think it may cause problems for them in the future (high number of foreign ownerships)?

 

[globetrotter]

Don't you think it may cause problems for them in the future (high number of foreign ownerships)?

What problem, if they put restrictions on foreign buying, then they will be doomed… currently many properties are vacant, they in need of foreign buyers…

High number of foreigners will not create any problem bcos they are no offering anyone citizenship

 

[BouncerGuy]

Investment is never a bad option when you talk about countries like UAE. Their tourism is enough to make a living out of it.

High number of foreigners will not create any problem bcos they are no offering anyone citizenship

You are right. They are still attracting a lot of foreigners so it will not be a problem for them in the future as well until they start giving citizenship.

 

[FearlessRoar]

According to a monthly report on the “Real Estate and Mortgages movement” issued by Sharjah Real Estate Registration Department, it was revealed that the real estate sector in Sharjah has recorded a significant growth during January 2024, as the volume of real estate transactions in the emirate reached Dhs 3.9 billion.

This rate constitutes a huge increase compared to January 2023, where the volume of real estate transactions reached only Dhs2 billion. Consequently, the number of transactions carried out during January 2024 witnessed a significant increase compared to last year, as it reached 5,412 during January 2024, while its number in January 2023 reached only 2,999 transactions.

These impressive results promise a prosperous year full of success and achievements for the real estate sector in the emirate, as it has become an important destination for investors, exhibitors, and real estate developers in the UAE, the region, and the world. It also shows that the emirate continues to succeed in consolidating its position as a leading regional destination for investment in real estate, in light of the economic stability and diversity, legislation and organized laws, and the unprecedented facilities and incentives offered by the Sharjah Government. In addition, the emirate offers a dynamic real estate market that demonstrated its ability to provide everything new in the field of real estate investment, and contributed to opening broader horizons to revive, develop, and grow this sector, while highlighting the major urban renaissance witnessed by the emirate and the country.

The department’s statistics show that the total transactions implemented last January have reached 5,412, as the number of sales transactions reached 879, representing 16.3% of the total number of transactions. As for the number of mortgage transactions, it reached 288, which represented 5.3% of the total transactions, and a total value of Dhs 548.1 million. The other remaining transactions amounted to 4,245, and represented 78.4% of the total number of transactions.

Sales transactions took place in 106 areas distributed across various cities and regions of the emirate, and they included residential, commercial, industrial, and agricultural lands. As for the type of traded real estate, 358 lands were traded, built-in land transactions amounted to 282, and the number of units sold in tower transactions reached 239 out of the total number of transactions.

The report also showed that “Muwailih Commercial” topped the list of the highest areas in the number of sales transactions in Sharjah, recording 122 transactions, followed by “Al-Mazairah” area with 114 transactions, “Al-Khan” area with 61 transactions, and “Hoshi” area with 43 transactions.

As for the most active areas in terms of trading volume, “Muwailih Commercial” area came first, with a trading volume of Dhs 164.1 million, followed by “Al-Sajaa Industrial” area with Dhs 152.5 million, “Al-Khan” area with Dhs 79.2 million, and “Al -Mamzar” area with Dhs 71.7 million.

In the central region, the transactions were concentrated in “Al-Madina Al-Qasimia”, with 46 transactions, which also recorded the highest numbers in terms of trading volume, reaching Dhs 32 million.

In Khor Fakkan, “Hay Al-Haray Industrial” area came first, with 7 transactions, while “Hayawa 4” district recorded the highest numbers of trading volume, which reached Dhs 3.2 million.

Finally, and in the city of Kalba, “Al-Tarif 5” topped with 4 transactions, and was also the highest area in Kalba in terms of trading volume, which reached Dhs 1.5 million.

Meanwhile, The Sharjah Chamber of Commerce and Industry (SCCI) has explored with an Indian delegation avenues for bolstering investment and fostering partnerships between the business communities of Sharjah and India.

During the “Sharjah-India Business Forum,” held at the SCCI headquarters, the Chamber urged Indian companies to leverage Sharjah’s attractive investment climate and the opportunities it presents across several key sectors.

The business forum shed light on the comprehensive economic partnership agreement between the UAE and India, which aims to expand cooperation, increase investments, and boost trade exchange volumes between the two nations.

Present at the meeting were HE Abdullah Sultan Al Owais, Chairman of the SCCI; Sudarsan Swamy, President of the Vizagapatam Chamber of Commerce and Industry and leader of the Indian delegation; HE Halima Humaid Ali Al Owais, SCCI Board Member; HE Mohammad Ahmed Amin Al Awadi, SCCI Director General; Abdul Aziz Al Shamsi, Assistant Director General for Communication and Business Sector; and Jamal Saeed Buzangal, Director of the Media Department at the SCCI.

Also present were Lalo Samuel, Representative Committee Group Chairman for the industrial sector, as well as a crowd of businessmen from leading Emirati and Indian companies.

HE Abdullah Sultan Al Owais stressed that the economic and trade relations between India and the UAE, particularly with Sharjah, are strong and growing, with both sides continuously seeking to expand cooperation and build sustainable partnerships. These efforts aim to enhance bilateral trade volume and mutual investments, moving towards broader horizons to serve common interests.

Sharjah property sector on solid track, records Dhs3.9 billion in realty deals

According to a monthly report on the “Real Estate and Mortgages movement” issued by Sharjah Real Estate Registration Department,

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