Weekly Roundup 14.02.22

There has been a buzz around the office this week, as we announced our first international recruitment event in two years! Our recruitment team will be heading to the UK to hunt for new talent to join our ever-growing team. 

To learn more, watch the video below

Click here to speak to the team!

Allsopp & Allsopp property of the week

The spotlight this week is on the impressive Ahad Residences. Located in the heart of Business Bay, just 1 KM from the Iconic Burj Khalifa, Ahad Residences is a 30 story residential building consisting of studio, 1, 2, and 3 bedroom apartments. We are hosting an open house event this weekend to showcase what a fantastic investment opportunity this is. Prices start from just AED 705,000, with a high return on investment, and just a 10% down payment! 

Interested? Come and join us from 10 am - 6 pm this Saturday (19th Feb 2022)  - we can't wait to show you around! Or, click here to speak to a member of the team

News that caught our attention this week:

Dubai’s real estate market records AED 16.7 billion deals in January - the most on record! 

Data released this week from the UAE property portal, Property Finder, has revealed that January 2022 was a record-breaking month for the Dubai real estate market. With over AED 16.7 billion worth of deals, it is the strongest start to a year Dubai has ever seen! Of the 5,797 sales transactions that took place, 47% were off-plan deals, while 53% came from the secondary market. In comparison to January 2021, deal volumes have risen by 74%, and the off-plan market has witnessed a staggering 181% increase. These figures echo the sentiment we shared in our 2022 outlook, that 2022 will be another great year for Dubai real estate! 

UAE praised for economic recovery 

The International Monetary Fund has accredited the momentum in the UAE’S economic recovery to the country's impressive response to the Covid-19 pandemic, and the introduction of policies that are encouraging the revival of tourism. It is estimated that the UAE economy grew 2.2% in 2021, and the IMF expects this to rise to 3.5% in 2022. Widespread testing and strict lockdown measures limited the initial spread of the virus within the UAE, while the vaccination program has placed the UAE among the highest globally for population vaccination rates. This is a testament to Dubai’s ability to evolve and adapt, and correlates to the confidence international investors are putting in Dubai’s economy, demonstrated by the record-breaking real estate transactions that took place in January 2022!

Prince William arrives in UAE first official visit

This week, Dubai warmly welcomed Prince William on his first official visit to the United Arab Emirates. The Duke of Cambridge’s visit coincided with the UK’s national day at Expo 2020, which took place on Thursday. This royal visit is significant in showcasing the strong relationship between the UK and UAE. Whilst in the UAE, Prince William has promoted a number of environmental and conservation initiatives that he is supporting, such as the United for Wildlife campaign and the Earthshot Prize, which focuses on solving the world’s biggest environmental concerns. He also toured areas of Dubai dedicated to nature conservation and praised the efforts made in Dubai to create diverse and thriving habitats for wildlife. 

Why the Real estate sector could be the first to welcome NFTs  

Senior Damac Executive, Ali Sajwani has made comments this week referencing the property market as being “on the verge of a breakthrough for adopting non-fungible tokens for real-world applications”. He took to Twitter to conduct a poll on the topic, where more than a third of the 4200 voters agreed the sector will soon capitalise on the potential physical applications of NFTs. While we believe that traditional methods will of course continue to be used for the immediate future, we welcome the idea that blockchain technology could play a part in the future of Real Estate technology!

That concludes our news round-up for this week! As always, our inboxes are open! Please get in touch with us if you would like more information on the topics above or the property market in general! 

Click to WhatsApp our Client Concierge:https://wa.me/97144294444 or email us at info.uae@allsoppandallsopp.com