Weekly Roundup 21.02.22

With the end of February fast approaching, we are pleased to see that the Dubai property market is showing no signs of slowing down just yet! With talks of ‘post Expo Boom’, and record-high traffic numbers at Dubai Airport - it’s been a great week across the board!

Allsopp & Allsopp property of the week

This week, we are excited to share this impressive 5 bedroom duplex penthouse in Bay Central, Dubai Marina. With panoramic views of over the Marina and fully upgraded throughout, this property combines tranquility and elegance, for the ultimate Marina living experience.

Interested? Click here to speak to the listing agent, Joseph Gregory.

News that caught our attention this week:

Dubai International named worlds busiest airport - For the eighth consecutive year, DXB has been named the world’s busiest airport for international passenger numbers. Expected traffic for 2021 was exceeded by more than half a million, with over 29 million passengers utilising the airport, a year-on-year growth of 12.7 percent. Q4 of 2021 saw passenger numbers surpass the 10 million mark for the first time since the start of the pandemic, a significant representation of Dubai’s resilience and ability to recover from the effects of the global pandemic. We believe, that whilst international travel has been extremely limited for the last two years, Dubai has become the destination of choice for many, as it has positioned itself as a city where one can live safely, and have the opportunity to experience pre-Covid ‘normality’. The UAE’s successful handling of the pandemic continues to attract ex-pats, investors, and tourists to the country - demonstrated by the record-breaking figures witnessed already this year across many sectors! 

Dubai Hills Mall by Emaar is now open! - The highly anticipated Dubai Hills Mall, opened its doors this week. The mall is majority-owned by Emaar Properties and forms part of Emaar’s master development, the Dubai Hills Estate, which spans nearly 3000 acres. The Dubai Hills Mall features around 650 shops, many restaurants, and a cinema. But, arguably the most exciting feature, is an attraction that isn’t commonly found in a shopping mall. In true Dubai style, visitors will be able to ride the Storm Coaster; a roller coaster experience located within the mall itself. The roller coaster is an adrenaline-fueled ride, wrapping around the building with backdrops of the Dubai skyline - we can’t wait to give it a go!

The UAE is not set to introduce income tax -

Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, announced during an interview this week that plans to introduce personal income tax ‘[are] not at the table at all right now’. This comes as reassurance to residents, as many speculated it could be introduced following last month's announcement of plans to impose a 9 percent corporate tax starting in 2023. The corporate tax announcement, however, has been well received by Business owners in the region, as it is acknowledged as a move that will align the UAE with new international standards.

Post Expo Boom? - Dubai’s hosting of World Expo 2020, has undoubtedly coincided with a boom in the real estate market. Dubai Land Department (DLD) reported sale values of real estate transactions in Q4 of last year to be the highest yearly sales figures since 2014. Now that we are approaching the end of Expo 2020 many have speculated what the impact of this will be on the property market. According to a Reuters survey, it is expected that we will see themes of continued strength with ‘Dubai housing prices forecast to rise at a faster pace than predicted three months ago’. The current strength of the UAE economy will continue to attract the arrival of new residents, likely causing the continuation of price increases in residential sales and rental prices, however, the strong supply of properties will likely limit the extent of such uplifts. The UAE is world-renowned for innovation and success, and Expo 2020 has been no exception. It has certainly been utilised as a platform for increased overseas interest, and economic prosperity, the effects of which are sure to be seen far into the future!  

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