Dubai's Weekly News Snapshot: The Ampersand 19-05-2023
Friday 19 May 2023Wed 16 Feb
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Breaking the silence: Allsopp & Allsopp disclosed the April figures!
On this week’s episode of Taking Care of Business, join Operations Director; Paul Kelly and Managing Director; Marc Walters as they sit down to discuss the highlights from April’s real estate activity, why the market needs more commercial properties and find out why Marc’s head is blown away!
Tune in to hear all this and more on Taking Care of Business, every Friday.
The Dubai property market snapshot for April 2023 is LIVE!
The April figures are in and The Dubai property market saw a dip in total sales transactions and sales value during April.
However, year-on-year sales transactions remained 46% higher than April 2022, and total sales value was also 16% higher than this time last year. Several external factors contributed to the dip, including the Ramadan, EID, and Easter holidays.
If you are a prospective buyer, seller, landlord or tenant and would like to know more, view the full Allsopp & Allsopp Dubai Real Estate Market Snapshot for April 2023
News that caught our attention this week
UAE Tax: How to register for EmaraTax
As you might have heard, the UAE has recently announced corporate tax - which is set to start on 1st June and is 9%. This tax is applicable to businesses generating a turnover of AED 1 million and higher - which was announced on Wednesday 17th May, 2023.
The Federal Tax Authority has announced a new digitised system - EmaraTax through which companies can register for corporate tax.
If you’re interested to know more about corporate tax, we’ve broken it all down for you.
Dubai is all-set to introduce the Bugatti Residences!
Bugatti has recently paired up with the UAE-based developer, Binghatti Properties to create the world’s first and finest, Bugatti Residences! This upcoming project will be focused on the French lifestyle that would be brought to Dubai through Bugatti Residences, it would be centred on interesting experiences, lavish parties, scrumptious foods, and the daily celebrity spotting.
So, If you’re planning to buy an apartment in Dubai off-plan, then this one’s definitely worth keeping on your radar. And, if you’re keen to read further, we’ve got all the details!
Dubai property market sees AED 2bn sales on Monday!
If you thought the property market had slowed down after April, we think not!
May has begun picking up and on Monday alone, we saw AED 2 billion worth of property sales transactions. The deals included 638 property sales, 116 mortgage deals, and 17 gift deals.
How impressive is that? If you’re keen to hear more - Tune into Katch up with Kash on Instagram!
Company Updates
Paul Kelly breaks down the April report!
Operations Director; Paul Kelly at Allsopp & Allsopp sat with Dubai Eye on their business breakfast to discuss all things April.
He broke down all the details about how April performed, the dip we’ve seen in the market for the first time since June 2022, and the rising need for commercial developments!
Property Finders’ SheForShe mentorship program selects Safinaz Commons as a mentee!
Property Finder has launched a brand-new mentorship program to champion gender-equality in the real estate industry - SheForShe, which is led by fellow female leaders in the region who would select ten mentees to mentor and shape into the future of Dubai’s real estate market.
Allsopp & Allsopp’s very own: Safinaz Commons, who’s a property consultant has been selected as a mentee for this six-month program.
Take a read, if you’re keen to know more!
The Pointe is set to go into redevelopment and here’s what Peter Townsend has to say!
In case you missed it, Nakheel has announced that The Pointe on the Palm is set to go into redevelopment and Senior Property Consultant; Peter Townsend spoke to The National to share his opinion.
“If this was redeveloped as villas or apartments they would command a premium unlike any we have seen so far. The land could be among the most valuable on the Palm, either side of The Pointe has some of the most exclusive villas in Dubai.”
There were several ways the land could be redeveloped to Nakheel’s advantage, he added. “It could be plausible for this prime location – with some of the best views on the Palm – to be relaunched as residential,” he said.
Keen to read the full interview? Take a look!
Take a look at this one-of-a-kind three-bedroom apartment in The Views!
This apartment has been fully upgraded throughout with a fully fitted kitchen and wine cellar, modern finishes throughout and of course this incredible view.
Want to take a look around?