Dubai's Weekly News Snapshot: The Ampersand 09-06-2023
Friday 09 June 2023Wed 16 Feb
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We told you so… The May numbers are out and the market’s back up!
On this week’s episode of Taking Care of Business, Operations Director; Paul Kelly is joined by Communications Executive; Khwaish Adnani (Kash) to talk all things May numbers, the rise of client registrations in the market, corporate tax updates, what’s Dubai’s newest development and lastly, will Man City be champions this year?
Tune in to find out all that and more on Taking Care of Business; every Friday!
News that caught our attention this week
Sheikh Mohammed praises private sector and highlights the importance of partnerships
This week at his weekly Majlis meeting; His Highness Sheikh Mohammed bin Rashid discussed the importance of how the private sector represents a vital part of the emirate’s economic strategy.
His Highness discussed the importance of maintaining partnerships in Dubai with the business community and how the community contributes significantly to its ability to achieve its development goals and raise its global status.
Isn’t it great to be under the kind of leadership that consistently encourages and motivates its residents toward innovation and success?
Interested to know more? Take a read!
What are Dubai’s top five redevelopments in 2023?
As we all know, Dubai is a city that never sleeps and is constantly growing and evolving. And now we can expect some of our favourite communities to go into redevelopment this year getting better with more amenities and world-class experiences!
Take a look at some of the top redevelopments happening!
There’s a new corporate tax update!
In case you missed out on it, corporate tax has officially begun in the UAE, June 1st onward and companies would be taxed 9% on their annual turnover - which is one of the lowest rates globally.
The new update announced on Wednesday, 17 May 2023 says that business owners in the UAE will only be liable to pay Corporate Tax if the turnover from the business activity is more than AED 1 million ($272,000) per year.
Furthermore, any individual’s income from real estate and personal investment will not be considered as taxable income.
New South Bay project revealed in Dubai South!
If you didn’t watch the podcast yet, then here’s Dubai’s next development coming to town. In Dubai South’s growing community, South Bay is set to be developed and it would be featuring 800 luxurious residences ranging from apartments, villas and townhouses.
This project is worth AED 1bn and will also have a man-made beach, making the south region of the city more attractive to waterfront buyers. Oh, and there’ll be 200 luxurious waterfront mansions, a 1-kilometre-long crystal lagoon, a 3-kilometre waterfront promenade, multiple beaches, parks, a clubhouse and fitness centres!
Sounds like the ‘IT’ community to be at - doesn’t it!
Man City or Inter Millan?
This Saturday is the UEFA Champions League, and whether you’re singing the Blue Moon or Pazza Inter Amala, this is going to be a huge game.
And not to mention, if Man City wins - this could be a historic win as it would be the second English team in history to win the treble after their rivals Man Utd did in 1999.
Either way, don’t we need a place to enjoy the game?
Take a look at some of our top suggestions on where to watch the game this weekend!
Company Updates
Our May market snapshot is out!
Has the market bounced back after the dip seen in April? Yes, not only bounced back but came with more records!
The market snapshot for the month of May is officially out, get your hands on exclusive insights into the market, what are the top areas and here are the top three things we’ve seen in the report that are worth noting!
Sales transactions are up 75%
Mortgage values are up 99.99%
Lettings transactions are up 61%
Impressive! And that’s not all - so take a read on how the market performed in May!
Is UAE’s overseas property tax going to push rents up?
With the introduction of corporate tax, foreign investors are set to see tax on their property income, which has many wondering if rents could rise - and here’s what Paul Kelly has to say about it.
“The rental market is based on supply and demand, so if there’s less supply and more demand at any point, landlords can ask for a bit more money - from occupiers,
If there’s too much supply versus demand, they can’t. The market will dictate the returns possible.” said Paul Kelly, Operations Director.
Say hello to our new Director of Property Management!
After completing a successful eight years at Allsopp & Allsopp, Anisha Sagar is now the Director of Property Management at Allsopp & Allsopp.
We are so incredibly proud of her and her achievements in growing the business and the huge impact she’s had on our clients.
Heartiest congratulations, Anisha!
What are Dubai’s best residential areas for middle income earners?
As relocating to Dubai is on everyone’s bucket list, it comes as no surprise the city is abundant in residential units to accommodate and welcome more expats. But with a majority of expats being middle income earners - the question arises of what are the top communities in Dubai for middle income earners. Here’s what Robert Stevenson has to suggest!
"Business Bay is a great area for middle income earners due to the competitive rents offered, especially in comparison with the surrounding communities of Downtown and City Walk,
"Business Bay has a dedicated metro stop and offers easy access to Sheikh Zayed Road, making it the ideal location to secure competitive rents with easy access to all Dubai has to offer." said Robert Stevenson, Head of Lettings.
Planning a little Eid-Al-Adha getaway within the city? Check out this holiday home!
This stunning one-bedroom holiday home sits in the heart of Palm Jumeirah with views overlooking the Burj Al Arab.
There’s a fully equipped kitchen, excellent amenities and private beach access! Its just minutes away from Nakheel Mall, the monorail and The Pointe being an ideal escape within the city!
Interested to call it yours for a weekend?