Dubai's Weekly News Snapshot: The Ampersand 23-06-2023

Dubai’s best real estate agents: An out of this world journey

Check out the first episode of our new summer series ‘Agent Stories’ with Operations Director; Paul Kelly who is joined by Property Sales Consultant; Jessica Roberts for an out of this world episode!

They kick off discussing all-things real estate, Jess’ specialised areas - District One and Old Town and find out why Jessica dressed as a bauble before working at Allsopp & Allsopp!

Tune in to hear all this and more on Taking Care of Business, every Friday!

News that caught our attention this week

Dorchester Collection is set to launch their first mixed-use hotel/residential property in Q4 of 2023.

The demand for luxury branded residences in Dubai remains high, with the Dorchester Collection introducing its first mixed use hotel/residential property in Dubai at the end of the year. You will need to be quick, with only 39 serviced apartments planned, get in touch with our Head of Developer Sales; Fintan Flannelly to reserve your unit.

Source: Gulf News

Dubai’s property market’s billion-dirham days!

This week on Monday and Tuesday collectively, Dubai’s property market saw AED 7.26 billion worth of property sale transactions, signalling a strong and healthy market.

Mortgages also saw a surge as value totalled to a whopping AED 3.1 billion - confirming that buyer interest since May 2023 where it rose by 100% compared to May 2022.

Source: Arabian Business

UK interest rates take a hike again!

The Bank of England announced another interest rate hike of 0.5%, which has taken the base rate to a 15-year high of 5%.

This is the 13th consecutive rise in interest rates since December 2021 in the UK. So, would now be the right time for UK investors to make the move to Dubai’s property market?

Source: The Guardian

Sheikh Hamdan launches the all-new Dubai Digital Strategy

Sheikh Hamdan, the Crown Prince of Dubai, has launched a digital strategy that aims to enhance life and business in the city with new technology systems implemented.

With a funding of AED 100 billion - the city’s new digital strategy aims to digitise all aspects of life in Dubai for residents and establish a reliable digital system that enhances the digital economy and empowers a digitally-driven society.

Source: Arabian Business

Tech revolution: DIFC sets up ‘Dubai Web and A.I 3.0 Campus’

The tech and finance hub of the city - DIFC has launched a 100,000 sq. ft space which is set to develop over the next five years – in what will be the largest cluster of artificial intelligence and tech companies in the MENA region. It’s set to generate 3,000+ jobs, $300 million in collective funds, and 500+ global AI and Web 3.0 start-ups by 2028!

What could this mean for Dubai’s future? Could we expect another influx of expats?

Source: The National

Megaprojects: Al Habtoor Tower apartments go on sale for AED 2.1 million!

Dubai’s Al Habtoor Group earlier last month announced the development of Dubai’s next tallest residential tower - Al Habtoor Tower. It is estimated to be worth $3 billion and would have 1,700 apartments on Sheikh Zayed Road.

Apartments went up for sale this week, with prices for one-bedroom apartments starting at around AED 2 million, two-bedroom apartments from AED 3.5 million and AED 4.7 million for the four-bedroom apartments.

Get in touch with our Head of Developer Sales; Fintan Flannelly to reserve your unit.

Source: The National

Trending properties

Check out this waterfront six-bedroom mansion in Palm Jumeirah

This stunning villa is located on the M frond, with breathtaking views of the sea and Atlantis The Royal.⁠ ⁠ It features an open plan kitchen, living and dining, a family living space, entertainment room and a full gym complete with a steam room. ⁠ Outside you’ll find an amazing terrace with infinity pool and direct beach access - and on the rooftop? A jacuzzi of course.⁠ ⁠ AED 95,000,000⁠ ⁠ Book a viewing - Charlie King: +971 52 842 7032⁠