As we moved into the month of February, we have been reflecting and talking a lot about last year. On Tuesday, we released our Annual Property Market Report, for 2021. In the latest episode of our podcast ‘Taking Care of Business’, we dig deep into our report!
Episode 36 - Our best year EVER
Take a listen to our latest episode, as we discuss the success and trends that we recorded, including the most popular areas for sales and lettings, and the most notable sales and lets of 2021 (which interestingly never reached the internet before a deal was agreed!)
To watch the full video, click the link;
You can also listen on any of the below platforms; Apple Podcasts, Google Podcasts, Spotify, TuneIn, PocketCasts, Stitcher, Omny, and iHeartRadio.
Allsopp & Allsopp Property of the week
This week’s hot property, is a rare gem, situated in the heart of Dubai Marina. For AED 6,750,000.00 you could be the new owner of this stunning six bedroom villa, located in Bay Central. The Villa is spread across 5,121 SQ FT and offers full marina views from every room, including the impressive large terrace!
The property has been fully renovated throughout, and showcases professional interior design. If you would like your own piece of paradise, in one of Dubai’s most sought after communities, this is the property for you!
To learn more & arrange a viewing contact Associate Director, Ryan Hudson; 056 192 2814
News that caught our attention this week;
UAE to introduce 9% federal corporate tax from June 2023
The news broke on Monday, this week, that as of June 2023 companies within the UAE will be subject to 9% federal tax. Although the legislation is still to be finalised, it is already apparent that measures have been put in place to protect companies’ success, and allow time to plan and adjust to the new policy. There will be no tax applicable for profits up to AED 375,000, and personal income remains untaxed. Free zone businesses that do not conduct business onshore will also be unaffected by the new law. We welcome the change, and believe the addition to government finances, and the subsequent reinvestment of funds, will positively impact the prosperity of the UAE!
Short Term Rentals on the rise in Dubai
This week it was reported that occupancy rates for holiday lets has risen by 32%, since December 2020! There are currently over 10,000 active holiday home rental listings in Dubai, with the number growing rapidly month on month. Many landlords are now opting to list their property for Short Term Let, to benefit from the added flexibility this options offers. The boom in this market is further evidence of the UAE governments’ successful efforts to support the economy, and revive tourism, amid the global Covid-19 crisis, and international travel restrictions.
Dubai’s Museum of the Future to open on 22nd February
His Royal Highness Shiekh Mohammed bin Rashid Al Maktoum, took to Twitter yesterday to make the exciting announcement that the highly anticipated ‘Museum of the Future’, will open at the end of this month. The unique building, designed by architecture firm Killa Design, has attracted much attention already, with its magnificent, futuristic design. The museum will be dedicated to education and discovery, and will feature interactive exhibits about the future, and our impact on it. In true Dubai style, we expect this museum to be a truly pioneering attraction, and we can’t wait to visit!
Dubai’s Rental Market is on the rise
As we reported in our Annual Report, 2021 saw an increase in Rental prices across Dubai. This trend has continued on an upward trajectory as we move through the first few weeks of 2022. The market currently has been described as leaning in the Landlords favour, with many now looking to charge higher prices than the previous two years.
Will the US interest rate spike affect your mortgage?
As the Dirham is pegged to the Dollar, Mortgage rates are expected to increase after the US Federal Reserve’s meeting next month. The expected increase in interest rates is likely to encourage more people to take out mortgage applications before March, to benefit from the current lower rates. However, according to Chief Economist of Oxford Economics Middle East, Scott Livermore, ‘mortgage costs will probably remain low over the next year compared to historical levels’. This is accompanied by the fact that the UAE property market is performing extremely well, despite rising interest rates, means property in Dubai is likely to remain attractive to foreign investors and end users.
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