Your Weekly Recap: This Week's Top Stories in Dubai

Dubai Real Estate Hits Record $34bn in Q2; Off-Plan Sales Surge 80%, Top 5 Areas Identified

The Dubai real estate market recorded transactions worth AED124.4bn ($33.9bn) in Q2 2024, driven by an 80% increase in off-plan sales, as revealed in Property Finder’s Market Watch digest report.

Key Points:

• Record Transactions: Dubai's real estate sector reached a record AED124.4bn ($33.9bn) in Q2 2024, with 43,522 transactions. This represents a 45% increase in volume and a 37% increase in value compared to Q2 2023.

• Market Peaks and Growth: The transaction volume in Q2 2024 surpassed Q1 2024 by 17%. Transaction values exceeded the previous peak in Q4 2023 by 2%.

• Off-Plan Sales Surge: Transactions in Q2 2024 nearly matched the 2009 peak, with 26,268 transactions. The off-plan sector saw an 80% year-on-year growth compared to Q2 2023. Sales accounted for 60.4% of total transactions, up from 51% in Q2 2023. Off-plan value transactions hit a record AED53.214bn ($14.5bn), a 12% increase from Q3 2023.

• Secondary Property Market: The number of ready property transactions rose by 12% year-on-year. The value of ready property transactions increased by 27% to AED71bn ($19.3bn).

• Popular Areas: Dubai Marina, Downtown Dubai, Jumeirah Village Circle (JVC), Business Bay, and Palm Jumeirah remain popular for ownership and investment.

• Diverse Investment Opportunities: The market offers a range of investment opportunities for different types of buyers, including those seeking long-term off-plan investments and ready properties. Regulatory efforts by the Dubai Land Department (DLD) and other private players continue to contribute to market transparency and attractiveness.

• Market Trends and Tools: Tools like Property Finder provide comprehensive data and features to help investors make informed decisions. The UAE is increasingly seen as a top global destination for investors, supported by reliable data and a sound understanding of market trends make Dubai an increasingly attractive option for investors and those considering relocation from Western countries.

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Dubai Crown Prince Sheikh Hamdan Approves Master Plan for Jebel Ali Beach Development

Dubai is set to expand its coastline dramatically with the approval of the Jebel Ali Beach Development Project. This 6.6km stretch will be transformed into a major recreational destination, prioritizing environmental conservation and eco-tourism.

Key Points:

• Massive Development: This project is part of Dubai's 2040 Master Plan to expand public beaches by 400% and enhance its public beach area.

• Environmental Focus: The project emphasizes environmental preservation, protecting local ecosystems and preserving wildlife, with features like turtle habitats and mangrove conservation.

• Recreational Paradise: The beach will offer a variety of activities, including swimming, diving, facilities for sports and marine activities along with family-friendly amenities, children’s zones and retail options.

• Enhanced Lifestyle: Potential for commercial development, such as restaurants, cafes, and leisure centers.

• Infrastructure and Accessibility: Features integrated infrastructure with roads, parking, cycling, and running tracks to promote active lifestyles. Improved public beaches and amenities contribute to Dubai's appeal as a top destination to live, work, and play.

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Dubai Unveils 64km Green Spine with 1 Million Trees and Solar-Powered Trams

URB has announced plans for the Dubai Green Spine project along Sheikh Mohammed Bin Zayed Road (E311), featuring 1 million trees, solar-powered trams, new parks, and farms.

Key Points:

The "Dubai Green Spine" project aims to transform Sheikh Mohammad Bin Zayed Road (E311) into a 64-kilometer sustainable corridor as part of the Dubai 2040 Urban Master Plan. Key features include:

• 300 megawatts of solar power

• 1 million new trees

• 100% solar-powered trams

• Promotion of non-motorized transport

• Urban farms and gardens

The project emphasizes environmental sustainability, reduced carbon footprint, community connectivity, and mixed-use developments to create a human-centric, vibrant ecosystem that fosters urban life and well-being. This initiative redefines urban mobility and living standards, setting a global benchmark for future cities.

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UAE Jobs: Surge in White-Collar Talent from Canada, US, UK, and Europe Expected

Global firms' relocation plans amid mass layoffs are set to bring an influx of professionals to Abu Dhabi and Dubai, positioning these cities as major global hubs for wealth and growth.

Key Points:

• White-Collar Talent Influx: The UAE is set to receive a substantial influx of white-collar professionals from the US, Canada, UK, and Europe. This move is driven by companies relocating senior and mid-level employees.

• Industry Focus: The technology and finance sectors are leading this relocation trend. Companies are increasingly setting up or relocating backend operations to the UAE.

• Abu Dhabi’s Rise: Abu Dhabi is expected to become a significant commercial hub.

• Talent Composition: Initially, the influx will include many Indian professionals, but it will soon diversify to include talents from various nationalities. Companies prefer a multicultural workplace atmosphere.

• Economic and Infrastructure Benefits: The UAE offers advanced infrastructure, a talent pool, and relatively lower costs. The region's bright economic growth outlook is attracting global companies.

• Corporate Relocations: Many international companies, especially in the financial sector, are setting up or considering setting up backend operations in the UAE. This move is part of broader cost reduction initiatives and strategic growth plans.

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Discover Top Neighbourhoods Near ‘Outstanding’ Schools

Learn about the best areas to live near top-rated schools in Dubai, recognized as 'Outstanding' by KHDA, including rental information and other relevant details.

Top Performing School Locations:

• Umm Suqeim Third: Home to Kings School Dubai, it's seen property value increases of 37%. Average annual rents for three-bedroom villas range from AED180,000 to AED220,000.

• Jumeirah Park and Emirates Hills: Host to Dubai British School and Dubai International Academy, respectively. These areas offer luxury living and have seen record-breaking villa sales.

• Al Sufouh First: Home to Dubai College and GEMS Wellington International School, it benefits from proximity to Dubai Marina and Palm Jumeirah.

• Arabian Ranches: Jumeirah English Speaking School has boosted its popularity.

• Al Barsha: Offers multiple "Outstanding" schools like GEMS Dubai American Academy and Nord Anglia International School.

• Jumeirah: Continues to be a prime location with a mix of traditional and modern properties. Recently saw a record-breaking villa sale of AED240.5 million.

• Al Wasl, Dubai Festival City, and Nad Al Sheba: Also have "Outstanding" schools and remain popular residential areas.

Most Child-Friendly Neighbourhoods:

Dubai Hills, Dubai Marina, Dubai Creek Harbour, and Jumeirah Lakes Towers are the top choices for families due to:

• Proximity to schools, kindergartens, and hospitals.

• Leisure facilities, shopping, and parks.

• Accessibility to metro stations.

Note: These areas are also popular with investors due to high rental demand. Overall, the presence of top-rated schools is a major factor driving property prices and demand in Dubai. Something to keep in mind when looking at new master development communities.

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UAE Unveils Significant Changes to Education Certificate Recognition

The UAE is revising its process for validating academic qualifications from universities around the world.

Key Points:

• Broader Impact: Over 60,000 students in foreign higher education institutions (HEIs) are expected to benefit from these updates in 2024, enhancing their ability to study and work in the UAE.

• Enhanced Recognition System: The UAE Ministry of Education has launched the second phase of the "University Certificates Recognition" system to facilitate easier recognition of foreign university degrees.

• Improved Efficiency: The new system reduces required documents by 85% and cuts transaction times by 50%, significantly streamlining the recognition process.

• Increased Satisfaction: The first phase reduced customer complaints by 85% and achieved a 90% customer satisfaction rate.

• Focus on High-Quality Education: The recognition criteria now align more closely with international university rankings, encouraging students to pursue education at top-tier institutions.

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