The Dubai real estate sector is reaching record levels as more than $52bn of residential property has been sold so far this year.
The best performing areas, project types and developments have been identified and investors have detailed records of the ever-expanding market.
It is not all villas and apartments in premium projects, however, with alternative ways to invest in Dubai real estate revealed this week.
In a major announcement, the Trump Organisation announced it will be opening a tower in Dubai.
Elsewhere the UAE Cabinet welcomed new members, the best schools in Dubai have been revealed and details of UAE employment law were clarified.
Catch up with 10 of the biggest stories this week as selected by Arabian Business editors.
Dubai real estate: 5 new ways to invest in property, from low-deposit mortgages and co-ownership to REIT and the $136 portfolio
Dubai real estate is booming, with a reported AED191bn ($52.5bn) of residential property sales in the first half of the year alone. Barely a day goes by without news of a $20m home being sold on Palm Jumeirah or luxury homes with Burj Khalifa views being sold for record sums.
But real estate investment in Dubai is not restricted to ultra-high net worth clients being ferried around luxury developments in limousines and snapping up the most expensive homes. As well as homeowners buying entry-level properties to get on the investment ladder, there are numerous ways to buy real estate in Dubai without having to have millions in the bank.
Buy or rent apartments in Dubai? Top performing real estate areas revealed, with one neighbourhood recording 79% price surge in past year
Espace Real Estate said this represents an increase of 38 per cent on H1 2023. In apartment sales, prices increased by an average of 17 per cent in the first six months of the year compared to the same time last year across the 10 communities monitored by Espace Real Estate.
JVC (+30 per cent), JLT (+28 per cent), JBR (+24 per cent) and Downtown Dubai (+22 per cent) lead the way, while prices in Palm Jumeirah Apartments (+5 per cent) and Emaar Beachfront (+7 per cent) experienced more modest increases.
Revealed: Very Good schools in Dubai 2024
Private schools in Dubai are regulated by the KHDA, ensuring they meet high standards of education. The KHDA provides oversight to ensure schools offer diverse curricula and foster environments that support both academic excellence and holistic development.
According to a KHDA report there are 220 private schools in Dubai and 365,572 students. The KHDA inspected 209 schools in its most recent cycle, accounting for the education of 360.420 students in Dubai. So, until the next round of inspections there are:
- 23 schools rated Outstanding
- 48 schools rated Very Good
- 85 schools rated Good
- 51 schools rated Acceptable
- Two schools rated Weak
Dubai real estate: Top off-plan investment areas revealed by property experts
Off-plan transactions comprised 63 percent of total property sales, showcasing a robust demand for new developments.
Despite only a five percent growth in the number of launched units, transactions soared by 212 percent year-on-year.
UAE announces major cabinet changes
The UAE has announced a new cabinet ministry making senior positions to Government in the country.
The announcements were made by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The appointments and changes to the UAE Cabinet were made following consultation with President Sheikh Mohammed bin Zayed, with several senior roles and positions being named and confirmed to enhance leadership and efficiency in the country.
The new cabinet includes the appointment of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, as Deputy Prime Minister and Minister of Defence of the UAE, and the appointment of Sheikh Abdullah bin Zayed Al Nahyan as Deputy Prime Minister in addition to his portfolio as Minister of Foreign Affairs. Additionally, the new formation includes a major restructuring of the education system in the UAE, the appointment of a Minister of Sports, and a Minister of State for Entrepreneurship.
Dubai’s DLD fines 256 real estate brokers for violating advertising regulations
These measures are part of DLD’s ongoing efforts to regulate the sector and enforce laws that enhance the stability and attractiveness of Dubai’s property market, the authority said in a statement on Wednesday.
The department, a division of DLD, conducted an extensive inspection campaign in the first half of 2024. The operation included 450 field inspection tours of companies and real estate projects, along with 1,530 inspections of associated advertisements. As a result of these rigorous checks, authorities issued over 1,200 legal warnings.
UAE jobs: Fired by your employer? Know your rights
Being terminated from your job can come as a shock, but in the UAE, employees have certain legal protections even after dismissal.
The UAE Labour Law provides workers the right to dispute unfair dismissals or demand compensation if proper procedures are not followed. The law strives for a fair and balanced approach to terminations, ensuring both employee rights and employer interests are considered.
Here are the legal rights for terminated employees in the UAE, as explained by experts.
Dubai real estate: More than 290,000 residential units under construction
This substantial pipeline of new units is set to significantly influence market dynamics in the coming years, according to the latest Q2 2024 Dubai Residential Real Estate Market Report by Real Trust UAE.
Popular residential areas that have experienced soaring prices due to high demand and limited inventory are poised for substantial changes. Jumeirah Village Circle (JVC), where prices have more than doubled in recent years, is set to receive approximately 30,000 new residential units, according to Real Trust, equivalent to 80 percent of its current housing stock. This surge in stock could bring more balance into the area’s market dynamics.
Dubai real estate: DAR GLOBAL signs major deal to build Trump Tower set to open in 2025
The project, set to include a Trump Hotel and residential units, aims to establish new standards for luxury living in the city.
“We are proud of our cooperation with Dar Global to launch the Trump Tower Dubai project, which embodies our commitment to perpetuating the concept of excellence and luxury. Through this project, we seek to expand the scope of our presence in the region and achieve our aspirations in one of the most vibrant cities in the world,” Eric Trump, Executive Vice President of the Trump Organisation said.
Sharjah’s Al Noor Island listed among top 10 attractions in the Middle East
Developed and managed by the Sharjah Investment and Development Authority (Shurooq), the destination offers a unique blend of nature, art, and entertainment.
This recognition marks the second consecutive year that Al Noor Island has won the ‘Best of the Best’ title, an achievement reserved for the top one percent of the 8 million listings on TripAdvisor.
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