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How to Close Your First Deal in Dubai Real Estate: A Step-by-Step Guide

How to Close Your First Deal in Dubai Real Estate: A Step-by-Step Guide

August 27, 2024

Hi there! It seems that you are venturing into the realm of real estate in Dubai. Ahead are exciting times! It may seem overwhelming to close your first sale, but “How to Close Your First Deal in Dubai Real Estate: A Step-by-Step Guide” will show you that it just takes a little bit of planning, perseverance, and style. Allow me to take you step-by-step through the procedure so you can close that first contract and get started on the right path for a lucrative career. 1. Recognize the market You must first and foremost be familiar with the market. The real estate market in Dubai is vibrant and ever-changing. You should be aware of the newest market trends, desirable areas, and the kinds of real estate that are in high demand. Invest time in joining real estate forums, attending webinars, and analyzing market information. I promise you that when you converse with possible clients, your confidence will grow with your level of knowledge. Read this also: A Beginner’s Guide to Dubai’s Off-Plan Property Market 2. Organize Your Finances Make sure your financial situation is in order before you ever consider closing your first deal. Knowing a buyer’s budget and financing choices is essential if you are working with them. Conversely, complete your pre-approvals if you are the one making the transaction. When a deal is about to close, the last thing you want is for there to be any surprises. Make sure you are knowledgeable about the different financing alternatives accessible, such as mortgages from banks in the United Arab Emirates, and prepared to assist your clients in navigating them. 3. Establish a Robust Network It’s not only about what you know in Dubai real estate; it’s also about who you know. Establish connections with brokers, other agents, real estate developers, and even attorneys. You may be able to gain important insights and opportunities from these relationships. Join social media groups, go to local real estate events, and don’t be afraid to present yourself. Never forget that every relationship could lead to a deal. Read this also: Top 10 Most Luxurious Neighborhoods in Dubai for Real Estate Investment 4. Develop Your Cold Calling Skills Although cold calling can be frightening, it’s actually one of the best ways to close your first deal. Begin with a list of prospective leads, which may include individuals who are actively searching to purchase or sell as well as those who have expressed interest in comparable properties. Till you can present your pitch with assurance, practice it. Be kind, knowledgeable, and above all, pay more attention than you say. Establishing a rapport with them, getting to know their needs, and positioning yourself as their go-to real estate agent are your objectives. 5. Make Use of Online Advertising Nowadays, having a strong online presence is essential. Ensure that you are visible on Facebook, Instagram, LinkedIn, TikTok, and all other relevant networks. Provide material that demonstrates your expertise in Dubai real estate. Maybe a piece on the advantages of investing in Dubai’s luxury market, or a brief video tour of a recently purchased house. The goal is to draw in prospective customers who are currently exploring the internet and establish trust. Your odds of closing that first deal are higher the more visible and engaged you are. Read this also: Want to Reduce Traffic Black Spots in the UAE? Join the ‘Accident-Free Day’ Initiative 6. Get to Know the Law’s Fine Print Real estate rules in Dubai are distinct, and you don’t want to be taken off guard—trust me. Make sure you understand all of the legal requirements, including registration procedures, transaction costs, and contract conditions. Understanding the legal environment will not only help you steer clear of costly blunders, but it will also establish confidence with your clients by demonstrating your expertise and dependability. 7. Develop Your Art of Negotiation Negotiation is often the final step in closing a contract. The ideal situation, in which both the vendor and the buyer believe they are getting a decent deal, must be found. Engage in role-playing exercises to hone your negotiation abilities with mentors or coworkers. Always be well-prepared for negotiations; be well-versed in your client’s priorities and the property’s market value. To establish a win-win scenario is the aim. 8. Deliver Exceptional Client Care Recall that your customers are more than just a purchase. These are individuals who are about to make one of the biggest financial decisions of their lives. Never fail to place yourself in their position. How to Close Your First Deal in Dubai Real Estate: A Step-by-Step Guide emphasizes the importance of giving regular updates, communicating openly about the procedure, and going above and beyond to ensure their comfort. Satisfied customers are more likely to tell their friends and family about you, which can help you establish a strong reputation in the industry. Read this also: It is Cheaper to Buy and Sell a $2 Million Property in Dubai than in London, Mumbai, Paris, and More 9. Remain Vigilant and Sturdy It’s acceptable that not every lead will result in a transaction. Don’t let the early failures demoralize you. You come closer to a “yes” with each “no.” Continue to learn, be tenacious, and don’t be scared to try out novel tactics. Keep in mind that buying real estate is a marathon, not a sprint. 10. Seal the Deal Expertly Ultimately, it’s all about the details when you reach the finish line. Ensure that all documentation is in order, that everyone is aware of the terms, and that funding has been obtained. Next, confidently finalize the deal. Remember to celebrate your accomplishments—closing your first deal is a significant turning point! Concluding This concludes our thorough guide to completing your first real estate transaction in Dubai. To succeed in this industry, keep in mind that you must always prioritize your clients, be well-prepared, and stay informed. So, go forth and use these pointers, and I’m sure you’ll soon be celebrating your first deal.

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A Beginner's Guide to Dubai's Off-Plan Property Market

A Beginner’s Guide to Dubai’s Off-Plan Property Market

August 23, 2024

In case you’re thinking about investing in Dubai’s real estate sector, you’ve undoubtedly come across the phrase “off-plan property.” But what does it actually mean, and why is it so popular among both investors and first-time purchasers? A Beginner’s Guide to Dubai’s Off-Plan Property Market will cover everything you need to know about off-plan properties in Dubai, from what they are to why they can be a wise investment for you. What is an Off-Plan Property? In essence, an off-plan property is one that is still being developed or is not yet complete. Before development is finished, buyers buy these properties straight from developers, frequently at a discount. The idea is straightforward: make an early investment, acquire a desirable property, and maybe gain from value when the project is completed. However, why would someone wish to purchase a piece of land that hasn’t even been constructed? Let’s examine why off-plan properties are so desirable, particularly in a metropolis like Dubai. Read this also: Top 10 Most Luxurious Neighborhoods in Dubai for Real Estate Investment Why Consider Off-Plan Properties in Dubai? The real estate market in Dubai is dynamic, always expanding as new projects are built. The following are the main justifications for thinking about off-plan properties: Affordability & Flexible Payment Plans: The cost-effectiveness of off-plan properties is one of their main selling points. To entice early purchasers, developers frequently provide appealing rates and flexible payment schedules. This implies that, in comparison to a ready home, you can secure a property for a smaller upfront investment. It’s easier on your finances because the payment is typically stretched out throughout the course of the building project. Possibility of High Returns on Investment: Investing in an off-plan property entails starting from scratch. Property values generally rise as a project gets closer to completion, which could result in large cash gains. You can even sell the property for a profit before it’s finished, if you schedule it perfectly. This is especially tempting in Dubai, where there has been history of sharp increases in real estate values. Read this also: Is It Legal to Drive a Friend’s or Colleague’s Car in the UAE? Getting to the Best Places and Newest Developments: Access to some of Dubai’s newest and most intriguing developments is possible with off-plan residences. There are several alternatives available, ranging from opulent homes in Mohammed Bin Rashid City to waterfront flats in Dubai Creek Harbour. Purchasing off-plan might also result in a great location being had for a much lower price than comparable ready residences. Customization and Modern Features: A lot of developers let purchasers make changes to the plan, finishes, or even specific fixtures of their off-plan homes. This is a huge benefit for purchasers trying to choose a house that fits their style preferences. Off-plan buildings offer superior energy efficiency, smart home capabilities, and high-quality construction because they are constructed using the newest technologies and contemporary features. Risks Involved in Buying Off-Plan Properties Despite the many advantages, purchasing off-plan carries some risk. Here are some things to bear in mind: Project Delays: One of the most frequent concerns connected to off-plan properties is construction delays. Delays may occur as a result of governmental clearances, the developer’s financial issues, or unanticipated events like a pandemic. Your investing plans may be impacted as a result of this delaying the completion date. Market Volatility: The real estate industry is prone to volatility. By the time your off-plan property is finished, its value may have dropped if the market declines after you bought it. But with good planning and market research, the danger may frequently be reduced, especially given Dubai’s robust real estate market and solid economic foundations. Developer Dependability: There are differences among developers. Your off-plan investment’s performance is primarily determined by the developer’s standing and dependability. It’s important to complete your homework, read reviews, look through previous projects, and make sure the developer has a solid track record of completing projects on schedule and with the quality that was promised. How to Reduce the Risk of Purchasing Off-Plan Here are some precautionary measures you may take to reduce risk if you want to make a wise investment in Dubai’s off-plan market: Select a Reputable Developer: Do your homework and look for developers who have a proven track record of meeting deadlines and producing high-quality work. In Dubai, businesses such as Emaar, Damac, and Nakheel are well regarded for their dependability and excellence. Recognize the Payment Plan: Pay close attention to the payment plan and make sure it fits within your means. Off-plan properties typically have set payment schedules, so be sure the timing works for you. Carefully read the contract: Ensure that you comprehend all of the terms and conditions included in the purchase and sales agreement (SPA). Sections pertaining to completion dates, late fees, and refund policies should be carefully read. Keep an Eye on the Market: Remain up to date on economic and real estate market trends in Dubai. This will assist you in determining when it’s best to make investments and comprehend the possibility of home value growth. How to Purchase an Off-Plan Home in Dubai Are you prepared to make the move? This is a detailed how-to for purchasing an off-plan property in Dubai: Establish Your Preferences and Budget: Choose the type of property you are interested in, whether it be a townhouse, apartment, or villa. Think on things like size, location, and local amenities. Investigate Developers and Projects: Find out about other developers and their initiatives. To gain a sense of the various possibilities available, visit sales offices, go to property exhibits, and talk to real estate agents. Verify the Developer’s Credibility: Make that the developer has a solid track record of timely, high-quality project delivery and is registered with the Dubai Land Department (DLD). Recognize the Financing Options and Payment Plan: Payment plans for off-plan properties are usually flexible. Make sure you comprehend the terms of the payment arrangement, including any post-handover payment plans, installment schedules,

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Top 10 Most Luxurious Neighborhoods in Dubai for Real Estate Investment

Top 10 Most Luxurious Neighborhoods in Dubai for Real Estate Investment

August 23, 2024

The “City of Gold,” Dubai, is a sanctuary for those investing in luxury real estate. Architectural wonders dot its skyline, and some of the most sumptuous living experiences are found in its districts. Luxurious neighborhood investments offer significant returns and a rich lifestyle, regardless of experience level in the Dubai real estate market. Top 10 Most Luxurious Neighborhoods in Dubai for Real Estate Investment will be discussed in this blog post 1. Downtown Dubai: The Heart of Luxury For good reason, downtown Dubai is frequently referred to as the “Center of Now.” Downtown Dubai offers a blend of contemporary luxury and urban life. It is home to the famous Burj Khalifa, the tallest building in the world, and The Dubai Mall, the biggest retail complex in the world. Because of the consistent demand and strong rental yields in this neighborhood, it is a favorite among investors. High-end residences, five-star hotels, and penthouses with breath-taking views of the Dubai Fountain and the city skyline are all over the neighborhood. Why Make This Investment? Due to its location, rental homes are in high demand. close proximity to important business districts and landmarks. steady growth in capital. Read this also: Is It Legal to Drive a Friend’s or Colleague’s Car in the UAE? 2. Palm Jumeirah: The Epitome of Luxury Living The artificial island known as Palm Jumeirah, which resembles a palm tree, is a symbol of opulence. Some of the most opulent villas and apartments in Dubai, as well as five-star hotels like the Atlantis The Palm, can be found there. High net worth individuals choose the island because it provides a special combination of seclusion, tranquility, and a beachside lifestyle. Why Make This Investment? distinctive waterfront homes including personal beaches. high rental yields, particularly for vacation homes. prestigious address with an appeal to high status. 3. Emirates Hills: The Beverly Hills of Dubai Emirates Hills’ ultra-luxurious mansions and exclusivity have led to comparisons to Beverly Hills. Sprawling mansions overlooking the beautiful greenery and Montgomerie Golf Course are available in this gated enclave. Emirates Hills is a popular destination for high-end real estate investors since it is the perfect place for people who appreciate luxury and seclusion. What Makes This Investment Worth Making? private neighborhood that is exclusive. expansive lots with beautiful views of golf courses. draws in affluent foreign investors and expatriates. Read this also: Want to Reduce Traffic Black Spots in the UAE? Join the ‘Accident-Free Day’ Initiative 4. Dubai Marina: A Vibrant Urban Waterfront Man-made canal city Dubai Marina offers a variety of opulent apartments and penthouses with breathtaking views of the marina. It’s a bustling neighborhood with lots of dining options, recreational opportunities, and a dynamic nightlife. Due to the continued high demand for real estate in Dubai Marina, especially from young professionals and visitors, it is a great place to make investments. Why Make This Investment? high profits on rentals, particularly for brief stays. easy access to shopping centers, entertainment events, and JBR Beach. a favorite of travelers and expats alike. 5. Jumeirah Islands: Luxury Living Amidst Lakes Jumeirah Islands is a singular community of fifty artificial islands that features opulent mansions encircled by serene lakes and lush vegetation. The distinctive designs of each villa contribute to the community’s allure and exclusivity. Jumeirah Islands offers the ideal balance of luxury and convenience because to its calm surroundings and close proximity to Dubai’s most important locations. Why Make This Investment? A distinct island community including opulent villas. high demand for real estate because of its uniqueness and style. Perfect for families looking for a connected yet peaceful lifestyle. Read this also: It is Cheaper to Buy and Sell a $2 Million Property in Dubai than in London, Mumbai, Paris, and More 6. Al Barari: A Green Oasis in the Desert Al Barari, which translates to “wilderness” from Arabic, is a distinctive neighborhood that combines opulent living with the outdoors. It is renowned for its green areas, themed gardens, and water features, providing a peaceful way of life apart from the bustle of the city. Al Barari’s villas are in great demand since they are roomy, exquisitely constructed, and encircled by rich vegetation. Why Make This Investment? Elegant residences in a distinctive environmentally conscious community. Due to its peaceful location, houses are in high demand. Perfect for people looking for a luxurious, sustainable lifestyle. 7. Business Bay: The Business Hub with a Luxury Twist Formerly a thriving business center, Business Bay is now a popular residential neighborhood. It has become a popular destination for young professionals and investors due to its tall skyscrapers that offer opulent apartments and penthouses. Business Bay is a popular place to invest in luxury real estate because of its close proximity to Downtown Dubai and lively community atmosphere. Why Make This Investment? Close proximity to financial districts and Downtown Dubai. High yields on rentals for both business and residential buildings. Quick development with high-end projects coming shortly. Read this also: Qatar’s Residential Stock to Expand by 9,200 Units by 2024, Says ValuStrat 8. Bluewaters Island: Island Living with a View Bluewaters Island, located off the coast of JBR, is one of Dubai’s newest and most luxurious communities. It’s home to Ain Dubai, the world’s largest observation wheel, and offers a mix of luxury apartments, penthouses, and townhouses with stunning views of the sea and city skyline. Bluewaters Island provides a unique blend of island living with modern amenities and attractions. Why Invest Here? Unique waterfront living experience. High demand for both residential and holiday rentals. Proximity to key attractions and the Dubai Marina. 9. Arabian Ranches: A Desert Paradise for Families Arabian Ranches is a master-planned community renowned for its opulent villas, verdant areas, and welcoming atmosphere for families. It provides a luxurious suburban living with roomy homes, private gardens, and easy access to community centers and golf courses. A popular choice for families and investors seeking first-rate living in a tranquil environment is Arabian Ranches. Why Make This Investment? upscale amenities in

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Is It Legal to Drive a Friend’s or Colleague’s Car in the UAE?

Is It Legal to Drive a Friend’s or Colleague’s Car in the UAE?

August 16, 2024

Is It Legal to Drive a Friend’s or Colleague’s Car in the UAE? You may want to think about borrowing a friend’s or colleague’s car if you find yourself in a situation where you have an urgent meeting to attend and cannot access your own vehicle. But it’s important to know the legal ramifications of driving a car in the UAE that isn’t registered in your name. Read this also: Want to Reduce Traffic Black Spots in the UAE? Join the ‘Accident-Free Day’ Initiative The Legal Consequences of Operating a Borrowed Vehicle Article 447 of Federal Decree-Law No. 31 of 2021 states that utilizing a vehicle without the owner’s consent may result in serious repercussions. Anyone caught operating a car, motorcycle, or other similar vehicle without permission could spend up to a year in jail and pay a fine of Dh10,000. This law emphasizes how crucial it is to get the right permission before using someone else’s car. Crucial Conditions for Operating a Borrowed Car Is It Legal to Drive a Friend’s or Colleague’s Car in the UAE? Have a Valid Driver’s License: You need a valid driver’s license in order to drive a car legally in the United Arab Emirates. For inhabitants of the UAE, this might be a driver’s license; for visitors, it might be an international license. Article 51 of the traffic code of the United Arab Emirates states that operating a vehicle without the required authority or driving without a valid license can result in up to three months in jail, a fine of up to Dh5,000, or both. While visitors can drive using an international driver’s license, citizens of the UAE are required to use a UAE driver’s license. Read this also: It is Cheaper to Buy and Sell a $2 Million Property in Dubai than in London, Mumbai, Paris, and More Obtain Permission to Drive the Vehicle: You must get the owner’s consent before you can drive someone else’s vehicle. The UAE Penal Code’s Article 447 provides further information on this criterion. What Takes Place Should an Accident Occur? Will the owner’s insurance pay for damages if you get into an accident while driving a rented car? In general, sure, as long as certain requirements are satisfied. The damage should be covered by the insurance policy provided the driver satisfies certain requirements, such as having a valid driver’s license for a minimum of a year and being older than 25, as per the unified policy on auto insurance of the UAE Insurance Authority. The claim history, though, might be impacted by this. Read this also: Qatar’s Residential Stock to Expand by 9,200 Units by 2024, Says ValuStrat You might need to add 10% more to the “excess amount” if you’re under 25 or if your driver’s license was recently obtained. The amount that the at-fault party in an accident pays is referred to as the excess amount in insurance terminology. Insurance policies for high-value automobiles, such as supercars, are frequently tailored. These plans might have provisions that limit who is allowed to operate the vehicle, like making drivers over 30 or enacting “named driver policies,” which provide coverage for only the driver identified on the policy in the case of an accident. In summary While borrowing a friend’s or colleague’s car in the UAE can be convenient, it’s essential to ensure you have the proper authorization and understand the insurance implications. Following these rules will keep you out of trouble with the law and guarantee that you are protected in the event of an accident.

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Want to Reduce Traffic Black Spots in the UAE? Join the ‘Accident-Free Day’ Initiative

Want to Reduce Traffic Black Spots in the UAE? Join the ‘Accident-Free Day’ Initiative

August 16, 2024

Want to Reduce Traffic Black Spots in the UAE? Join the ‘Accident-Free Day’ Initiative :  Through this national awareness campaign, the UAE Ministry of Interior is encouraging drivers to commit to road safety as the new school year approaches. Set for August 26, this program aims to ensure a smooth and accident-free start to the academic year. Participants can remove four black points from their license. Read this also: It is Cheaper to Buy and Sell a $2 Million Property in Dubai than in London, Mumbai, Paris, and More How to Take Part Take these actions to participate in the “Accident-Free Day” campaign: Use your UAE Pass to log in to the Ministry of Interior’s (MOI) website at moi.gov.ae. To begin the “Initiative of a Day Without Accidents,” navigate to the “Smart Services” tab located in the upper right corner of the page and choose it. Want to Reduce Traffic Black Spots in the UAE? Join the ‘Accident-Free Day’ Initiative : Examine and accept the campaign’s promises, which cover safe driving techniques like keeping a safe distance, observing speed limits, wearing seat belts, yielding to pedestrians, and making way for emergency vehicles. Select “I agree.” A certificate of participation will be sent to you via email soon. One month from now, four black points will be removed from your license if you drive carefully and adhere to the campaign instructions. Read this also: Qatar’s Residential Stock to Expand by 9,200 Units by 2024, Says ValuStrat Recognizing Dark Points A driver’s license is associated with black points, which are fines for moving infractions. Smaller transgressions, such incorrect parking or mild speeding, might result in fines, but more serious ones add up to black points. Depending on how serious their infractions were, drivers may receive four to 24 black points. Want to Reduce Traffic Black Spots in the UAE? Join the ‘Accident-Free Day’ Initiative to remove four black points from your license. If you accrue 24 black points and then commit another offense, the case will be taken to court in the UAE, and you risk having your license revoked or suspended. Frequent Traffic Infractions That Earn Four Black Points Four black points will be awarded for the following infractions, as per UAE traffic regulations: driving while having a suspended license. driving a car without a license. driving while not covered by insurance. using a portable phone while operating a vehicle. lane changes that be hazardous and abrupt. braking carelessly in reverse. driving when preoccupied. disregarding the advice of a traffic cop. not fastening your seatbelt. not checking to see if passengers are fastened. not keeping a safe distance behind. using a car for uses other than those authorized. operating a vehicle with worn tires. motorcycling without a helmet on. driving a vehicle without a license and carrying passengers. Performing unauthorized turns from undesignated zones driving without headlights in hazy situations. disregarding official directives concerning fog. disruptive use of a sound system or horn. Following these rules is essential for maintaining road safety and avoiding receiving black points. Take part in “Accident-Free Day” to help create a safer driving environment and receive a reduction in your black points.

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It is Cheaper to Buy and Sell a $2 Million Property in Dubai than in London, Mumbai, Paris, and More

It is Cheaper to Buy and Sell a $2 Million Property in Dubai than in London, Mumbai, Paris, and More

August 16, 2024

It is Cheaper to Buy and Sell a $2 Million Property in Dubai than in London, Mumbai, Paris, and More: In 2023, Dubai’s luxury residential real estate market outperformed other cities worldwide in terms of growth, and in 2024, it is expected to maintain this remarkable performance. Dubai is predicted to fare better than almost all big cities worldwide as long as its market remains competitive. “Dubai has been a global leader in the appreciation of capital values in recent years, with prices expected to rise by 17.4% in 2023. But as the market normalizes, we expect this growth rate to decrease down in 2024, to between 4% to 5.9%,” said Jelena Cvjetkovic, director of Savills, a renowned international residential real estate consultant. Read this also: Qatar’s Residential Stock to Expand by 9,200 Units by 2024, Says ValuStrat Even if growth is slowing down, Dubai is expected to gain from an influx of high-net-worth individuals and become the second-fastest expanding market in 2024, right behind Sydney. The 17.4% capital value gain in 2023 was more than seven percentage points more than that of the second-ranked market, even though growth slowed to 5.6% in the second half of the year. Major cities including Mumbai, Bangkok, Tokyo, Sydney, Shanghai, Madrid, Barcelona, Geneva, and Singapore saw slower capital value appreciation in 2023 than Dubai did. With an estimated 9,500 millionaires having relocated to Dubai during the previous two years, the emirate continues to draw wealthy people, which is driving up demand for luxury real estate. Read this also: Al Habtoor Reaches Significant Milestone in Dubai Tower Construction Competitive Prices in Dubai According to Savills, Sydney’s premier real estate market is expected to rise at the fastest rate in the world in 2024, growing by 8% to 9.9%. Dubai’s prime real estate market is expected to increase at a rate of 4% to 5.9%. The forthcoming election year of 2024 introduces an element of uncertainty to the world economy. On the other hand, the real estate industry is anticipated to benefit greatly from the political and economic stability of Dubai and the United Arab Emirates throughout this time. At an average price of $850 per square foot, Dubai’s premium market is still competitively priced on a global scale, according to Savills. Both domestic and foreign purchasers are drawn to the area by its pleasant weather, simple visa requirements, and affordable cost of living. Read this also: DMCC to Expand Real Estate and Business Operations in H1 2024 After Lisbon, Berlin, and Singapore, Dubai was one of the top four cities in the world for rise in prime residential rental values. Dubai has higher rental costs than big cities like New York, Hong Kong, Los Angeles, Singapore, Paris, Geneva, and Amsterdam, but still has lower rental costs than Bangkok, Mumbai, Sydney, Madrid, Kuala Lumpur, Beijing, and Barcelona. By international standards, Dubai is a high-yielding city with yields of 4.8%. Prime rates have tightened by 40 basis points in the last year, while capital values have increased by 17.4% and rents by 8.9%. Since capital value growth is predicted to continue exceeding rent increases, we expect further tightening of Dubai’s yields, Cvjetkovic continued.

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Qatar’s Residential Stock to Expand by 9,200 Units by 2024, Says ValuStrat

Qatar’s Residential Stock to Expand by 9,200 Units by 2024, Says ValuStrat

August 16, 2024

Qatar’s Residential Stock to Expand by 9,200 Units by 2024, Says ValuStrat: According to a recent analysis by the consulting and advisory firm ValuStrat, by 2024, Qatar’s housing stock will have increased by 9,200 residential units, of which 40% will be located in Lusail. According to ValuStrat’s first-quarter forecast, about 6,200 more residential units should be completed by 2025. Data from Census 2020 indicated that by Q1 2024, Qatar’s residential stock would have increased to 394,000 units, or roughly 148,000 villas and 246,000 apartments. Read this also: Al Habtoor Reaches Significant Milestone in Dubai Tower Construction The volume of transactions in the residential real estate market fell by 34% in Q1 2024 as compared to Q1 2023. On the other hand, the median transacted price of residential units increased to QR2.8 million, a 3.7% quarter-over-quarter increase. In terms of residential real estate transactions, Doha and Al Rayyan lead. Strong mortgage activity was also seen in Q1 2024, with 233 deals worth QR13.5 billion. According to ValuStrat, rental values were on the decline, with the typical monthly rent for residential units falling by 6% annually and 3.6% from the previous quarter. In Qatar, the average monthly rent for an apartment was QR6,000, down 4% from the previous quarter and 6.3% from the year before. Read this also: Downtown Villas of Dubai’ Attracts Global Investors with $1.9 Billion Projects The average monthly rental price for one-bedroom apartments was QR5,500, for two-bedroom apartments it was QR6,500, and for three-bedroom apartments it was QR8,250. Al Wukair, Al Mashaf, and Al Thumama were the busiest residential districts during the quarter, with a combined total of over 5,000 lease agreements signed out of approximately 15,000 contracts completed overall, according to the Ministry of Municipality and Environment. Qatar’s Residential Stock to Expand by 9,200 Units by 2024, Says ValuStrat: Year over year and quarter over quarter, the villa rental market shrank by 4% and 1%, respectively. West Bay Lagoon and Al Wakra showed gains in rental income of 3.5% and 1.2%, respectively, in spite of the general downturn. The median advertised rent for a three-bedroom villa was QR11,750; for a four-bedroom villa, QR12,500; and for a five-bedroom villa, QR14,000. Read this also: DMCC to Expand Real Estate and Business Operations in H1 2024 Approximately 600 of the 5,000 lease agreements completed during the quarter were signed in the most popular villa rental districts, which included Freej Al Soudan, Al Aziziya, Ghanim, and Murrah. From a base of 100 points in Q1 2021, the ValuStrat Price Index for Residential Capital Values was constant at 97 points, both quarterly and annually. For the past two years, apartment valuations have been constant at approximately QR10,320 per square meter, unchanged from the preceding quarter. Comparably, the villa market showed no quarterly volatility but saw an annual fall in prices of 1%, culminating at QR5,544 per square meter. With hikes of 1.7%, 4.1%, and 6.3%, respectively, Muaither, Al Thumama, and Old Airport saw the most quarter-over-quarter increases in villa prices. Residential properties continued to produce 5.9% gross yields, with apartments yielding 8% and villas returning 4.8%. The expected duration of the price-to-rent ratio was 19 years.

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