Market News 10/10/2022

Co-Habitation Rules

o Tenants are now required to register all the co-habitants in their property.

o This includes all family members and domestic helpers, but also includes shared accommodation (since 2020 the UAE now permits co-habitation of unmarried couples or unrelated housemates).

o It applies to anyone who is staying in a property who is in the UAE on a visit visa for longer than one month.

Dubai transactions at 12 year high

o Propertyfinder has reported over 25,000 transactions totalling over AED 69 billion in Q3, which is 61% higher than the same quarter last year and a 12-year high.

o The transactions were split approximately 50:50 between secondary and off-plan.

Golden Visa

o Golden Visa applications have started.

o Up to AED 2,000,000 in equity invested in Dubai property gets you a 10-year Golden Visa.

o Important to note that it applies to Dubai Mainland property only, not to DIFC or Abu Dhabi property.

World Cup to create ‘Expo Effect’

o Propertyfinder have announced that they believe the world cup will have a similar impact on Dubai Real Estate as the Expo had.

o Even though it is shorter, it is expected to attract many people who cannot stay in Qatar but want to be in the Middle East for the games.

Palm Jebel Ali Relaunch

o Nakheel have announced they are reworking plans to re-launch Palm Jebel Ali.

o Reports suggest that there will be 1,700 villas and 6,000 apartments in total on the island.

o First properties are expected to be handed over in 2025.

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