The real estate sector in Dubai is holding steady and gaining maturity and sustainability as it has registered promising results the last year 2016. Indeed, Dubai Land Department (DLD) has reported that Dubai recorded a total of 60,595 real estate transactions in 2016, exceeding AED 259 billion in value. According to real estate transaction report of DLD, Over 41,776 sales transactions took place, representing a total value of AED 103 billion, while the 15,000 mortgage transactions were equivalent to a value of AED 128 billion.
“Dubai is still achieving continued growth which will expectedly continue in the coming years in line with the ongoing preparations to host Expo 2020”, said HE Sultan Butti Bin Mejren, Director General of the Dubai Land Department.
“Over the past years, the International Property Show reinforced its position as one of the leading real estate development exhibitions, not only in the region but also globally. The support of Dubai Land Department to this fair reflects our mandate, particularly in terms of regulating and organizing the real estate industry in Dubai, thus preserving the customers’ rights and helping ensuring an ideal and attractive environment for realty developers to work and innovate,” HE added.
“Dubai remains to be among the top global cities that shows positive real estate performance. As organizers of the International Property Show, we have seen good turnout of exhibitors, developers, local and foreign investors, and consumers interested in investing in real estate. The strategic location, cosmopolitan environment, tax free earnings are few reasons why Dubai is an enticing choice to real estate investors, businessmen, travellers and second home settlers,” added Dawood Al Shezawi, CEO, Strategic Marketing & Exhibitions, organizers of the International Property Show.
The influx of tourist fuels the real estate business in Dubai. According to the recent data issued by the Department of Tourism and Commerce Marketing, top countries who visit the emirate are Saudi Arabia, India, United Kingdom, Oman, United States, Pakistan, Russia and China.
With the growing number of visitors, holiday home rentals are becoming popular especially for those budget-conscious travellers. The Dubai Tourism made the holiday home regulations more easily accessible with the outlined regulations passed under the Decree Number 41 of 2013. Homeowners can apply license, for as long as they meet all the criteria, in Dubai’s Department of Tourism and Commerce Marketing.
Dubai Tourism has approved 1,805 residential units to date as holiday homes in showing its support to boost the tourism of the emirates.
“Holiday homes renting is a new trend catching up Dubai and its global counterparts – Sydney, New York, Berlin, Paris, London and Amsterdam to name a few. It is being marketed in Airbnb, Dubizzle and Booking.com. This move will definitely expand types of accommodation available especially we are nearing 2020,” added Al Shezawi.
In Dubai, holiday homes are mainly located in Dubai’s Palm Jumeirah, Dubai Marina, Jumeirah Beach Residences, Dubai International and Financial Centre (DIFC) and Downtown Dubai. Currently, there are 4,200 units available in Dubai as per the ‘active listing’ in Airbnb and 100% rise in the number of holiday homes in Dubai in H1 2016. (source Knight Frank Middle East)
Foreign developers and exhibitors are taking steps to tap into this new trend. Exhibitors at The International Property Show such as Phuket holiday Services, Metta Estates, Kilimanjaro Golf & Wildlife Estates, Mont, Choisy Property Developments, Trafalgar Properties, Platinum Sky, Vendome International are among the companies highlighting holiday homes, apart from their latest developments and offerings, to attract investors internationally and locally.
Building a life outside one’s comfort zone, more and more expats, homeowners, tourists, consumers are embracing new trends in either acquiring or renting houses in many different locations around the world.
“The 13th edition of IPS proves to be the right platform to know the best local and international property deals as it present varying offers from residential, commercial, industrial, retail and mix-use properties, leaving the visitors with wide options in diversifying their property portfolio,” he concluded.