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Real Estate Rundown: June & July 2022

 By Veronika Goncharova   Wed  03-08-2022

July saw key milestones and legal developments in the Dubai real estate market. We have broken down the top real estate news stories down below.

New Records

According to data from the Dubai Land Department, a new record for transaction value was set. The week of July 18th 2022 saw AED 10.9 billion transactions in one week. 2,509 transactions, 1,716 condo/villa sales, 263 land sales. Top deals include Burj Khalifa and Al Barsha First. This is, of course, after June's Dh22.7 billion. Marking the highest sales total in 13 years. Almost 71% of total sales in 2021.

Global Real Estate Transparency Index

Late last month, Dubai received the title of the most transparent property market in the MENA region. This honour was presnted bt JLL recent Global Real Estate Trancprency Index (GRETI).

New legislation

As prices and sale volumes keep rising, the latest government real estate reforms encourage investment in the region. Announced on July 20th, the government in creating a register for investment funds. Members of which will be given certain privileges to assist them in navigating the Dubais real estate market. A committee will identify locations and units that the funds are encouraged to invest into. Applicants should already own regional real estate assets in excess of AED 180 million.

Another recent development is the Musataha agreement, which is a right that entitles the holder to construct, invest into, purchase, mortgage, lease, sell a plot of land belonging to a third party. This term lasts up to 50 years, and can be renewed. This was passed in hopes of creating more public- private partnerships, so investors have more flexibility to use comercial land

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