2024

Dubai’s real estate market saw property sales in August reach AED47.3bn ($12.9bn), marking a 40.8% year-on-year increase. A report from fäm Properties highlighted that August recorded 16,159 transactions, a 36.9% rise in volume compared to August 2023, with the average price per square foot increasing by 6.1% to AED1,493 ($407). The most expensive sale in August was a luxury apartment at the...

On August 19, Dubai banned 10 property owners from leasing their properties due to overcrowding violations. Dubai law mandates that each person in villas and apartments must have at least 5.0 square meters of space. Exceeding this limit is considered overcrowding and a breach of local regulations. Mohammed Kawasmi, a partner at Al Tamimi & Co., explained that the Dubai Municipality building code...

If a developer delays the handover of your Dubai property as per the sale agreement, you may be entitled to compensation. This compensation can be claimed as outlined in the Sale and Purchase Agreement (SPA) or through a court decision. The SPA is governed by the UAE Civil Transactions Law, specifically Article 246, which mandates the contract's implementation in good faith. Should the developer fail to...

After a 124 percent surge since 2020, Dubai experienced a slight moderation in real estate price growth, slowing from a 15.9 percent increase in the first quarter to a 0.3 percent decline in the second quarter, according to an international property consultancy. Globally, Manila has led Knight Frank's Prime Global Cities Index, recording a 26 percent increase. This index tracks the movement of prime...