Real Estate News – January 2021
4 February 2021
Check out the latest real estate news, reports by major institutions, and significant regulatory announcements made by the UAE Government and other governing authorities during January 2021.
Real Estate News #1
Deloitte Publishes Middle East Real Estate Predictions 2021
Big Four firm Deloitte has published its Middle East Real Estate Predictions 2021 report. The report examines the performance of the real estate market in Dubai in 2020. It also forecasts the changes in 2021. “… with the COVID-19 vaccine available, the planned Expo starting in October and the 50th National Day in December, there is an opportunity to showcase Dubai during 2021, in a post-COVID-19 world, to both visitors and residents,” the report says. Meanwhile, check out the full report on Dubai here.
Real Estate News #2
UAE Allows Foreign Students to Sponsor Families
The UAE has issued a resolution allowing expatriate students to bring their families to the country and sponsor them. However, the families are required to meet certain criteria to prove that they will have sufficient income to support the move. “The UAE has become a regional educational hub with more than 77 universities and tens of thousands of students annually,” His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said.
Real Estate News #3
JLL Publishes 2020 UAE Real Estate Market report
Property broker JLL has published its UAE Real Estate Market – A Year in Review 2020 report. It says Dubai property prices are set to decline by up to 8% in 2021 on oversupply. “We’re likely to see single-digit declines between 5-8% over the next year given that supply stays under control and developers continue to phase out their projects rather than flood the market,” says Dana Salbak, Head of Middle East Research at JLL. Meanwhile, access the full report here.
Real Estate News #4
UAE Opens Citizenship to Select Foreigners to Boost Economy
The UAE has approved amendments to the Executive Regulation of the Federal Law concerning Nationality and Passports. According to the latest changes, investors, professionals, special talents, and their families will have permission to acquire Emirati nationality and passport under certain conditions. It will be done through nominations from Rulers and the Crown Prince Court, Executive Councils, and the Cabinet based on federal entities nominations. Meanwhile, read more of the news here.
Real Estate News #5
Bayut and dubizzle Release Dubai property market report
Property portals Bayut and dubizzle have released an evaluation of the real estate market in Dubai. It outlines the sector’s performance and analyses property prices in Dubai. Additionally, the report attempts to understand how the prevailing pandemic-induced conditions have impacted the property market in Dubai. It highlights that Dubai continues to remain a “buyer’s and tenant’s market” as sales and rental prices in popular neighbourhoods have largely seen minor decreases under 5%. Meanwhile, read the full report here.
Real Estate News #6
UAE ranks High in Global Innovation Index 2020
The Global Innovation Index 2020 report has ranked the UAE first in the Arab region and 34th globally. Meanwhile, the country is all set to start its “Innovation Month 2021” in February. The national occasion will consolidate the “country’s position as a global hub of innovation and capacity building, and a catalyst for public and private sectors and individuals to adopt innovative practices”, reports WAM. Meanwhile, read more here.