1 April 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 March 2021.
Real Estate News #1
Special tribunal: Disputes on sale of inherited residential property
The UAE Government has formed a special tribunal to resolve disputes related to the sale of inherited residential property in the UAE. The Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum, issued Decision No. (8) of 2021. Member of the tribunal will include law, finance, and real estate experts. Meanwhile, read more here.
Real Estate News #2
Urban Master Plan: Impact on Dubai real estate market
The Government has announced the launch of the Dubai 2040 Urban Master Plan. It aims to increase development within existing urban areas. Industry leaders expect the master plan to have a positive impact on the real estate market in Dubai. As a result of the new plan, the land allocated for hospitality businesses, commercial activities, and educational and health institutions will witness an increase in the coming years. Meanwhile, read more here.
Real Estate News #3
Surge in Dubai mortgage values as investors return
According to the Dubai Land Department, the value of mortgages in Dubai is surging as investors continue to return to the real estate market. Figures show that, in January 2021, the value of mortgages recorded in the emirate reached USD5.7 billion. It was the highest recorded since October 2016. Moreover, total sales for the month hit AED29.4 billion, the highest since January 2018. Meanwhile, read more here.
Real Estate News #4
Revealed: Top 4 areas for apartment sales in Dubai
According to the Real Estate Bulletin issued by the Dubai Land Department, traditional areas in Dubai are witnessing improved real estate activity since the start of 2021. It indicates that the real estate market in Dubai is starting on a positive note. Meanwhile, Dubai Marina, Business Bay, Palm Jumeirah, and Burj Khalifa areas recorded attractive apartment sales in the first two months of 2021. Meanwhile, read more here.