DUBAI: Bloomberg said, citing a Morgan Stanley analysis, that the rise in Dubai's residential property prices isn't going to slow down anytime soon.
“Over the next several years, strong demand, peaking supply growth, and extended lead times for new projects could result in a tighter-than-expected market,” wrote analysts Katherine Carpenter and Nida Iqbal. qatar selling
According to data from real estate consultant Property Monitor, a total of 84 homes worth at least 10 million dirhams ($2.7 million) changed hands in March, setting a new high.
Real estate purchases are one of the quickest ways to obtain a residency permit in Dubai, which on Monday lowered coronavirus-related restrictions even further. Emaar Properties, the emirate's largest publicly traded developer, had a 65 percent increase in villa sales in the first quarter compared to the previous year.
According to Morgan Stanley, demand increased due to "a wave of government reforms over the past 12 months, attractive mortgage rates, and a shift in demand patterns due to Covid-19."
DUBAI: The Jumeirah Group has completed a £100 million renovation of its European flagship hotel in Knightsbridge, London.
It comes as the United Kingdom emerges from its state of emergency, despite the persistent spread of the Indian coronavirus in some parts of the country.
The Carlton Tower Jumeirah will reopen on June 1, 2021, after an 18-month makeover, according to a statement released by the Dubai-based firm on Wednesday.
The number of rooms has been reduced from 216 to 186 to provide more space for visitors, and the new design incorporates London's largest naturally lighted swimming pool.
"This historic opening comes against the backdrop of a pandemic that has wreaked havoc on the world and our cherished industry," said General Manager Aaron Kaupp.
The five-star establishment, which overlooks the world-famous Sloane Street, was opened in 1961 as London's first tower hotel and was hailed as the city's highest at the time.
The lower cost of living and home prices could also be a plus.
DUBAI: A report suggests that wealthy Hong Kong expats may be enticed to relocate to Dubai by cheaper housing, a favorable immigration policy, and a rigorous vaccination program.
Tellimer said in a research note to clients on Tuesday that Dubai has liberalized its visa regime, is subject to the UAE's Abraham Accords with Israel, has maintained a globally rare sense of normalcy during COVID-19 in terms of outdoor activities and open schools, and is effectively vaccinating its population.
The lower cost of living and house prices could also be a draw.
Dubai currently has a cost of living that is more than 20% lower than Hong Kong and Singapore, thanks to its low housing market, which has seen prices fall by 30% since 2015. In instance, real estate prices in Hong Kong increased by 35% during the same time period, while they remained practically unchanged in Singapore.
Jimmy Lai, an entrepreneur, media owner, and pro-democracy enthusiast, had his assets frozen this month, according to Tellimer, which is the latest symbol of change in Hong Kong since the introduction of the national security law in June 2020. According to the report, the move may entice some of Hong Kong's wealthy elite to relocate.
“For rich expatriates who are affluent enough to move for lifestyle and wealth preservation as much as income generation, Jimmy Lai's example may serve as another nudge to consider cities like Singapore, a migration underway for some time based on anecdotal evidence of private banker relocations and hiring trends,” said Hasnain Malik, the report's author. “Indeed, Dubai has emerged as a more intriguing, and less well-trodden, alternative for wealthy expats and global developing market equities investors.”
Dubai recently eased visa requirements in an effort to entice more visitors to the emirate, which had already been struck hard by a regional economic recession prior to the coronavirus outbreak. With a recent price resurgence at the luxury end of the market, the emirate's devastated property industry is now exhibiting indications of stabilization. NH Hotels, a mid-scale and upmarket hotel brand, will open in the Middle East later this year with the opening of NH Dubai The Palm. The new 533-key resort, which is currently in the final phases of construction, will open its doors in December.
The hotel will be part of Seven Hotel and Apartments, a mixed-use complex consisting of a hospitality tower and a residential tower, and will be located on Dubai's Palm Jumeirah, a global landmark. The hotel will be conveniently located on The Palm's main trunk, adjacent to The Palm's largest mall and close to The Pointe's Palm Fountain, which was recently unveiled as the world's largest fountain. Other major tourist sites in Dubai, such as the Burj Khalifa, Dubai Mall, and Dubai Marina, are all easily accessible.
The 14-story building will have 227 hotel rooms and suites, as well as 306 serviced flats. Multiple restaurants and bars will be available, as well as three spa treatment rooms, a kids' club, and four conference spaces. There will be a gym with the most up-to-date equipment for the active. In addition, the hotel will feature a rooftop infinity pool, which will serve as the ideal “Instagram” location.
The hotel's interiors will be colorful, unique, and dynamic, with pops of color and a lot of local flavor.
NH Dubai is a luxury hotel in Dubai. Seven Tides, a luxury real estate and hospitality company with a portfolio that includes Anantara The Palm Dubai Resort and Oaks Ibn Battuta Gate, owns The Palm.
“We are excited to be bringing NH Hotels to the Middle East, and beginning in Dubai is a fantastic fit for the brand,” said Dillip Rajakarier, CEO of Minor Hotels. The hotel will be a wonderful compliment to Minor's current portfolio of properties in the city, which includes Anantara, Avani, and Oaks, and will expand the options accessible to our visitors. We're excited to work with our partners at Seven Tides to bring this great new hotel to market.”
“We have created a close working relationship with Minor over the past eight years, starting with the inauguration of Anantara The Palm Dubai Resort in 2013,” said Abdulla bin Sulayem, CEO of Seven Tides. Because NH is a mid- to upper-upscale brand, it will complement Anantara and enable cross-marketing potential with the five-star Oaks Ibn Battuta Gate hotel, another Seven Tides property managed by Minor.”
NH Dubai is a luxury hotel in Dubai. The Palm will be the first of the brand's properties to open in the Middle East, joining a portfolio of more than 240 NH Hotels hotels throughout the world.