Golden Visas, UAE tax laws, Dubai real estate investments, NEOM The Line updates and more of the biggest stories this week
The Dubai real estate sector continues to boom and was not far away from headlines as analysts identified the best-performing areas for sales, which neighbourhoods have the best returns on investment and a new partnership was announced to boost transparency in the sector.
Meanwhile, Dubai announced it will offer Golden Visas for outstanding educators, the UAE revealed new VAT tax laws, NEOM laid out progress at The Line and the UAE shared historic successes in the growing aviation sector.
Catch up with 10 of the biggest stories of the week as selected by Arabian Business editors.
Dubai announces Golden Visa for teachers
The Golden Visas will be awarded to educators in private early childhood centres, schools, and higher education institutions in Dubai.
The initiative will recognise those who have played a significant role in the academic success of students and have garnered positive feedback from the community for their contributions to enhancing the quality of education.
UAE announces major new tax laws
The UAE has announced new VAT laws as it looks to boost investment and attract more businesses to the country.
Amendments to tax laws in the UAE include exemptions for fund managers, certain virtual assets and charitable donations.
The amendments include exempting investment fund management services from VAT to stimulate growth in the investment management sector and increase the UAE’s attractiveness as a leading investment hub. Additionally, certain services related to virtual assets will be exempt from VAT as part of efforts to support innovation and advanced financial technology, further positioning the UAE as a prominent centre for virtual asset investment.
Dubai real estate: Which areas offer best return on investment and where are rents increasing most as property market sees $32.7bn of sales in Q3
The Dubai real estate sector saw AED120bn ($32.7bn) from more than 48,000 property sales between July and September, according to Bayut’s Q3 data report.
Property prices in Dubai’s most popular areas have continued to surge, with strong sales figures, robust demand and availability of new inventory continuing to fuel growth well into the next year.
As sale prices and rents continue to rise, almost across the board, Bayut has identified the best neighbourhoods for return on investment (ROI) and which Dubai neighbourhoods are experiencing the sharpest rent increases.
Etihad Rail launches new brand as it looks to develop train transport in the UAE
Etihad Rail, the developer and operator of the UAE National Rail Network, has unveiled its new brand identity, featuring a revamped logo, mission, vision, and values.
The rebrand aligns with the company’s comprehensive strategy, expansion plans, and future growth aspirations.
Embodying the nation’s Spirit of the Union, the revamped identity represents the connectivity and cohesion between the various cities and regions of the UAE created by the railway network.
Dubai real estate’s best-performing areas amid $38.6bn sales record revealed, what property types are selling best?
As Dubai’s real estate market recorded total sales worth AED141.9bn ($38.6bn) in Q3 2024, setting an all-time high for a single quarter, the neighbourhoods selling the most properties have been revealed.
The Q3 sales eclipsed the previous quarterly record of AED124.07bn ($33.8bn) in Q2 this year, and represented a 30.1 per cent year-on-year rise in value.
A market update issued by fäm Properties revealed the neighbourhoods with the most properties sold and also identified the property price bands with the most transactions.
Dubai real estate: Influx of European job seekers spurs demand for mid-market housing
Dubai is seeing a sudden uptick in the influx of job-seeking young professionals from Eastern and Western Europe, Russia, besides from the neighbouring countries in the Middle East on the back of more and more international and regional companies expanding into the emirate, pushing up demand for buying and renting of residential properties, industry insiders said.
Interestingly, a number of social media influencers are also seen to be moving to the city, of late, amidst Dubai’s rise as a hub for content creation, besides the venue for events and collaborations.
Many business owners are also moving to the emirate to either establish new businesses or to grow their businesses in Dubai, industry insiders said.
Dubai Land Department and digital authority announce major partnership to track real estate prices and boost property sector transparency
Dubai government authorities will team up to accurately and transparently track real estate data in the city. The major step comes as Dubai has been named as one of the most improved markets in the world for real estate transparency and the market booms with growth in property sales value.
In a significant step towards enhancing transparency in Dubai’s real estate market and promoting data-driven decision-making, Digital Dubai has announced a strategic partnership with the Dubai Land Department to introduce specialised indicators for residential and commercial property sale prices within the emirate.
This partnership falls within a comprehensive strategic vision to enhance confidence in the emirate’s vital industries, including real estate, which contributed 7.5 per cent to Dubai’s total GDP in 2023 and remains one of the leading sectors in attracting investments.
NEOM announces $186m concrete facility as construction of The Line in Saudi Arabia continues
NEOM has announced a partnership with Asas Al Mohileb to establish and operate a SR700m ($186m) ready-mix concrete facility in Saudi Arabia.
The multi-plant factory, dedicated to producing concrete, will mainly service the construction of THE LINE, the linear city currently under development in NEOM.
Asas Al Mohileb, a leading Saudi Arabian construction and engineering company, is currently building the complex of batching plants in NEOM. Leveraging their industry expertise, Asas Al Mohileb will also operate the facility with a capacity to produce more than 20,000 cubic meters of ready-mix green concrete per day.
UAE aviation: 10 airports, 4,807 weekly flights, 98m passengers and a $128bn vision
The UAE aviation sector boasts 10 airports, more than 4,800 weekly flights, 98m passengers in eight months and has ambitious targets to add $128bn to the national economy.
As the meteoric growth continues the country celebrated the “UAE Civil Aviation Day”, which falls on October 5 each year, marking the anniversary of the first airplane landing in the UAE.
The historic occasion occurred in Sharjah, on October 5 1932, after the runway for the airplane landing was prepared in the Al Qasimia area of Sharjah in 1930, making it the first airport established in the Arabian Gulf region at that time.
Revealed: Global rich ditch volatile stock market for Dubai’s luxury real estate market
Dubai’s real estate boom is redefining investment strategies of the global wealthy, with cash-rich investors from many parts of the world increasingly shifting their focus to invest in luxury properties in the Gulf city from the highly volatile stock market this year, industry experts told Arabian Business.
2024 is also seeing a generational change in investment trends, with millennials showing a keen interest in real estate.
Source Arabian Business
