April 2023

Greetings Dear Readers,
Hope you all have had a progressive and inspiring April. As for Dubai real estate, April has been marked with new records, at least for the super luxury segment. An Off Plan transaction with a selling price of AED Fourteen thousand per sq ft was initiated, the highest ever per sq ft price for Dubai real estate, so far. Similarly, a residential land transaction has been reported at a selling price of AED One hundred twenty-five million, making it the most expensive residential land sale in Dubai, for now. Both the above transactions are a testament that the ultra-wealthy have found a new must have collectible item, Dubai real estate. Given what the city offers, the trend is only likely to become more popular in the coming times. It is worth noting, however, that the super luxury segment in any real estate market often has unique ebb and flows which do not always follow usual economic theories and concepts.

The performance of the Dubai real estate market post pandemic has been exemplary, driven by handling of the covid situation and reforms on the ease of doing business and immigration fronts. It is statistically proven that jurisdictions which introduce welcoming residency and immigration reforms often see a spurt in economic activity. And it is proving to be no different for Dubai. It is also true that the political situation in Europe has driven many from the continent to the stable, luxurious and expat friendly Emirate. Indeed, Nationals from a number of European nations featured on the top ten list of buyers for Dubai real estate in 2022. A list traditionally dominated by GCC nationals and those from the Sub-Continent, the addition of Europeans is only indicative that the attractiveness of Dubai is increasingly being recognized further and further from its shores.

Any real estate market primarily consists of participants who fall in either the speculator, investor, or end user category. Each category of participants has its own relevance and are needed for the smooth functioning of the market. It is an important indictor to observe that no one category becomes overtly dominant over a sustained period. The medium to long term future of Dubai real estate is only getting brighter, with the city steadily building itself further towards its sister Emirates of Al Ain and Abu Dhabi, to accommodate a growing population. Many existing popular districts including JLT, Business Bay and the Palm Jumeriah are now close to or currently seeing the last of new project launches, owing to land constraints.

Happy to share with you that April saw two exciting new developments at Quest Cove. We have added Property Management to our portfolio of service offerings and our new website is now live, Questcove.ae. As always, looking forward to serving your quest for Dubai real estate. Thank you.

Yours’s Sincerely,

Dushyant