A thumping 75% price surge for completed apartments was registered in Dubai

Amidst the inflow of talented professionale into Dubai, in September, the local real estate market witnessed a whopping price surge of 75% y-o-y for completed properties, as revealed by the DXB Interact platform. In particular, values in the trendy City Walk district in Al Wasl, rose by 101%, to AED 3,035 (USD 826) per sq. ft.

Currently Al Wasl is the costliest community for ready apartments, while Palm Jumeirah and Downtown Dubai follow the lead with AED 2,066 (USD 562) and AED 1,839 (USD 500) per sq. ft respectively. The fourth most expensive neighbourhood is the sought-after Dubai Creek Harbour, where the price per sq. ft stands at AED 1,825 (USD 496). The rest of the top-9 costliest areas for completed residences are Dubai Hills Estates, Business Bay, Dubai Marina and Jumeirah Village Circle (JVC).

The off-plan real estate market is also thriving thanks to plenty of exciting launches both in the affordable and ultra-luxury segment. Some of the most recent releases encompass Marbella at DAMAC Lagoons, Signature Mansions JGE, Peninsula Four The Plaza and Raya, just to name a few. Based on the up-to-date price fluctuations and trends, it is safe to say that if you decide to invest in Dubai real estate now, you will be able to benefit from the increased capital values later and resell your unit at the higher price

As Dubai is striving to become the city of the future, Dubai Municipality signed 2 contracts with Ordnance Survey, which is a British national mapping agency, to plan and develop the construction system of the world’s happiest destination. This partnership aims to drive innovation and contribute to the development of essential services for the emirate’s citizens, visitors and residents.

That being said, in line with the agreement, Ordnance Survey will support the Building Regulation and Permits Agency in Dubai Municipality to enhance the building and construction sector services. The British agency will also provide Dubai Municipality with expertise to assist teams employed in the areas of executive planning, building permits, monitoring activities, survey services and geographic information systems. This way, the planning and construction processes in Dubai will be improved thanks to trusted and maintained geospatial data and cadastral operations.

On top of that, the second agreement was prolonged between the GIS Center Department (GISCD) of Dubai Municipality and Ordnance Survey. During the next 3 years, there will be new activated platforms for extracting, managing and exchanging geospalatial data, enabling the government, companies, and citizens to take advantage of richer geographic data and promote the area of innovation in Dubai.

It is worth noting that Dubai ranked first in the Arab world and fifth globally for digital government services in the Local Government Online Services Index 2022 (LOSI), which is issued by the United Nations within its Digital Government Report. One of the most recent initiatives in Dubai is a digital rent collection option, allowing tenants to make rental payments directly through their bank account in line with a partnership between the Dubai Land Department (DLD) and Emirates NBD.