Dubai’s economy grows 3.2% in the first half of 2023
CategoriesIndustry News

Dubai’s economy grows 3.2% in the first half of 2023

Dubai’s economy grows 3.2% in the first half of 2023.

The World Bank has predicted that the UAE’s Gross Domestic Product (GDP) will grow by 2.8% by the end of this year, 2023. The non-oil sector is expected to achieve strong growth of 4.8% due to the strength of local demand, particularly in the tourism, real estate, construction, transportation, and manufacturing sectors.

Dubai’s economy expanded an annual 3.2 per cent in the first half of 2023 to reach Dh223.8 billion ($60.9 billion), driven by 3.6 per cent growth in the second quarter of the year and solidifying the emirate’s position as a global economic hub.

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cryptocurrency's influence on the real estate industry
CategoriesIndustry News

Cryptocurrency’s influence on the real estate industry

Cryptocurrency’s influence on the real estate industry.

cryptocurrency has made significant advancements in terms of functionality, applications and security. These developments have sparked interest across various industries, including real estate.

Consider how cryptocurrency has transformed various industries. Its decentralized nature and ability to facilitate secure and fast transactions have revolutionized sectors such as finance, supply chain management and healthcare. The adoption of cryptocurrency has proven its value in providing efficiency and transparency. However, these benefits are not limited to technology-based industries. The use of blockchain and cryptocurrencies have also had a positive impact on real estate.

Real estate, being an asset-heavy industry, has also embraced cryptocurrency. The integration of blockchain technology has streamlined property transactions through the elimination of intermediaries, reducing costs and time. The use of blockchain technology has also helped reduce fraud and data tampering. The recent implementation of smart contracts, which are self-executing, can be used as a legally binding document to ensure that both parties fulfill their obligations.

The advancements of cryptocurrency in the real estate industry.

  • One notable blockchain-enabled implementation is tokenization. It enables more individuals to invest in real estate with greater flexibility by allowing them to own a portion of the asset rather than buying it outright.
  • Smart contracts can perform many of the functions that a traditional rental agreement does, such as ensuring timely payments and reducing disputes.
  • The use of blockchain can also increase transparency and efficiency by making the data on real estate transactions easily accessible to all parties. Blockchain technology is also being used in land registries to improve how property ownership is recorded. This is a big deal because it enables the government to track who owns what property and how it changes hands.
  • The technology also makes it harder for people to forge documents or hide ownership information from authorities. If a government decides that blockchain should be used for land registry, then all local governments will have access to the data in real time.

Cryptocurrency has undoubtedly brought convenience and efficiency to the real estate industry. Its potential to streamline transactions, enable fractional ownership and ensure transparency has garnered significant attention. However, we must be aware of its limitations, such as solving non-financial real estate issues and the environmental impact of blockchain technology. While cryptocurrency shows promise, it may not be the sole future of real estate transactions. A hybrid approach, combining the benefits of cryptocurrency with traditional practices, might be the way forward. Continual exploration and innovation will shape the future of real estate transactions, ensuring efficiency, transparency and sustainability.

Courtesy – Entrepreneur

Dubai Real Estate july 23
CategoriesIndustry News

Popular areas, price increases and in-demand properties in Dubai revealed

Popular areas, price increases and in-demand properties in Dubai revealed.

Dubai real estate Rent, sale prices increase as market continues to soar.

The Dubai real estate market continues its upward trajectory following continued demand and high interest in the first half of 2023, according to a new analysis by dubizzle. Research reveals that the annual rents and sale prices have witnessed a general increase across the real estate market in the city.

“Dubai’s real estate market rolled into 2023 in emphatic style, with many of the record-shattering numbers of 2022 already being broken again in 2023. The dubizzle sales trend data shows affordable areas are now feeling the uplift from the influx of the luxury sector, with key high-end districts also recording rising prices amidst immense interest from investors and property-seekers,”  – Arabian Business.

Key Findings:

  • Average prices across affordable and luxury apartments ranged from AED466,000 to AED5.45 million in the first half of this year. On the other hand, luxury and affordable villa prices was recorded between AED1.4 million to AED42.1 million.
  • Jumeirah Village Circle (JVC) has emerged as the most searched area for affordable properties, seeing an increase of over 8 percent in price per-square-foot.
  • Jumeirah Lakes Towers (JLT) has recorded the highest increase in price per-square-foot at a whopping 15.83 percent.
  • Residents searching for villas have shown demand for DAMAC Hills 2 (Akoya by DAMAC) and Dubai Hills Estate.
  • Those seeking for luxury villa rentals have expressed increasing demand for Al Barsha.
  • Palm Jumeirah continues to remain the area of interest for luxury properties.
  • Short-term rentals are also a prevalent residential option in the market with Dubai Marina and Bur Dubai emerging as top neighborhoods.
  • Palm Jumeirah property DubaiPalm Jumeirah continues to remain the area of interest for luxury properties
  • Luxury apartments: Dubai Marina has retained its status as the most sought-after area for luxury apartment buyers, with an average sales price of AED2.25 million and a Return on Investment (ROI) of 7.19 percent.

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