As of the conclusion of 2022, a recent report has unveiled that the total household wealth in the UAE reached an estimated $1.2 trillion. According to the Global Wealth Report jointly released by Credit Suisse and UBS, the wealth per adult in the UAE stood at $152,556 by the end of 2022. The ratio of household debt to gross assets in 2022 was 7.8 percent in the UAE, showing minimal change since...
The Federal Tax Authority (FTA) made an announcement on Monday, highlighting the significant achievements of its pioneering projects, the Muwafaq package and Specialised Tax Agent transformational initiatives, which were launched earlier this year. These projects have yielded remarkable outcomes by streamlining compliance processes for taxpayers. The introduction of these projects is an integral part...
By The End Of October, The Company Will Have Delivered 688 Extra Residential Units.Prominent UAE real estate developers, MAG, have announced the successful handover of 546 townhouses within the esteemed MAG City development situated in District 7 of Mohammed bin Rashid Al Maktoum City, Meydan. Comprising 904 residential units spanning studios, one- to two-bedroom apartments, and 694...
UAE Business Tax Clarification: Ministry's Explanation on Real Estate and Immovable Property Tax The UAE's corporate tax landscape has received further clarification from the Ministry, shedding light on taxation related to real estate and immovable property. This development seeks to provide a clearer understanding of the tax implications for businesses operating within the country. The Ministry's...
Dubai's Residential Rent Surge Reaching a Plateau? While new rental agreements and lease renewals continue to come at higher rates, a notable shift is emerging – more landlords are now willing to negotiate and settle for lower rental amounts than their initial asking prices. This trend is gaining prominence in recent leasing transactions across various communities and sought-after residential areas...
A Notable Surge in Home Purchases: Practical Advice for Young Property Investors The present landscape of the real estate industry is witnessing a significant surge in home purchases, marked by appealing returns and accessible payment arrangements, especially for those entering the market for the first time. This trend is notably influenced by the younger generation, including Millennials and Gen Z,...
According to a survey conducted by leading global real estate service providers, the first half of 2023 witnessed a significant surge in Dubai's residential real estate market. With a staggering total of 57,700 property transactions, including both apartments and villas, this year is shaping up to be the most active period yet. This impressive figure marks a remarkable 44 percent increase compared to...
The Tenant Is Now Questioning Whether The Confirmation Notice Needs To Be Prepared Through A Notary Public, As They Have Changed Their Decision. 1. Question: I initially informed my landlord, via email, that I intended to move out of the property as a tenant. However, I later changed my mind. The landlord is now insisting that the email is binding, and I sought legal advice, which...
Over A Dozen Entities Worldwide Have Shown Interest In The Joint Venture.Potential bidders from various countries, including China Investment, Malaysia’s KLCC Property Holdings (also known as KLCC REIT), and Saudi Arabia’s Hassana, are expressing interest in acquiring a stake in ICD Brookfield Place, an office tower located in the heart of Dubai’s bustling financial district. According to insiders...
PromisingHomeowners need to keep their eyes on the long term. Because there will only be one more rate hike before the end of the year.Payment schedule changes should be carefully weighed against the potential increase in property values and tax-free rental income.Few top-tier real estate markets can compete with the UAE’s rental yields, which typically range between 7% and 10% and offer a reliable...