AB Espresso: Dubai property prices to ‘cool ’

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Hello reader,

In today’s newsletter:

Dubai real estate: Property price growth to ‘cool’ for apartments but spike for luxury villas and townhouses this yearDubai real estate: Expo City announces new luxury serviced apartmentsWealth management: Gen Z, Millennials better with money than boomersRamadan 2024: Muslims in Oslo, London, Istanbul fast the longestDubai Police: Authority arrests 17 beggars on first day of Ramadan

Growth in residential real estate prices in Dubai is expected to “cool down” this year from last year’s levels, on the back of rising supply, coupled with a host of global economic factors, industry insiders told Arabian Business. The price moderation is expected more in the apartment segment, which is currently seeing the launch of several new projects, leading to relatively excess supply.

In addition, Expo City Dubai has announced plans to expand its hospitality offerings with a new Cheval Collection serviced apartment development. Cheval Maison – Expo City Dubai is set to open in 2025, repurposing the former Leadership Pavilion building within the city’s centre.

Aside from this, Gen Z and Millennials, compared to the older generations, are more “knowledgeable” when it comes to investing, saving and creating a retirement plan, according to Nuno Matos, CEO, Wealth and Personal Banking at HSBC. “We have seen that Gen Z and Millennials start investing much sooner than their parents. They are quite knowledgeable; they take time to do their research and plan well for their retirement,” he told Arabian Business in an exclusive interview.

In other news, Arabian Business covered the longest fasting hours for Ramadan 2024 around the world. For Muslims living farther north, where days are longer during this time of year, the fasting period from dawn to dusk is longer than it is for those in southern areas where sunsets occur earlier, according to new data revealed by Statista.

Dubai Police also announced 17 beggars were arrested across the city on the first day of Ramadan. The arrests were a coordinated effort between the Suspects and Criminal Phenomena Department of the General Department of Criminal Investigation and Dubai police stations.