AB Espresso: Dubai real estate sales hit $12.9bn in August

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Dubai’s real estate market has experienced another strong month, with property sales in August totalling AED47.3bn ($12.9bn), a 40.8 per cent increase in value on the same month last year. A market update issued by fäm Properties reveals that last month’s total of 16,159 transactions represented a 36.9 per cent increase in volume over August 2023, while the average price per sq. ft rose 6.1 per cent to AED1,493 ($407).

Additionally, Dubai-based property developer, Binghatti announced the launch of a new $600 million (AED2.2 billion) residential development in Jumeirah Village Circle (JVC) – Binghatti Royale. The launch was propelled by heightened investor demand for Binghatti projects in the area with some even seeing sell-outs in 24-hours.

Meanwhile, Dubai’s Knowledge and Human Development Authority (KHDA) shut down three schools last year after they failed to meet educational standards in the emirate. The KHDA is committed to ensuring that schools and educational institutions deliver the highest quality of education, in line with the leadership’s vision for Dubai to become a global leader in education and learning, according to Aisha Miran, Director General of KHDA.

Aside from this, the UAE rail network is now transporting goods between Fujairah and Abu Dhabi via a new logistics service. Noatum Logistics has announced the launch of its new rail logistics solution for the Middle East region. The new service, which complements Noatum Logistics’ integrated regional portfolio of freight forwarding products leveraging land, sea, and air transport, was inaugurated with the launch of its first rail shuttle service between Khalifa Port and Fujairah Terminals.

In other news, Oman has announced major changes to employment laws in the country as it looks to prohibit expat workers from certain roles. Jobs including web designers, travel agent, hotel reception manager and marketing specialist will become limited for Omani employees. The announcement came from the Ministry of Labour, which issued Ministerial Decision No. 501/2024, amending the provisions of Ministerial Resolution No. 235/2022, which regulates the practice of certain professions.

THE LONGER READ:

Dubai’s real estate market is booming, but buyers face specific financial requirements and hidden costs – here’s how much you should be earning to buy property worth $1 million, according to experts

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