The property market in the UAE is witnessing an unprecedented boom, supported by an increase in demand from international buyers.
This is according to Michael Lahyani, founder and chief executive of Dubai portal Property Finder, who joins host Kelsey Warner on the Business Extra podcast this week.
They talk about the state of the property market and the significance of one historic deal: the sale of the most expensive plot ever sold in the UAE, a patch of sand half the size of a football pitch on Jumeirah Bay Island that sold last month for $34 million.
Also discussed: how the property market has matured over Mr Lahyani's nearly 20-year career here, why the UAE's Golden Visa has changed the game and if Property Finder will go public any time soon.
In this episode:
Most expensive land plot deal (0m 30s)
Overview of the property market in the UAE (2m 27s)
More residents buying houses than before and the impact of the Golden Visa (8m 04s)
How did Property Finder handle the pandemic and whether they consider going public? (18m 20s)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Results
2pm: Maiden (PA) Dh 40,000 (Dirt) 1,200m, Winner: AF Thayer, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
2.30pm: Maiden (PA) Dh 40,000 (D) 1,200m, Winner: AF Sahwa, Nathan Crosse, Mohamed Ramadan.
3pm: Handicap (PA) Dh 40,000 (D) 1,000m, Winner: AF Thobor, Szczepan Mazur, Ernst Oertel.
3.30pm: Handicap (PA) Dh 40,000 (D) 2,000m, Winner: AF Mezmar, Szczepan Mazur, Ernst Oertel.
4pm: Sheikh Hamdan bin Rashid Al Maktoum Cup presented by Longines (TB) Dh 200,000 (D) 1,700m, Winner: Galvanize, Nathan Cross, Doug Watson.
4.30pm: Handicap (PA) Dh 40,000 (D) 1,700m, Winner: Ajaj, Bernardo Pinheiro, Mohamed Daggash.
