Key Updates From The Market Q1 2024

The UAE government is making key updates to real estate regulations in order to safeguard the industry and enhance transparency in the market for sellers, buyers, landlords, and tenants alike. One such step is the introduction of QR codes to verify property listings. All real estate agencies are required to register their properties with the DLD and obtain a unique reference number for each property. This gives buyers and tenants greater confidence in their investment decisions and should ensure faster sales and contract agreements.

Another key development this quarter is the new rule regarding eviction notices. These are now attached to the property rather than the landlord, meaning that once an eviction notice is served, even if the existing landlord sells the property, the terms of the notice still stand.

The Real Estate Regulatory Authority (RERA) now allows landlords to adjust rental prices at tenancy renewal to align with market value, removing the 5% cap. This could lead to fewer renewals in high-cost areas as tenants seek better value elsewhere, potentially stabilizing prices. This change may also boost property sales as ownership becomes more attractive.

Dubai's population grew by 25,700 in Q1 2024, reaching 3.7 million. This growth benefits both the rental and transactional markets. The UAE Central Bank predicts a 2.5% inflation rate for 2024, below the global average, supporting the real estate market's growth.

The short-let market is thriving, with more properties and increased revenue. Dubai's market stands out for its high standards and guest care. Airbnb is introducing protocols to verify listings and reduce cancellations, which we, as SuperHosts, welcome to better serve the community.

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