Rakhat Properties

The United Arab Emirates is becoming the top destination for millionaires looking to relocate in 2024, with a projected net inflow of 6,700 high-net-worth individuals. This trend is driven primarily by arrivals from the UK and Europe, as wealthy individuals are attracted by the UAE’s zero-income-tax policy, golden visa programs, and luxurious lifestyle. In addition to its financial benefits, the UAE offers excellent connectivity through airlines like Emirates and flydubai, making travel easy. Its strategic location, coupled with a business-friendly environment, further enhances its appeal as a hub for affluent migrants seeking both lifestyle and investment opportunities.

In July 2024, Dubai's real estate market reached an impressive milestone, with property sales hitting $13.5 billion, marking a significant 48% increase compared to July 2023. The Dubai Land Department reported 6,646 transactions, highlighting the continued vibrancy and resilience of the market. The luxury segment, in particular, saw notable growth, driven by strong demand from both local and international buyers, solidifying Dubai's status as a premier global real estate destination. This remarkable surge underscores Dubai's enduring appeal to investors and homeowners alike. The city's strategic location, world-class lifestyle, and favorable economic conditions continue to attract buyers from around the world. For real estate professionals, this thriving market offers substantial opportunities for new deals and strategic investments, positioning Dubai as a key player in the global real estate landscape.

Azizi Developments has announced the Burj Azizi, a 725-meter skyscraper set to be the world’s second tallest building. Located on Sheikh Zayed Road, this 131-plus storey tower will feature a seven-star hotel with themes from seven cultures, alongside luxurious penthouses, apartments, and holiday homes. Sales launch in February 2025, with completion set for 2028. Residents and guests will enjoy top-tier amenities including wellness centers, pools, cinemas, gyms, and more, making Burj Azizi a landmark of luxury living in Dubai.

Dubai has once again secured its position as the world's top city for executive nomads, according to the Savills Executive Nomad Index 2024. For the second year in a row, Dubai has been recognized as the best city globally for remote work, and it's no surprise why. The city’s outstanding ranking is driven by its commitment to becoming a leader in the digital economy, supported by modern infrastructure, unmatched connectivity, and an exceptional quality of life. Dubai has made significant strides in attracting global talent through initiatives like special visas for remote workers, offering a welcoming environment for those seeking a flexible work-life balance. Adding to the UAE's accolades, Abu Dhabi also made the global top five, coming in at 4th place, further solidifying the region’s reputation as a prime destination for executive nomads. Dubai and Abu Dhabi are setting the standard for cities around the world in catering to the needs of the modern workforce.

Dubai International Airport (DXB) is preparing for the busiest period of the season, expecting to welcome 3.43 million guests by September 2. September 1 will be the busiest day at DXB, with the airport anticipating up to 291,000 passengers. UAE residents are actively returning home after their summer vacations. If you're flying to or from DXB in the coming days, be prepared for queues and large crowds. Arrive at the airport 3-4 hours before your flight and try to check in early.

Dubai Real Estate Market on the Verge of a Historic Breakthrough Experts Predict Future Records for the Market Analysts at W Capital forecast record investment volumes in Dubai real estate during the summer of 2024. A 15-20% increase is expected compared to the previous year, reaching up to $33 billion. The Market Continues to Develop Dynamically In 2023, real estate sales in Dubai amounted to more than $109 billion, indicating steady growth in recent years. Experts predict further strengthening of the city's position in the market. Record After Record Since the beginning of 2024, 65,890 real estate transactions have been completed in Dubai, which is 25.4% more than the same period last year. Dubai's real estate market remains attractive to investors, and its total sales volume could reach up to $136.2 billion by the end of the year.

Dubai's legal landscape for cryptocurrencies has recently evolved with a landmark ruling from the Court of First Instance on August 15, 2024. This decision confirmed the legality of crypto payments, including Bitcoin, for salaries. The case involved an employee who, after alleging unpaid wages and wrongful termination, was entitled to a salary partly paid in EcoWatt tokens as stipulated in their contract. Despite the employer's argument that crypto payments were not legally enforceable, the court ruled in favor of the employee, emphasizing that the contract's terms were clear and valid. This ruling marks a significant shift in Dubai's acceptance of digital currencies, contrasting with a similar case from 2023 where a claim involving EcoWatt tokens was dismissed due to unclear valuation. The 2024 decision underscores the court’s evolving stance and sets a precedent for broader adoption of cryptocurrencies in employment and other sectors, aligning Dubai with global digital finance trends.

Dubai is set for a major transformation with plans to more than double its metro stations by 2040. Currently, with 64 stations over 84 square kilometers, the network will expand to 140 stations covering 228 square kilometers. This growth aims to reduce carbon emissions, boost economic opportunities, and develop areas around stations with new residential, commercial, and office spaces. By 2030, the metro will increase to 96 stations across 140 square kilometers. The new blue line, integrating with the existing red and green lines, will enhance city connectivity. Additionally, Al Maktoum International Airport’s expansion will include metro stations. While specific locations for new stations are not yet disclosed, the plan will improve connectivity throughout the emirate.

DUBAI RECORDS A HISTORIC NUMBER OF FOREIGN PATIENTS In 2023, Dubai saw a significant increase in the number of foreign patients, with 691,000 people paying for medical services totaling 1.03 billion dirhams. This remarkable growth highlights the city's increasing appeal as a destination for world-class medical care, attracting patients from across the globe who seek high-quality treatments and services. The surge in foreign patients further solidifies Dubai's reputation as a leading global hub for healthcare excellence. The city's advanced medical infrastructure, cutting-edge technologies, and highly skilled professionals continue to draw people from diverse regions, positioning Dubai as a top choice for those in need of premium healthcare services. This trend reflects not only the quality of care provided but also the trust that international patients place in Dubai's healthcare system.

UAE: How to Get a Golden Visa Without a Degree No degree?You can qualify for a UAE Golden Visa through: Real Estate: - Own property worth Dh2 million+. - Invest in off-plan developments worth Dh2 million+. - Buy property with a loan from approved banks. Entrepreneurship: - Own an SME with Dh1 million+ annual revenue. - Start an approved, innovative venture. - Sell a previous startup worth Dh7 million+. Creative Talent: - Get a nomination from the relevant cultural department. - Provide a portfolio, 10+ years of experience, and proof of awards. Fields include art, music, design, and content creation.