Latest news with #propertyinvestment
Arabian Business
6 hours ago
- Business
- Arabian Business
Dubai real estate: Villa,townhouse prices soar 92% in three years as property market booms
Dubai Land Department (DLD) recorded AED 54 billion in property sales transactions across Dubai in May, representing an 11 per cent increase from the previous month. Villa and townhouse prices have increased by 92 per cent since May 2022, rising from AED3,475,523 to AED6,682,023 over three years. These properties saw a 35 per cent price increase within the last year alone across villa and townhouse communities, according to DLD data. Investors flock to Dubai 'The Dubai real estate market is not just growing – it's redefining investment benchmarks, especially for villas and townhouses. Imagine nearly doubling your investment in just three years – that's the reality for villa and townhouse owners in Dubai. The undersupply of quality homes, particularly ready and upgraded villas, continues to fuel this growth. Buyers want space, established communities, and turnkey homes they can move into immediately which is exactly what communities like Arabian Ranches, Jumeirah Golf Estates and Victory Heights have,' Lewis Allsopp, Chairman of Allsopp & Allsopp said. The city's secondary property market demonstrated strength last month, with total sales value surging 68 per cent year-on-year and average resale home prices rising 32 per cent. Secondary market transaction volume increased 28 per cent year-on-year, indicating a move towards homeownership for expats settling in the city. The off-plan sector maintained confidence with a 13 per cent increase in average sales price month-on-month and a 20 per cent rise year-on-year. Buyers continue to view Dubai as a destination for capital appreciation and long-term investment, driven by the city's growth, new businesses, tourism appeal, and residential attraction. DLD reported a month-on-month decrease in rental renewal volume (19 per cent) and value (17 per cent), whilst new rental contracts strengthened with volume increasing 15 per cent and value rising 9 per cent month-on-month. This suggests tenants are exploring suburban areas for properties amid ongoing rental price increases in prime locations. Established, older neighbourhoods are experiencing renewed interest, particularly for well-upgraded homes. Sellers are recognising the potential in renovating older properties, as these modern homes within their communities now command higher prices. 'We're now seeing more sellers upgrade and list their homes as the demand for bigger, newly renovated properties grows,' Allsopp said. 'Many of Dubai's older homes offer unmatched space, with buyers opting for modernised and renovated homes rather than taking on the time and effort of upgrading themselves.' The data reflects the value of investing in Dubai's property market, particularly in the villa and townhouse segment. As Dubai continues attracting high-net-worth individuals and long-term residents, demand remains strong for homes that offer space, lifestyle, and move-in readiness.
News.com.au
17 hours ago
- Business
- News.com.au
Victorian suburbs where you can still buy and build wealth in 2025
With Melbourne buyers locked out of million-dollar markets, a surge of first-homebuyers and savvy investors are seizing their chance in Victoria's value pockets. New analysis from property forecasters Hotspotting has named Frankston, Bendigo and Wodonga among the top 10 best places in the country to buy in 2025, with strong capital growth tipped over the short to medium term. Hotspotting director Terry Ryder said Victoria was now leading the nation for future buying opportunities, after a sluggish 2024 that saw Greater Melbourne underperform much of the country. First-home buyers hit with $40k+ tax bill 'Melbourne is looking more promising than it has in years, with transaction levels in the December quarter at their highest since the Covid boom,' Mr Ryder said. 'Units made up around a third of all sales in that quarter, and both the near-city market of Yarra and the lifestyle-focused Frankston area are experiencing rising transaction levels.' 'These are not one-hit wonders. They've got the foundations to grow further, and buyers are recognising that.' Melbourne Property Advocates founder Simon Murphy said confidence had returned in 2025, and buyers were getting strategic. 'Frankston is evolving fast, especially with rezoning near the bay,' Mr Murphy said. 'Some even joke it's becoming the colder version of Surfers Paradise, give it 10 years and we'll see if they're right.' Mr Murphy said three-bedroom homes on larger blocks were disappearing quickly under $700,000, and investors were back in full force chasing yield and land. 'There's no such thing as cheap anymore, just smart buying,' he said. 'In this market, if you're not ready to act, you'll miss out.' The Melbourne Property Advocates founder said regional centres like Bendigo and Wodonga were now delivering rental yields of six to seven per cent, with fewer planning headaches and more flexible zoning. 'Bendigo councils are more open to development than many metro ones,' Mr Murphy said. 'And off-market deals are much more common.' In Wodonga, First National Bonnici & Associates' Harley Maclachlan said buyer activity had intensified below $700,000, driven by first-home buyers, investors, retirees and downsizers. 'You can still get a quality four-bedroom home around $600,000 here,' Mr Maclachlan said. 'That kind of lifestyle and price point just doesn't exist in Melbourne anymore.' With few rental listings and demand rising, Mr Maclachlan said many buyers were expanding their search to neighbouring suburbs. 'The growth is spreading, we're telling people not to ignore the fringe suburbs of Albury-Wodonga,' he said. 'That's where the spillover is landing.' In Frankston, Ray White's George Devic said homes under $850,000 were being fiercely contested, with first-home buyers, investors and Melbourne upsizers leading the charge. 'That's where the action is,' Mr Devic said. 'The energy has completely shifted from 2024, buyer activity is up about 25 per cent on last year and that's huge.' Mr Devic said more millennials and Generation Z buyers were trading inner-city aspirations for coastal lifestyle, value and space. 'With EastLink, it's not far from the city, and you're getting way more home for your money.'
News.com.au
a day ago
- Business
- News.com.au
‘Death of the middle class': Tradie's drastic action to get ahead financially
Sam Harper was earning $90,000 a year when he decided he needed to do something drastic to secure his financial future, believing the 'death of the middle class' was looming. Mr Harper, 27, was working as an electrician in Perth when he became sick of earning just enough to be able to pay his mortgage and weekly expenses. 'My partner and I both had a mortgage of like $480,000 and, once you paid for that, and your groceries and living expenses, yeah, you can live comfortably, but there are no overseas trips,' he told Mr Harper had always worked hard. He'd learned a trade and slogged it out as an electrician, but he didn't feel like he was getting ahead. 'We are going down that path (where there is going to be) the death of the middle class because the gap is getting bigger between the rich and poor,' he said. 'The way I look at it is, that is out of my control, so you have to start looking at different ways to get ahead. 'At some point last year I had this realisation that no one is coming to save me.' The only time he'd really made a big amount of money was from the sale of a duplex he bought when he was 22 years old and during the pandemic. 'I got lucky buying a duplex in Victoria, and it felt like a lot of money back then, but I paid like $270,000, which is absolutely nothing,' he said. 'I sold it 18 months later and I definitely got market growth for that one. It sold for $400,000.' The young Aussie was stoked with the sale and the profit he made from it, but he wasn't real estate savvy and viewed it as a one-off than a way to continually make money. 'I was pretty stupid back then,' he said. 'I thought it was great but it wasn't until later down the line that I started looking at real estate a bit more.' Alongside his partner, and with the profits from the sale of his Victoria property, Mr Harper purchased a home in Perth in late 2024 for $520,000. The plan back then was to get some equity into the property, use that equity to buy an investment property, and eventually amass a real estate portfolio. It wasn't a bad plan, but the electrician realised that he would have to cover multiple mortgages, even if he rented them out. 'I realised I'd be stuck in my job and in more and more debt and I didn't really like the job' he explained. Around this time, he had his primary property revalued after spending around $30,000 in renovations. To his delight, the property was reappraised at $700,000. 'I was surprised by the $700,000. I thought mid $600,000. It was definitely life-changing,' he said. The tradie had been able to save money because he was able to do a lot of the renovations himself, using his skills as sparky and watching YouTube tutorials for the parts he wasn't as sure about. That staggering evaluation made Mr Harper realise house flipping was a really simple and clear way to make money. Ultimately, he decided not to sell that property, with the couple instead refinancing and then flipping another home shortly afterwards. He struck a deal with a homeowner where he renovated the property and then they agreed to share some of the profits. 'If it sold above $530,000, we'd split the profits, and it sold for $610,000,' he said. The young tradie pocketed $98,000 from that sale, which gave him the confidence to start buying properties to flip. In the past 12 months, the 27-year-old has purchased two separate properties in Perth. From the first, he made $85,000 in pure profit, and from the second, he made $125,000. 'It is a lot more than I was getting paid as a sparky,' he pointed out. Mr Harper is pragmatic about his success. Yes, a lot of money is coming in, but he also needs to use that money to keep house flipping. 'It is the type of business where, once you get the money, you reinvest it back in,' he said. That doesn't mean he has quite gotten used to seeing over six-figures pour into his savings account. 'Once the money hits the account, it is still pretty crazy,' he said. 'We definitely have a long way to go, but looking back to where we were 12 months ago is pretty surreal.' Financial planner Alex Jamieson told that Australia's wealth gap is widening. 'The middle class used to buy from a purchasing power perspective in today's standards is no longer anywhere close to the purchasing power,' he said. Mr Jamieson argued that 'if you don't own a house', you're unfortunately missing out on amassing wealth. The problem being that it is becoming increasingly difficult for Aussies to break into the market. The financial planner argued that the middle class is having a tougher time these days due to the cost of living. 'Historically, one income was able to achieve a lot more in purchasing power than what the combined income of today can achieve for a couple,' he said.
Khaleej Times
2 days ago
- Business
- Khaleej Times
Dubai: Can new businessman get Golden Visa immediately after investing Dh2 million in property?
Question: I am a businessman who is planning to move to Dubai. Can I invest in property to get a Golden Visa? What are the rules? And do I become eligible for the long-term visa as soon as I make the investment? Can you help detail the process? Answer: In the UAE, a Golden Visa can be granted to an investor who owns one or more real estate properties having a value of not less than Dh2 million, provided that such real estate property may be owned by the investor, singly or jointly. This is in accordance with Article 8 of the Annex Attached to the Cabinet Resolution No. (65) of 2022 Issuing the Executive Regulations of Federal Law by Decree No. (29) of 2021 Concerning the Foreigners Entry and Residence Regulating Golden Residence Permits: '1. The investor shall own one or more real estate property with a total value of not less than (Dh2,000,000) two million dirhams, and the real estate property is wholly owned by the investor. It may be a loan, on condition that the loan is from one of the local banks determined by the competent local authority; '2. The real estate property investor shall when buying one or more real estate property units off the map with a total value of not less than (Dh2,000,000) two million dirhams, on condition that the purchase is made from local companies approved by the competent local authority; and '3. The investor shall have a comprehensive health insurance for himself and his family members throughout the validity term of the residence permit or in accordance with the terms set by the competent local authority. ' Upon approval from the competent authorities, a 10-year long-term residence permit is issued. This Golden Residence Permit allows eligible foreigners and their families to reside independently in the UAE without a guarantor for work, investment, or business, subject to specified terms and conditions. This is under the Article (1) of the annexure attached to the 'Cabinet Resolution No. 65 of 2022' 'The ICA may – after the approval of the competent authorities, as the case may be – issue a long-term residence permit for a period of ten years. The Golden Residence Permit shall be subject to renewal, for certain categories of foreigners and their families, allowing them to self-reside without the need for the Guarantor/the Host Party inside the State for work, investment, business start-up or stay in the State in accordance with the terms and conditions contained in this resolution.' The procedural steps for obtaining the Golden Visa based on real estate property investment include: Acquisition of qualifying property Registration of ownership and issuance of a title deed by Dubai Land Department Submission of the Golden Visa application through the DLD, the General Directorate of Residency and Foreigners Affairs, or designated smart platforms (e.g., Dubai REST) Completion of supporting formalities, including medical fitness test and Emirates ID registration Issuance of a 10-year residency visa, subject to continued compliance with eligibility requirements. Based on the aforementioned provisions of the law, as a businessman intending to move to Dubai, you may be eligible for the UAE Golden Visa upon investing in real estate property with a minimum investment of Dh2 million, subject to the conditions set by the competent local authority. For detailed guidance and to initiate the application, you may contact the GDRFA or apply through the DLD or any authorised smart platform.
South China Morning Post
3 days ago
- Business
- South China Morning Post
NWD-led group gets US$166 million from sale of 24 luxury homes in Southern district
A consortium of developers, led by New World Development (NWD), raked in HK$1.3 billion (US$166 million) from the sale of 24 luxury units in Hong Kong's Southern district, as wealthy buyers take advantage of a market downturn to acquire prized assets. Advertisement On Friday, a 1,706 sq ft, four-bedroom unit in Deep Water Pavilia, a 447-unit luxury residential project in Wong Chuk Hang, sold for HK$85.3 million, or HK$50,000 per square foot – the highest in absolute terms and on a per-square-foot basis in the district in recent years, according to a statement from NWD on Friday. The developer owns 50 per cent of the project. The deal broke a record set just a few days earlier by a unit of the same size in the same development, which sold for HK$82 million. The buyers of the 24 flats included people from The Peak, the Southern district, Kowloon, as well as affluent individuals from mainland China and overseas, five of whom bought two units each, NWD said on Monday. One foreign buyer spent HK$147.3 million on two four-bedroom flats, including the one that cost HK$82 million. Analysts attributed the project's success – which benefits from a prime location overlooking Deep Water Bay and easy access to public transport – to improving market sentiment and declining interest rates. Advertisement The one-month Hong Kong interbank offered rate (Hibor), which is linked to mortgage loans, is currently at its lowest point in nearly three years.
