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Real estate : Romanians bought apartments of 75 million euros from Sobha Dubai developer in first 7 months of 2022
The real estate market in Dubai is in full expansion, recording an increase by 61.7% of the number of real estate transactions in 2022 against 2021, according to data of Sobha Dubai real estate developer which show that Romanians bought apartments of 75 million euros from that developer, in the first 7 months.
“In the present inflation and geopolitical context, more and more investors focus on the real estate market in Dubai, one of the most cosmopolitan and most secure cities in the world. In July 2022, for instance, not only most monthly real estate transactions were recorded, but they also reached the highest value in the last 13 years (about 5.6 billion euros), compared to the same period of previous years. Romanians too are on the list of people interested in Dubai. Sobha, a real estate developer in Dubai, reported sales of 75 million euros to Romanian citizens this year,” the company announced.
The Dubai real estate market is in full expansion, recording an increase of 61.7% of the number of real estate transactions in 2022 vs 2021.
According to official statistics, last month there were 7,138 real estate transactions in Dubai, of 5.6 billion euros.
On the overall, in the first 7 months of the ongoing year, apartment prices in Dubai went up by 7%, according to a Betterhomes study. It is estimated that prices will continue to go up, especially for off-plan projects with delivery in 2025-2026.
Sobha is developing a whole residential unit in Meydan area, with multiple facilities for those who will live there. Sobha Hartland residential unit will have 40% of the area occupied with green areas, a private beach 1.8 km long, a water channel, restaurants and coffee shops, stores, gyms, playgrounds, swimming pools, 2 international schools which are already functioning.
“I have been collaborating with Sobha developers for a year, representing them in Romania, after I myself bought 3 apartments in the complex last year. I was brokering for Sobha sales of over 17 million euros in the last 5 months, and now we are all waiting for the launch of the new project Sobha Heights where there is a waiting list for apartments,”said Razvan Pascu, Sobha representative in Romania.
Prices start from 420,000 euros at Sobha Hartland and the best sold are two room apartments (in installment for 5 years, 10% every 6 months).
According to data supplied by the developer, the best sold apartments were those with two rooms, where prices start from 420,000 euros for an apartment with a living room and a bedroom, of 80 sq.m. In the last months, the Romanian investors' attention focused on larger. 3 and 4 room apartments whose prices start from 520,000 euros for 3 rooms and 775,000 euros for 4 rooms. They are all paid in installments for 5 years, 10% every 6 months, with a down payment of 2%.
“Often called the New Switzerland, for its political neutrality shown over the years, especially for storing fortunes of businessmen from all over the world, Dubai is offering many reasons for which investors have focused on the United Arab Emirates in the last two years. Among the main reasons is there are no taxes on property and a single tax of 4% of the building value is paid to the government. For off-plan projects installments are paid in escrow accounts which means that the money reaches the developer only when they finish building project stages, the investors' money being guaranteed by the government. At the same time, long term net profit of house renting in Dubai can reach up to 15% of off-plan projects,” the developer says.
The 5 year payment (including 2 years after the building is commissioned) until 2027,with no interest rates, is another facility customers can benefit from when they buy an apartment at Sobha, as well as the possibility to obtain fiscal residence in Dubai.