News
Dubai property sales spike in volumes as May comes to an end
The value of property transactions in Dubai jumped by 20 percent this week compared to the previous seven days as investors continued to cash in on the UAE’s sought-after market.
What is interesting is the different kind of locations which propped up this week compared to the usual hotspots of Palm Jumeirah and adjoining areas.
During the week ending May 27, around 8.7 billion dirhams ($2.36 billion) in deals were recorded, up from 7.2 billion dirhams a week ago, data from the Dubai Land Department showed. Thursday alone (May 26) saw a 2.1bn sales volume itself.
Details of couple of big-ticket value villa sales emerged with Dubai Hills registering its costliest villa sale for this year. The seven-bedroom mansion found a buyer for Dh128 million and spans a built-up area of 34,113 square feet. Located in what is called the ‘Street of Dreams’, the Dubai Hills Grove has only 26 homes and all valued at Dh100 million and over.
District One, one node of the expansive MBR City which is languishing a bit, also got its highest value transaction when a Russian buyer picked a villa worth $89.1m.
The MBR City with Meydan One mall has been proposed as a massive development project. A villa there has now been sold for Dh89.1m
This week’s deals include 297 plots that were snapped up for 1.59 billion dirhams, as well as 2,116 apartments and villas with a combined value of 4.75 billion dirhams.
The total value of mortgaged properties for the week stood at 2.02 billion dirhams, with the highest being a land in Al Hebiah Third that was mortgaged for 211 million dirhams.
Dubai’s property prices have been rising over the past several months on the back of growing demand. Sales prices for villas surged an average of 40 percent in the first quarter of the year, according to Asteco.
UAE weekly draw Mahzooz celebrated its first Emirati female millionaire Sahar, as she took home the guaranteed raffle prize of Dh 1 million on Saturday as the 45th millionaire to do so.
The UAE’s favourite weekly draw with the biggest and most frequent payout, has given away more
than AED 415,000,000 in prize money to over 242,000 winners in a span of two years.
Sahar is the third Emirati millionaire through Mahzooz, with a total of Dh7.5 million in prize money given away to more than 8,000 Emirati winners.
Since being introduced to Mahzooz two years ago, Sahar has participated in the weekly draw almost
every weekend. She remembers the moment she found out that she had won with fondness. On
Saturday evening, Sahar received multiple calls from her friends to congratulatee her on the bonanza.
She initially thought it was an orchestrated joke and didn’t give the happy messages much thought.
She decided to check her Mahzooz account the next morning and before even finding out she
received a call from Mahzooz announcing the good news to her. Her brother was the first person she
told about her victory because he was the one who introduced her to Mahzooz.
Sahar has, in fact, got twice lucky with Mahzooz this year, having won the third prize in January. Supplied photo
“While money does not buy happiness, I believe it can bring comfort and security to the life of a
person. This is what the prize is going to do for my family,” an elated Sahar said.
“This is not the first time I have won with Mahzooz. In fact, the year started off on a good note for
me, as I have won the third prize in January, having scored three out of 5 numbers. But this time, the
prize is incomparable, and I will use good judgement to decide how to invest this money” Sahar
continued.
The same draw also saw 888 participants take home Dh 1,417,000 in prize money split between the
second and third prizes of the grand draw and the guaranteed raffle prize.
For only AED 35, participants can purchase a bottle of Mahzooz water, and enter the weekly draw
every Saturday consisting of the grand draw, for a chance to win the new top prize of Dh20 million and the new weekly raffle draw for one guaranteed winner irrespective of the numbers matching.
Investment opportunities in eSports and virtual gaming are on the rise, especially in Southeast Asia and Middle East and North Africa market regions, and companies such as Esports Technologies are looking to ride the wave.
Esports Technologies made the biggest splash of the IPO market for the year 2021 on the NASDAQ (EBET) when it made its debut with a jump in share value of 507% and eventually soared up to 700%.
According to a new market research report titled ‘Southeast Asian Gaming Market – (2023-2028)’ and released in March this year by Mordor Intelligence, the market is expected to register a Compound Annual Growth Rate of 16.2% with the onset of 5G technology. It marks a reverse trend after a little flat 2022 when revenues dipped slightly. Only the MENA and Latin America regions showed positive growth, according to a NewZoo report.
The rising popularity of various sports and investments in internet infrastructure are the primary factors driving the market’s enormous growth potential. Buying E-sports stocks online and their subsequent performance are the rage among America and South Asian investors with an incredible surge in both demand and price.
Since the IPO of Esports Technologies, it has been confirmed on the books as well above average opening. According to data from Jay Ritter, the average IPO pop from 1980 through 2020 was 18.4% in one day. In 2021, the average first day gain after an IPO was 16%. Using all common stock IPOs between 2000 and 2020, the positive average first-day IPO returns was 21.11 percent in one day.
While getting a direct exposure to the eSports theme is fairly limited, investors can target companies that generate significant revenue from video games and e-sports.
Competitive gaming events, conducted virtually at a professional level, are becoming big business. With its roots being in South Korea, Asia has led global eSports trends and growth for over the past 20 years.
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