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Directorate General of Civil Aviation (DGCA) imposed a penalty of Rs 10 lakh on <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword> for not reporting incidents of passenger misbehaviour to the regulatory body and delaying in referring the matter to its <keyword id="2355987" type="General" weightage="50" keywordseo="internal-committee" source="Orion">Internal Committee</keyword>. The aviation body said the matter is a violation of applicable DGCA Civil Aviation Requirements. In a statement DGCA said that action was taken on the incident of passenger misbehaviour which occurred on AI-142 flight dated December 6, 2022, from Paris to New Delhi, came to the notice of DGCA wherein one passenger was caught smoking in the lavatory, was drunk and not adhering to the crew instructions; and another passenger allegedly relieved himself on a vacant seat and blanket of a fellow female passenger when she went to the lavatory. DGCA had issued a show cause notice to the Accountable Manager of Air India as to why enforcement action should not be taken against them for dereliction of their regulatory obligations. Air India submitted a reply to the show cause notice on January 23 and the same was examined. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vistara-to-have-70-planes-in-fleet-by-mid-2024-ceo-vinod-kannan/articleshow/97280220.cms">Vistara to have 70 planes in fleet by mid-2024: CEO Vinod Kannan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/almost-half-of-punes-gradea-office-stock-is-owned-by-institutional-investors-savills-india/articleshow/97280357.cms">Almost half of Pune’s GradeA office stock is owned by institutional investors: Savills India</a>

DGCA imposes ₹10 lakh fine on Air India for not reporting two other incidents of passenger misbehaviour

<ul><li>Since 2017, PE investors pumped in $1.8 billion in <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword>’s realty market. </li><li>A large chunk of Grade A stock owned by institutional investors lies in East Pune, but newer locations in West Pune are also becoming popular. </li><li>The report predicts that institutional investors are expected to double their portfolio by 2027. </li></ul>Pune’s real estate sector saw an inflow of $194 million in private equity investments in 2022, according to the latest report by <keyword id="4935506" type="General" weightage="50" keywordseo="savills-india" source="Orion">Savills India</keyword>, a global property consulting firm. Since 2017, PE investors have pumped in $1.8 billion in Pune’s realty market, thanks to opportunities in the office space market. Due to continuous investments, institutional investors now have a strong foothold in the city’s office market. “The city’s improving infrastructure, including the expansion of highways and the development of industrial parks, have contributed to this growth. Its proximity to <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s financial capital, Mumbai, makes it an ideal location for companies to establish their operations,” <keyword id="3234814" type="General" weightage="50" keywordseo="praveen-apte" source="Orion">Praveen Apte</keyword>, managing director - Pune, <keyword id="674707" type="General" weightage="80" keywordseo="savills" source="Orion">Savills</keyword> India said. Institutional investors own around 30 million sq. ft. of office space – that’s 45% of Pune’s overall Grade A stock. A large chunk of this stock lies in East Pune, but newer locations in West Pune such as Wakad and Tathawade are becoming popular due to improving infrastructure and increased connectivity. “Pune’s reputation as an educational and research centre has also led to an influx of students and professionals which in turn provides a ready pool of skilled workforce for companies,” <keyword id="208807" type="General" weightage="50" keywordseo="apte" source="Orion">Apte</keyword> added. The report predicts that institutional investors are likely to double their portfolio by 2027. It expects them to add another 27 million sq. ft. of office assets to their portfolios. “Savills expects new institutional investors to enter Pune’s real estate market, while current investors will expand their presence as quality assets grow,” Savills India reported. The city has many infrastructure projects currently under construction or in the planning stages like — smart city development, Ring Road construction, <keyword id="6414924" type="General" weightage="50" keywordseo="bus-rapid-transit-system" source="Orion">Bus Rapid Transit System</keyword>, metro rail, new airport, multiple subways, and flyovers. In addition to office space, institutional investors also own other commercial assets to the tune of 29 million sq. ft. across retail, hospitality, industrial and warehousing sectors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/climate-tech-platform-ecozen-raises-25-million-to-expand-beyond-agriculture/articleshow/97278794.cms">Climate tech platform Ecozen raises $25 million to expand beyond agriculture</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/harmanpreet-named-captain-of-the-icc-womens-odi-team-of-the-year/articleshow/97278354.cms">Harmanpreet named captain of the ICC Women's ODI Team of the Year</a>

Almost half of Pune’s GradeA office stock is owned by institutional investors: Savills India

<ul><li>Tier II &amp; tier III cities accounted for 22% of the industrial and warehousing land absorption across <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> in 2022. </li><li>At 16%, Delhi-NCR led the pack with the highest industrial and warehouse land absorption in 2022. </li><li>3PL (third-party logistics) and e-commerce sectors, together, accounted for 52% of the total warehouse space absorption in 2022.</li></ul>India witnessed industrial and warehouse absorption of 46 million sq. ft in 2022, of which 36 million sq. ft belonged to tier I cities. Close to 10 million sq. ft belonged to tier II and III cities, as per the latest data from international real estate advisory firm, <keyword id="4935506" type="General" weightage="50" keywordseo="savills-india" source="Orion">Savills India</keyword>. Tier II and tier III cities collectively witnessed 17.4% <keyword id="63194" type="General" weightage="50" keywordseo="yoy" source="Orion">YoY</keyword> growth in industrial and warehousing absorption, driven by e-commerce, retail and 3PL (third-party logistics) firms, observed <keyword id="674707" type="General" weightage="100" keywordseo="savills" source="Orion">Savills</keyword> India. These tier II &amp; III cities included Coimbatore, Guwahati, Indore, Nagpur, Lucknow, Jaipur, Rajpura, <keyword id="50863" type="General" weightage="50" keywordseo="bhubaneswar" source="Orion">Bhubaneswar</keyword>, Kochi/Ernakulam, Madurai, <keyword id="6357203" type="General" weightage="50" keywordseo="varanasi" source="Orion">Varanasi</keyword>, Hubli, Ludhiana, Patna and Hosur. Among the major cities in India, Delhi-NCR led the pack with the highest industrial and warehouse land absorption in 2022 at 16% followed by Mumbai at 14%. Pune and Bengaluru saw absorptions at 13% and 12% respectively, while tier II and tier III cities accounted for 22%, Savills shared. The sectors that drove the absorption in 2022 were 3PL and ecommerce (52%); followed by manufacturing (16%) and retail sectors (13%). Increased demand in 2023 As per Savills, the industrial and warehousing market in India witnessed transactions of 3,800 plus acres of land across tier I, II and III cities in 2022, of which 64% was private land and 36% was government land. The warehousing sector in India also raised private equity to the tune of $1.5 billion in 2022. The interest in the market is expected to grow further in the future. “The market is likely to witness increased interest from investors in this asset class in 2023 owing to inherent domestic demand and expansion of distribution networks in tier II and tier III cities,” Savills said in a statement. As per Savills, tier II and III cities are poised to gain further momentum in 2023 and 2024 with ecommerce, retail and 3PL firms capitalizing on consumption-driven growth and pushing up the demand for warehousing space. As per the <keyword id="2646256" type="General" weightage="50" keywordseo="unicommerce" source="Orion">Unicommerce</keyword> 2022 report, more than 6 out of 10 orders shipped in 2022 went to buyers in tier II cities, and orders from tier III cities have also surged 65% since 2020. “The industrial and logistics sector is likely to see absorption of over 40 mn sq. ft in 2023. This demand for space could stem from emerging tier II and III cities, growing demand for urban warehousing and a major transformation in the Indian manufacturing sector backed by <keyword id="9626119" type="General" weightage="50" keywordseo="performance-linked-incentives" source="Orion">Performance Linked Incentives</keyword> (PLIs) and efficient multi model connectivity plan for local and global distribution. We expect over 50 million sq. ft of new supply to be infused in the market during the same period,” said <keyword id="9823945" type="General" weightage="50" keywordseo="srinivas-n" source="Orion">Srinivas N</keyword>, managing director, Industrial and Logistics, Savills India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/here-are-the-most-bizarre-pitches-on-shark-tank-india-season-1/articleshow/96735850.cms">Belly button shaper to ayurvedic ice cream — here are the most bizarre pitches on Shark Tank India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-won-the-first-t20i-against-sri-lanka-in-a-nail-biting-finish/slidelist/96733749.cms">India won the first T20I against Sri Lanka in a nail biting finish</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ms-dhoni-backed-drone-firm-garuda-aerospace-launches-farmers-focused-film/articleshow/96734751.cms">MS Dhoni-backed drone firm Garuda Aerospace launches farmers-focused film</a>

Tier II & III cities see 17.4% growth in industrial and warehousing absorption: Savills

New Delhi, Office space absorption across six major cities in India fell over 50% to 27.4 million square feet in 2020, according to a <keyword id="10518151" type="UNKNOWN" weightage="20" keywordseo="savills-india-report">Savills India report</keyword>. In 2019, office space spread over 55.7 million square feet was leased. Out of the total office leases in 2020, around 57% comprised large deals of more than 1,00,000 square feet each. The report said that <keyword id="6354321" type="COMPANY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> led the leasing activity among the major cities despite a drop of 56% compared with last year, posting maximum office absorption of 6.8 million square feet space. <keyword id="6354552" type="LOCATION" weightage="20" keywordseo="hyderabad">Hyderabad</keyword> followed closely with leasing of 5.4 million square feet in 2020. Leasing of office space in the <keyword id="6371638" type="COMPANY" weightage="20" keywordseo="national-capital-region">National Capital Region</keyword> (NCR) stood at 4.4 million square feet. Like previous year, Bengaluru, Hyderabad and NCR constituted around 61% of the total leasing activity in 2020 as well, showed the report. Savills India also pointed out that <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword>, India's financial capital, recorded around 2.9 million square feet of leasing through the year, the least absorption witnessed among the six cities. "The overall story of 2020 is the one of survival, and most markets did exactly that. While the story of Indian office market in 2020 may not be as glorious as in 2019 and 2018, it still continues to strive and display resilience, in the face of COVID-induced slowdown," said Anurag <keyword id="108548" type="COMPANY" weightage="20" keywordseo="Mathur">Mathur</keyword>, CEO, Savills India. He noted that the fundamentals of Indian economy remain intact and strong leasing traction continues in sectors like warehousing and industrial. "Now with the coronavirus vaccine in sight and businesses poised to gain momentum, we can expect to reach pre-COVID levels soon," Mathur said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/these-are-some-important-changes-in-india-from-january-1-2021-new-year/articleshow/80021085.cms">From mandatory FAStag to quarterly GST returns — these are some important changes in India from January 1</a> <a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-mm-hero-bajaj-auto-and-other-automakers-in-december-month-2020-auto-sale/articleshow/80021695.cms">December auto sales estimates — Here’s what to expect from Maruti, M&amp;M, Hero, Bajaj Auto, and other automakers</a> <a href="https://www.businessinsider.in/tech/apps/news/google-is-testing-a-shortcut-feature-for-tiktok-and-instagram-videos/articleshow/80021865.cms">Google is testing a shortcut feature for TikTok and Instagram videos</a>

India office leasing in top six cities falls over 50% in 2020: Savills India

The world’s cheapest city to live and work in is in India and it’s our very own financial capital of the country, <keyword id="6358070" type="COMPANY" weightage="100" keywordseo="Mumbai">Mumbai</keyword>. London, Hong Kong and New York are the world's most expensive cities for companies to accommodate employees, with costs in London going through the roof, says <keyword id="674707" type="UNKNOWN" weightage="100" keywordseo="Savills">Savills</keyword> World Research. 

	The cheapest city in the index among 12 top metropolitan cities of the world is Mumbai, where it costs just $29,088 to accommodate an employee, up only 2.4% since 2008, while Shanghai comes in at $38,089, up 15.6%. 
 

	On comparison, the index which measures the combined cost of residential and office rental per person per year found that London's costs averaged $118,425 in the first half of 2015, an increase of 20.7% since the index was launched in 2008. This is marginally more expensive than Hong Kong where costs have risen just 0.4 per cent since 2008, and New York which has seen 28.4% growth. 
 

	San Francisco has been the biggest riser, with growth of 59.8% since 2008. 
 Yolande Barnes, director of Savills World Research told TNN "Our Live/Work report says that while London, Hong Kong and New York are the world's most expensive cities for accommodating employees, relatively speaking Mumbai's <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> costs are more expensive as they are five times the average <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword>, compared to London and New York where real estate is only twice and 1.5 times the GDP respectively." 

	"Mumbai is the only city we looked at as it is the only 'world city' in India which shares in the same fame, prominence, international reach and 'investability' as other global cities such as New York, Hong Kong and Sydney. The average cost of living and working in the city has risen over the past seven years, from US$ 28,394 per year in December 2008 to U$29,088 per year by June 2015, but in comparison to other global cities it has seen the smallest increase - only 2.4%". 
 

	"With India now likely to outperform China economically in the near future, we anticipate that there will be even more interest in Mumbai's real estate, leading to the average live/work cost continuing to increase and making Mumbai even less affordable if the GDP doesn't also increase at a rate that exceeds accommodation costs." 
 

	So what makes London so expensive and Mumbai so cheap? 
 

	Barnes said "Mumbai's live/work costs are low but it is actually the most expensive city to live and work in relative to productivity, with live/works costs a very high - five times per head GDP. This reflects the fact that most workers in the city do not live and work in the international-standard accommodation that Savills measures. London, meanwhile, has the highest live/work costs, but when this is compared to its GDP they are only twice the GDP, meaning that it is relatively cheaper to live and work in than Mumbai." 
 

	Sydney and Los Angeles offer the best value live/work rent combination at 70% and 80% of per head GDP respectively, followed by San Francisco. 
 

	The average cost per head across the 12 leading world cities in the Savills study is $74,945 per year, which is 1.4 times the average city GDP per head of population. 
 

	Three cities - Tokyo, Dubai and Singapore have all seen live/work costs fall between minus 8% and minus 16.6% over the period since 2008. 

	 
	 
	(Image credits: Indiatimes)

World's cheapest city is Mumbai: Report

New Delhi, Jan 16 () Office space leasing across India's six major cities rose by 22 per cent to record 57.7 million sq ft (gross) during 2019 on strong demand for worskspace from corporates, especially Americans, but pace of growth is likely to moderate to 7-8 per cent this year, according to global property consultant Savills.
 UK-based Savills, which is listed on London Stock Exchange and has 600 offices across 70 countries in the world with over 39,000 employees, has pegged the gross office leasing at 61-62 million sq ft in 2020 across six cities -- Bengaluru, Chennai, Hyderabad, Mumbai, National Capital Region (NCR) and Pune.
 "The commercial segment, especially, the office space market is going from strength to strength, beating its own record of 47.3 million sq ft in 2018 to set a new one at 57.7 million sq ft in 2019," Savills India CEO Anurag Mathur told reporters here.
 This growth symbolises that office space across key markets is on a strong footing, driven by India's technology sector, rise in flexible spaces, formalisation of the Indian economy and the growing offshoring by western corporations, he added.
 Of the total leasing, 40 per cent absorption was from US corporations, 30 per cent from European companies and 30 per cent from domestic entities.
 Asked about 2020 outlook, Mathur said the gross office space leasing is estimated at around 61-62 million sq ft.
 "Growth will happen. It may not happen at the same rate as 2019," he said, adding that the demand was exceptional last year.
 Shweta Sawhney, MD (Delhi-NCR), said Hyderabad saw an increase of 53 per cent in office space leasing at 9.5 million sq ft in 2019. Chennai reported 60 per cent rise in absorption of office space at 8 million sq ft.
 Office space leasing rose by 15 per cent in Bengaluru at 15.6 million sq ft, while Delhi-NCR witnessed 14 per cent growth at 10.89 million sq ft.
 In Mumbai, the gross leasing of office space grew by 11 per cent to 6.9 million sq ft. The absorption was stable in Pune at 6.8 million sq ft.
 On rentals, Sawhney said office space rent grew maximum by 18-20 per cent in Chennai. Bengaluru saw a rise of 7-10 per cent in rental, Hyderabad 8-10 per cent, Mumbai 4-5 per cent, Pune 2-4 per cent, Gurugram 3-4 per cent and Noida 0-2 per cent. In Delhi, rentals were stable.
 Major demand generators for Grade-A office spaces on pan-India scale were technology sector companies at 46.3 per cent. Banking, financial services and insurance (BFSI) leased about 10.6 per cent of the overall space and co-working segment has 14 per cent share. MJH PSK MR

Growth in office space leasing may moderate in 2020 after hitting record 58mn sq ft last yr: Savills

Mumbai, Jan 26 () As warehousing is fast becoming an integral part of integrated logistics network due to technological advancement and the reform-led policy measures, the sector is expected to add around 40 million sq ft space across the top eight cities this year, a recent survey said.
 According to the study by global property consultant Savills, warehousing space absorption across eight cities like Mumbai, Pune, Chennai, Bengaluru, Hyderabad, Ahmedabad, Delhi and Kolkata, is expected rise to 35 million sq ft in 2020.
 In 2019, the total supply of warehousing space was 37.94 million sq ft while the absorption stood at 33 million sq ft.
 "Warehousing industry in India has come a long way and it's going to continue to mature as a favourable real estate asset class. The sector has witnessed a massive participation from institutional investors and developers amid raising demand from across the sector like ecommerce, retail, FMCG, 3PL (third-party logistics) , cold storage, pharma and manufacturing," Savills India Managing Director, Industrial Warehousing and Logistics Srinivas N said.
 As per the study, Mumbai and Delhi are expected to see a significant addition of around 8 million sq ft each in 2020, followed by Bengaluru and Kolkata.
 Last year, Mumbai witnessed an addition of 5.7 million sq ft while Delhi added 8.1 million sq ft.
 "Delhi NCR, Bengaluru and Mumbai followed by Kolkata will be the front runners in absorbing majority of occupiers since these are sourcing and consumption hubs," the report said.
 As per the study, Pune and Chennai will lead in servicing manufacturing clients' needs, followed by Delhi-NCR and Ahmedabad.
 "Government initiatives like make In India, GST, FDI policy, corporate tax reduction, improved infrastructure of road, port, rail and airports has and will continue to impress the growth," Srinivas said.
 He further said that compliance, quality and improved specifications offerings will be the need of the hour with growing requirements at tier-II locations from organised developers.
 Srinivas added that tier-II locations like Guwahati, Coimbatore, Lucknow, Jaipur, Patna, Bhubaneshwar, Ludhiana, Vapi, Nagpur and Vizag / Vijayawada cumulatively will see a total addition in excess of 6 million sq ft of additional absorption.
 Last year, manufacturing sector absorbed around 6 million sq ft pan-India, while e-commerce and 3PL leased around 20 million sq ft. SMEs and electronic components manufacturers and auto sector leased significantly in few cities.
 "It's also important to note that there is in excess of 800 million sq ft of Grade 'C' and Grade 'D' stock across India which will start migrating to Grade 'A' and 'B' over the next 3 to 5 years," Srinivas added. PSK ABM
ABM

Warehousing sector to add 40 mn sq ft space across top 8 cities this year: Report

<ul><li>Over half of <keyword id="4970209" type="General" weightage="20" keywordseo="genzs" source="Orion">GenZs</keyword> and millennials surveyed say they prefer ‘only office’ working models.</li><li>Gen X Plus, over 50, crave for flexibility with work, as they miss work-life balance.</li><li>High cost of living in cities, reverse migration and long commutes are challenges that employees cite about working from offices. </li></ul>One of India’s largest companies TCS has recently reversed its pandemic-time WFH policy and asked its employees to come back to work. The reason? It wants teams to work together, co-exist and especially new hires who have never seen ‘office’ to learn from their colleagues. It looks like employees are half-way there too, and miss being a part of teams. “Collaborating with their teams, socializing and bonding with colleagues, and having in-person meetings with clients are among the top reasons why employees want to go back to the office,” says a report by Awfis and Savills India. The generation that’s most eager to come to office are the GenZs and millennials. Over half of them surveyed prefer an ‘only office’ working model. This preference among the younger workforce might be linked to the significance they place on interpersonal interactions in the workplace, the report says. “Despite the common belief that the younger workforce seeks remote isolation, our research uncovers a significant desire for the indispensable impact of human interaction in a physical workplace. In a digital age, it is heartening to observe the enduring significance of the physical office as a center for fostering creativity, innovation, and shared learning experiences,” said Sumit Lakhani, deputy CEO of Awfis, a co-working space network. GenX Plus respondents, i.e. those over 50 years of age, veered towards hybrid or office-dominated work models as they crave for flexibility, the report adds. Metro office want them back In the survey, 66% respondents said that they have been mandated to go to office. But half of them also said that they prefer it that way. The location of the office also matters when it comes to calling people back-to-office. In Delhi-NCR, Mumbai, and Bengaluru, 71% of employees are required to work exclusively from the office in contrast to 63% in other cities. “In the top three cities, the only-office model is more prevalent, indicating a higher emphasis on in-office work. Other cities are more likely to adopt only-remote and remote-dominant hybrid work models, highlighting a greater preference for remote work or a mix of remote and office work,” the report added. Reverse migration and commutes The shift from work-from-home to back-to-office is riddled with challenges. Not only has a lot of the workforce shifted to their hometowns, a few have gotten used to managing work and personal life – a habit that would be hard to shake off. While going back-to-office will relieve people from the fatigue of working from home, it also means dealing with early morning traffic and more. As many as 31% of respondents considered commuting to work as their biggest concern, while 26% of respondents considered the high cost of living to be their primary challenge. For 16% of them, relocating from their hometown is a challenge. And, for 15% poor work-life balance to be a reason to not return to office. The higher costs are pinching Gen Zs the most as they face the after-effects of reverse migration. Gen-Xers say that poor-work life balance as a reason, early millennials believe that inability to focus will creep in as they work from office only.

GenZs, millennials want to be back to offices even as costs pinch

<ul class="summary-list"><li><keyword id="6354539" type="UNKNOWN" weightage="60" keywordseo="dubai" source="Orion">Dubai</keyword> recorded more than 11,000 real-estate transactions in January and February, a record for the city.</li><li>Dubai is seeing a spike in demand from Russian and Ukrainian buyers, agents told Insider.</li></ul>Dubai's real-estate market is off to a roaring start to the year.The city recorded 11,071 transactions in January and February, the highest it has ever recorded in the first two months of the year, according to a <a href="https://www.cbre.ae/en/research-and-reports/Dubai-Residential-Market-Snapshot-March-2022">CBRE</a> report.The record follows a strong 2021: The total value of residential transactions in Dubai last year hit $35 billion — the highest the city has recorded since the global financial crisis — per a report from <a href="https://research.euro.savills.co.uk/uae/uae-2022-report---ar.pdf">Savills</a>.Insider spoke to three Dubai-based real-estate agents to get an inside look at what's happening with the market right now.<h2>Surging demand for luxury off-plan properties</h2>Demand for off-plan properties — projects that have yet to be constructed — has been robust, Thomas Fawcett, the cofounder of Dubai-based luxury real-estate firm <a href="https://www.theproperty.ae/">The Property</a>, told Insider. Projects due to be completed in 2024 and 2025 are selling out in a day, Fawcett said.Fawcett said demand has been particularly high for the luxury <keyword id="11916125" type="UNKNOWN" weightage="60" keywordseo="housing" source="Orion">housing</keyword> developments at <a href="https://properties.emaar.com/en/our-communities/emaar-beachfront/">Emaar Beachfront</a>, which has a private beach, and <a href="https://peninsula.select-group.ae/">Peninsula by Select Group</a>, which is by the Dubai Canal.<div type="image" title="A row of residential buildings along Dubai's coast" height="5657" width="7542" msid="90413836" hostid="261"></div>In March, <a href="https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-march-2022.html" target="_blank" rel="noopener noreferrer">The Financial Action Task Force</a> (FATF), an <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international" source="Orion">International</keyword> money-laundering watchdog, put the UAE on its "gray list." In response, the <a href="https://www.mediaoffice.abudhabi/en/economy/uae-continues-progress-and-reconfirms-its-deep-commitment-to-AML-CFT-following-FATF-decision/" target="_blank" rel="noopener noreferrer">UAE's Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism</a> said the country is committed to fighting financial crime and said it "will work closely with the FATF to quickly remedy the areas of improvement identified."Despite its designation, Dubai's <keyword id="12135639" type="UNKNOWN" weightage="60" keywordseo="property-market" source="Orion">property market</keyword> remains popular with investors."The massive opportunity for investors is finding a good off-plan project and looking ahead, two to three, four years time, looking at where the market trajectory is going be, and then hopefully making the capital appreciation on these purchases that they are making today," Fawcett said.With working from home being the norm, Fawcett has said he's seeing increased interest in larger residences in Dubai. The values of villas in Dubai has risen nearly 22% since the start of the pandemic, per a <a href="https://content.knightfrank.com/research/2408/documents/en/dubais-covid-comeback-2022-8855.pdf">Knight Frank</a> report.While Dubai's luxury real-estate market has long been popular with Russian investors, the war in Ukraine has further boosted Russian demand. "We're receiving requests every day from Russia," said Fawcett."It's increased, obviously, with the uncertainty of Russia and what's going on," He added. "People don't know what's going to happen to their money."Unlike the West, the UAE has not levied <a href="https://www.reuters.com/markets/asia/uae-could-be-russian-oligarchs-next-playground-2022-03-04/" target="_blank" rel="noopener noreferrer">sanctions</a> against Russia. While it remains one of the few places in the world where Russian money is welcomed, with the <a href="https://markets.businessinsider.com/news/currencies/russia-rouble-ukraine-putin-attack-market-halt-trading-rout-sanctions-2022-2">tumbling ruble</a> and sanctions kicking in, the difficulty now lies in completing the transaction. "They want to buy, but they literally cannot deliver the payment," Fawcett said of Russians looking to make real-estate investments in Dubai.<h2>Conflict accelerated Ukrainian buyers' decision to purchase</h2>Russia's invasion of Ukraine has also driven up demand from Ukrainians looking to flee the war, <a href="https://www.drivenproperties.com/">Driven Properties</a> partner Khadija Otmani told Insider. These are people, she said, who were already considering making property purchases before the invasion started."They've been thinking about it since a very long time ago. And instead of taking their time, it just accelerated what they were already about to purchase," said Otmani, who primarily deals with properties that are above 5 million euros ($5.49 million), specializing in penthouses and villas.Earlier this month, the UAE scrapped and then reinstated a policy granting Ukrainians visa-free entry into the country, <a href="https://www.cnbc.com/2022/03/03/uae-reinstates-visa-on-arrival-for-ukrainians-in-quick-reversal.html">CNBC</a> reported.<div type="image" title="Image of skyline" height="3820" width="5094" msid="90413837" hostid="261"></div>The pandemic has also been a factor: In July 2020, Dubai became one of the first cities to reopen internationally as many other countries kept their borders closed. The demographics of the city's luxury real-estate investors shifted as confidence in the government's COVID-19 management soared, Otmani told Insider.Previously, the bulk of her clients were either local, from Gulf countries like Saudi Arabia and Kuwait, or from India. As the pandemic progressed, Otmani noticed an uptick in demand from clients in Europe and other parts of Asia, including people who had never previously shown interest in Dubai.<h2>Completing purchases without setting foot in Dubai </h2>Across the globe, the process of <a href="https://www.nytimes.com/2020/11/11/realestate/10virtual-deals.html">buying real estate has gone virtual</a>. This includes not just payments or the signing of contracts, but livestreams of house viewings as well — and Dubai is no exception."A lot of my clients, they're not actually here," said Nate Dania, the founder and CEO of <a href="https://www.planbadvisory.com/">Plan B Advisory,</a> which oversees residency solutions and prime property investments. He has been working in <keyword id="11893295" type="UNKNOWN" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> since 2007."We've seen a big shift in terms of clients who buy remotely, especially for off-plan projects because there's not really anything to see. Maybe sometimes there's a show apartment, but mostly it's sold on concept and paper," he added.Such deals can be closed after a Zoom call, a livestream tour of the show apartment if it exists, and little else, Dania told Insider. Developments he's closed virtually include <a href="https://sixsenses.luxury-developments.com/?gclid=CjwKCAjwiuuRBhBvEiwAFXKaNCpYG2Lv1tRD5B11NRS0byJi565nx-y1gyQM_dP4qWP4yAIk0TU8TRoCg9sQAvD_BwE">Six Senses Residences by Select Group</a> and <a href="https://www.oneatpalmjumeirah-omniyat.com/">One Palm by Omniyat</a>, both of which are located on the Palm Jumeirah.<div type="image" title="An interior shot of a living room in a high rise apartment." height="500" width="666" msid="90413838" hostid="261"></div>"There was a client who's based in Los Angeles, which is pretty far off. And we did everything remotely. So I sent them all the information for the Six Senses Residences and then they really liked it," Dania said."It was about $6 million," he added.

Luxury projects selling out years in advance and a record-setting start to the year: 3 Dubai real-estate agents detail what the market looks like right now

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