DUBAI’S REAL ESTATE MARKET CONTINUES ITS MOMENTUM IN 2022
Trust in Dubai makes it one of the most attractive cosmopolitan cities for real estate investment as well as living. And thanks to an increased demand, particularly from wealthy people, Dubai has finally overcome the property market crisis. For the first time in the last six years, the property prices in Dubai are increasing, with most experts believing that this trend is surely here to stay.
The opening of the international borders and the Expo 2020 have been a true gamechanger for the Dubai real estate market. As soon as this happened, wealthy investors showed a lot of interest in buying real estate in UAE — and within UAE, especially in Dubai — given its robust economy and successful handling of the COVID-19 pandemic. Consequently, there has been a noticeable uptick in sales of properties in Dubai.
Some Key 2021 Dubai real estate market statistics
In comparison with 2020, the total number of real estate transactions in 2021 increased by a whopping 65% in the emirate. Last year, more than 72,000 properties were sold. These were bought by more than 52,000 investors. More than 84,000 transactions were recorded in the real estate market in 2021 and the total value of these transactions was AED 300 billion.
According to many real estate experts, the COVID-19 pandemic, contrary to all expectations, has impacted the UAE real estate market in the longer term, particularly that of Dubai, in a positive manner. With the government showing its efficiency in effectively overcoming the many effects of the pandemic, global buyers have been quick in reposing faith and investing money in the local real estate market. While other countries are in a real estate downturn since the COVID-19 outbreak, the demand for both residential and commercial properties in Dubai continues to grow. A noticeable trend that has been seen is that today investors are more interested than ever before in buying properties in those areas of Dubai that offer high standard of living with a wide array of modern amenities.
So, which are the most popular areas in Dubai for real estate investors?
MBR City, Downtown Dubai, Jumeirah Village Circle (JVC), and Dubai Marina are some of the most profitable areas for real estate investment in Dubai today. Each of these locations offers buyers high standard of living with many modern amenities.
- MBR City – Well-connected to the rest of Dubai, MBR City offers a mix of residential and commercial properties. Residential buyers have a wide range of properties to choose from, including luxurious apartments and mid-range townhouses. The famous Meydan One Mall is just a short distance away from here.
- Downtown Dubai – It is an ideal location for those looking for spacious apartments in the heart of the city. Downtown Dubai is not only a cultural and nightlife hotspot, but it also boasts several high-quality schools, making it a favorite among both singles and families.
- Dubai Marina – If what you are after is beautiful flats or high-rise apartments with breathtaking views, Dubai Marina may be perfect for you. To make living here more pleasurable, there are a host of retail and dining options nearby.
- Jumeirah Village Circle (JVC) – Situated alongside Al Khail Road, JVC has over 2,000 residential units, including villas, townhouses, apartments, and commercial buildings. Residents get to live in a peaceful yet vibrant community with all modern amenities, which is only a short distance away from many of Dubai’s top hotspots.
What can we expect from Dubai real estate market in 2022?
The forecast for this year is very encouraging. According to most experts, the real estate boom is likely to continue in 2022. What’s more, many experts are of the opinion that this year we can see some new records. Some of the main contributing factors to the real estate growth in 2022 are likely to be:
- Robust economy
- Favorable tax polices
- Low mortgage rates
- High interest shown by foreign investors, especially wealthy buyers
- A number of new residential areas in Dubai
Even though real estate market turmoil is likely to continue in many countries, Dubai is one of the most sheltered communities for expatriates and wealthy individuals alike. And with the government constantly proposing a number of reforms to make it easier to get a residence permit, there’s every reason to hope that the uptrend will continue in 2022 and beyond.