The real-estate sector of Dubai has made a marvellous come-back post covid. Perhaps one of the best-performing markets showing strong signs of sustained growth if one is to go by the statistics released by the Dubai Land Department (DLD) last week.
A successful roll-out of covid-19 vaccinations, easing of restrictions and the success of UAE Expo 2020 saw the UAE’s real estate market pick up like no other. Another factor helping the market is the weekend shift to align it with the international market. It has been observed that AED2.53 billion worth of transactions registered in Dubai on the first working Friday of 2022.
A most recent survey involving property analysts has forecasted that Dubai house prices rose by 3% in 2021 and 2.5% in 2022 compared with 1.1% and 2.8% compared to six months ago. The survey predicts the Dubai residential property market to be on a steady course for a couple of years with a modest rise in prices. This indicates affordability, on one hand, sustainable growth on the other.
New projects with leading developers like Danube properties have brought back the buzz as well. The cost of these projects is estimated to be about Dh1 billion but could increase given that Dubai’s real estate market continues to recover well from the impact of the pandemic. Danube has just launched the impressive Skyz Tower, a residential project with a development value of Dh475m.
The year 2022 is believed to bring even more success. Also worth noting is that off-plan villas and townhouses for sale in Dubai are in high demand right now, with developers rushing to catch up. The top areas for deals are Arabian Ranches 3, Majid Al Futtaim’s Tilal al Ghaf, Villanova, Dubai South, and Mohammed bin Rashid City, according to recent data from Property Finder.
“Last year, the Dubai off plan market significantly declined,” says Lynnette Sacchetto, Director of Research and Data for Property Finder.
