Monday, July 15, 2024

Report: 2022 marks a new phase for the real estate sector in Dubai

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Dubai – Mubasher: There is currently a huge demand for luxury homes from investors and buyers in Dubai. According to Union Square House, a real estate brokerage firm (USSH)

Since last year, all the luxury apartments have been completely sold out by all the major developers in Dubai; Currently, luxury units are traded at higher prices in the secondary market.

Luxury real estate in the emirate was rarely sold, and Dubai often became a “buyer’s market”; Investors were able to buy at a better price in the wake of the epidemic.

Most investors have adopted a model that allows them to buy during epidemics; Most of them buy small and large units in large quantities in order to get higher return on investment.

As the end of the epidemic approaches, the real estate market is undergoing major changes, and more and more people, especially millionaires, are moving to Dubai with their families to invest in luxury vacation homes and permanent residences.

Gaurav Aitasani, Founder and Managing Director of Union Square, said: “The arrival of millionaires in Dubai is boosting the luxury real estate market. Investors today still expect high returns on their investments, but the main reason for their current investments is the luxury home in Dubai.

He added, “The beginning of 2022 represents a new phase for the real estate sector in Dubai, with the continuing effects of the large fluctuations from increased supply to high demand for luxury real estate.”

The real estate sector in the Emirate of Dubai was able to achieve high growth results in 2021; In addition to hosting the global event “Expo 2020 Dubai”, this is thanks to the economic stimulus packages provided by the government.

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The Dubai Real Estate Market Annual Report, released by the Dubai Land Department, records that by 2021, the market recorded 84,772 real estate transactions worth nearly 300 billion dirhams, a growth of 65 percent. The number of transactions is 71 percent in terms of terms and value, compared to the missed 2020 year.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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