Faith in the UAE makes it one of the most well-known countries for investment and living. Improved demand, in turn, made it possible to finally close the issue of the crisis in the real estate market. There are plenty of real estate agencies in the UAE currently working to help you find the best off-plan properties in Dubai for investment.
Real Estate Market in Dubai statistics 2021:
Total 52,415 investors attained 72,207 new properties in the emirate. The real estate market recorded 84,772 transactions prized at AED 300 billion in 2021. The emirate saw a 65% growth in property transactions and a 71% rise in price last year compared to 2020.
Specialists say that the global pandemic had a positive impact on the growth of the United Arab Emirates. The government has efficiently overcome the effects of COVID-19. While in other countries, there is a decrease in demand, in the UAE it continues to nurture. Increased demand is simultaneously uniting with growing prices for quality real estate. Specifically, this relates to areas such as Arabian Ranches, The Six Senses Dubai Palm Jumeirah, and Emirates Hills.
What we can expect from the real estate market in 2022:
According to experts, the progress observed in the real estate market will continue in 2022. Total property sales during the past year are AED 177 billion, an 88% rise in 2020. Currently, housing sales values are on a rising route, which is specifically significant for sellers. The sellers can sell their property at the price they identify with without offering a discount. Moreover, you can consider buying off-plan properties in Dubai at affordable prices.
Forecasts from professionals show that the rising trend in real estate prices will continue in 2022. Moreover, some professionals say that this year real estate market will set new records, and the reason lies in a mixture of three factors:
- A limited number of applications (especially in prestigious areas),
- Low mortgage amounts,
- Interest from foreign investors
While market chaos is estimated in many countries, Dubai is a protected community for prosperous individuals and expatriates.
Beginning of 2022 and the real estate sector:
The real estate sector began active work from the beginning of 2022. In just one day, the real estate market cost USD 698 million. Statistics from the Dubai Land Department show the total number of transactions was 227.
The sale of houses on the island of Palm Jumeirah was acknowledged as the major transaction, the apartments were sold for USD 136 million. The Six Senses Dubai, a new project at Palm Jumeirah is also attracting investors to spend their capital on off-plan properties in Dubai. Further, the project is anticipated to be accomplished in the next two years.
In the first week, authorities record numerous transactions in the area Jebel Ali First. There were 23 payments in this area, a total of USD 4.9 million. The second place in terms of the number of payments was taken by the area of Business Bay. The total price of transactions here is USD 6, 81 million.
When should you buy property in 2022?
Over the past 12 months, the real estate market has experienced tremendous changes. Many investors cannot decide when is the suitable time to invest? For the first time since 2016, a definite situation has risen. Furthermore, developers claim there are no issues linked with a surplus of proposals. Now the majority of corporations that do not pursue to launch off-plan properties in Dubai are trying to focus on the execution of really well-thought-out developments that will be unique.
It is worth considering the added desires for the property market to observe in 2021. Now expatriates can:
- Obtain 100% ownership,
- Easily conduct business,
- Apply for pension, green, and gold visas.
Remarkably, real estate market observes different trends in the previous year; numerous tenants improved their status and became holders of a house in the UAE.
Real estate in Dubai:
If you want to buy a home in UAE, it is a suggestion not to wait for fluctuations in the real estate market. And if you are planning to purchase off-plan properties in Dubai, contact Fam Properties, a real estate agency with a team of experts who will resolve issues related to the search and acquisition of housing in Dubai.