The overall rise in demand for the property market in the UAE and elsewhere is due to wealthy buyers.
The trust of the United Arab Emirates makes them one of the most desirable nations to invest in and live in. This increase in demand has allowed them to end the issue of the crisis in the market for property. There are many real estate agents in the UAE in the present. To find the best one look at the Emirates.Estate website. There, the experts will assist you in finding the home that you’ve always wanted.
When the borders of the world were opened wealthy investors could observe the excellent standard of living in the UAE and the triumphant overcoming of the pandemic. As a result, it has led to an increase in the sales of luxurious and costly housing.
2021 real estate market in Dubai data
An estimated 52,415 investors bought 72,207 brand property developments in the Emirate. The market for property recorded the sale of 84,772 properties worth AED 300 billion by 2021.
The Emirate saw an increase of 65% in the number of property transactions in the last year, and a 71% rise in the value of properties last year, compared to the year 2020, as per the annual report of transactions released by the Dubai Land Department (DLD). Dubai Land Department (DLD).
Experts agree on this global epidemic in a sense was a good thing for the growth of the United Arab Emirates. The UAE government has proved that it is able to defeat COVID-19’s effects. While elsewhere there is a drop in demand however, within the UAE it is still growing. Experts say that over the last two years, investors have a preference to invest in properties that cover a vast space and have numerous amenities to ensure a high quality of life. The increased demand for property is paired with the rising cost of high-end real property. This is particularly true in areas like Arabian Ranches, Palm Jumeirah, and Emirates Hills.
Dubai Marina recorded the highest value transaction at more than AED 28,6 billion which was then followed by Palm Jumeirah (AED 26,6 billion).
What can we expect from the residential market in 2022?
Experts believe that the growth that has been observed within the residential real estate sector will continue into 2022. The secret is in those same reasons as the market surged and established new records in 2021.
Total sales for property in the whole of the previous year totaled AED 17 billion. This is which is an 88% rise over the same amount in 2020. Right now, home prices are currently in an upward trend that is crucial for sellers, as they are able to sell their houses for the amount they have specified without offering potential buyers discounts.
The forecasts of the majority of experts indicate that the trend of increasing the value of the real estate will continue through 2022. In addition, some experts claim that this year, records will be established. The reason is three main factors:
- A limited number of propositions (especially in the most prestigious areas),
- low mortgage rates
- and the interest of foreign investors.
As market turmoil is normal in various nations, Dubai is a sheltered community that is a haven for wealthy citizens and expatriates too. While at the same the government is continuously proposing various reforms to make it easier for people to complete the procedure of moving to the UAE and obtaining a residency permit.
The year 2022 will begin in the real estate sector
From the very first day of the 2022 calendar year, the real estate market was in full swing. In only one day there were transactions in real estate worth 698 million dollars were sold. According to the statistics of the Dubai Land Department, the total number of transactions was 227. However, in the beginning, week of 2022 it was estimated at USD 1,97 billion.
The connection between various types of housing must also be considered.
- On the day that was the first working day on the first day of work, 12 transactions for the land plots sold were completed (their worth was estimated at $451million).).
- In the case of apartments and villas, there were 161 transactions completed (the total amount of USD 530million).
The sale of homes in the area in Palm Jumeirah was recognized as the biggest transaction. The properties were sold at a price of USD 13 million. The second spot went to a USD 134 million deal in the highly regarded Dubai Marina. The third-largest deal by total value was also completed in Dubai Marina – USD 109million.
The highest number of transactions during the first week of January was within Jebel Ali First. Jebel Ali First region. There were 23 transactions in the Jebel Ali First area, which totaled the sum of USD 4.9 million. The second spot in terms of the number of transactions was held in the Business Bay area. The total amount of transactions in this area was USD 6,81 million. However, they are still lower than the 21.
When is the best time to buy a property in 2022?
In the last year, the housing market has seen a dramatic change. Today many investors are unable to decide which is the most suitable moment to make an investment? It is important to note that, today, at first, since the year 2016 the same situation is arising. Developers say there aren’t any issues with an overabundance of projects. The majority of businesses do not want to initiate off-plan mass projects. They tend to concentrate on the execution of thoughtfully planned projects that will be distinct from the rest.
It is important to think about the additional slants to the market for real estate which were seen in 2021. Foreigners are now able to:
- Get 100% ownership.
- You can freely be able to conduct business,
- Apply for green, pension gold, and pension visas.
It is worth noting that a completely different trend was noticed in the last year when a lot of tenants changed their status, and eventually became the owners of homes within the UAE.
Experts believe that when it comes to investing in properties that are high-end the delay will only harm. In this sector, there is a steady rise in the cost. However, there is a lack of options that are also anticipated. This means that there will be an even faster rise in the cost of the property. Similar circumstances apply to other segments of real estate. Expo 2020 caused price increases across the rest of Dubai.
Dubai Property Market
If you are looking to purchase property in the UAE it is suggested not to be patient with any changes in the market for housing. If you’re looking to buy a home in Dubai you should get in touch directly with the Emirates.Estate agency has a team of experts who can resolve any issue related to the purchase and search for properties within the UAE.