Berkshire Hathaway HomeServices has published an EMEA Real Estate Report for 2022 and it revealed that the Dubai property market has proved to be remarkably resilient during the global pandemic.
The report reveals the experiences of residential real estate professionals across seven markets including Dubai, Spain, United Kingdom, Spain, Portugal, Italy, and Greece over the past 12 months for Berkshire Hathaway HomeServices. More than 84 per cent of real estate professionals expect fierce competition within Dubai’s real estate market to strengthen in the years to come.
In a recently-conducted survey, more than 68 per cent of the respondents in Dubai said that they have experienced growth over the previous twelve months and expect the same trends to continue in the upcoming months. Around 77 per cent of the total respondents predicted the market will grow further in the coming year, across EMEA countries.
These predictions coupled with a positive outlook for future growth suggest that the Dubai property market will continue to thrive in the months to come.
Since the records began in Berkshire Hathaway HomeServices global headquarters, the UAE real estate market witnessed record-breaking growth, in the last quarter of 2021. November 2021 was proved to be the best month in terms of real estate transactions; with a total of 6,989 transactions were recorded worth AED17.95 billion. While totalling the transaction volumes for 2021, Dubai recorded 57,043 new transactions, representing a 73.6 per cent increase compared to 2020 and a 51.6 per cent increase from 2019.
What made Dubai realty market so attractive?
A majority of real estate experts unanimously agree that Expo 2020 Dubai has benefited the city in terms of exposure and growth, leading to a rise in the market value of the properties and an increase in demand as well, both locally and internationally.
Another attractive reform was the introduction of Golden Visas based on the volume of investment. Besides that successful roll-out of vaccination to combat the spread of different variants of coronavirus ahead of Expo 2022 was another achievement of the Dubai government that attracted investors from all around the globe.
Dubai is being acknowledged by investors…
With the entire UAE being resilient and proving its worth, Dubai is getting acknowledged by high net worth individuals and honoured by investors across the EMEA region and from across the world. It is estimated that around 60 per cent of the residential real estate investment has been done by international investors, while 40 per cent of the total real estate investments are done by local investors.
According to an estimate, international investors from EMEA make up 32 per cent of the total investors, with 27 per cent of investors coming from outside the region. However, more than half of the Dubai-based respondents were sure that the paradigm of local and international investors will change in the next three to five years.
“We must recognise that the Dubai realty market has totally transformed. In just a few years, we’ve seen a marked shift from a market that was almost entirely domestically driven in the past, to one that is attracting more and more foreign and institutional capital. The country’s investments in world-class infrastructure coupled with the exceptional lifestyle and amenities, from the world’s best hotels and restaurants have helped transform the city into a destination that people want to live in. We see this to be true as people from all parts of the world including Europe, India, Pakistan and the UK continue to choose to live in Dubai and furthermore add up to the tally of over 200 nationalities of expatriates that make up for roughly 85 per cent of Dubai’s population.” further commented Dounia.
Dubai is a first-time buyers’ club now…
Dubai has always been considered a high-end and second-home destination but more than 55 per cent of real estate experts believe that the pandemic has shifted the trend as first-time property buyers have been seen in action; with a large number of buyers looked for starter homes.
The property prices were lower, which have increased the demand for properties in Dubai. In the global pandemic, the demand has increased for every type of property but demand for detached homes, townhouses and villas has increased by 57 per cent, while apartments and flats have increased by 58 per cent in Dubai.
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