The UAE official Dubai Land Department (DLD) reported last week, Dubai’s Real Estate industry regained prominence after winning the battle against uncertainty caused by the COVID. This indicates that the sector has shown signs of sustained growth.
The DLD reports that Dubai’s real estate sector attracted the most investments among the region’s sectors in October in the last eight years. Dubai Real Estate raised AED 13.12 billion across 5,352 transactions.
The nation’s year-to-date sales report confirmed 48,651 properties valued AED 177.44 billion. In terms of transactions, this represents a 38.34% year-over-year increase and 63.4% continuous growth compared to the previous year, reported by the DLD. This year’s recovery in the sector is the most apparent in the villas, where prices are better than last year.
Dubai’s economy is believed to have recovered quickly from the pandemic due to various factors, including its reforms in the economy and administration and the successful vaccination campaign in coupled with the Expo 2020 Dubai. The real estate sector has subsequently shown growth as well.
According to a recent survey among property analysts, Dubai house prices will rise 3.0% this year and 2.5% in 2022. Three months ago, the stats were 1.1% and 2.8%. Therefore, based on survey results, prices will only rise slightly in the coming years. In other words, the housing market is affordable whilst at the same time it is showing sustainable growth, creating the perfect opportunity for investing in the Dubai property.
As the market trend suggests, having recouped its losses, Dubai’s real estate sector will likely to see sustainable growth over the next three years. Therefore, as long as the value of Dubai property moves steadily up by 2023-24, now is the right time to invest, explained Shilpa DK, CEO of Arqonz.com.
The Arqonz web platform was designed exclusively for the real estate and construction industry. The company is based in Chennai, India. Besides manufacturing and exporting construction materials, the company also manufactures natural stone products, outdoor furniture, and wicker furniture. According to Shilpa, Arqonz has taken advantage of the current growth phase of Dubai’s real estate market.
A significant increase has been observed in export inquiries and volume since 4-5 months ago. Shilpa said that the busy days are back, judging by the current trend. She further added that the sector’s recovery was due to several factors, including the Expo 2020 Dubai event. In addition, several other reforms, such as the 100% ownership law and the 2040 Master Plan, are also attributable by the CEO.
The Dubai real estate boom resulted in a steady increase in deals. Fascinatingly, the nation is predicting the completion of construction of 64,000 housing units will be within the next five years. Assuming that number is accurate, it will represent the highest level of completion since the 2009 recession. As a result, Dubai property will remain affordable.
These developments are currently being planned, indicating Dubai’s leading investment destination. A good example is the Danube Group. As part of its economic growth efforts, Danube Group managing director Adel Sajan said that business is returning to pre-COVID levels.
Source: The Economic Times
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