Dubai property has undoubtedly had a terrific last quarter in 2021, and with all indications in 2022, things are heating up! Experts have lauded Dubai’s pragmatic approach to economic support and its effective vaccination programme has made other countries look on with envy. The actions of the past year have helped immensely as the Emirate moved forward in all manner of key industries.
According to listings portal Property Finder, the region registered a staggering 7,000 new property sales deals worth Dh17.96 billion Q4 2021! This amount made it the best total sales on record in eight years! In fact, property deals jumped 80% over November as buyer confidence returned in a spectacular way.
The first quarter of 2022 for Dubai property has been equally stellar. A staggering 12,119 sales transactions were mentioned in a report compiled by real estate data platform, Property Monitor.
“Dubai remains very affordable by international standards with many European markets raising barriers to external investment, coupled with rising interest rates and inflation headwinds dampening the post-Covid recovery,” said Zhann Jochinke, chief operating officer of Property Monitor.
“This combination of factors could be added momentum for Dubai as a safe-haven market in the near term.”
This recorded jump in sales was a 17.7 per cent increase in transactions compared to the last record set in 2017.
The market has also been boosted by recent international interest in Dubai property.
Property purchased by wealthy Russian nationals surged 67% as they sought residence with clear beach views with multi-million-dollar property neighbourhoods in Jumeirah being especially popular.
European investors were also driving sales demand for apartments with purchases in Dubai Business Bay and the Dubai Marina areas. However, there has been another segment that has seen impressive growth and that is Dubai villas.
Market experts remain very optimistic about Dubai real estate. Using the ValuStrat Price Index, which measures Dubai’s residential capital value performance, they had commented prices topped 18.8 per cent year-on-year with 1.2 per cent month-on-month basis in March.
“Villas spearheaded this trend as prices jumped 34.1 percent annually, but saw a stable monthly growth rate of 2.1 per cent last month. Apartments witnessed single-digit growth of 8.4 per cent annually with marginal monthly growth of 0.4 per cent in March,” stated the ValuStrat report.
The report also pinpointed villas in the Jumeirah address remained the most preferred choice as prices rose 5.3 per cent from their peak levels back in 2014.
The One Investments property portfolio contains many projects in prime Dubai locations such as a Dubai Marina, Dubai Downtown and Jumeirah Village, offering modern apartments and villas with multiple bedrooms.
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