There has been a 25% increase in the real estate sector in Dubai in the second quarter of 2022, as compared to the same period last year. It also recorded sales worth AED 22.75 billion in June, which goes down in history as the highest volume of transactions for the month of June, in the past 9 years. If you look at the total number of deals cracked during the second Quarter of 2022, the figure stands at AED 59.154 billion ($16.1 billion), which is indicated as the most voluminous number in the past 10-year period, thereby instilling higher confidence within Dubai’s dynamic real estate business.
This positive news is a much welcoming change in the global property market and an indication for investors to be open to investments. Dubai has always been the most preferred destination for attracting investment from expats & foreigners. This clan can’t resist putting their bets on attractive housing properties due to numerous reasons; one of them being low taxes in the region and better standard of living. This explains why property prices boosted not just in the second quarter of 2022, but also the first quarter to 23% as compared to the same period last year, attributing to AED 1,140 per square feet.
The upward trend will continue to manifest, owing to the rising oil prices, investment in non-oil segment, and of-course how can we forget the success of Expo 2020. Even the hospitality sector is seeing a greater demand, as more & more tourists are flocking to the city to find respite from their busy work routines and to explore what Dubai beholds. This point is validated by reports showing ‘increase in occupancy rates’ and ‘revenue per room’ for most hotels in Dubai.
Even the visa policies in Dubai are pretty lucrative and opting for a work permit doesn’t cause too much stress. This favorable scenario drives workforce to settle in Dubai with their families on a long-term basis to enjoy a decent work-life balance and stay within safe & secure communities.
Undoubtedly, the city is well-planned with pockets of areas that house tall skyscrapers, each competing with the other to showcase its grandeur and posh luxuries. The top areas that have been recognized to attract the highest rentals in June 2022 are Jabel Ali First, Al Warsan First, Al Barsha South and Business Bay. Other areas that are popular on radar are; Dubai Hills Estate, Akoya, and The Springs.
The pros of moving to Dubai are many and when you are assured of a handsome reward of investment why not take the leap and make the most of it!
