In the first nine months of 2021, 43,299 real estate transactions were recorded with a total value of over $ 28.3 billion.
Developers participating in the Cityscape Global exhibition held as part of Expo 2020 praised the role of foreign investors in the market recovery. Cityscape brought together more than 70 developers, consulting companies and architectural companies at its site.
The successful operational response drives Dubai’s appeal to foreigners to COVID-19, the vaccination program and extremely low-key restrictions. To date, more than 21 million doses of the vaccine have been sold in the UAE.
The total cost of transactions in 2021 is up 45.15% compared to 2020.
It is indicated that great interest is expressed not only from foreigners who plan to connect their lives with Dubai somehow (note: moving, second home, work) but also from those for whom this is only a profitable market for investment.
Chinese investors account for a large share of the demand; they often buy luxury housing. There has been interest from Indians, Pakistanis and Bangladeshi citizens.
European investors are also increasingly coming to the local market, with increased investment from France, the UK, and Russia. Europeans are mainly interested in the elite segment of the market.
During Cityscape, some developers were also optimistic about the market’s future, indicating that the actual recovery of Dubai should take place in the next 18 months.
In the first eight months of 2021, residential property prices in Dubai as a whole rose 4.4%. Mortgage interest rates should remain attractive in the next year and a half.