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In the capital of the United Arab Emirates, the real estate sector is picking up after several years of decline. Dubai, known as the city of excess, attracts many foreign and wealthy people, especially from Europe, to purchase luxury properties.
Significant interest in luxury villas
The closure of the borders brought property sales to a halt, “but just after the lockdown, we saw the volume of transactions increase. It hasn’t stopped since” , says Zhann Zochinke, executive director of Property Monitor, also a Dubai specialist. However, over the last six months, prices in this market have jumped by 10%, with a record recorded in April, with an increase that stood at 2.5%. The rise, which is the biggest one-month increase recorded since March 2014, has been caused by a boom in demand from many foreigners looking to move to the emirate, particularly interested in luxury properties and tax benefits.
In April, the number of real estate transactions for properties worth more than 10 million dirhams (about €2.23 million) rose to 90, according to Property Monitor. Also in the same period, 81 properties were sold in Palm Jumeirah alone, the famous artificial palm-shaped island, compared with 54 in 2020. The Allsopp & Allsopp report also shows an 82% increase in sales transactions in this sector for the first quarter of 2021.
Dubai, an escape from lockdown
This boom in Dubai’s real estate sector, a sign of economic recovery according to experts, was mainly caused by the multiple confinements or health restrictions. The increase in demand in this key sector for the emirate’s economy therefore coincides with the reopening of its borders. Welcoming foreign tourists since July 2020, and having not experienced any hotel or restaurant closures, Dubai has become the preferred destination for tourists wanting to escape Covid-19 pandemic-related restrictions in their home countries. “We are seeing a lot of free riders from other countries,” confirms Zhann Zochinke. If some come for a fixed period of time, some others do not hesitate to come and settle there permanently.
A steady rise?
However, even if this increase remains far from the records reached before 2014, experts are positioning themselves on a boom in real estate market sales that will last for several years. The US investment bank, Morgan Stanley, says: “Robust demand, peak supply and delivery times for new projects could stretch the market further than expected over the next few years” .
To encourage this, the Dubai authorities have adopted a number of parallel measures, such as retirement and teleworking visas, which are now available to foreign tourists.
Read also > THE RISE IN LUXURY PROPERTY PRICES
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In the capital of the United Arab Emirates, the real estate sector is picking up after several years of decline. Dubai, known as the city of excess, attracts many foreign and wealthy people, especially from Europe, to purchase luxury properties.
Significant interest in luxury villas
The closure of the borders brought property sales to a halt, “but just after the lockdown, we saw the volume of transactions increase. It hasn’t stopped since” , says Zhann Zochinke, executive director of Property Monitor, also a Dubai specialist. However, over the last six months, prices in this market have jumped by 10%, with a record recorded in April, with an increase that stood at 2.5%. The rise, which is the biggest one-month increase recorded since March 2014, has been caused by a boom in demand from many foreigners looking to move to the emirate, particularly interested in luxury properties and tax benefits.
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In the capital of the United Arab Emirates, the real estate sector is picking up after several years of decline. Dubai, known as the city of excess, attracts many foreign and wealthy people, especially from Europe, to purchase luxury properties.
Significant interest in luxury villas
The closure of the borders brought property sales to a halt, “but just after the lockdown, we saw the volume of transactions increase. It hasn’t stopped since” , says Zhann Zochinke, executive director of Property Monitor, also a Dubai specialist. However, over the last six months, prices in this market have jumped by 10%, with a record recorded in April, with an increase that stood at 2.5%. The rise, which is the biggest one-month increase recorded since March 2014, has been caused by a boom in demand from many foreigners looking to move to the emirate, particularly interested in luxury properties and tax benefits.
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