The Dubai real estate market is expected to have a smart and speedy recovery this year, due to the boost in the country’s economy.
Industry experts have said that the worst is over for the Dubai property market as prices have reached the bottom and will start to recover this year. Based on the market, tenants should be ready to pay more for rent towards the end of the year.
After a decrease of 3.5% in the first quarter of 2020, Dubai property prices have shown signs of stabilisation.
Referring to the latest data, real estate developers, executives, and industry experts have said that investors and end-users should take advantage of purchasing villas and apartments in Dubai as the prices are currently very affordable with the market expected to see good growth within the end of the year.
Various government initiatives have been taken by the UAE to boost the country’s economy and we are expected to see a stable market very soon. Through the latest measures taken by the government, the UAE provides opportunities for success and the local economy has recovered from the effects of the global pandemic.
Within the beginning of January 2021, the real estate market in Dubai saw a boost with property transactions in Dubai valued at AED 3.79 Billion in total. There were 997 transactions made overall.
Price corrections, both in the sale and rent of properties in Dubai have had positive effects in helping the property market recover, and have also contributed to strengthening Dubai’s position globally as a destination to live, work and invest. Dubai proved to be the most attractive city within the region for foreign investors and expats.
Subject to the recovery of the global pandemic, the Dubai economy is expected to grow by 4% this year which will benefit the real estate sector.
Citywide, the average prices for villas and apartments are expected to see an increase of up to 3%. Some of the major reasons for the real estate turnaround the speedy recovery from the pandemic, strong economic recovery, tight control over new supplies, the hosting of Expo 2020, and the 50th UAE celebrations.
Dubai has a bright outlook as an investor hot spot, while its real estate industry has performed well and is capable of battling a global pandemic.