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Property business in Dubai has always been a high-yielding sector, possibly due to a large number of expatriates and travellers making the city their home. The property market in Dubai has gone through its up and downs, the most significant being the unprecedented advent of COVID-19, which pushed trade and commerce all over the world to a standstill. The real estate market in Dubai also went through a crisis but was soon able to stand back on its feet owing to the remarkable strategies adopted by the city officials. Now that the EXPO 2020 is in full swing and numerous projects are in place, the property market in Dubai is rising stronger than ever, even amidst the post-COVID uncertainties.

What is the post-covid situation of the property market in Dubai?

The property market in Dubai is showing a steady rise in 2021 with the first eight months of 2021 showing a five per cent increase in the property prices of Dubai leading to a record sale worth AED 88.12 billion in the first half of the year. The month of September alone recorded 5,762 transactions worth Dh 16.5 billion. Property prices are increasing across major areas. The current demand in Dubai property market is the highest in almost eight years.

What favoured the rise of the property market in Dubai after COVID-19?

The real-estate sector in Dubai has always been a victim of economic changes, proven by the sudden collapse it faced after the 2009 economic slowdown. The arrival of COVID-19 was therefore a huge blow to the sector as it depends heavily on expatriates and travelers from various countries around the world.

Although the city officials were soon to introduce supportive measures and relief schemes, helping the sector to keep up until the world opened, the industry was going through uncertain times due to the restrictions placed on work and travel. However, the situation transformed for good when the world slowly opened and people started searching for safe and comfortable homes in the city.

The remarkable tackling of the COVID-19 crisis by the government helped the real-estate sector a great deal as the borders were opened sooner and highly anticipated events like EXPO 2020 and Global Village were on the horizon.

As residents are now in search of comfortable houses and big villas with many of them adapting to the work-from-home situation, the demand is only expected to rise. The real-estate market growth in Dubai is also a result of updated company laws, investment regulations, and visa requirements. 

Is this the right time to invest in the property market in Dubai?

With remarkable property developments and global events on its toe, Dubai is expecting a huge number of visitors to the country for both work and leisure. This is undoubtedly the best time to own a property in Dubai as the property market in Dubai is showing definite signs of long-lasting growth.

For the past 17 years, Flying Colour and Signature Habitat have been helping clients invest in properties and find the right home for them. Please feel free to mail your queries at admin@signaturehabitat.com or contact us at +971 4 4542366.