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The real estate sector is an important business sector in Dubai and after a sudden setback caused by the COVID-19 pandemic, the property market in Dubai is back on track and surging forth. A recent analysis by the Dubai Land Department has found a steady increase in property transactions, owing to the remarkable efforts by the government in tackling the COVID-19 crisis and thus opening the borders to the world sooner than expected. With EXPO 2020 and Global Village in full swing, the real estate market is anticipating a record increase in the demand for residential as well as commercial properties in Dubai.

Is there a rise of demand in Dubai property market?

According to the data compiled by property analysts in Dubai, the property market in Dubai showed an upsurge in the demand for villas and townhouses with property prices rising to 5 percent.

• Property Finder’s demand data shows Dubai Hills Estate, Arabian Ranches, and Palm Jumeirah as the top areas of transactions. 
• As a villa in Jumeirah Bay Island was sold for Dh 121 million in July, the demand for luxury properties has also risen sharply. 
• Dubai recorded transactions worth Dh 61.97 billion in the first half of 2021 and it crossed a swift Dh 100 billion mark by the month of September
• September alone recorded 5, 762 transactions worth Dh 16.2 billion.

 The current demand for the property market in Dubai is the highest in almost eight years and is expected to rise even more in the coming years.

What caused the rise of demand in Dubai Property market?

The recent surge in Dubai real -estate market is caused by various factors including: 

• Successful vaccination drive.
• Visa reforms and updated business regulation.
• Adaptation of work-from-home lifestyle which caused people to look for comfortable properties to work and live in.
• EXPO 2020 is expected to bring in more investments and create more job opportunities.
• Dubai has been recently applauded for being a safe and resilient city at times of crisis.
• Dubai is regarded as a safe haven to invest, work, and travel.

These amenities, in addition to the government’s investor-friendly attitude, have favorably affected the property market in Dubai.

What makes this the best time to invest in the property market in Dubai?

• The real-estate sector in Dubai is at its strongest right now contributing immensely to the economy of the emirate. 
• With events like EXPO 2020 and Global Village, Dubai is expecting a huge number of visitors from various parts of the world. 
• EXPO 2020 is expected to create more job opportunities in Dubai favouring the further surge of the Real- Estate market in Dubai.
• A recent study by Reuters projected a 2.5% rise in Dubai’s house prices by 2022 which would increase modestly in the upcoming years as well.

Clearly, the property market in Dubai is surging higher than ever and there isn’t a more accurate time to own a property in Dubai than right now. While investing in property transactions in Dubai, the right knowledge about the market trends and tendencies is very important.

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