21/12/2021
That's a resounding NO!
Dubai’s real estate market will post more than 100 per cent growth in the transaction value this year, as investors reposed trust in the emirate’s consistent economic policies, successful strategy to handle the Covid-19 pandemic, visa reforms, and the recent liberalisation of the business licensing regime, experts say.
Analysts, industry specialists, and top executives, said that the emirate is expected to record property sales transactions worth over Dh150 billion this year, compared to Dh72.49 billion in 2020.
Referring to the latest data released by the Dubai Land Department, they said that the emirate has already registered sales transactions worth Dh142.5 billion through more than 57,500 deals by mid December.
A total of 35,434 transactions worth Dh72.49 billion were registered last year.
Dubai’s unique advantages – quality of life, safety, security, world-class infrastructure, international connectivity, and the country’s leadership in combatting the Covid-19 pandemic – have all helped more and more wealthy people to consider Dubai for investment and relocation. The recent liberalisation of the business licensing regime, and immigration reforms, have further shown the UAE’s strong drive to attract investors.
The recent announcements by the UAE government – and those that will be made in the next few months – will create new economic opportunities for people. New businesses will flourish, and new jobs will be created, that will drive domestic demand. Therefore, the real estate sector will continue to grow.
Even though Expo 2020 will drop the curtains in March, we can expect the market to continue its performance. The transition of the expo site into an integrated mixed-use community ‘District 2020’ will play a strong role in driving the market.
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