According to statistics provided by the Dubai Land Department (DLD) last week, the real estate market in Dubai has recovered from Covid-induced uncertainty and is displaying strong signals of sustainable development. According to DLD, October was Dubai's best in the last eight years, with the real estate sector attracting a total of Dh.13.12 billion in investments split across 5,352 transactions.
"Total sales for the year to far totalled 48,651, valued at Dh.177.44 billion." During the first ten months of this year, there was a 38.34 per cent increase in transactions and a 63.4 per cent increase in value, according to DLD officials. The improvement is especially visible in the villa segment, which is commanding higher prices than in October of last year.
Independent analysts and industry experts agree with the DLD authorities that a number of factors, including a slew of administrative and economic reforms, a successful vaccination drive, and the ongoing Expo 2020, have helped Dubai's economy recover quickly from the pandemic, which is reflected in the real estate sector's growth.
According to a recent study of property analysts, Dubai house prices are expected to grow 3.0 percent this year and 2.5 percent in 2022, up from 1.1 percent and 2.8 percent three months ago. According to the poll, the Dubai residential property market will remain stable for the next few years, with a little increase in prices. On the one hand, this shows affordability, while on the other, it indicates long-term growth.
"There is no doubt that Dubai's real estate sector has recovered, and based on market trends, we can be pretty confident that it will continue to rise for at least the next three years." Given that the value of Dubai property will continuously increase by 2023-24, now is the greatest time to invest. said Shilpa DK, CEO of Arqonz.com.
Arqonz is an e-commerce site located in Chennai that caters solely to the real estate and construction industries. The company also exports a variety of building materials and other items such as natural stones, outdoor, and wicker furniture. Arqonz has obviously profited from the current growth phase of Dubai's real estate business, according to Shilpa.
"We're getting more inquiries, and our export volume has increased dramatically over the previous 4-5 months." "I can say that busy days are back if the present trend is any indicator," she remarked. She went on to say that Expo 2020 isn't the only factor that has aided the sector's resurgence. According to her, a slew of reforms, including the 100 percent ownership rule and the 2040 Master Plan, are other factors.
Dubai, surprisingly, expects 64,000 additional housing units to be built in the near future as a result of the current boom and constant rise in agreements. If that holds true, it will be the highest level of completion since the recession of 2009. That explains why, despite plentiful supplies, housing in Dubai will stay affordable. Shilpa believes that now is the ideal moment to invest in Dubai real estate.
The fact that Dubai presently has a favourable climate for property investment is backed up by renowned real estate developers who are developing new developments. One of them, for example, is the Danube Group. "We are preparing to launch a variety of new initiatives to boost economic growth," Danube Group managing director Adel Sajan stated.
