Dubai Property Market Re-Emerging from Pandemic Outbreak

Top Quote Dubaiís economy has bounced back faster than expected. The market conditions are quite favorable for developers, buyers and sellers, owing to the rise in demand in the real estate sector. End Quote
  • (1888PressRelease) October 07, 2021 - Dubai, UAE - The COVID-19 hit world nations in unprecedented manners. Like with many other industries, 2020 has been a hard year for Dubaiís property market. A once flourishing sector, the property demand, and sales declined drastically at the peak of the pandemic, with many units left unsold and projects getting shut down. However, with the widespread availability of vaccines, Dubaiís property market is also showing early signs of recovery in 2021.

    According to a recent poll of housing analysts by Reuters, Dubaiís residential property market is showing some progress, with prices expected to rise modestly in the next few years. Dubaiís residential prices were forecast to have a rise of 3.0% this year and 2.5% in 2022, with the prices remaining affordable during this period.

    ďIt is interesting to note that Dubaiís economy has bounced back faster than expected. The market conditions are quite favorable for developers, who are completing their pending projects and launching new ones to meet the demandsĒ, says Nadir Shah, Sales Manager of Vanguard Real Estate Agency in Dubai.

    The recent rise in property sales is attributed to the successful vaccination in the emirate. Along with the safety assured by the vaccinated population, visa reforms, economic stability, and government-supported FDI opportunities are also inviting investors from all around the world into the city-state. Now with Expo 2020 at the doorstep, Dubai is all set to experience an increase in real estate demand in the coming months.

    ďWe can safely assume that Dubaiís real estate sector is looking quite promising for developers, brokers, buyers, and sellers. Big players like Sobha, Nakheel, Emaar, and Meydan are said to be in the early stages of planning new projects, specifically residential ones. Currently, waterfront apartments and villa communities are the ones with the most demand. So, we may be able to see more upcoming projects for the sameĒ, Nadir continues.

    In general, people seem to have confidence in the emirateís post-COVID performance as a metropolitan city. A lot of expatriates and foreigners are buying second homes in the country, ensuring that they have a haven to return to during testing times.

    There is no better time than now to invest in a residential property in Dubai. A lot of high-end apartments and villas are up for grabs for comfortable prices. Investors interested in buying their first property in Dubai can reach out to brokers at Vanguard Real Estate, one of the top 10 real estate companies in Dubai.

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