After a strict but short Covid-19 lockdown, the city reopened to tourists in July 2020 and the market followed suit, with activity increasing “as shoppers reassessed their lifestyles and generally looked to relocate to bigger houses”, Mr. Cummings mentioned.
“It was really the start of 2021 that saw the market take off,” he continued, with the year-end total of around 52,000 apartment and villa transactions, totaling 114.2 billion. of United Arab Emirates dirhams ($31.1 billion), surpassing the total of the previous two. years combined.
According to Knight Frank’s First Quarter 2022 Market Report, released this week, housing prices in Dubai increased by 10.6% in 2021 and a further 2.6% in the first three months of 2022, marking the highest year-over-year growth rate since January 2015. .
“Positive market sentiment, driven by the government’s leading response to the pandemic, coupled with the successful hosting of the World Expo, the reopening of travel corridors and Dubai’s status as a global haven continues to support market rebound,” Faisal said. Durrani, partner and head of Middle East research at Knight Frank.
He added that “values are still, on average, about 25% lower than their 2014 peak.” But demand remains at record highs, with international and domestic buyers seeking larger homes.
At the high end, Mr Cummings said, more than 30 sales have been recorded for more than $10 million so far this year, a number which, barring 2021, would be a record for a year. complete. Recent changes to visa laws allowing buyers to obtain golden visas for pre-construction purchases are also likely to have a positive effect on the market, he said.