Dubai property is looking at another standout performance in 2022 - and there is more than one reason | Property – Gulf News
It is no secret that the real estate market in Dubai is seeing a boom. There have been several headlines over the past 18 months talking about a V-shaped recovery and new transactional records being set.
Before 2021 was even over, total sales were sitting at a cosy Dh177.44 billion, up more than 88 per cent from the sales figures in the entirety of 2020. Sale prices are on an upward trajectory, and it has very much become a seller’s market with a much higher likelihood of a property transacting at its asking price and no room for negotiation or offers.
All projections point to this trend continuing in 2022 – and this could really be a year for the history books. The property market in Dubai was driven by three key factors last year – more international investors, lower supply (especially in prime neighbourhoods) and low interest rates.
The first of these factors is expected to be a contributor to market performance in 2022 as well. While the Omicron variant has sent ripples of uncertainty across the world again, the UAE continues to provide a safe haven for the global community. Even as case numbers had gone up at the tail end of 2021, carefully implemented government measures and a focused drive for booster shots help to provide a level of personal safety that is hard to find anywhere else.
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