Dubai’s real estate market has its ups and downs. This is the case for the real estate industry around the world. In 2020 the real estate market witnessed a major setback due to the coronavirus outbreak. Adapting to the changes that came with the novel virus, Dubai’s real estate market recovered in 2021, and the numbers were indeed promising.
Will the market continue blooming, and what are experts predicting for the Dubai real estate market in 2022?
A Throwback to Dubai Real Estate Market 2021
With the emergence of vaccines and ease of covid-19 restrictions, the market bounced back; 2021 was a banner year for Dubai property investments. The demand for luxury real estate spiked, so has the demand for apartments in Dubai.
The delayed Expo 2020 welcomed visitors in 2021, doubling the wins for Dubai’s real estate market. Prior to Expo 2020, there was an increase in the construction of hotels and retail spaces, which turned Dubai into a more attractive destination for investors than it already was.
The exhibition is set to attract a large number of tourists, resulting in an increasing demand for residential properties. The increasing demand will also impact Dubai’s real estate market 2022 positively.
A Rise in Prices
Among experts’ predictions for Dubai real estate market 2022 are soaring residential property prices. A Reuters survey of real estate analysts’ views involving 11 real estate specialists showed that prices of residential properties in Dubai will increase by 5% in 2022.
The increase in prices is a result of the efficient way the UAE is managing the coronavirus situation in the country. While the Omicron variant has shocked the world again and raised the levels of uncertainty, Dubai is still seen as a safe sanctuary for property investment due to the government’s measures and the introduction of booster shots.
An Increase in Luxury Property Rental Rates
According to experts, the demand for villas and luxury properties located in prominent areas is set to rise in 2022 at a rate that will exceed the peak Dubai’s real estate market witnessed in 2014
An Increase in Property Supply
As working from home became the trend for most companies around the world, and the UAE introduction of remote working visas, retirement visas, golden visas, and 100% ownership of companies, Dubai is now considered one of the most attractive residential property destinations in the world.
More people are looking for properties with high-end amenities located in vibrant locations, and the current pandemic situation in the UAE presents Dubai as their ideal choice.
The expected increasing number of property seekers was the driving factor for property developers to increase their property supply. If not delayed, Dubai real estate market 2022 is expecting the delivery of 50,000 to 60,000 residential units.
Azizi Residential Properties
Azizi is committed to developing high-end residential properties and communities in Dubai. Our portfolio of off-plan and completed properties offers a golden opportunity to make the best property investment in Dubai.
Our projects are located in Dubai’s most renowned locations. We provide properties in Meydan in Mohammed Bin Rashid City (MBR), Dubai Healthcare City, Palm Jumeirah, Al Furjan, Downtown Jebel Ali, Studio City, and Sports City.