The whole world was affected by the 2020 COVID-19 outbreak, and Dubai was no exception. Due to lockdowns and restrictions on traveling, many economic sectors of the highly developed city witnessed a setback, including the real estate market.
With things getting back to normal as the UAE is easing the COVID-19 restrictions, vaccinating the majority of the population, and introducing new visa reforms, the Dubai real estate 2021 market is getting back on its feet.
So here are milestones of the Dubai real estate 2021 market:
Bouncing Back
The market wasn’t performing well in late 2020, but the low performance was logical looking at the global uncertainty about the novel virus. Later, things began to get clear, and governments around the world, including the Emirati government, had more organized procedures and well-thought measurements to deal with the pandemic. Such a clear vision helped the real estate market to recover and get back on track.
Increasing demand for luxury living resulted in a rocketing demand on villas in Dubai, while apartments maintain their status as well. The increasing demand for properties is expected to last.
Government reforms are also one of the major factors contributing to the bounce in the Dubai real estate 2021 market. The reforms were reflected in introducing remote working visas, retirement visas, golden visas, and 100% ownership of companies.
Such reforms painted the UAE, and Dubai in particular, to be an ideal destination for those looking for homes in safe and vibrant locations in the world and will also attract investors to consider buying properties in Dubai and kick-off new projects.
Prices on the Rise
Reports showed that the prices of Dubai residential properties increased to reach the highest yearly growth rate since 2015. If the demand for properties continued at the same rate, then Dubai’s real estate market will have a promising future regarding growth.
The Exhibition of the Year
The Dubai real estate 2021 market was already on a winning streak, and Expo 2020 came as the cherry on top. The Expo 2020 impact on Dubai is expected to be extremely positive.
Expo is one of the major players causing an increase in the construction and boosted demand on both residential and commercial properties.
The construction of hotels and restaurants also accelerated as the city was expected to welcome enormous numbers of visitors.
Expo 2020 impact on the economy and real estate market is actually expected to last for years to come.
Now Is the Perfect Time to Buy Properties in Dubai
Knowing there will be an increase in the number of tourists and investors and considering the hopeful future of the real estate market in Dubai, now is a great time to consider making a property investment in Dubai.
Those interested in Expo 2020 and others planning to move to and invest or work in Dubai will look for properties to stay in, so yes, buying properties in Dubai seems like an excellent opportunity to invest your savings in.
Trust Azizi to Find the Best Properties in Dubai
Azizi is always working to keep up with the demands of Dubai’s real estate market. We provide the market with premium residential and commercial projects in the most prominent areas in the city. Whatever you are looking for in a property, be sure that Azizi will deliver in the best way.