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In the first two months of 2022, 12,119 real estate transactions were concluded on the local market. This is 17.7% higher than in 2017, which was followed by the previous similar record. February showed excellent results — there were 6,346 transactions out of the specified number. This is the highest result for February among all the years of observations and it is 43.5% higher than the last such record. This result is also 9.9% higher than in January 2022. Off-plan real estate market In February of this year, 2,576 transactions on off-plan real estate were recorded (real estate under construction), which is 4.9% less than in January 2022, but shows an annual growth of 112.9%. Besides, last month, more than 3,000 off-plan housing projects went on sale. Townhouses occupy 58.5% in...

Monthly growth data showed that the ready-made real estate market recorded an increase in purchases of objects, both in money and through mortgages, by 48.1%. At the same time, the number of Oqood agreemnets for «off-plan» real estate (approx. «at the construction stage») decreased by 5.8%. Thus, «off-plan» sector took 42.9% of all residential real estate transactions in the emirate. However, this sector had something to be proud of the sale of five-bedroom apartments in Business Bay for USD 18.7 million. Best areas for «off-plan» real estate sales The list of leaders in attracting investor money to projects under construction are the following: Meydan One (14.8%), Business Bay (11.4%), Dubai Creek Harbour (7.2%) and Jumeirah Village (6...

In February of this year, Dubai real estate market continues to maintain an upward trend, maintaining the growth momentum of 2021. Against the background of the improving pandemic situation, the restoration of business activity in the country and the continuation of World Expo-2020, the local real estate market continues to flood with new buyers and large investors. Not only is the demand for buying or short-term rentals growing, but also for long-term rent agreements. Those who wish to purchase apartments of the highest category most often go in search of Palm Jumeirah, while villas are best realized in Jumeirah Island area. All key areas where apartments are the most popular choice showed an annual increase in the capital cost of real estate. In general, the best growth rates in the...

Throughout February, prices for all categories of real estate grew in most areas of the city. Predictably, Palm Jumeirah turned out to be the most expensive area. In total, 5,538 real estate transactions were registered in the past months. In February 2021, there were 3,787 transactions. From the beginning of the year to the end of February, average real estate prices increased by 10.7%. On average, prices for apartments increased by 9.1% and villas - by 21%. In the apartment segment, the highest price growth was recorded in Green Community (Dubai Investment Park) — 3% monthly growth. It is followed by Jebel Ali — 2.8%. Jumeirah, Dubai Festival City and Meydan City showed 2.7%. The most expensive area to buy apartments was Downtown Dubai. In the villa segment, Jumeirah...

Ukraine occupied a significant place in the supply chains of construction materials to the world market. It also occupied an important place in the list of suppliers of building materials for developers of the United Arab Emirates. For instance, Ukrainian exporters sold high-quality structural steel in the UAE. Military operations, sanctions and other derivative factors do not allow Ukrainian companies to continue to supply materials to countries such as the Arab Emirates. After the «loss» of the major player from the world market of building materials, the total prices for such goods began to grow rapidly. At the same time, this growth is superimposed on the price increase already formed by the impact of the COVID-19 pandemic. Until February 24, steel purchased in Ukraine...

Continuing the trajectory set in 2021, rental rates continue to grow rapidly in the first half of 2022. This is facilitated by factors such as a busy schedule of events, a rapidly increasing influx of tourists and a general surge in economic activity. Just in the second half of this year can we reasonably expect a slowdown in growth. This forecast is set out in the report «Dubai Residential Market Snapshot» by CBRE. The expectations relate to both the apartment segment and the villa segment. However, the latter continue to grow by a noticeable margin even in the second half of 2022. According to the report, it is also known that the average annual rental growth in Dubai for January 2022 was 10.1%. Apartments showed an increase of 8.3%, while villas showed 22.8%. CBRE...

Fresh market news points to encouraging record sales in the ultra-premium housing sector in 2021: 93 properties worth more than USD 10,000,000 were sold. For the emirate, this result means that 39% of all home sales worth USD 10,000,000 or more since 2010 were last year. Such data was shared by the international consulting agency Knight Frank. Due to the company's data, it also became known that 52,000 apartments and villas worth USD 31,090,000,000 were sold on the market last year. This number is colossal by any measure. Even the combined sales of 2019 and 2020 are not able to beat the figures of 2021. Nevertheless, large-sized properties remain the key product on the market. Both the pandemic and the new working conditions continue to motivate people to acquire more and more living...

Demand will remain strong in the Dubai housing market, and prices may rise more rapidly than in 2021. New real estate in the market will not change this situation. However, this supply will only strengthen the position of buyers when concluding contracts. Gulf News refers to the forecast published by Reuters, which interviewed 12 market analysts from February 9 to February 23 this year. In general, all specialists expect strong market growth during 2022. The projected growth rates were higher than the experts’ forecasts three months earlier. In November, house prices will grow by 5% in 2022 and 2023. The new forecast indicates that prices will rise by 7.5% this year and 5.5% next year. Analysts are also confident that buyers will dominate the Dubai housing market for the next two...

In January 2022, there was a sharp increase in prices and rental rates by 10%. In general, for the year, from January to January, the local housing market showed an increase in real estate transactions by 80.2%. The off-plan sector increased by 187.5%, and the secondary market – by 32.5%. Downtown Dubai, Palm Jumeirah, and Al Barari remain the most popular destinations with buyers. On average, real estate prices in January 2022 rose by 10.2%, according to information by CBRE. Apartment prices on average increased by 8.5%, while villas grew by 21.8%. Rental rates for the past year (January 2022) rose by 10.1%, apartments – by 8.3%, and villas – by 22.8%. Haider Tuaima, head of the consulting and analytical agency ValuStrat, points out that 2021 was the beginning of a...

According to Asteco real estate management company’s forecasts, about 30,000 new residential properties should enter the market by the end of the year. Since spring 2021, the Dubai housing market has been growing intensively: prices and rates have risen, as well as market confidence and plans for new projects have increased. However, now the market is preparing for more modest but stable growth. The reason is the intention of developers to put on the market this year about 30,000 residential properties and about 186,000 square meters of office space. This influx of new supply into the market can restore balance, weaken the influence of sellers who could safely dictate new prices and rental rates, and use prevailing consumer demand over supply. It is noted that the highest price...

Up to four people can own one property. The new ownership system allows customers to split Title Deed into four shares. The share can belong to any person who is not related to three other people by family or other ties. Foreigners can purchase an apartment, villa, or any other kind of property on the market using Title Deed. Such ownership is available for property of any age approved by the Real Estate Regulatory Agency (RERA) if it is not an emergency and does not violate the rules of construction and operation. This innovation is designed to attract more foreign buyers and investors, especially those who do not belong to the group of "persons with high net worth". This should lead to the liberalization of prices in the market to expand it to buyers with more modest incomes who...

Economic and key sector data show that the UAE has begun to strengthen its position among the countries with the highest economic stability and growth potential — Gulf News. According to research on the structure of demand in the Dubai housing market, the key factors among buyers to make the final decision, «purchase or not», are two points: Real estate price or price per square meter. Property quality and the quality of life for the price buyers receive. This importance of quality of life is reflected in the recently launched "Best Investment Migration Real Estate Index". The index is compiled by the international company Henley & Partners in collaboration with Deep Knowledge Analytics, which develops machine learning technologies. H&P is a consulting...

Can the World's Exhibition give Dubai more than temporary economic growth? With the end of Expo 2020, some participants in the local housing market prefer to refrain from buying real estate and take a wait-and-see approach. The reason is that real estate prices are expected to start falling in April when the last visitors leave the halls of the world exhibition. Expo 2020 ends on March 31. Observing the Emirate’s rapid economic growth since October 2021, investors expect a price correction in the market. However, this position misses several important market factors that the event was intended to create. Gulf News tried to highlight several points that indicate that Dubai is ready to move on after Expo 2020. The first point is that the exhibition was not intended to temporarily...

The causes are both global and local factors. Real estate analytical and consulting company CBRE has published an evaluation of the prospects of the construction sector and the Dubai housing market in 2022. The local market closed in 2021 on a high note. Average prices for residential real estate increased by 9.3% over the year and rental rates by 8.3%. Overall, the annual growth was the highest since January 2015, and rent reached historical peaks. The market was focused on villas that were popular with both buyers and tenants. The overall market movement in 2022 will be positive. Sales of villas and apartments should also remain popular. Sales growth should continue. However, several factors do not have the market growth dynamics that the latter showed in 2021. The global causes...

All major sectors of the economy are growing this year. The trend of overall economic growth began in the second quarter of last year, although the first signals can be traced back to December 2020. According to the Dubai Statistic Center, in the first 9 months of 2021, the economy grew by 6.3% year on year. After contracting by 3.7% in the first quarter, the economy expanded by 17.8% and 6.3%, respectively in the second and third quarters of 2021. The local housing market, the recovery in the tourism sector, and the trade sector keep growing. The research department of the Emirates State Bank NDB has published data that Dubai's economy grew by 5.5% in 2021 and will increase by another 4.5% in 2022. The growth will affect all major sectors, but more than others: tourism, food industry,...