However, property prices are still a quarter below the previous peak.
The local market recovery is now in its 11th month. The previous price peak was in 2014, and 2021 is only a quarter of the former record.
In the first days of Expo 2020, the positive effect of the exhibition on the real estate sector of the emirate became obvious, which met the high expectations of both the government of Dubai and the UAE, as well as analysts.
The senior executive director of Property Monitor, Zhann Jochinke, points out that at the moment there is about 19% growth left to record. In September, prices have already increased by 1.2%, the cost of one square meter has become $2,837.
Recovery after COVID-19 is also noticeable — 100 cases per day.
However, prices have been increasing for several quarters. By world standards, Dubai’s real estate is still at the level of affordability. It also goes for the premium sector.
The fourth quarter of 2021 and the first quarter of 2022 are positive, but there are some troubles here.
Villas and townhouses contributed to the rapid recovery this year. However, the supply of such properties is not infinite, as villas occupy only 13% of the residential sector.
Currently, the number of unoccupied real estate is rapidly decreasing, and the gap between the expectations of sellers and buyers becomes obvious.
The first, inspired by the excellent sales of the previous months and the low supply, are overestimating the cost of the properties. Often unjustifiably.
The second, buyers, in turn, are less eager to play on the seller’s terms and leave the segment in search of better offers.
Property Finder experts believe that from now on, apartments will play an increasingly important role in the reconstruction — 87% of the housing sector.
According to the figures, by September Dubai reported $27.2 billion earned on real estate transactions. The number of transactions and their total volume are growing in the emirate.
