New buildings showed a V-shaped recovery, says the consulting agency CORE.
The sharp recovery is due to increased investor confidence in the Dubai market. The trend is expected to continue in the coming months.
The influx of visitors to Dubai stimulates the sector growth due to Expo 2020 and many new projects this year.
According to the information provided by the Property Finder portal, the total value of real estate transactions in the new construction sector increased by 47.11% in the 3rd quarter of 2021. The comparison was completed by the second quarter of 2021.
The segment of finished real estate (secondary market) has increased only 4.24% in the value of transactions.
Growth in the primary market was 14.67% and in the secondary one — 6.02%.
Several new projects have recently been launched in Dubai.
For example, Motor City Hills and Motor City Views will have about 415 villas and 880 apartments, respectively. The developer Union Properties is responsible for this.
Emaar Properties also has several projects in Dubai.
DAMAC Properties announced plans to create a $545 million skyscraper with the Italian fashion house Cavalli.
Expo 2020 should only increase the demand for primary market real estate. More than 400,000 unique visitors visited the exhibition in the first 10 days alone.