UAE Real Estate Sector Bullish After Strong First Half Results
Dubai has rebounded well from the pandemic, with the city witnessing a rise in demand for exclusive properties and developments since the start of 2022. This has been driven by high-net-worth-individuals looking to relocate, buy a secondary home or invest in a wide range of properties offering a significant yield.
The total amount of real estate deals closed in Dubai during the first half of 2022 surged to AED115 billion, with sales transaction volumes recording an all-time high of 43,100. Off-plan deals particularly shone, raking in a total of AED41.2 billion. Most striking, however, were the Q2 sales – hitting a record-breaking, 10-year high. This overall increase during the first two quarters of the year is only expected to continue, if not strengthen.
The value of monthly Dubai sales transactions (in AED 10 billion progressions) in 2022 shows a remarkable improvement from the same time period last year.
Christie’s International Real Estate Dubai has capitalised on this growth; we are in the process of opening new offices in the World Trade Centre and DIFC. This will widen our availability and market coverage.
2022’s luxury property market boom has been supported by a range of positive factors, including:
- * High liquidity
- * A strong government response to the pandemic
- * The success of Expo 2020 Dubai
- * Golden Visa reforms
- * An increase in high-net-worth residents
his rising appetite for real estate assets, particularly residential ones, has held steady despite challenges ranging from global economic woes to the lingering pandemic. Dubai is expected to consolidate this growth, with more than 90,000 residential units expected to be delivered in the second half of 2022 (at the time of writing).
The number of residential units that prominent Dubai areas are set to welcome bodes well for H2 2022 and beyond. Courtesy DXB Interact, a portal by the Dubai Land Department.
These run the range of designs, architectures and modern amenities, from stunning waterfront abodes to opulent mansions on elite golf courses. This robust supply is expected to be matched by an increasing demand from both domestic and foreign buyers to make for a stable and upward-looking luxury real estate market.
