Property Investors Continue To Be Attracted To Dubai
According to the study, Indians topped the list of top buyers by nationality, followed by UK, Italy, Russia, and French buyers.
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Dubai has become one of the prime locations influenced by the strong capital, high rentals, and outstanding government initiatives boosting the sector to perform even better than what it is doing now. The initiatives have fetched huge attention from investors and Dubai has become a prime target now.
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INDIANS REMAIN THE STRONG BUYERS OF DUBAI
All the segments of Dubai's real estate have marked huge growth records in the first half of 2022 with increasing transactions and values. Dubai is witnessing growth from all over the globe but India has emerged to be the leading buyer followed by the UK, Italy, Russia, and France counted in the top 5.
“Despite headwinds in the form of rising interest rates and a strengthening dollar, Dubai’s real estate market remained busy and robust in the first half of 2022,” Betterhomes said.
DLD DATA TO UNDERSTAND THE MARKET
As per, recorded by DLD- Dubai Land Department,
Record-breaking sales have been observed which 60% higher than in 2021 is and the total value of the sold properties has increased by 85% in comparison to 2021.
This is because of the increase in rental costs for houses and condominiums increasing to 29% and vacation homes climbed by 64%, and the tenancy prices in property locations enhanced to 90%.
In the first half of the year, 37,762 units were sold; a record has been made as cited by DLD Data. Additionally, AED 89 billion has been observed in the total transactions in the residential property market.
ASPECTS TO GROW AND ATTRACT EX-PATS
Dubai market is showing signs of unique growth that is because of:
“Rising taxes, inflation and geopolitical instability in the West, and continuing Covid restrictions in the East, are likely to continue to push more ex-pats to relocate to the UAE. Dubai will continue to reform employment and visa regulations to attract talent, and the DLD has taken great steps this last six months by making available all real estate data to consumers, improving transparency, and giving investors greater confidence to invest,” said Waind.
“And while rising interest rates will undoubtedly have an impact, our market is less exposed to mortgages than in the majority of the world, and the typical Dubai consumer is perhaps in a better position to tolerate this normalization of rates,” said Waind. Hence Dubai is just extracting all the possible leverages.
