2021 showed unexpected results, demonstrating the recovery of the Dubai housing market, despite the global pandemic. The Dubai Land Department reports that the last quarter of 2021 saw high rates of real estate purchases. There were the most significant figures in December, a month that is considered quiet in real estate sales. The total cost of transactions for the month was $2,750,000.
According to Farhad Azizi, Director of Azizi Developments, the sales market shows interest from foreign investors. Even the restrictions imposed by the pandemic did not prevent citizens of Pakistan, India, France, Russia, and the United Kingdom from purchasing real estate in Dubai for permanent residence or investment. Dubai is the only major metropolis in the world that did not impose entry restrictions during 2021.
The beginning of 2022 demonstrated an increase in demand, reaching the level of 2015. Buyers are interested in Downtown Dubai, Business Bay, Palm Jumeirah, and Dubai Marina. There is heightened demand for off-plan real estate. Many buyers do not choose apartments but villas and encourage developers to implement new projects. The market will be as active until the end of Expo 2020. The price growth rate may decrease, but it is time to sort things out.
