Dubai’s record growth in real estate sales in 2021 proved not only market stabilization but also its breakthrough. Analysts believe that the trend will continue in 2022 and impact the emirate’s elite real estate. Experts explain this for several reasons:
- • The influx of foreigners thanks to Expo 2020.
- • Demand for housing among remote workers.
- • Buyers need a large-sized property where they can feel comfortable, whether there are restrictions caused by the pandemic or not.
- • Actions of the authorities to create favorable visa conditions.
The prospects of the luxury real estate market are different. According to the report of the analytical company MENA, property prices will continue to rise. This is due to the increased profitability of luxury apartments, which have fewer offers than apartments in the middle segment.
According to analysts of the real estate company Knight Frank, prices could rise by 4-6%. And this is against the background of the commissioning of about 78,000 off-plan housing units. In the elite districts of Dubai, the value of prestigious properties will only increase. The estimated growth rate is 15-20%, with the value of villas rising by 20% to 30% in some communities in 2021.