According to Haider Tuaim, head of real estate research at the ValuStrat consulting agency, economic reforms in the UAE are helping to stabilize the sales market and increase demand. The upward trend in prices may continue in 2022, aided by the successful fight against coronavirus.
Measures to attract foreign investors include:
- a residence permit to pensioners on preferential terms;
- a "golden visa" when buying luxury real estate, as well as for promising specialists.
More than 50,000 residential units are expected to be commissioned next year. The accelerated pace of construction and new projects is driven by growing demand. It also pushes up prices. Dubai is the leader in this indicator in the UAE. While in Dubai, the price growth in the first 10 months reached 21%, in Abu Dhabi this figure was only 2.2%. In November, there was a record number of transactions for over $4.89 billion. These figures were last seen long before the pandemic, in 2014. And if earlier buyers were interested in flats and apartments, now most of them choose luxury villas.