2021 was a record year for the Dubai housing market. With the opening of the borders, investors began to return to the market of the UAE’s largest emirate. The competent policy of state bodies helped to contain the pandemic and create favorable conditions for attracting foreign capital. Visa reforms for obtaining a residence permit when buying real estate have become another reason to purchase it.
Analysts note that the number of transactions in 2021 reached the 2012-2014 level. The total value of real estate has increased by more than 100%. Data from the Dubai Land Department in mid-December indicate that the figure has reached $38.8 billion. Whereas in 2020, the property was sold for only $19.74 billion.
Rizwan Sajan, head of the largest construction company Danube Properties, indicates the sustainability of the Dubai real estate sector and its favorable prospects. 2021 demonstrated the growing interest of foreign investors, which will encourage construction development. Sajan said that business liberalization and visa reforms would create jobs. This will make the emirates more attractive for moving, so the volume of transactions in the first half of the year will remain high.