2021 is a record year for the Dubai real estate market, which has successfully overcome the consequences of the global pandemic but also to increase boost demand. In terms of sales growth and prices, Dubai has surpassed Abu Dhabi.
According to Faisal Durrani, head of Middle East Research at Knight Frank Middle East, the emirate is experiencing growth in the real estate sector as a result of the proper actions of the authorities. Since the Dubai market is dependent on the inflow of foreign capital, government initiatives to combat the coronavirus and profitable residency programs have helped attract investors.
Durrani also noted that the opening of borders had contributed to the influx of foreign investors. The high standard of living in the emirate encourages even those who have visited the country for the first time to purchase real estate. The breakthrough of the year was the growth of sales of luxury properties for over $10 million. In just three quarters of the year, 54 such deals were concluded. Record demand has led to a shortage. According to Durrani, the market cannot satisfy wealthy buyers, which entails implementing new projects in 2022.
