In the third quarter of 2022, Dubai broke a 12-year record in terms of both the number of sales and total revenue from them in the primary and secondary real estate markets. However, the emirate is only gaining momentum in the fourth quarter, especially in the premium real estate segment, taking advantage of its proximity to Qatar — the current venue for the 2022 FIFA World Cup.
The event attracted the attention of not only a huge number of tourists, but also extremely wealthy real estate buyers. Taking into account the fact that Dubai has become a convenient transshipment point for visitors to the championship, it has also become an object of special interest from investors and super-rich foreigners. Such a rise is well superimposed on the beginning of the tourist season, which traditionally begins in the winter months.
In general, the UAE assumes a 40% increase in the number of occupied hotels and apartments due to the arrival of a mass of tourists and future visitors to the championship in the country, and there was also a significant increase in tourists and buyers from the HNWI category (persons with large net worth). In general, about a million tourists are expected to be accepted in Qatar by the end of 2022 and a large proportion of them will settle in the neighboring UAE, specifically in Dubai. The percentage of occupancy of hotels and resort real estate, including elite, in the emirate should exceed 90%.
Rental rates for apartments of all categories are also increasing. In the sector as a whole, they grew by an average of 27%. For both ordinary tourists and wealthy visitors to Dubai, the main interest is apartments with 1-3 bedrooms. Large properties are unlikely to find much attention.