Experts say that now is the best time to buy property in Dubai

The real estate industry in Dubai has regained the focus of attention after overcoming the uncertainty caused by Covid. According to the statistics released by the Dubai Land Department (DLD) last week, it shows strong signs of continued growth. According to DLD, Dubai had its best October in the past 8 years, as the real estate industry attracted investments of up to AED 13.12 billion, involving 5,352 transactions.

“Year-to-date total sales reached 48,651 vehicles, valued at AED177.44 billion. According to the DLD authorities, the transaction volume in the first 10 months of this year increased by 38.34% year-on-year and the value increased by 63.4% year-on-year. Compared with October last year, the industry The most obvious recovery is the increase in prices in the villa sector.

Independent analysts and industry experts consistent with the DLD authorities have observed that many factors, including a series of administrative and economic reforms, successful vaccination campaigns, and the ongoing Expo 2020, have helped Dubai’s economy rebound rapidly from the pandemic. This in turn is reflected in the growth of the real estate industry.

A recent survey involving real estate analysts predicts that house prices in Dubai will rise 3.0% this year, 2.5% in 2022, and 1.1% and 2.8% respectively three months ago. The survey predicts that the residential real estate market in Dubai will remain stable within a few years and prices will rise moderately. On the one hand, it indicates affordability, and on the other hand, it also indicates sustainable growth.

“There is no doubt that the real estate industry in Dubai has rebounded. From the perspective of market trends, we can reasonably determine that the industry is on the path of sustainable growth for at least the next three years. Considering that the value will steadily appreciate in 2023-24, This is the best time to invest in Dubai real estate,” said Shilpa DK, CEO of Arqonz.com.

Arqonz is an e-commerce platform based in Chennai that specializes in serving the real estate and construction industries. The company is also a major exporter of construction materials and other products such as natural stone, outdoor and wicker furniture. Shilpa stated that Arqonz clearly benefits from the current growth phase of the Dubai real estate industry.

“We have received more and more inquiries and our export volume has risen sharply in the past 4-5 months. If the current trend shows any signs, I can say that the busy days are back,” she said . She added that Expo 2020 is not only the only reason to help the industry recover. She said that a series of reforms including the 100% ownership law and the 2040 master plan are also one of the reasons.

Interestingly, due to the current boom and steady growth in transactions, Dubai hopes that 64,000 new housing units will appear in the near future. If this becomes a reality, it will be the highest level of completion since the 2009 recession. This explains why Dubai’s real estate is still affordable when there is ample supply. Shilpa affirmed that this is the best time to invest in Dubai real estate.

Dubai now has a favorable real estate investment environment, which is further recognized by leading real estate companies that are planning new projects. For example, the Danube Group is one of them. Adel Sajan, managing director of the Danube Group, said: “Business is returning to its pre-Covid normal state, and we are preparing to launch a series of new measures to support economic growth.”

Disclaimer: This article is part of the Dubai Business Highlights series