Dubai Properties Set to Witness Massive Growth in 2022
The discovery of a new coronavirus variant has led to new travel rules and regulations along with novel restrictions to be imposed yet, which means that the world’s best economic sectors are expected to get affected. However, several realty markets across the globe performed well under pandemic and global lockdown circumstances including the UK and UAE – due to initiatives taken at the government level.
With the imminent threat of the Omicron variant, though the countries have started buckling, yet the realty markets are expected to perform optimally due to preventive measures and caution. If we talk about Dubai property market and its performance in the last few months, experts are sure that property prices will continue to increase in 2022.
Higher demand expected for Dubai properties…
However, the growth in demand and property prices are directly related to government’s initiatives, supportive reforms to govern the high grossing sector, and an accelerated vaccination booster programme (as according to official statistics, more than 90 per cent of the population is fully vaccinated), which helped to hasten the rebound of the coronavirus-stricken economy.
We have administered both doses of the coronavirus vaccine to more than 90 per cent of its population, according to the National Emergency Crisis and Disaster Management Authority.
UAE government comes forward to the rescue…
The UAE government has taken several measures to combat the coronavirus crisis in the country and to offset the potential damage expected in Dubai property sector due to the pandemic. And based on all these measures along with aligned strategies drawn by other stakeholders including banks and developers, the UAE property market is expected to perform optimally in 2022.
Steps taken to revive Dubai property market…
Currently, the mortgage interest rates are low (in comparison to several established real estate markets) and the developers are ready to sell properties at attractive payment plans and these both pointers are enough to lure international investors and wealthy expatriates to buy properties in UAE, next year. In short, 2022 will prove to be one of the best performing years for the UAE property market.
The coronavirus induced pandemic has bottomed out several sectors, and also led to job loss but the demand for properties started to rise again after this all, with the property market softened in terms of prices. Moreover, the page is turned as people started demanding bigger homes with better quality facilities and outdoor amenities, amidst a surge in online learning, and people working from home.
People who survived the pandemic in Dubai also started valuing real estate investment and started eyeing projects offering properties at reasonable prices, without bothering much about the location. Additionally, government’s initiatives such as residency permits for remote workers and retired people along with an expansion of the 10-year golden visa programme also helped revive the sector by enhancing people’s confidence.
Prices are expected to increase next year…
Indeed, Dubai’s economy bounced back abruptly amidst the coronavirus induced pandemic, helping the realty sector perform well. The demand for Dubai properties is expected to increase in the next year and so are the property prices, owing to the demand. According to a poll, the property prices are likely to rise at twice the rates that were expected three months ago, driven by foreign demand.
Dubai is one of the few cities in the world that largely remained restriction-free in 2021 that has made it more attractive for foreign investors, who are also drawn to this city due to its high quality of lifestyle. All this coupled with visa reforms and economic stability, strong international demand for Dubai properties is in the offing, next year. When the demand is on the rise, prices will follow the trend, making Dubai property market more and more desirable.
Currently, the developers are ready to take the challenge and are expected to deliver more than 50,000 property units next year, to cater to higher demand from investors.
Dubai real estate is a star performer around the globe, where people feel safe and there are no lockdowns. The economy is thriving and so is the demand for properties there, so if you are also interested to park your savings in properties for sale in Dubai, contact us today at +44 203 888 55555 or email us at enquiries(at)copperstones(dotted)net. One of the experts will get back to you with a bespoke investment plan that suits your needs and fits into your budget.
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