A Reuters survey of real estate analysts’ views showed that house prices in Dubai are expected to continue rising over the next year, double the increase expected three months ago, supported by foreign investor demand and improving purchasing power.
Dubai’s economy has rebounded in meaningfully quest’year with the opening of the commerce and travel sectors in light of the successful vaccination campaign and the rapid easing of restrictions associated with Covid-19, which Support the real estate sector, which in previously it was in difficulty.
Monthly data from the Dubai Land Department showed that real estate in the emirate saw its best in October performance in 8 years and the industry is expected to continue this trend in 2022.
The survey, which ran from November 18 to December 6 and involved 11 real estate analysts, found an average 5% increase in house prices in Dubai in 2022, double the 2.5% increase expected in 3 months. does.
Prices are also expected to increase by 5% in 2023.
Chris Hobden, Head of Strategic Consulting at Chestertons MENA, said: “The success of Dubai’s first interaction with the Corona virus, with the support of the vaccination path in the Emirates, has made Dubai the only major global city largely free of restrictions during 2021.
According to Hobden, “The resulting stability, complemented by recent visa reforms, relatively attractive prices and overall quality of life in the emirate, continues to attract new residents. Dubai is likely to see continued economic improvement during 2022, so we expect that international demand will increase and remain strong next year “.
When asked what will drive Dubai’s real estate market next year, the majority of respondents, seven out of 11, said it was a question from foreign investors. And four went to it from domestic demand.
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