A strong increase in sales is expected during the last quarter of 2021

“Residency grants” improve liquidity and “Expo” revive Dubai real estate

• Realtors confirmed that there is a strong demand for Dubai real estate since the beginning of this year.

  archival

picture

Realtors confirmed that the real estate sector in Dubai is currently witnessing a remarkable recovery and a strong movement in sales that started since the beginning of this year, expecting a strong increase in sales during the last quarter of the year.

They explained to "Emirates Today" that there are several factors that support this activity, most notably the launch of the "Expo 2020 Dubai" exhibition, the improvement of liquidity levels in the market, as well as the recent decisions related to various types of residency, in addition to reducing the value of the property required to grant a residence permit in Dubai for a period of time. Three years, from one million dirhams to 750 thousand dirhams.

Noticeable recovery

In detail, the CEO of "Andalus Courtyard" real estate development, Saleh Tabakh, said that the real estate sector in Dubai is currently witnessing a remarkable recovery, with the support of recent government incentives, especially long stays, or the so-called golden residency visa, in addition to reducing the financial ceiling. For real estate residency for a period of three years, from one million dirhams to 750 thousand dirhams.

Tabakh stated that allowing obtaining golden residency attracted many towards buying residential units instead of renting, whether for the purpose of investment or end use, noting that this incentive enhanced the acceleration of the real estate sector recovery after the “Corona” pandemic, and strengthened the UAE as an attractive destination for investors. owners of capital.

Increase Sales

Tabakh expected that the real estate sector in Dubai would witness more recovery during the last quarter of this year, with an increase in sales in a way that the sector had not witnessed before, especially since the Expo 2020 Dubai contributed to creating a great boom in the real estate sector in the emirate, and it is expected To open the way for many investors to seize the opportunity and choose the UAE as a destination for their business.

strong demand

For his part, the General Manager of the "Royal Liwan" Real Estate Company, Mohammed Hareb, said that real estate deals in Dubai during the first half of this year reflected the strong demand and sales activity, as it recorded a growth of 74% in terms of the number of deals compared to the same half of last year. It also increased by 111% in terms of value.

Hareb pointed out that there has been strong demand in the real estate market since the beginning of the year, supported by several factors, which will make the price curve continue to rise over the next six months, explaining that one of the most prominent of these factors is the granting of different types of residency in the country.

Positive effect

Hareb pointed to the positive impact of reducing the value of real estate on the basis of which the investor is granted residency for a period of three years, considering that this helps the flow of investors to buy apartments whose prices ranged between 750,000 and 950,000 dirhams, in addition to the additional support for the "Expo 2020 Dubai" exhibition. In creating attractive opportunities in the real estate sector during the last quarter in the short term, and during the next six months in the relatively long term.

He said, "This is what we will notice in the indicators for the last quarter of this year, and the first quarter of next year."

double digit growth

In turn, Walid Al Zarooni, Chairman of the Board of Directors of the "W Capital" real estate brokerage, said that the prices of residential real estate in Dubai witnessed a steady increase, whether for villas or apartments, noting that villas achieved double-digit growth last August.

Al-Zarouni indicated that the residential apartments also continue to rise with good growth rates, taking advantage of the strong movement within the local market, the increase in foreign investments, as well as the facilities granted to obtain residency in return for buying a property.

And he indicated that the real estate sector benefited from other factors, including the improvement in liquidity levels in the market, in addition to the real estate lending facilities, in addition to the decision to reduce the value of the property to obtain residency to 750,000 dirhams.

Rentals

In the same context, the real estate expert, Mohammed Al Ali, expected the real estate sector in Dubai to continue to recover during the last quarter of this year, and throughout the next year, in terms of sales growth thanks to the supporting market factors, noting that there is also an improvement in rental prices amid real estate sales activity. .

to improve

Walid Al Zarooni, Chairman of the Board of Directors of the "W Capital" real estate brokerage, said that real estate transactions have gradually improved since the end of last year until now, recovering from the repercussions of the "Corona" pandemic, and taking advantage of government incentives to revive the UAE economy as a whole.

Follow our latest local and sports news and the latest political and economic developments via Google news