Top developers in "Cityscape" today start showing their projects
«Real estate regulation»: Dubai real estate is undervalued
«Real Estate Regulatory»: An investor in Dubai real estate buys a «lifestyle».
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Marwan bin Ghalita: "(Expo 2020) benefits the real estate sector, and its positive effects will continue in the coming years."
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The Real Estate Regulatory Agency confirmed that Dubai real estate is undervalued.
In a press statement during the second day of the Cityscape Global Summit and Exhibition, she pointed out that the investor in Dubai real estate buys a "lifestyle" that cannot be converted into a physical figure.
In addition, major real estate companies begin today displaying a number of their real estate projects in front of visitors to the exhibition held at the Dubai Exhibition Center, after two days that witnessed summits and conferences that discussed a number of issues related to the real estate sector.
The Executive Director of the Real Estate Regulatory Agency, Marwan bin Ghalita, said that Dubai real estate is valued less than its actual price value, stressing that the actual value of investment in Dubai real estate is greater than its market value, according to the testimony of many international institutions specialized in the real estate sector.
Bin Ghalita added in press statements, during the second day of the "Cityscape Global 2021" summit and exhibition, that there are added values to Dubai real estate, which are not counted within the market value, explaining that the investor in Dubai real estate buys a "lifestyle", and life in Dubai does not. They can be converted into a physical number, they are invaluable added values.
He continued: "The investor in Dubai buys security and safety, and a legislative structure that guarantees his financial and legal rights, as well as an infrastructure of the highest international standards, which prompts many investors to invest in Dubai, especially the Europeans, for whom these criteria are very important."
He stressed that Dubai's hosting of "Expo 2020", which is considered the largest global event since the start of the "Covid-19" pandemic, which is organized in attendance and lasts for six months, will benefit the real estate sector, and its positive effects will continue in the coming years, indicating that visitors to the exhibition will explore the urban renaissance and the environment. Real estate enjoyed by Dubai.
In addition, the websites "Bayut" and "Dubizzle" for real estate services issued their report on the Dubai real estate market for the third quarter of 2021, which confirmed that the real estate sector in the emirate continued to record positive growth rates during the third quarter of this year, after the sector recovered from the effects of the virus. The pandemic, which was confirmed by the noticeable rise in the prices of selling and renting real estate units in most areas of the emirate.
The report indicated that the growth rates recorded by the sector during the first six months of 2021 continued into the second half of the year, according to the searches recorded by the two sites.
The data collected from Bayut and Dubizzle websites showed that real estate offered for sale in Dubai witnessed a price increase of between 1 and 7% during the third quarter of 2021.
The rental sector witnessed varying increases in the average annual rent values, reaching 10% in the required prices for apartments with reasonable prices, while the average rent for luxury apartments witnessed remarkable increases, reaching 31%.
In turn, villas in Dubai witnessed an increase in rental rates that did not exceed 14% during the third quarter of 2021, while rents for luxury villas recorded an increase of between 2 and 14%.
Haider Ali Khan, CEO of Bayut and Dubizzle, and President of Emerging Markets Property Group in the Middle East and North Africa, Haider Ali Khan, said that the data contained in the report on the Dubai real estate market for the third quarter of 2021 confirms the continuation of the upward trends in the market. Real estate in the emirate since the beginning of this year, which was supported by many factors, including the launch of Expo 2020 Dubai, and supportive government initiatives.
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