Reuters: Dubai's economy has rebounded significantly... and real estate prices will rise, supported by demand from foreigners
A survey conducted by "Reuters" of the views of real estate analysts showed that housing prices in Dubai are expected to continue to rise over the next year, twice the increase that was expected three months ago, supported by demand from foreign investors and the improvement in the ability to buy.
And "Reuters" said in a report that Dubai's economy has rebounded significantly this year with the opening of the trade and travel sectors, in light of the success of the vaccination campaign.
Monthly data from the Dubai Land Department showed that the real estate sector in the emirate witnessed its best performance in eight years in October, and the sector is expected to continue this trend in 2022.
The poll, which was conducted from November 18 to December 6, and polled 11 real estate analysts, found an average increase of five percent in house prices in Dubai in 2022, double the 2.5 percent increase expected three months ago, and prices are also expected to increase five percent. percent in 2023.
"The success of Dubai's first interaction with the Corona virus, with the support of the vaccination path in the Emirates, made Dubai the only major global city that remained largely free of restrictions during 2021," said Chris Hobden, head of strategic advisory at Chestertons MENA.
He continued, "The resulting stability, complemented by recent visa reforms, relatively attractive pricing, and overall quality of life in the emirate has continued to attract new residents. Dubai is likely to witness continued economic improvement during 2022, so we expect international demand to remain strong next year." .
When asked what will drive Dubai's housing market next year, the majority of respondents, seven out of 11, said it was demand from foreign investors.
And four went to it domestic demand.
Follow our latest local and sports news and the latest political and economic developments via Google news