They confirmed the continuation of the rising curve of the sector in Dubai, driven by motivating factors available in the Emirate
Realtors: The pace of recovery in the real estate sector will continue in 2022
The real estate sector performed well in 2021, contrary to expectations.
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Realtors confirmed the continuation of the rising curve of the real estate sector, which was reflected in the results of the sector during the year 2021, despite the challenges of the new mutation of the Corona virus "Omicron".
They attributed to "Emirates Today" this rising curve to the good management of the crisis by the Dubai government for the previous waves of the pandemic, noting that the effects of "Expo 2020 Dubai" will extend for years.
They stated that the real estate price index recorded the largest annual rise since 2014, at a rate of about 17%, at a time when there is still room to rise over the next three years, stressing that the pace of recovery in the real estate sector will continue in 2022, driven by attractive and motivating factors, available in Dubai at the moment.
recovery and recovery
The CEO of Binghatti Real Estate Development Company, Mohammed binghatti, said that the real estate market in Dubai has been in a state of continuous recovery and continuous recovery since August 2020. Binghatti pointed to factors that help the continuation of the recovery, including the increasing accumulated demand, especially after fears receded. From the mutant "Omicron", the leadership's dealing with the repercussions of the pandemic from the beginning, and controlling it.
Bin Ghati expected a jump in "pent-up demand", which began with the gradual easing of restrictions, pointing to the factor of the rise in tourism to Dubai from foreigners and investors, as the emirate became a destination among the safest around the world, and its attractiveness increased with the closure of other tourist destinations.
He continued, "Dubai has proven its ability to control health conditions, and has become a global model in crisis management. Therefore, it will overcome the mutated (Omicron) with ease, and there will be another positive wave in the real estate market."
Binghatti mentioned another factor that contributes to the real estate boom, which is the ease of lending from banks and the low interest rates, stressing that it is a catalyst for the market at present, pointing to the increase in rent rates amid the activity of the tourism sector, which improved the price of hotel rooms, as a fourth factor.
Bin Ghati referred to the initiatives that support stimulating the movement in the real estate market, which include granting long-term visas, issuing regulatory laws, providing facilities, and balancing demand and supply, thanks to the efforts of the Dubai Land Department.
Overcoming the repercussions
For his part, the Chairman of the Board of Directors of Al-Waleed Investment Company, Muhammad Al-Mutawa, said that there is a state of optimism about the future of the real estate sector during 2022, pointing out that 2021 was not happy for the world, given the repercussions of the Corona virus pandemic.
Al-Mutawa stressed that the UAE, thanks to the efforts of the leadership, was able to overcome the repercussions of the crisis by controlling the pandemic, noting that economic activity has begun to reap the fruits of the government's plans launched over the past two years.
Al-Mutawa expected that the real estate sector will continue its positive performance in 2022, after the good performance in 2021, which was contrary to expectations.
He believed that the factors that could help to maintain the pace of recovery include government plans and the incentives that were put forward during the recent period, which gave great confidence in the UAE market, especially by residents after canceling the sponsorship system and granting permanent residence.
best performance
In addition, the Chairman of the Board of Directors of W Capital Real Estate Brokerage Company, Walid Al Zarooni, confirmed that real estate sales in Dubai recorded the best annual performance ever during 2021, which reflects the efforts made by the parties to the sector, both regulatory agencies represented in the Dubai Land Department. Real Estate Regulatory Agency, or real estate developers and brokers.
He added that the real estate price index recorded the largest annual increase since 2014, at a rate of about 17%, at a time when there is still room to rise over the next three years, with the recovery of demand, and the good promotion of the emirate as the best place to live, and the safest at the health level, as well as For the advanced infrastructure that provides comfort and luxury for residents and visitors.
Al-Zarouni considered that the government’s measures to enable 100% foreign ownership of projects represented support for the establishment of new activities in the country, as well as short and long-term residency, and granting citizenship to talents in all economic fields, which was reflected in the growth of real estate demand, reducing supply, and achieving the required balance.
Al-Zarouni confirmed the continuation of the rising curve of the real estate sector, which was reflected in the results of the sector in 2021, despite the challenges of the mutated "Omicron", indicating that this rising curve is due to the good management of the crisis by the Dubai government for the previous waves of the pandemic.
Al-Zarouni ruled out the impact of the sector during 2022, near the end of the "Expo 2020 Dubai", pointing out that the effects of the exhibition will extend for years.
future optimism
In the same context, the Managing Director of Harbor Real Estate Company, Muhannad Al-Wadiya, confirmed that the pace of recovery in the real estate sector will continue in 2022, driven by attractive and motivating factors, currently available in Dubai.
Al-Wadiya expected that the demand of investors coming to the emirate will continue, as it is among the best attractive destinations for investors currently, in addition to an increase in the category of final buyers who benefited from obtaining golden residency in 2021.
Al-Wadiya pointed out that the biggest challenge facing the world is the “Covid-19” pandemic, and its negative effects on health, global, regional and local economies, and the real estate sector.
He continued, "I am one of the optimists about the reality of the real estate market, and the stage after (Expo 2020 Dubai) will witness many initiatives that contribute to the continuity of demand for Dubai real estate and highlight it."
Al-Wadiya pointed to the challenge of supply and demand in the market, especially that developers have started to launch new projects, pointing to the increasing competition in the market.
Sales increase forecast
The real estate expert, Muhammad Al Ali, said that the expectations of the first quarter of 2022 indicate an increase in sales, indicating that there has not been a significant impact of the "Omicron" mutator so far.
Al Ali stated that the factors supporting the market to continue rising are the attractive offers by real estate developers, pointing out that it is a key factor in raising the volume of real estate sales.
He pointed out that developers offer more than one option to the investor, not just one.
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