Dubai is third in the list of cities with the highest growth in the capital value of residential real estate
Sobha: Dubai real estate continues to record strong growth levels during 2022
Dubai real estate has succeeded in attracting more foreign investors.
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Francis Alfred: "The impact of organizing (Expo 2020 Dubai) will continue on the economy."
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The General Manager of Sobha Real Estate, Francis Alfred, said that the real estate market in Dubai achieved remarkable growth in 2021, expecting the market to continue recording strong growth levels this year.
Alfred confirmed to "Emirates Today" that "the real estate sector in Dubai has succeeded in attracting more foreign investors, and has outperformed its international counterparts, including London, New York, Hong Kong and Paris," explaining that "Dubai ranked third in the list of cities with the highest rates." Growth in the capital value of residential real estate.
The Dubai real estate market witnessed the registration of more than 84.19 thousand real estate transactions in 2021, with a value of more than 300 billion dirhams, which is the highest value ever for the real estate sector in the history of Dubai, and it recorded a growth of 66.3% in terms of the number of transactions, and 72% in terms of value compared to 2020.
Alfred said, “Sales of luxury properties, villas and residential complexes overlooking the waterfront, recorded their highest levels last year.
The large influx of investors and (owners) is attributed to several factors, most notably the great momentum created by (Expo 2020), the movement of residents to live in larger areas, in addition to the flexibility of policies in the UAE, the strength of its economy, its strategic location and the development of its infrastructure.”
Alfred continued, "The sector continues to grow during the first quarter of 2022, maintaining the positive curve that it recorded in the last quarter of 2021. Despite the approaching conclusion of (Expo 2020 Dubai), at the end of next March, its impact on the real estate market is expected to It lasts a long time.”
Alfred added, "The impact of organizing (Expo) will continue on the economy, explaining:" (Expo) sessions have always had a great impact on the countries that host them, and this applies to the UAE, where we have witnessed many changes by hosting this global event.
Many sectors also benefited from this global event, including the real estate market.”
Alfred said: "We are optimistic about the performance of the real estate market during 2022, due to the recovery of many economic activities in light of the easing of movement restrictions."
The general manager of Sobha indicated that real estate prices in the UAE will continue to rise this year.
He said: “Our expectations are in line with recent statistics that expected residential real estate prices in Dubai to rise by 5% this year, double the expected rate three months ago, which amounted to 2.5%.
Luxurious properties and iconic locations will continue to attract local and international investors.”
And he indicated that the demand for luxury villas and apartments will continue gradually this year, as more international buyers registered their desire to own a second or third home in Dubai.
On the results of Sobha Real Estate’s business, Alfred said: “In 2021, we were able to meet the challenges of the real estate market and rise to the level of high competition, as we witnessed exceptional growth and achieved our goal of sales, which exceeded 3.67 billion dirhams for the year 2021.”
Alfred said, “The company recently announced a group of luxury projects, including (Waterfront District) in (Shoba Hartland), in addition to the launch of (Waves) and (Waves Grande).
Both projects have received a lot of interest in the market, with almost 80% of their properties sold.
The company also launched the Tranquility project phase in Sobha Hartland, after all its previous phases were completely sold out.
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