Experts: Dubai is the fastest growing real estate sector in the EMEA region

Real estate experts confirmed that the Emirate of Dubai witnessed the fastest growth in the real estate sector within the Europe, Middle East and Africa region in 2021, and that the pace of competition in the Dubai real estate market will rise in the future.

This came according to the "Europe, Middle East and Africa Real Estate Market Report 2022" issued by "Berkshire Hathaway" real estate, which reflects the experts' vision of the residential real estate sector over the past year in seven major markets: Dubai, the United Kingdom, Germany, Italy, Spain, Portugal and Greece.

Real estate experts attributed the growth of the real estate market during the past year in Dubai to the huge potential provided by Expo 2020 Dubai, as they noticed an increase in the market value of real estate, along with an increase in demand at the regional and international levels.

The report indicated that more than two-thirds of the respondents in Dubai, who amounted to 68%, confirmed that the real estate market has proven remarkable growth and exceptional flexibility during the past 12 months, and they expected this positive trend to continue. This percentage is the highest that has been disclosed in Europe, the Middle East and Africa.

These numbers, when combined with a promising future outlook, indicate that the real estate sector in Dubai will grow further and will continue to show an active movement in the near term.

Commenting on the results of the report, Donia Fadi, chief operating officer of Berkshire Hathaway Real Estate in the Arab Gulf region, said that the positive momentum witnessed in 2021 promises a significant improvement in the UAE real estate market in 2022, as this positive movement is attributed to the procedures and practices adopted by it. The UAE government to combat the Covid-19 pandemic and limit its repercussions, in addition to the series of reforms that it has introduced to support economic growth and the huge potential it has put in place to launch Expo 2020.

She added that the real estate market in Dubai has changed radically, especially that it has witnessed in the past few years a remarkable transformation in investments, as it has attracted foreign investors and capital, after it was focused on local investors, thanks to the presence of advanced infrastructure in addition to a distinguished lifestyle that includes the best hotels and restaurants. In the world and the exceptional amenities it offers, which made it the best destination for work, life and investment.

In the last quarter of 2021, the real estate market in the UAE witnessed record growth, and the month of November recorded the best sales movement, as the total number of deals reached 6,989, with an estimated value of 17.95 billion dirhams.. While the total volume of deals in Dubai reached 57,043 in 2021, an estimated increase of 73.6 % from the previous year and by 51.6% from 2019.

The UAE enjoys a privileged geographic location in the middle of the world and occupies a leading position in terms of innovation and is appreciated and respected by investors in Europe, the Middle East, Africa and the world.

Real estate experts in Dubai estimate that foreign investments in residential real estate constitute about 60% of the total investments in this sector and that only 40% of real estate investments are local.. While it was found in the results that a third of the investments, 32%, come from foreign investors in Europe, the Middle East and Africa More than a quarter of it, 27%, is from investors outside Europe, the Middle East and Africa.

In addition, more than half of the respondents residing in Dubai believe that the balance of global investment versus domestic investment will change in the next three to five years.

With regard to the types of housing required, more than half of real estate experts (55%) indicated that the Covid-19 pandemic has led to an increase in the demand for small apartments designed for young people, noting that Dubai is often seen as a luxury destination and a center for additional housing, but the results show a shift towards the purchase of housing Noting that the pandemic also showed a growth in demand for most types of real estate, specifically for detached homes, by 57%, and for apartments by 58%.

The proximity of residences to amenities is a requirement in Dubai by about 70% of respondents in the EMEA region.

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