They expected a strong performance during the second half amid record demand growth
Realtors: 2022 the beginning of a new phase for the real estate sector in Dubai
The real estate sector in Dubai is experiencing a state of renewed momentum and recovery.
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Real estate agents expected a strong performance of the real estate sector in Dubai during the second half of this year, in conjunction with achieving more than 110 billion dirhams, sales, during the first half, according to figures issued by the Dubai Land Department.
They told "Emirates Today" that Dubai has well proven its ability to provide a healthy and positive environment in attracting and developing capital in the midst of global health, political and economic crises.
They saw that 2022 is the beginning of a new phase of launching for the real estate sector in the emirate, amid record growth in demand, noting that the sector is experiencing a state of renewed momentum and recovery, supported by unlimited facilities in residency laws, which contributed to enhancing Dubai's position as an ideal destination for living, working and investing. .
harvest year
In detail, the managing director of Harbor Real Estate Company, Muhannad Al-Wadiya, expected that the global market would witness continued acceleration of inflation, interest rates, and instability in gold prices, which would attract investors to the real estate sector.
He said that Dubai has well proven its ability to provide a healthy and positive environment in attracting and developing capital, in the midst of global health, political and economic crises.
Al-Wadiya added that the supply is large, but with the increase in demand in the second half of the year, which represents the “harvest year”, it is expected that next year will witness an inflation correction that will take at least two to three years, which remains a motivating factor, and makes the climate attractive to investment. Real estate in Dubai.
new stage
For his part, Chairman of the Board of Directors of W Capital, Walid Al Zarooni, said that the first half of this year witnessed record levels of sales and real estate transactions in Dubai, thanks to the continued supportive factors in the market.
Al Zarouni considered that 2022 is the beginning of a new phase of launching for the real estate sector in the emirate, amid record demand growth, pointing out that the sector is experiencing a state of renewed momentum.
Al-Zarouni continued: "Despite the significant rise in prices, there is still an opportunity to acquire a property for the purpose of investment and to achieve a good return, as the sector benefits from the growth of the gross domestic product, thanks to the growth of the oil and non-oil economy in the country."
market recovery
In turn, the real estate expert, Muhammad Al-Hafiti, said that, based on what we witnessed of positive numbers in the first half of this year, the real estate market is expected to continue to thrive in the second half of the year, for several reasons, including the good regulatory procedures followed to restore momentum to the markets, and the return of life. to normal after the successful overcoming of the crisis of the "Covid-19" pandemic.
He pointed out that among other reasons for the continued recovery in the real estate market, the unlimited facilities in the residency laws, with unprecedented advantages, with their diversity, to suit the needs of the sustainable economic growth process, and to attract talents and qualified competencies in various fields, which contributed to enhancing Dubai's position as an ideal destination for living. Work and investment.
strong performance
In the same context, the General Manager of the Royal Liwan Real Estate Company, Mohamed Hareb, expected the strong performance of the real estate sector to continue in the second half of 2022, after recording record sales in the first five months of the year.
He added that sales are still high in Dubai even after the interest rate increase, which reflects the interest of foreign and Gulf investors and citizens to invest in Dubai, especially "off-plan real estate".
He explained that the market's recovery comes with the support of the advantages offered by the UAE government, with regard to owning real estate, granting long-term residency, and the country's tourism and economic components that helped in good growth during the current year.
continue recovery
In addition, real estate marketing consultant, Alaa Masoud, expected that the real estate market in Dubai will continue its recovery process during the second half of this year, with the continuation of tourism and travel activity, in light of the global events witnessed by the region such as the upcoming FIFA World Cup, and the great turnout. On owning real estate, despite the end of “Expo 2020 Dubai”, as the longer period passed since the end of the exhibition, the greater the demand from investors, which shows the future impact of “Expo”.
Masoud added: "The first half of this year witnessed the entry of more than 100,000 investors, and it is expected that the second half and early 2023 will witness more demand," revealing that more new projects will be launched, and there will be a demand for real estate ownership, especially when The reopening of the "Expo 2020 Dubai" area, and the launch of new properties, as well as huge projects in this area and the Jebel Ali area.
Ramadan: Prices are encouraging
Raad Ramadan, General Manager of Awad Gargash Real Estate Company, said that the expectations for the second half of this year are very good, amid increased sales and growth in demand, especially for villas, explaining that prices are encouraging for investors.
He added that things are going for the better, and evidence of this is the speedy sale of projects offered in the real estate market, referring to the facilities in Dubai, including granting residence permits related to real estate ownership.
Ramadan confirmed that the market is also witnessing a good rise in rental prices.
He continued, "Dubai is an inspiration to all investors and is a leader in real estate investment globally, apart from investing in other regions such as Europe and Canada."
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