Recording land and real estate deals during the first half of 2022
Realtors: Dubai strengthens its position as a center for the residence of the world's rich
Dubai is one of the most attractive destinations for the world's wealthy investments.
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Realtors said that Dubai has strengthened its position as a center for the residence of the world's rich, citing the size of the large deals that took place during the first half of this year, especially on Palm Island and a number of other places in Dubai.
They pointed out, in statements to "Emirates Today", that the number of wealthy people in Dubai is constantly increasing in terms of buying luxury real estate, and record sales were recorded in several areas, most notably "Jumeirah Bay", where a land worth 180 million dirhams was sold within a month. This August, and last month, a villa was sold at a price of 35 million US dollars, equivalent to 128.5 million dirhams.
In detail, the real estate expert, Chairman of the Board of Directors of the “W Capital Real Estate Brokerage Company”, Walid Al Zarooni, said that “the wealthy constitute a major part of the real estate demand in Dubai, and this is an indication of confidence in the future of Dubai’s economy, as these wealthy people do not make their decisions randomly, Rather, they rely on global expertise houses to direct their investments.”
He stressed that "Dubai has emerged in recent years as one of the best preferred global destinations for the wealthy, and this is the result of the government's good planning and the incentives offered to enhance the emirate's position at all levels."
He continued, "Dubai came as the best safe haven for the wealthy, especially during and after the pandemic."
He revealed that "Dubai real estate has gained great confidence in light of the tempting opportunities offered by the real estate sector, and is still offering them today, as luxury real estate sales in Dubai are witnessing record levels, and recently (Albago Group) sold the luxury (Framed Allure) villa on (Front G). From the famous (Palm Jumeirah) at a price of 35 million US dollars, equivalent to 128.5 million dirhams.
For his part, real estate consultant, Abdullah Kazim, considered that “luxury real estate has witnessed a continuous rise since the beginning of the year, and this momentum in luxury real estate prices is expected to continue significantly,” explaining that “the most expensive sale of a one-room apartment in Dubai was in the Bvlgari project. ) with a value of 8.3 million dirhams, last July.
And during the past week, that is, after a month and a half, a room and lounge apartment was sold at a value of 9.8 million dirhams, an increase of 1.5 million dirhams. money to Dubai.
Kazem added: "The rise in luxury real estate prices is large, compared to other real estate, and is expected to continue during the current year."
In addition, the general manager of the "Royal Liwan" Real Estate Company, Mohammed Hareb, said that "the number of wealthy people in Dubai is constantly increasing in terms of buying luxury real estate, and there were record sales in (Jumeirah Bay), where a land worth 180 million was sold. dirhams in one of the deals last week, which indicates that there are categories of investors who are buying residential land to build luxury real estate,” explaining that “Dubai is heading to become the most expensive city in the world, and it has tourism elements and an environment that attracts investment, including golden residences, and all of this.” He greatly helped in the movement of the elite of the world's rich to Dubai, to live, live, work and trade.
Hareb expected an increase in luxury real estate prices during the next year, adding, “We noticed an increase in sales in the first half of this year, with an increase of 78% compared to the first half of 2021, and this increase affected medium properties, such as (villas and townhouses), and there are increases in The value of real estate (villas and townhouses) is 15%.”
He pointed out that this is evidence of investors' tendency to acquire (villas and townhouses) due to the space, privacy, and low annual service fees, which indicates that there is a great tendency to acquire (villas and townhouses) at medium prices.
For his part, real estate marketing consultant, Alaa Masoud, said, "The facilities provided by the Dubai government helped to increase the attraction of the wealthy, and the demand to buy luxury properties, especially in the area (Palm Jumeirah, Dubai Marina, Dubai Hills, and Dubai Creek Marina), which helped Attracting a large number of wealthy people to this region due to its unique and distinguished location.”
Masoud explained that "the opportunity is available to buy in the (Dubai Creek) region, especially since the wealthy when they come to Dubai with their investments and companies are a motivating factor to increase prices, especially since the demand is more than the supply in the real estate market."
He pointed out that "organizing the World Cup in Qatar will help increase the demand for travel to Dubai."
In the same context, the CEO of Elio Real Estate Company, Zahi Qashua, said, "Dubai enjoys security and safety for investment, and the availability of laws and legislation that protects the investor, the consumer, and the owners of money and wealth," explaining that "the increasing number of wealthy people in Dubai reflects positively on the real estate sector in general, The evidence for this is that for more than three months, there has been an increase in the value of rents in Dubai, which increases the rate of return on investment.”
Qashou explained, "The government supported the market with laws and legislations that guarantee the investor's safety and security, and the easy and smooth movement of his money and investments, through the new updates of the golden residency and the positive things that followed."
In a related context, the Managing Director of Harbor Real Estate Company, Muhannad Al-Wadih, said, "Dubai is working according to an effective strategy to develop the real estate sector and attract capital from all over the world, and the Golden Residence Initiative is an example of these initiatives and reducing the ceiling to two million dirhams to attract investors and capital. , to settle in Dubai as (the city of hope, security, safety and happiness), and the investor comes to invest in Dubai with luxury real estate, because the investor had previously paid 10 million dirhams to obtain the golden residence, and it decreased to two million dirhams, which helped increase the demand for luxury real estate and increase its sales during first half of 2022.”
Al-Wadiya added that "there are many initiatives that helped increase the demand for luxury real estate in Dubai, including (Expo 2020 Dubai), initiatives to develop the real estate sector, and the availability of security and safety, and that Dubai is the safe and best haven."
He pointed out that "it is expected that prices will continue to increase, supported by investors' tendency to buy luxury properties in Dubai."
In turn, the real estate consultant, Mohammed Al-Hafiti, said that “the demand for real estate continues to noticeably, whether luxury or non-luxury properties in the Emirate of Dubai, due to many services targeting all wealthy and ordinary groups, including education, health, security and safety, And the various residences that attract many investors.” He expected the continued demand for various luxury and quality properties that attract low-income groups.
capital flow
Raad Ramadan, General Manager of Awad Gargash Real Estate Company, said, "The influx of capital and investors into Dubai indicates that the emirate is the real estate and tourism front because of its security, safety, sophistication and distinction, and it is the icon of the world, which contributed to the increase in real estate prices. in Dubai.
The UAE has reached a stage of progress and sophistication in terms of all services, infrastructure, security and safety, and entertainment to match European countries.
Ramadan pointed out that “the prices of luxury real estate have increased by 5 to 15% as a result of the large number of wealthy people who come to Dubai, and the projects that are being carried out in Dubai,” noting that “the emirate has extensive experience in real estate and its marketing and the quality provided by the real estate developer, which confirms the sophistication of services. As for projects, there are some special places such as the Palm Island, which the wealthy come to, so we find that their prices are constantly rising.”
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