Developers attributed it to the investment momentum, rising demand, and local incentives
Dubai is one of the most preferred destinations for the wealthy to buy real estate
The real estate market has reached a state of maturity that requires everyone to work to maintain it.
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Real estate developers and experts reported that the real estate market in Dubai is experiencing a healthy state, in terms of continued investment momentum, rising demand, benefiting from local incentives, and not being affected by global concerns related to economic downturn and interest rates.
They said, in statements to "Emirates Today", on the sidelines of the activities of the "Cityscape Dubai 2022" exhibition, that the real estate market has reached a state of maturity, which requires everyone to work to preserve it, as the market has become among the most preferred destinations for the wealthy and global investors. Those who aim to buy real estate or establish an investment activity.
Hospitality and hotels
In detail, Farhad Azizi, CEO of Azizi Real Estate Development Company, said, "Dubai's economy in general recorded a record performance this year in all sectors, starting with hospitality and hotels, up to the real estate sector, which witnesses the launch of a number of new projects by developers."
Azizi stressed that «the successes achieved by (Expo 2020 Dubai) contributed to strengthening Dubai's global reputation as a prestigious destination for tourism, work and living, in conjunction with the efficiency with which the emirate dealt with the challenges of the pandemic, and the increasing number of people coming to work and settle in Dubai, especially from Europe, and that With the aim of benefiting from the various opportunities that abound in the developed business and investment environment that Dubai has built, as well as enjoying the modern lifestyle and the development of infrastructure and services in the emirate.
He continued, "There is an increase in the number of European buyers wishing to move to Dubai, in light of what Europe is witnessing, including France, Germany and the United Kingdom, from inflation, high interest rates and the decline in the value of the euro."
He added, "We are optimistic about Dubai's promising prospects in the long term, and we are all confident in the continued growth of the real estate sector, as Dubai continues to be distinguished by stages from many international cities in all fields."
Azizi revealed that «compared to the previous peak periods of the real estate market in Dubai, when the goal of the largest percentage of investors focused on buying real estate and reselling it to achieve quick profits as a form of speculation, the reality has now changed, as investors have become more knowledgeable about the real estate market, especially thanks to the efforts of The Dubai Land Department, to enhance transparency and provide the necessary data for real estate investment decision-making.
On the other hand, Dubai attracts many individuals who want to settle and work there in the long term, hence the (Azizi) company focuses on the end-user category of individual investors.
He pointed out that «the market is now witnessing a healthy balance between buyers for the purpose of investment, and between buyers for the purpose of housing».
Regarding the impact of high interest rates on real estate financing, Azizi pointed out that “40% of the investors in the company’s projects depend on mortgages,” but he explained that “banks are now offering financing offers at fixed interest rates for a period of up to five years, which gives a kind of Reassurance for investors about the return that can be achieved from real estate investment funded by the bank, in light of the high rental rate of return and the interest rate fixation for several years, which is a feature that is not available in many global real estate markets.
remarqable improvement
For his part, the founder and CEO of "Omniyat" company, Mahdi Amjad, said, "The real estate market in Dubai has witnessed a remarkable improvement, during the past and current years, and this performance will continue for the next few years, and in various fields related to it and supporting it at the same time, and we notice activity noticeable in many real estate development companies, to keep pace with the rising demand for housing in the city ».
Amjad added, "We witness daily reports by international and local media talking about the remarkable growth in the real estate sector in Dubai in general and the luxury real estate sector in particular, especially after the pandemic, which witnessed the volume of billions of distinguished deals during the years 2021 and 2022."
He stated that «the demand in the real estate market at the present time is in line with the maturity achieved by the market, and is in harmony with the population growth of the city, which is a demand that is not similar to its counterpart in the time of the real estate boom with upward curves, and therefore it can be described as the sustainable demand that Dubai seeks».
He added that «the demand for the luxury real estate market in the emirate is higher than the supply, especially with the increasing number of wealthy people from various countries of the world who have found in Dubai all the requirements for security, safety and luxury life, and the engines for establishing and developing business in various sectors», expecting the continuation of the performance of the luxury real estate market, and sustainable growth according to current data.
And he stated that "the demand for luxury real estate in particular will be much higher than what we are witnessing now, as we are witnessing an increasing demand from the wealthy of Europe, America, China and others."
He pointed out that "Omniyat" projects focus on placing their investments in architectural construction plans and the most accurate details, to ensure that what they offer in the real estate market is a real addition and value added to the city, its economy and the investor, and there are many luxurious architectural icons coming during the next six months.
Amjad expected that «the luxury real estate sector will continue to thrive and grow, due to the growing demand of the international wealthy, from various countries of the world.
We will witness important shifts in this sector in terms of redefining the concept of luxury real estate.”
Powerful performance
In the same context, Ahmed Al-Khushaibi, Group CEO of Arada, said: “The real estate sector in the UAE is characterized by a very strong performance, and in Dubai in particular, where real estate transactions in terms of number and value reached their highest level in 12 years, not There are signs of any slowdown as we head into 2023.”
He added, “We have seen in (Arada) that the volume of demand is actually increasing throughout the year.
During the first half of this year, we witnessed an increase in the value of the total properties sold by 30%, to reach 1.49 billion dirhams.
We expect more growth in the second half of the year.”
He pointed out that «the demand in the real estate sector was and remains strong in general, but it was stronger in the luxury and luxury real estate sectors, especially in Dubai.
And when it comes to these two segments, location here is one of the most important aspects to look at.
There are a limited number of luxury locations and communities in Dubai, and this is the reason for the limited real estate supply in these areas.”
Real estate demand
The real estate expert, Chairman of the Board of Directors of the "W Capital Real Estate Brokerage" company, Walid Al Zarouni, said, "The wealthy make up a major part of the real estate demand in Dubai, and this is an indicator of confidence in the future of Dubai's economy, as these wealthy people do not make their decisions randomly, but rather rely on homes International experience in directing their investments.
He stressed that «Dubai has emerged in recent years as one of the best global destinations preferred by the wealthy, and this came as a result of good planning by the government, 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 attractive opportunities presented by the real estate sector, and is still presenting it now, as luxury real estate sales in Dubai are witnessing record levels».
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