They emphasized the market's need for new projects with various standards
Officials: 50% growth in demand for luxury real estate since the beginning of 2022
The luxury real estate sector witnessed remarkable growth in sales demand.
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Specialists and officials of real estate companies reported that the local markets have witnessed a growth in demand for sales of luxury real estate units since the beginning of this year, at rates ranging between 30 and 50%, compared to the same period last year.
They indicated, to Emirates Today, that the strong growth indicators in demand for luxury real estate came with the support of the rapid recovery recorded by real estate markets in the country from the repercussions of "Corona", pointing out that the markets still need new projects of this type of real estate, However, with more diversified criteria, commensurate with the different categories, the growth of opportunities, and the high pace of demand during the next year.
In detail, the founder and chairman of the Danube Real Estate Group, Radwan Sajan, said, "The luxury real estate sector, in general, has witnessed remarkable growth in demand for sales of its units, since the beginning of the year 2022 until the present time, especially in the Dubai markets, with its acquisition of shares." A large number of luxury real estate projects, ”noting that“ the estimates of growth in demand for luxury real estate sales since the beginning of the year reach 50% compared to the same time period last year.
He added, "There is a need for more new projects for this type of real estate, supported by the growth in demand for it, which is expected to rise at a pace during the next year, according to current market indicators," noting that "the emergence of new projects, but with more diversified standards, supports The richness of the markets with these projects and what they offer to customers.
Sagan pointed out that "investor confidence in the real estate sector in Dubai is very strong, even despite the many changes that the world is witnessing in the recent period," noting that "the largest indicator of that confidence appears through the large number of new projects that were announced in the period." Last".
He pointed out that «according to official data, there are indications of the growth of demand for real estate as a whole, in large proportions compared to last year, for example, during the first nine months of this year, land, real estate and mortgage deals recorded a growth of 75.43% compared to the same period. from last year.”
In turn, Ahmed Al-Khushaibi, Group CEO of Arad, said, "The demand for the real estate sector was and remains strong in general, but it was stronger in the luxury real estate sector, especially in Dubai," noting that "when it comes to this segment, The 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.”
He added, "(The group) focused, for example, on launching its projects of this type of luxury real estate in locations such as the (Jumeirah Golf Estates) community, and the (Palm Jumeirah) project, which we plan to launch during the first quarter of next year."
Al-Khushaibi explained, "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 have reached their highest level in 12 years, and there are no signs of any slowdown, as we approach 2023."
He pointed out that «real estate demand is constantly rising».
For his part, the founder and chairman of the “Sobha” real estate group, PNC Menon, said, “The real estate market in the Emirates, especially in Dubai, has witnessed a rapid recovery from the repercussions of the (Covid-19) pandemic, thanks to the great support that the government has given to this sector.” , By implementing a set of innovative initiatives, including providing residence permits for retirees and employees with a remote work system, expanding the scope of the golden visa program for 10 years, in addition to the role of (Expo 2020 Dubai) as a driving force for the economy.
He explained that «the Emirate of Dubai is distinguished in particular by its luxury real estate projects, which are witnessing a growth in attracting investors from all over the world, in light of the great advantages it offers, especially in the category of luxury real estate units», expecting that «the upward trajectory of demand for real estate units will continue. luxury in the coming years.
Menon pointed out, “Luxury real estate has recorded an increase in demand, which prompted us to move forward in launching and developing more luxury real estate projects.
We expect the continued increase in demand, supported by the prestigious position of the emirate, as one of the safest cities in the world and the best destinations for life, work and investment.”
And the real estate broker, Ahmed Bakr, considered that “the demand rates for luxury real estate since the beginning of this year are estimated at more than 30% compared to the same time period last year, with the support of the rapid recovery of real estate markets from the repercussions of the pandemic.”
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