“2022” .. a real estate year par excellence
Waleed Al Zarouni
December 26, 2022
As it nears the end, it can be said that 2022 was a "real estate year par excellence" in Dubai, after the exceptional numbers recorded in light of the high demand, the great successes, and the broad development of the emirate's economy as a whole, amid record real estate sales, which are the highest ever.
Dubai is reaping the results of economic policies that are more open to the world, which helped the real estate sector achieve a boom in sales this year by about 260 billion dirhams, while the total real estate transactions approached the level of 400 billion dirhams.
During this year, the real estate sector in Dubai broke the rule of mortgage in exchange for purchase, which was derived from the strength of the financial solvency of investors and buyers, and gave a great impetus to the purchase of real estate, and the availability of financial liquidity to launch more projects in the market, amid a strong demand for housing categories, especially luxury housing. , in which prices exceeded the highest levels since 2014, and there is still strong and continuous demand.
The regulatory legislation and governing laws had a clear role in promoting sales in the market, amidst the ease of buying and selling, the great confidence in the real estate system, as well as the residence facilities, which enhance the housing diversity in the emirate, and continuously increase the demand for residential real estate, which maintained the market balance in terms of supply. and demand, and encouraged real estate developers to launch new projects to keep up with this demand.
We cannot overlook that the year 2022 was also exceptional thanks to the economic and real estate events that Dubai witnessed, the most important of which, of course, was the Expo 2020 exhibition that ended last March, which had a prominent role in promoting the emirate well, along with the Cityscape exhibition, which was launched Last November, he was a living witness to the tremendous and fruitful development in the sector, in addition to the region hosting the World Cup (Qatar 2022) throughout the months of November and December.
Also, during 2022, Dubai established its position as the best city for owning luxury real estate in the global market, in the “post-Covid-19” era, and became the highest city internationally in terms of investment return on real estate, and attracted the world’s wealthy to it, and now attracts investors and foreign capital, after If it was focused on local investors, to witness a tangible increase in the sale of luxury and distinctive real estate, in conjunction with the increase in the investments of high-income owners, thanks to the presence of advanced infrastructure, in addition to the distinguished lifestyle, which includes the best hotels and restaurants in the world, and the exceptional amenities that Its progress, which made it the best destination for work, life and investment.
The expectations of 2023 for the real estate sector in Dubai appear brighter, despite the economic challenges around the world. However, the proactive approach of the Dubai government always contributes to absorbing economic shocks, adapting to them, and turning crises into great gains.
• Dubai is reaping the results of economic policies that are more open to the world.
Chairman of the Board of Directors of “W Capital Real Estate Brokerage Company”
@WalidAlzarooni
walid.alzarooni@gmail.com
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