Residential property prices in Dubai are expected to continue to grow in 2022, which is further aided by the Dubai Expo 2020 as well as demand for premium units, according to media reports. Experts also mentioned that the increased international interest in the real estate market of the UAE is expected to remain strong. The increased property prices are also driven by supportive economic reforms and an accelerated vaccination programme that has helped to hasten a rebound from the Covid-19 induced slowdown last year.
According to Arqaam Capital, real estate volumes should stay at multi-year highs and Knight Frank expects prices to jump between 4-6 percent. Additionally, brokerage firm Haus & Haus expect 18 months of buoyant market conditions, and Savills says prices will continue to rise, but at a more sustainable pace than in 2021.
Haider Tuaima, head of real estate research at ValuStrat consultancy told the media, “The UAE property market will perform in a healthy way. We have developers offering attractive payment plans and mortgage interest rates are low. We will see more international investors coming in to buy the property next year.”
The UAE property market saw some depreciation due to a three-year oil price slump that began in 2014 over oversupply concerns and the ensuing pandemic. But now it has turned a new leaf and is recovering as people move to larger homes with outdoor amenities amid a surge in remote working and online learning.
Additionally, supportive economic measures and government initiatives such as residency permits for the retired and remote workers, along with he expansion of the 10-year golden visa programme have also contributed to a growing market sentiment.