Dubai real estate is currently at a 12-year record high. Here’s everything you need to know about the latest property market trends
Dubai has reached a 12-year high in the third quarter in terms of volume and value of the sale of off-plan and secondary properties, according to a report by ZāZEN Properties.
As the Qatar World Cup 2022 is set to begin, it is expected that the event will largely impact the UAE’s residential real estate sector.
Dubai stands as a leading global destination for tourists and the city’s proximity to Qatar will make it the preferred destination for World Cup attendees before, during and after the event.
The UAE is projected to record a rise in demand for accommodation of up to 40 percent with individuals looking to visit and looking to invest in the city.
According to the report, a significant portion of World Cup visitors will be High Net Worth Individuals (HNWI) who are seeking premium properties, mid-market buyers are also expected to seek investment in Dubai real estate.
“More than one million tourists are expected to visit Qatar during the World Cup and this will drive a massive influx of visitors into neighbouring transit hubs like Dubai. The UAE’s residential real estate landscape will benefit from this as hotel occupancy rates in the emirate are projected to be above 90 percent and Q4 performance should be comparable to that of the Expo 2020,” said Madhav Dhar, Co-Founder, and COO of ZāZEN Properties.
Many of the visitors who transit through Dubai will acquire real estate assets either for personal use or for investment purposes. Although property prices have risen in the UAE, the long-term appeal of real estate as an asset is undeniable with average apartment rents soaring 27 percent. Buyers of both calibres will most likely look to secure one-bedroom, two-bedroom, and three-bedroom units which have been the most in demand. These buyers will also benchmark against European quality products with sustainability and community-based amenities at the forefront,” he added.