Figures from the UAE’s real estate market have been showing major improvements that suggest an overall economic recovery in the country, but can it be a sustainable one?
World’s wealthiest home buyers have been finding bargains aplenty in #Dubai’s luxury real estate, turning March into the busiest month ever for the emirate’s top-end residential properties https://t.co/CjwjomYANu
— Gulf News (@gulf_news) May 30, 2021
According to official reports by local departments in Abu Dhabi, Dubai, Sharjah, and Ajman, the property market in the respective emirates has generated AED59.2 billion during the first three months of 2021.
These considerable numbers have been attributed to increased spending on infrastructure development and the growth achieved by the trade and tourism sectors in the country following the COVID19 outbreak.
Thanks to extensive vaccine rollouts across the UAE, the country’s economy is clearly showing signs of recovery that are being traced in market stability and the growth achieved in the country’s job market.
Such reports are now encouraging investors to channel their future plans into the real estate industry, which is seeing a tremendous boost, especially when compared to last year’s numbers.
During 2020, the real estate field was one of the hardest-hit sectors in the UAE. According to Knight Frank reports on the market’s status in 2020’s Q3, Dubai’s villa prices were down by 6.4% while year-to-year transactions were down by 16% compared to the same period of 2019.
As a result of this spike in property sales during 2021, investors who are confident in the UAE’s economy’s ability to rebound once the COVID19 danger ends seem encouraged to invest even more money, thinking this the best time to seal real estate deals, taking into consideration the fact that property prices across the UAE are strongly connected to changes on the country’s population, especially expats who arrive at the country for newly-generated job opportunities.
However, individuals who wish to invest in the real estate market in the UAE need to carefully study the prospects of the sector and whether or not it will continue to grow over the next few months or not, to make sure they are not risking their investments to a volatile environment.
Would you consider investing in the Emirati property market nowadays? How would you make sure that your investments are going to be profitable?