“I can only speak from the UK point of view, but I think it applies to most of the western world, that the view on Dubai has been misunderstood over the last 10/20 years during all of the development. As more people go, and talk about it, it’s becoming more and more popular.
In the UK it’s still very much seen as a crazily expensive place for the rich and famous – but the people that can afford to come to Dubai on holiday have a good chance of being able to afford a property there, especially if you compare it with UK property prices, for a city of that size and style, to people in the UK it seems like a great deal I think. What you can get in London vs Dubai property-wise, there is no comparison.” said Elliot P. one of my dear customers.
Dubai property price has increased by 8 percent in 2020.
“Dubai’s lockdown put a spanner in the works and no one could have foreseen what the future held but the property market sprung back into action and has gone from strength to strength since.”
“In my opinion, 2021 will be a very interesting year for the property market. We have already seen increases in prices across certain areas of the city, whilst other areas have stabilized and some dropped, but at a much slower rate than before.” source: Arabian Business
“As per JLL’s Global Real Estate Transparency Index, Dubai is one of the ‘global top improvers’, with a host of government initiatives, enhanced regulatory procedures and an increasingly dynamic proptech sector.
It is also among the world’s most lucrative locations for investment, hovering over 7 percent gross rental returns on average.” source: Golf Business
What happened in the last few weeks:
31st December 2020: “The real estate and properties transactions in Dubai valued at Dhs 4.41 billion in total during the week ending Dec.31, 2020. The sum of transactions was 1,319.”
4th January 2021: “Dubai’s property market starts 2021 with bumper Dh750m+ deal for Downtown tower”
7th January 2021: “The real estate and properties transactions valued at AED4.3 billion in total during the week ending 7th January 2021. The sum of transactions was 1,546.”
11th January 2021: “Dubai real estate deals reach near 7-year highs at the end of 2020”
14th January 2021: Lack of inventory and growing demand is increasing the prices even with 20% in the prime locations. In this period bulk deals investment are a daily routine, the attractive offers and flexibility are stimulating
Dubai real estate looks set to stage a strong rebound this year following solid performance in fourth quarter of 2020 due to the government’s policy initiatives and stimulus to restore the investor confidence in the economy, experts say.
“Dubai and the UAE’s response to Covid-19 has been exemplary and the future will certainly favor economies that can venture into the post-Covid era the quickest. Dubai’s pole position in this regard has certainly instilled a sense of confidence amongst residents and foreign investors alike”. “Add to that other favorable moves by the nation’s leadership like 100 percent business ownership and long-term visas and we can surely expect the next quarter to outshine the previous one” Bhatia said. Source: Khaleej Times
The UAE’s focus on ensuring that the spread of the Covid-19 pandemic is curbed in a timely manner will aid in the steady recovery of the UAE’s property and tourism sectors, experts have said.
“Dubai has performed well and is capable of fighting a major pandemic. The city has launched a massive Covid-19 vaccine drive to protect the 9.89 million population. Converting the empty hotel apartments into quarantine centers was an innovative idea and helped reduce the spread of the coronavirus.”
Dubai has emerged as one of the fastest cities in the world to get over the pandemic as 12 per cent of the population has already been given the first dose of the vaccine. “Around 80,000 people get shots in a day, and this is resulting in economic recovery and growth in tourism.” Source: Khaleej Times
When it will BOOM? It is booming already, for those that were waiting for the market to reach the bottom… it’s right here, and the prices started to increase, this is the first indicator.
The demand. Working with internationals, I have noticed an increased demand from people all over the world looking to move to Dubai, due to the disappointment about how their countries managed this crisis in 2020. Add to this all the investors that are exploring this trend and you will understand why this year we had meetings from 8AM to 11PM every day starting from 1st of January. Just look on social media and you will see someone from your friends, and also some stars posting from Dubai… it’s quite crowded but the restrictions are getting easier and easier.
The offer. In 2020, they were only a few launches and all of them sold out in hours. Just take the last one, Madinat Jumeirah Living in front of Burj al Arab, my team was waiting to book the best units from 5AM, and by midday, 90% of all the inventory was sold out. Now with projects fully sold out, with others with a limited inventory we are waiting for the new launches, and when the time will come only the ready customers will get the best units. We have already prebookings for most of them…
The future. As we can see, the V shape recovery is here, and it will continue to grow due to the efficiency in vaccination, to the near Expo 2020… so the moment that you were looking for is NOW!
I am here to offer you my expertise.
Marius Bogdan
New Properties Specialist