House Hunt in the United Arab Emirates: A Solar-Powered Palace in the United Arab Emirates

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After a strict but short-term Covid-19 quarantine, the city reopened to tourists in July 2020 and the market did the same, with increasing activity as “buyers reevaluate their lifestyles and generally try to move into bigger homes,” Mr. Cummings said.

“It was the start of 2021 when the market really took off,” he continued, with deals of approximately 52,000 apartments and villas totaling AED 114.2 billion ($31.1 billion) at the end of the year, surpassing the previous two transactions. years combined.

Housing prices across Dubai rose 10.6 percent in 2021 and 2.6 percent in the first three months of 2022, marking the highest annual growth rate since January 2015, according to Knight Frank’s Q1 2022 market report released this week. it did. .

“The positive market sentiment driven by the government’s world-leading response to the pandemic, coupled with the successful hosting of the World Expo, the reopening of travel corridors and Dubai’s global safe haven status, continues to support the market recovery,” said Faisal. Durrani is Knight Frank’s partner and head of Middle East research.

“Values ​​are still on average about 25 percent below their 2014 peak,” he added. But demand remains at record levels as international and local buyers seek larger homes.

At the top spot, Mr Cummings said more than 30 sales of over $10 million have been recorded so far this year, a record for an entire year except 2021. He said recent changes to visa laws that allow buyers to obtain Golden Visas for pre-construction purchases will also have a positive impact on the market.

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