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The emirate’s real estate market recovered after Covid-19, aided by the influx of foreign funds and wealthy individuals to the local market.
Foreign nationals who have been living in Dubai for decades are buying more and more real estate, as new visa initiatives, including the Golden Visa, triggered a surge of optimism about buying real estate and turning the emirate into their permanent residence.
In addition, the emirate’s success in overcoming the coronavirus pandemic has also encouraged large numbers of real estate buyers and families to settle in Dubai.
"The Golden visa and other new visas encourage non-residents who have been living in Dubai for more than 20 years, but have not bought a house, to purchase their own real estate to ensure the safety of their family. With the Golden visa, such citizens will be much safer to live in the country and be confident in the future," said Amira Sajwani, Managing Director of Damac Properties.
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Real estate market prospects
The type of investment that has been invested in real estate over the past 18 months has actually been very different from what it was in the past. Government measures to combat the pandemic have opened the way for buyers from all over the world, and many wealthy people have moved here with their families and businesses, creating new employment opportunities.
Due to the tense situation in the world, many people from Russia and Ukraine have bought a lot of properties to move here and have a second home for themselves and their families.
This year, about 7,000 housing units were put on the market, and about 8,000 units are planned for next year. Moreover, local developers have launched more than 10,000 housing units this year, and they are going to build several ambitious projects in the next few months.
Russians entered the top 5 buyers
Many large startups have also moved their offices and headquarters here, which benefits the local real estate market.
With each new office in Dubai, from 50 to 100 people move here. This has led to a shift from a speculative market to an end-user-oriented one. Rich people in need of residences in Dubai have made the luxury segment much more popular. People who buy penthouses for $100 or $20 million are real people with real money who want to buy their first or second home here.
For Damac, Indian and Pakistani investors were two stable investors who remain in the top five.
"Over the past year and a half, we have had an influx of Russian buyers who have entered our top 5. We are seeing many European, English and French buyers, as well as a large influx of investment from Australia and Lebanon. China has been closed for 3 years, but in the last couple of weeks, we see that interest is growing again," Amira Sajwani added.
She stressed that there are no concerns about an oversupply of housing in the markets, as new buyers are end users, not speculators.
