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Abu Dhabi and Dubai's property markets have recovered significantly due to the government supportive initiatives.
A true rebound is witnessed in the UAE’s property market, underpinned by the recent government initiatives. And, according to industry experts, the market momentum is expected to sustain for the next 12 to 18 months as more people buy homes.
This year the UAE government has introduced a number of measures to boost the economy. These measures include visas for retirees and remote workers as well as the expansion of the 10-year golden visa program.
In addition to that, the UAE government also revised its commercial companies' law and canceled the requirement for onshore companies to have an Emirati shareholder to attract foreign capital.
Abu Dhabi and Dubai's property markets have rebounded strongly due to pent-up demand and supportive stimulus measures launched by the UAE government that boosted economic activity.
In the eight months of this year Dubai had 37,537 sales transactions worth USD 23.99 billion, which is 22.61 percent up from the whole of the previous year's results.
According to real estate consultancy CBRE, residential property prices in Dubai during the above-mentioned period grew by 4.4 percent on average, posting the highest annual growth since February 2015.
Average residential prices in Abu Dhabi went up by 2.2 percent in the year to August, the CBRE report said. The UAE capital recorded USD 4.4 worth of property transactions during the third quarter of 2021.
The sentiment on the property market is very positive. A lot of people within the country looking for properties, the mortgage rates are promising and in the next 12 to 18 months the market will be on the rise, experts say.
The demand is driven by how Dubai and the UAE government has handled the pandemic. A lot of people are relocating from Europe, the US, India and South Africa because they feel safe in the Emirates and because the COVID-19 situation here is well under control.
In the past few weeks, the UAE, which is the Arab world’s second-largest economy, has been recording less than 100 new coronavirus cases per day. On top of that, the country also accelerated the vaccination program to stop the virus from spreading.
According to official data, over 21.3 million vaccine doses have been administered in the UAE since the start of December last year.
Industry experts also emphasize the importance of sustainability in new projects. Currently there is only one development in Dubai, which is based on renewable energy, while there's huge need for that, especially after Cop26 summit, where the UAE has taken the pledge to do more for sustainability.
Dubai 2040 urban master plan is an important step that direction. According to the plan, Dubai’s spaces allotted for recreation, public parks and green areas will be dramatically increased by the year 2040.
In addition to that, experts taking part in the ongoing Cityscape Global event in Dubai, believe that the UAE looks set to become a global economic center of gravity in post-Covid era and has a potential to attract up to USD 450 billion investments in real estate sector.
