- August 31, 2021
- Posted by: Vimal Hemachandran
- Category: News
Domestic demand in various sectors, especially the real estate market in Dubai, is improving as public awareness of the Covid-19 pandemic grows. The market is showing indications of recovery, as property prices are soaring, and a huge number of high net worth foreign investors from all over the globe are flocking to Dubai to buy real estate assets at exceptionally low costs.
New government projects inclusive of visas for expatriate retirees and the expansion of the 10-yr golden visa scheme to draw overseas experts to settle in the UAE are also anticipated to aid the market. Individuals in the emirate are upgrading to larger properties with outdoor facilities, and there is a growth in working and studying remotely owing to their new work-from-home habits, the need for bigger space, green areas and amenities, all of which are contributing to the property price increase.
As the long-awaited mega event Dubai Expo 2020 approaches, the city anticipates increased foreign investment and, potentially, the return of overseas house purchasers, who have been a significant factor in driving the city’s high-end market. It is also projected to produce a multitude of opportunities with a huge pool of skilled individuals, as well as create new jobs in the UAE. In the second part of 2021, there will be other major international conventions and gatherings preparing to occur in the emirate, which will all spur the demand for properties and shift the trajectory of growth back on track.
According to estimates, over 8,000 new investors have entered the Dubai property market, resulting in a revenue increase of 30 percent or more for real estate businesses in 2021. The UAE’s high vaccination coverage rates, relatively simple access to credit — lower loan-to-value (LTV), cheaper interest rates, fiscal incentives and visa changes make it easier to climb the property ladder, which strengthens the business market.
Dubai is a one-of-a-kind location in the world, with a modern lifestyle that embraces top-notch safety and security, a tax-free and stable economy, and outstanding infrastructure. Despite a spike in coronavirus infections in the first quarter of the year, life has remained virtually as usual, with restaurants and hotels open and few of the restrictions that have crippled life elsewhere. Dubai will continue to be a destination in which international investors have confidence. The emirate has often demonstrated its resilience in the face of a myriad of difficulties that have affected the global economy.