Dubai: New project launches surpass pre-pandemic level in first quarter of 2022

Dubai: New project launches surpass pre-pandemic level in first quarter of 2022

The Dubai real estate market witnessed an uptick in new project launches during the first quarter of 2022 as the emirate emerged as a favourite destination for high net worth individuals, including millionaires and entrepreneurs, following a successful handling of the Covid-19 pandemic, pro-business environment and recent visa reforms, according to a latest report.

The new project announcements during the January-March quarter surpassed pre-pandemic levels, reflecting the positive market sentiments. More than 20 new projects, comprising over 6,500 residential units, were announced during the quarter that will cater to the growing demand from investors.

Prathyusha Gurrapu, head of research and advisory at Core, said several noted developers' projects are witnessing strong absorption, boosting off-plan sales and demonstrating Dubai's renewed investment momentum and consumer confidence.

“Coming off from historically low new project announcements over the last few years due to Covid-19 and dampened market conditions, recent quarters have seen a sharp up-tick in new project launches with first quarter of 2022 launch volumes surpassing pre-pandemic level, underpinned by the overall positive market sentiment," Gurrapu said.

New projects, branded residences

The real estate consultancy report highlighted some of the new prominent project announcements in first quarter and how the emirate continues to lead global rankings with the