Dubai real estate set to pick up growth momentum

Dubai real estate set to pick up growth momentum

Dubai - Analysts, top executives and industry experts said property sector will be ultimate beneficiary of the ease in travel restrictions which were imposed to contain the Covid-19 pandemic. They said real estate sustained steady growth trend even during the pandemic and now it will pick up growth momentum as investors face no major restrictions to visit and invest in the UAE.

Haider Tuaima, director and head of Real Estate Research at ValuStrat, said real estate will sustain an upward trend as strong demand persists in the market.

"We can expect continued high momentum in relation to demand for end-user as well as investment properties in Dubai. The pandemic restrictions have not dampened the market as a record number of sales continued during the last 21 months. But this trend could change due to the rising cost of living, increasing mortgage rates, stronger US dollar, and anticipated new supply," Tuaima told Khaleej Times.

Latest data indicates that the Dubai real estate registered record sales during the first nine months of 2022 as investors and end-users rushed to purchase properties in the emirate.

“The total sales value exceeded Dh180 billion with more than 67,000 transactions during the January-September 2022, making it the largest sales value