Highlighting the growth in Dubai’s real estate sector and its post-pandemic resiliency, over 40,000 expected residential units will be handed over by the end of 2022, a recent report conducted.
The number of Dubai residential units in total, including apartments and villas, was reported to be at a total of 657,000 end of March with the expected delivery of 42,000 additional residential units by the end of the year, totaling close to 700,000.
The recent report is just another testament to the strength of our real estate market and the endless potential that the UAE has to offer. This is an indication of both the increasing demand that the sector is experiencing, as well as a strong commitment by our government and its leaders to create these opportunities for potential investors and buyers from all over the world.
The supply of completed residential units is based on quarterly surveys of Abu Dhabi and Dubai metropolitan areas that reflect units that have been handed over for immediate occupation, with the expectation for the year ahead being another successful one with continuous increase in demand, transaction volume and new project launches.
The growth of the UAE real estate market can be accredited to several factors including the government’s response and management of the pandemic, the healthcare industry’s efforts and the successful vaccination drive, the report indicated.
Additionally, the recent updates to the UAE Golden Visa regulation are just another great initiative that will spur investment into real estate even more, especially with the flexibility that these new rules have to offer, providing residents with a strong reason to invest in the country long term and allowing non-residents to make UAE their second home, the report further outlined.
Dubai’s real estate market recorded 25,972 transactions in Q1 2022, the highest number reported for a single quarter since 2010, and the highest volume since Q1 2014, according to the Mo’asher, Dubai’s official sales and rental performance index launched by Dubai Land Department (DLD) in cooperation with Property Finder, a UAE-based real estate portal.
In March 2021, the overall monthly index for sales recorded 1.249 and an index price of AED1,215,672, the apartments monthly Index recorded 1.285 and an index price of AED1,100,294, and the villas/townhouses monthly Index recorded 1.297 and an index price of AED2,100,519.
For the quarter, the sales index was recorded at 1.251 and an index price of AED1,186,002, with apartments recorded at 1.26 with an index price of AED1,067,385, and villas/townhouses recorded at AED2,094,633.