Dubai’s Secondary Real Estate Market Boomed in the Q1 of 2022

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Real Estate Market

Investors from the United Kingdom, Italy, and France took the top ten spots in the Dubai real estate market.

The Dubai real estate market is seeing a sudden surge in investment from abroad. The top 10 list of foreign investors for this year’s first quarter shows that three countries occupied prime positions. With Italy coming out on top and France second place respectively while, Britain rounds off the third spot. It is not just these three thoughts who have been pumping money into Dubai. However, there are many more nationalities buying property here too; it seems everyone wants what you have.  With an aggregate of 20,539 sales valued at Dh55.5 billion. The emirate’s rising real estate market had its highest quarter since 2010.

The top ten nationalities for investments in Dubai real estate during the quarter were India, Pakistan, and Canada. There was also an increase of buyers from Russia while China ranked third on this list. With its citizens making up more than 10% of total purchases made by international investors over 9 months. The outlook appears positive as many new countries are starting to invest heavily into property markets around beautiful city-state. Which has seen incredible growth since last year.

The Secondary Market Gleams

According to official figures, the secondary market led the real estate sector, accounting for about 58 % of sales transactions. With the primary market accounting for the remaining 42 percent. As per most recent figures, the Dubai real estate market had its 2nd highest ever April in terms of transactions. The secondary market accounted for 60% of the transactions, while the off-plan market accounted for 40%. After a record-breaking March, represents a 46% increase in volume and a 67% gain in value year over year.

The Upward Trend Is Expected To Continue

According to data from the Dubai Land Department’s, open data platform, 7,009 sales transactions valued at DH 18.3 billion in April. It was also the second highest April in terms of sales volume & value, behind only April 2009. Arabian Ranches-3 for off-plan & Dubai Hills Estate for the secondary market were among the top regions for villa and townhouse sales in April.

Due to visa liberalization and economic stability, the market is likely to continue its upward trajectory. With more foreign investors flowing into the market. According to Zoom Property Insights, the shifting landscape of Dubai labor law and the abundance of entrepreneurship options are also drawing a large number of investors. Ata Shobeiry, CEO of Zoom Property, attributes the recent great showing of the property market to foreign investors.

“The flood of offshore investors is largely responsible for increased demand, real estate prices, and ROI. Many first-time investors visited Expo 2020, deciding that the trade is valued investing. “I expect that the recent announcement of a new green resident visa and the broadening of qualifying conditions for the golden visa will create more chances for foreign investors, leading to even greater results in following quarters,” Shobeiry added.

Investors from Europe Are In Charge

In the 1Q, European investors continued to dominate the market, with the United Kingdom, Italy, and France topping the list of top nations investing in Dubai, respectively. When comparing Q1 2022 to Q1 2021, Canadian buyers grew by 116 percent. According to Zoom Property Insights, investors from the subcontinent, India, and Pakistan, rated second & eighth respectively added to the market’s outstanding performance.

The amount of Russian property investors in Dubai has surged by more than 65 percent, and the country now ranks sixth among the leading investing countries. Lebanon & China are the other examples of countries that invested heavily in the Dubai real estate market in the first quarter of 2022.

Foreign investors from other regions are also likely to enter the market, as per Zoom Property Insights, as it continues to perform well. Due to rising prices and demand, experts anticipate that 2022 will end on a higher note.

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