The total amount of real estate deals closed in Dubai in H1 2022 has surged to AED114.6 billion (USD31.20 billion) with sales transaction volumes reaching an all-time high of 43,020.
The steady increase in the prices and volumes of real estate transactions in Dubai during the first and second quarter of 2022 is expected to continue to be a great sign for Dubai’s property sector.
The property market was supported by various factors such as low-interest rates, high liquidity, the strong response to the pandemic and successfully hosting Expo 2020 Dubai. Also, the government’s efforts to attract more foreign investors and the increasing number of migration to the UAE contributed to the country’s robust growth.
The combination of factors that contributed to the rise of home-buyer sentiment in H1 were the increasing number of international and domestic buyers and the strong appetite for residential assets. Despite the various challenges that faced the industry, such as rising global inflation, the Covid variants and Ukraine war were able to maintain their positive outlook.
The luxury property market in Dubai is expected to continue growing in the second half of the year as the limited supply of high-end residential units will not be able to meet the increasing demand from both foreign and domestic buyers.
The demand for prime and ultra-prime properties in Dubai is on the rise since the beginning of the year as high net worth individuals (HNWIs), millionaires and entrepreneurs looking to relocate or buy a secondary home in Dubai.
The luxury property market in Dubai is expected to continue growing in the second half of this year as the increasing number of high-end projects that are backed by modern amenities will allow more buyers to enter the market.