Keeping the real estate momentum going in the UAE

Demand for real estate properties has increased substantially ever since the UAE has made it easier for foreigners to live and work here.

We have seen a great deal of recovery due to several reasons such as; the climax of Expo 2020 or the Governments' general stellar handling of the Covid 19 crisis. Whatever it may be, we know it could well be a combination of the two and seems to be the UAE’s strategy in stimulating the economy, with the real estate industry being one of the biggest conquerors. 

How will the momentum keep going? The year 2021 showcased an extraordinary show of stability from Dubai. After a turbulent year of a complete global economic standstill, the UAE's economy grew at 3.5%. The government worked on ensuring the economy outlived the pandemic considering everything from introducing relief packages to new visa and social regulations and continuing to attract new talent and investments. 

This level of growth is set to continue for the rest of 2022 with the GDP expected to increase by 2.5% by 2023 and Dubai’s population forecasted to rise by 2%. 

The upward trend in the real estate market is an interesting point for people to understand the impact of Covid-19 – especially in the way it changed our lifestyles and lifestyle choices.

For foreign investors, reevaluating lifestyles means looking for a country that has substantially recovered from the pandemic. The UAE was one of the first countries to launch a nationwide vaccination campaign. This got a vast amount of international interest who would now have more comfortable visa opportunities.

Predictions suggest a continuous climb in property transactions and volumes in the UAE, especially for off-plan projects and improvements and growth in properties within existing communities.

Expo 2020 attracted a huge number of potential new residents by not only hosting international events during a global crisis but in boosting the country as a hub for businesses and residents. Over 24 million people visited Expo 2020 over the 6 months. 

With the recent high numbers of transactions in the industry and attraction from foreign investors this will definitely keep the momentun going.

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