Real Estate Business of Dubai needs no introduction, as it one of the most lucrative industries of the world. A lot of real estate investors from various nations are investing their capital passionately into Dubai real estate business. It is something that keeps on going up and down depending on the financial circumstances. Dubai is one of the world’s most attractive investment places due to its world class infrastructure and stable economy. Dubai Real Estate prices highly depend on factors such as pandemic, stocks situation, or changing business atmosphere. The latest Dubai Real Estate News has given some optimistic picture of rates of Dubai Real Estate.
Dubai Real Estate Prices
Dubai Real Estate prices have been increasing by an average of 11.5 percent every year. Such increase has resulted in more sales of residential units, especially the ones in off plan market. On the other hand, average rate of apartment increased by 11 percent in February 2023. Rates were up on monthly basis with average apartment rate around 1.2 percent. The latest Dubai Real Estate Markets Snapshot report suggests that the price of per square foot is 1121 AED. The prices increase of real estate properties is making it one of the most expensive place to reside. The only reason behind such increase is the luxurious facilities of the houses and villas in this city.
The average rent as per standard Dubai Real Estate Prices for a family home has increase more than 20 percent to AED 280,000. CBRE, a prominent commercial real estate advisor suggest that average rent of apartment increased at 27 percent. S&P Global suggests that prices might stabilize by end of year 2023. However, the properties might have not reached the peak level as of now. Such trend suggests that Dubai is becoming a huge real estate destination globally, with greater number of foreigners moving here. The areas, where the rents have increased are DAMAC hills, Villanova, and Dubai South. Dubai real estate prices have increased drastically after the end of COVID.
Post COVID pandemic situation
The real estate market of Dubai had witnessed tremendous boom after COVID. Dubai Real Estate Boom has been detrimental in increasing Dubai Real Estate prices this year. After covid pandemic, the economy of UAE rebounded due to high oil rates, and some relaxing government policies. In year 2022, the rate of property deal reached huge up to 70 percent annually, while transactions rose at 45 percent. The extraordinary performance of Dubai Real Estate has enabled it to become on of the top cities of the world. Such extraordinary progress shows that the government of UAE has a dream to achieve the goals of Dubai Economic Agenda D33. As per the agenda, the economy of UAE should be two times more than now. However, the COVID had a negative impact on real estate market in Dubai due to lack of investments.
Dubai Real Estate Prices and transactions have skyrocketed, as a measure of post COVID economic recovery. The real estate market in Dubai is one of the most transparent, and corruption free in Middle East region. It also resulted in huge visa stay of foreign real estate investors. Dubai is becoming more expensive with the passage of time due to growing real estate. As the city is full of large corporations with rich individuals, so they can afford luxurious housing. The expats are eager to pay huge expenses to enjoy their luxurious stay in Dubai. For more details about real estate prices in Dubai, you may visit the website of Estate Land Marketing. Our real estate representatives have all the knowledge about real estate business in Dubai.