DUBAI, United Arab Emirates: As the fourth quarter passes midway through, property markets in Dubai have rebounded strongly year over year, with demand increasing across the sector and government stimulus measures stimulating l ‘economic activity.
A slight drop in market real estate prices over the past year due to the pandemic has helped put luxury real estate back at the forefront of market demand through selective purchase transactions in Dubai’s top luxury residential destinations, led by Palm Jumeirah, which was the most demanded in Dubai for luxury real estate valued at over $ 10 million.
With luxury real estate helping to increase the total value of real estate sales in the market during the current year, Ismail Al Hammadi, Founder and CEO of Al Ruwad Real Estate, says all indications point to an upturn in interest in sales of luxury accommodation in Dubai. , kicked off by post-COVID confidence and bolstered by a relaxation of residence rules and regulations, including recently introduced retirement visas.
Al Hammadi also noted that the rebound in the high-end unit movement has also been helped by the United Arab Emirates hosting global events such as EXPO 2020 Dubai and equally important events that have attracted wealthy investors in the emirate, most notably the recent Cityscape 2021, during which there was great interest in luxury villas and apartments.
“The recovery in the real estate sector has a direct effect on the economy, and vice versa. We have been seeing a significant increase in all sectors of the market for some time, “said Al Hammadi,” but it is evident to me that the government’s efforts in Dubai are encouraging foreign investment by creating unique programs for legal residency in UAE, enabling investors to secure a stable future for themselves and their families, is the biggest driver of the luxury sector. Add to that the extensive benefits of the Golden Visa and the recently revised Retirement Visa, and we find that wealthy people are leading the queue for high-end properties, which in turn enables this increase in income. net available. affect the economy.
He added: “The average price per square foot of luxury residential properties in Dubai in general is around US $ 550, compared to around $ 1,480 per square foot in Singapore and $ 1,830 per square foot in London, while the average selling price per square foot for luxury villas in Palm Jumeirah is around $ 708. The average annual rental price for luxury residential properties in Dubai has seen an increase of 5-20% for luxury villas and 13% for luxury apartments in the first half of this year.
The UAE cabinet approved changing the conditions for granting residency to retired expatriates in early November this year, with the aim of achieving more flexibility in terms of residency laws and visa requirements. Retirees over the age of 50 and meeting certain criteria will be eligible for retirement resident status, the minimum of which is one of the following: owning (non-commercial) property worth at least AED 1 million , a bank deposit of at least AED 1 million, or an active income of at least AED 180,000 per year.
Al Hammadi pointed out that Dubai was recently ranked the third best place in the world to buy a vacation home, according to a study conducted by Compare the Market and that the equivalent of 10% of wealthy homeowners move to Dubai each year, according to a study by Compare the Market. international research reports on wealth migration. “As regulations are relaxed, the prospects of owning a beautiful property in the UAE have become feasible for a whole new range of investors who can now enjoy the benefits of living in our welcoming society,” he said. he adds.
Al Ruwad Real Estate is one of Dubai’s most respected real estate companies and has an impeccable history of adhering to the highest levels of service, work ethic and professionalism. It has a highly qualified team of specialized professionals who ensure maximum happiness to customers.
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© Press release 2021