Statistics reveal that 17,942 transactions worth Dh46.75 billion were recorded during the fourth quarter of 2021, signaling the growth of 12.7 per cent on quarter-on-quarter basis and 63.2 per cent year-on-year basis as compared to the fourth quarter of 2020.
The Dubai property market is witnessing a remarkable recovery as an upward trend is noted in both the prices and demand for residential properties. While there are other factors at play, the growth is mainly attributed to Expo 2020 Dubai, as areas closer to the global fair site are performing exceptionally well.
Statistics reveal that 17,942 transactions worth Dh46.75 billion were recorded during the fourth quarter of 2021, signaling the growth of 12.7 per cent on quarter-on-quarter basis and 63.2 per cent year-on-year basis as compared to the fourth quarter of 2020. Both volume and value of transactions remained the highest since the fourth quarter of 2013 chiefly because of Expo 2020 Dubai.
Upward trend to continue
According to Zoom Property Insights, this upward trend will continue even after Expo 2020 is over. Both the ready and off-plan properties will remain high in demand in key areas as more foreign investors are expected to foray into the property market.
James Hatton, managing director at Elysian Real Estate, is of the view that the impact of Expo 2020 is going to be long-term.
“Ultimately, if we are looking at long-term factors of Expo, I do feel it’s going to be very very positive. How could they not leverage such a large audience and a lot of people coming into town,” he said. Hatton also said that there was a notable increase in the number of leads the company received since the Expo began in October.
Initiatives drive growth
Simon Baker, managing director at Haus & Haus, also echoes the same sentiment. He believes that government initiatives, such as the golden visa, easy business set-up facilities, etc, are also contributing to the growth of the Dubai property market. He said Expo 2020 has a really positive effect on Dubai generally.
“It’s a contributing factor along with lots of initiatives and (the way) government has handled the pandemic very well,” Baker said.
Expo visitors hold the key
Georges El Hachem, director commercial at Select Group, is of the view that many people, who are visiting Dubai for the first time due to Expo, will be able to know the Dubai property market and its perks in a better way. This will lead to increased interest from buyers.
“Expo was the cherry on top. The amount of people visiting Dubai currently is driving a lot of people to buy due to the fact that maybe 70 to 80 per cent of people coming are newly arriving in Dubai. It’s their first time and when they see the growth, the vibe, the security, the ease of transfer, the communication, the commuting system, (and) everything is provided, they see the value in ownership and permanent residency,” El Hachem said.
Amidst all safety measures, Expo 2020 Dubai welcomed more than 10 million visitors by mid-January. The numbers are expected to rise significantly, with roughly two and a half months still left for the global fair to drop its curtains.
Source: Khaleej Times