Non-residential investors accounted for 45 percent in the first quarter of this year, marking an increase of 25 percent.
In the first quarter of 2023, Dubai real estate transactions increased by 80% to Dh157 billion from Dh87 billion in the corresponding period in the previous year as the emirate’s real estate experienced its record run that began last year and has continued unabatedly this year as well.
During the comparable time, the number of transactions increased by 49 percent, from 26,066 to 38,715, and the sales value increased by 62 percent, to Dh89 billion.
While taking to Twitter, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, said: “The sector is witnessing record growth since the beginning of last year, which reflects the trust in Dubai’s economy and its future, and follows the footprints of Dubai’s D33 economic agenda.”
On the strength of the emirate’s steady and pro-business policies, which would make it one of the best-performing markets in capital appreciation, real estate developers and analysts are optimistic about the year’s growth estimate.
As the emirate experiences strong wealth growth and draws more billionaires, global real estate firm Knight Frank forecasts a 14 percent increase in home prices this year, the most significant change in the world for the second straight year.
Imran Farooq, the group CEO of Samana Developers, said the driving factor behind the property market growth is the booming economy of Dubai and the positive effects post-Expo 2020 as more and more people are relocating to the emirate, especially high-net-worth individuals.
“The biggest factor is the golden visa that makes live here for long-term and feel like home. Also, tax-free personal income tax is again a beautiful point,” he said.
The Samana chief is likewise optimistic for the rest of the year and believes the current trend will continue.
“All the developers are doing extremely well, and Samana is launching 12 projects this year alone.”
Foreign investors growing
The emirate also saw a continued inflow of new property investors in the first quarter as the numbers increased 12 percent to 13,338 in Q1 2023 as against 11,944 in Q1 2022.
Non-residential investors accounted for 45 percent in Q1 this year as against 36 percent in Q1 last year, up by 25 percent.
These numbers confirm the Henley Global Citizens 2022 report’s prediction that 4,000 billionaires would move to the United Arab Emirates, primarily Dubai, in 2022, fueling demand for luxury homes in the emirate.
Imran Farooq concurred with the official statistics, stating that the percentage of foreign investors in Samana’s projects increased from 50% to over 75%, primarily from European nations.
Since the interbank rate in the Eurozone is still low and individuals are moving their money from the European market to Dubai, he stated, “All the markets are performing very well, but the interest from the European market is higher this time.”
According to (Source) Khaleej times
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