The second wave of increased demand for Dubai real estate brings the same excellent results as the first. The situation is best in the segment of premium residential properties, where special attention is paid to villas for sale in Akoya Oxygen and other promising communities of the city. What led to this and what to expect in the near future we will analyze in the article.
Why the demand for luxury real estate in Dubai is growing
2022 has every chance of becoming the same successful year as the previous one. In the first half of January, the situation on the luxury real estate market was calm, since most investors and developers had to recover after Omicron. But by the beginning of March, everything was back on track, despite the fact that the whole world is struggling with the consequences of the Ukrainian-Russian conflict.
A number of steps taken by the UAE government to counter the pandemic and bring COVID-19 under control have largely influenced the recovery of the Dubai real estate market after five years of falling prices. In July 2020, when borders were closed almost everywhere, the country lifted entry restrictions and attracted a large number of wealthy people. For some, Dubai has become the main or secondary place of residence, and for others – a haven of paradise for recreation.
These events manifested themselves in the figures of 2021, when 93 houses worth more than 10 million US dollars were sold in Dubai. Thus, local developers earned more than in the previous five years.
The international elite still has an interest in the most luxurious villas in Dubai. In fact, 2021 accounts for 39% of all sales of local homes worth more than USD 10,000,000 since 2010. This highlights the phenomenal depth of demand at the top of the market. Wealthy buyers continue to arrive from countries such as India, Russia, Switzerland and Monaco.
What awaits the Dubai luxury real estate market
Nowadays, Dubai developers are preparing to launch even more premium-class facilities. They will have to take into account the uncertainties caused by Ukrainian-Russian conflict, such as the increase in prices for construction materials. However, the confidence that luxury real estate will continue to be in demand is very high.
Given the current trends in the Dubai market, it will continue to attract wealthy investors with new premium class projects. Now experts are worried about whether this will lead to another economic bubble. Most are inclined to believe that this will not happen.
Our assistance in buying real estate in Dubai
Whatever price segment the buyer of real estate in Dubai would not be interested in, he will find what he is looking for due to Ax Capital. Contact the agency staff to get help with the following items:
- choice of a property corresponding to the desires and capabilities;
- legal and financial issues at all stages of the transaction;
- activation of utilities;
- management of acquired real estate.