According to Hussain Sajwani, CEO of DAMAC Properties, Dubai’s real estate market has just started entering its best phase. Whilst before the emirate was considered as a location for temporary stay, nowadays many individuals, including top billionaires from Europe, along with their families are choosing Dubai as a primary home. The success of the real estate sector is attributed to the efficient management of the COVID-19 crisis, with a shorter lockdown period than in Europe.
Saleh Tabakh, CEO of the Dubai-based Al Andalusia Courtyard, said that current indicators demonstrate positive tendencies for the property sector in 2023. Aspects that play an important role in attracting new investors include safety, security and the stability of the UAE, as well as the ease of setting up and operating business and 100% commercial project ownership. According to the Reuters data published.
in September 2022, home prices in Dubai are expected to rise by 3% on average.
The short-term rental sector is highly likely to increase even more, thanks to new UAE visa policies implemented last year, including a 5-year multiple entry visa and an entry permit to visit relatives/friends, just to name a few. As a result, there is now a perfect opportunity to rent out your property as a holiday home, since many travelers prefer to stay in a comfortable private residence instead of a hotel room.
It is worth noting that Dubai ranked as the world’s most popular tourist destinations for 2 consecutive years (2022 and 2023) in Trip advisor’s Travellers’ Choice Awards as the tourism here has returned to pre-pandemic levels. That being said, the emirate recorded nearly 23.7 million arrivals in 2022, according to the Dubai Media Office, which is an 89% increase from 2021.
NBD! In Dubai, you can take advantage of a scheme which allows you to easily let your property out as a holiday home. To do so, one has to register with the Department of Tourism and Commerce Marketing (DTCM) and subsequently rent a property out either on their own or with the help of a real estate agency.
The luxury property market will also keep thriving, thanks to a rising demand from wealthy individuals, as mentioned earlier. In fact, according to the data provided by DXBinteract.com, in the first 15 days of 2023, a total of 45 properties valued at AED 15M (USD 4M) or more were sold in Dubai. Some of the largest transactions of the current year were recorded in One Canal, Jumeirah Gate, Emirates Living, Bulgari Lighthouse Dubai and The Residence | Burj Khalifa.
One Canal
60/40 Payment Plan
4% DLD
Handover 2024 Q4
One Canal
Dubai Canal
Ultra-luxury penthouses, Sky Villas and a Sky Mansion in the complex of One Canal, located alongside the Dubai Water Canal in Al Safa. Developer AHS Properties offers units for sale at favorable prices.
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