The Dubai real estate market is gaining momentum as the emirate emerges from a Covid-19 induced slowdown and will stage a strong rebound in second half due to stimulus packages, visa reforms and strong demand from end-users and investors, experts say.
Leading developers, executives and analysts said residential segment has already bottomed out and offers good opportunities for developers on premium properties. They said prices for villa and townhouses have already registered an upward trend in past seven months and apartments prices are also expected to reflect the stable trend in second half.
“The outlook is bright. It’s not merely an assumption, but based out of rationales. In my opinion, the recovery was overdue, and it has only got boosted with how the Covid-19 crisis has been handled in Dubai,” Atif Rahman, director and partner at Danube Properties, told Khaleej Times on Monday.
Referring to latest data, he said entry of 8,000+ new investors into the Dubai property market during the first half despite the fact that the international travel and migration are at their lowest due to Covid-19 restrictions.
“This is due to the first-class infrastructure built by Dubai; the strength and resilience of which has been wonderfully demonstrated during a global crisis. Dubai goes beyond tourism, leisure, and lifestyle; it’s a stable economy supported by constant improvement initiatives from the visionary leaders and the government bodies,” he said. “Look at the most recent announcements such as immigration reforms, trade liberalization and 2040 masterplan, all are focused on making the city and the economy better for its people. Now all of this attracts fresh FDI and immigrants leading to surge in population, which increases the domestic consumption.