Damac Properties Dubai: UAE property prices set to rise in 2022
According to experts, AE property prices will continue to rise in 2022, owing to supportive economic reforms and an accelerated vaccination program that has aided in the recovery from the coronavirus-induced slowdown last year.
Despite analysts’ alert of a “vulnerable recovery,” Damac Properties founder Hussain Sajwani believes Dubai’s “incredible” property market rebound is the start of “something long term.”
To sell their developments, world’s best developers such as Damac and Emaar have unveiled enticing packages that include Dubai Land Department registration fee waivers and flexible payment plans.
“The UAE property market will perform well,” said Haider Tuaima, head of real estate research at ValuStrat consultancy.
“We have developers who are offering appealing payment plans, and mortgage interest rates are low.” More international investors will enter the market to purchase property in the coming year.”
The UAE property market, which softened as a result of a three-year oil price slump that began in 2014 due to oversupply concerns and the ensuing pandemic, has turned the page and is recovering as people move to larger homes with outdoor amenities amid an increase in remote working and online learning.
Furthermore, economic support measures and government initiatives — such as residency permits for retired and remote workers, as well as the expansion of the 10-year golden visa programme — have aided in improving market sentiment.
MrTuaima stated that the price increase “is sustainable, but it will only be moderated by the fact that we have a lot of supply coming in, particularly in the apartment submarket.”
According to him, developers expect to deliver 50,000 to 60,000 units next year due to increased demand for residential property.
HawazenEsber, chief executive officer of Majid Al Futtaim Communities, expects the property market to continue to recover next year as the government takes effective measures to combat the pandemic.
He claimed that Dubai had succeeded in positioning itself as a safe global city as a result of its pandemic preparedness measures, healthcare system, and Covid-19 testing requirements.
