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Foreign investor demand boosts Dubai real estate

(MENAFN- Al-Bayan)

A Reuters poll expected that housing prices in Dubai will rise steadily over the next two years, driven by demand from foreign investors. With the economic recovery driven by high energy prices and the revival of trade and tourism, the real estate market in Dubai ignored some of the declines last year due to the pandemic and has continued with the optimistic momentum since then.

The latest poll conducted by “Reuters” of the opinions of analysts from May 11 to 26, which included 13 analysts in the real estate market, showed an average rise of 7.5% in house prices in Dubai in 2022, unchanged from the previous poll, which was conducted two months ago.

Faisal Durrani, head of Middle East research at Knight Frank, said that market sentiment, which was boosted by the decline in the epidemic, “along with the successful hosting of the World Expo and the reopening of travel corridors continue to support the market recovery.”

Data from the Dubai Land Department showed that the emirate’s real estate sector achieved the best quarterly quarter in more than 10 years, with first-quarter sales transactions reaching their highest levels since 2010.

When asked what will move the housing market in Dubai this year and next, the majority of those surveyed (11 out of 13) said it was the demand from foreign investors, while two chose domestic demand.

In addition, The Sun newspaper reported that working in the real estate brokerage profession in Dubai has become a dream for many British young people, as the return of the profession in a month may be equivalent to what they earn within 6 months of their original professions in their country.

The newspaper published a report on young British people working in real estate brokerage in Dubai, and they appear in the episodes of the “Dubai Hustle” or “Hustle of Dubai” program, reviewing models, including Jess Eaton, who within months was able to earn 35,000 pounds (162.700 dirhams) in commissions from completing real estate deals. .

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