2022 proved that all times of the year are suitable for real estate investment in the United Arab Emirates, particularly in the Emirate of Dubai, whereas previously it was limited to certain times of the year, depending on changing factors.
The sales record of the Dubai real estate market reflects the tremendous growth the market has reached in terms of various real estate products amidst the unprecedented activity in luxury real estate sales.
The sector does not suffer from the bearable conditions associated with the holiday season or summer vacations.
The harbinger of the New Year came in the first week of the year, which is usually a bearish period, as the sector recorded its best ever start to the year with sales worth more than Dhs7 billion in the first week, double the sales of the same period last year.
According to Tabakh, real estate is a safe store of value against financial and economic volatility, an ideal way to preserve and grow capital over the long term, and the best investment vehicle for preserving savings at the moment.
The expert noted that real estate also represents an opportunity to generate additional income over and above the original income and is considered a secure fixed investment as it is in most cases associated with fixed assets that are difficult to dissipate.
Dubai is one of the most important regions for real estate investment as it ranks among the top real estate investment destinations in the Middle East due to its high returns and flexible real estate legislation.
He revealed that in previous years, homebuyers used to look for good opportunities in better places and in the right spaces at excellent prices at the ideal time and take advantage of the package of facilities associated with the purchase of a property at the offers introduced at these times, whether from the government or the real estate developers.
Saleh Al-Tabah stressed that real estate transactions in the emirate of Dubai are still setting unprecedented records, reflecting the success of all parties in the real estate sector, whether they are government agencies or the private sector.
Tabah said that the Dubai real estate market is expected to continue its upward momentum in 2023 as property prices and annual rents increase further.
Therefore, for everyone looking to buy a property or strike a real estate deal in the emirate, it would be wise to accelerate their investment steps.
Of course, given the exceptional figures recorded, the achievements in 2021 and 2022 are challenging for the real estate sector, but they are considered to be catalysts for the real estate sector, reflecting the level of maturity the sector has reached.
All indicators point to a positive trend in the Dubai real estate market during 2023, with thousands of high net worth foreign investors expected to share, which could increase demand for luxury real estate as purchase and rental prices rise.
These expectations take into account several positive factors, including security, safety, and the state of stability the UAE enjoys, laws that attract investors, ease of doing business, and 100 per cent ownership of commercial projects.
Tabakh said the market is moving towards offering more new projects as it is also witnessing a strong return in demand for off-plan real estate, due to the financing facilities offered by developers away from banks and interest rates. These have encouraged developers offering projects for the middle income group to come back and offer payment facilities.