Why is Dubai’s property market experiencing boom post Covid-19?

02 Sept 2021, Gulf News – gulfnews.com

Popular areas for investment are Business Bay, Palm Jumeirah, Meydan, and Dubai Marina.

Signature Habitat deals in luxury properties in Dubai, believes that the current scenario of the property market in Dubai is very different from what people had envisioned. Prime properties in Dubai are being snapped up quickly as people are making the most of low prices and a city that is open for business despite Covid-19. After curfews and lockdowns were lifted in the last six months, a lot more people started purchasing luxury villas, second-hand family houses, sea-view apartments, and golf course properties. Who doesn’t want to buy luxury apartment in Dubai and comfortably work from home while looking at a stunning view?

The current scenario of the property market buyers

If you would like to buy luxury property in Dubai or buy luxury villa in Dubai, now would be a good time before the prices rise higher. The pandemic has caused major disruption and reduced the number of Chinese property buyers in Dubai. To deal with this, a lot of developers have started focusing on other market segments which include young Emirati buyers, Indians, Pakistanis, GCC Nationals, and Russian expatriates.

Dubai: Home to luxury

Dubai has always been one of the top luxury destinations in the whole world. It is the home for luxury property. If you want to buy luxury apartment in Dubai, or buy luxury villa in Dubai, the city will present you with enough options till you find the one you want to call home. Dubai Land Department records 6,388 sales transactions worth Dh14.79 billion in June 2021, the highest monthly value in 8 years.

Luxury: An Emerging Trend

Luxury is definitely an emerging trend in 2021. After the pandemic, people have realised that it is important to live in a space where you might have to spend a lot more time than you originally expected. Many offices have shifted their work culture to online and many employees are happy with this shift as they get ample time for themselves and are able to create a work-life balance. The most sought after properties were those in Business Bay, Palm Jumeirah, Meydan, and Dubai Marina. People are seeking places that come with pools, gardens, lawns, and balconies. People are willing to invest in such villas and townhouses which provide them value addition in the form of additional personal space. Attractive elements such as in-house movie theatres, personal pools, private elevators, and more are attracting more and more people every day.

Why is everyone rushing to buy villas?

As the majority of people are now embracing the culture of working from home, the desire for spacious properties and relaxed mortgage conditions has gone up. The sale of secondary market sales in Dubai has recorded highs every month since September, according to Lynette Abad of Property Finder Group. This means that numerous developers and pausing their current, new- development projects and focusing on secondary transactions. You can buy luxury villa in Dubai and provide yourself with a great standard of life. Off-plan properties are also being sought after as they’re cheaper and more flexible as opposed to buying a ready property. As the market is rising, it is a good opportunity to buy off-plan.

Dubai’s current market situation

Despite the crisis and tough year of 2020, Dubai finds itself in a very interesting, unexpected place. The areas where supply is low are experiencing stable prices. With Expo 2020 being shifted to 2021, investors around the world are looking at Dubai as a beneficial investment. As a result of UAE government’s quick thinking, excellent efforts, and proactive policies, Dubai was able to bounce back quicker and gave the real estate market a boost. Attractive rates, lower mortgage, lower funds required, and increasing demand led to people wanting to purchase properties and live a life of comfortable elegance. People aren’t looking for studios and small apartments; rather they want to buy luxury villas in Dubai and luxury properties in Dubai.

Dubai’s real estate market now seems fully equipped and recovering at a fast pace. The market has consistently improved since June with more listings, more customer enquiries and more deals being closed.