To find apartments for sale in Dubai Hills, UAE you just need to visit a website of a real estate broker. To choose the best property you need to know some details and stats of the market.
Investors don’t miss out on the real estate in Dubai
Despite recent statements about the increase in the incidence of COVID-19, investors and homebuyers in Dubai do not want to miss the advantageous current moment of low prices and continue to be very active, buying property in the emirate.
As of July 1, 2022, the total value of real estate transactions in Dubai completed is estimated at AED 3.89 billion (USD 1.06 billion), according to data from the DLD. At the same time, the total number of transactions reached 1732 transactions. A total of 182 land plots were sold for AED 1.21 billion (USD 330 million) and another 1,140 apartments and villas were sold for AED 1.56 billion (USD 420 million).
- The amount of loans issued for the purchase of real estate in Dubai amounted to AED 843,000,000 (USD 229,500,000).
- Land buyers benefited the most from Al Barsha South Second, where loans totaled AED 129,000,000 (USD 35,120,000).
Analysts say foreign investment in the emirate’s vital sector could pick up in the near future as the dollar is forecast to weaken further. And since the national currency of the UAE – the dirham – is pegged to the US dollar, any fluctuations in the dollar exchange rate are reflected in it.
The dollar has fallen 12.2% against the euro over the past five months and from 1.06 to 1.19 between March 20 and August 18. In addition, the dollar lost 15.78% against the British pound. This actually made the purchase of property or any other assets in the UAE cheaper by 12% and 15% for European and British investors, as well as for citizens of other states who keep their savings in these currencies.
In fact, off-plan property projects from developers in Dubai fell in foreign currencies by 14.8% and 11.2%. British investors can save over AED 185,000 (USD 50,364) by purchasing a luxury one-bedroom apartment at Address Jumeirah Resort.
Despite the lockdown, total property transactions in residential real estate market stood at just under AED 10 billion (USD 2.72 billion) in the second quarter of 2022, according to research firm Reidin. And while the value of transactions has decreased by 40% on average year on year, the volume of transactions in May and June increased slightly.
Many market watchers are predicting that the dollar will depreciate another 1.75% by the end of this year, so it is safe to assume that the real estate market will benefit from such financial market dynamics for some time.
Now there are a lot of profitable offers on the market at prices that are very tempting for those who know what real estate prices are offered by brokers in, London, Monaco, Singapore and other popular areas for investment in housing. Return on investment in Dubai is one of the highest, around 7%. In addition, buying an apartment worth more than AED 1,000,000 provides additional benefits in the form of obtaining a resident visa.
“V-shaped” market recovery
The Dubai real estate market saw 3,849 sales transactions worth AED 8.943 billion (USD 2.43 billion) in June 2022, up 55.3% from the previous month. As the latest figures from the Dubai Land Department show, this reflects a “V-shaped recovery” in the market.
According to the sixth edition of Mo’asher, official property sales price index, weekly sales averaged 872 transactions in June, of which 46% were off-plan sales in new build properties from developers and 54% in the resale segment of real estate.
The report notes that June was a very successful month for Dubai residential real estate. The total transaction value of AED 8.943 billion (USD 2.43 billion) was 89.5% more than in May 2022 and 39.1% more than in June 2021.
Lynette Abad, director of research and data at Property Finder, said there have been many interesting trends in the Dubai property market over the past few months. “In prime areas where demand for housing is currently high, there is a lack of supply, which has caused a stir among buyers of this type of property and an increase in the number of applications for such housing.”
In an earlier report, Abad said that prices in the real estate sales sector in prime areas have risen, while rents have consistently remained at the same level.
Real estate in Dubai
Ax Capital agency’s specialists know everything about the market and are there for you to offer help in purchasing real estate. Their website is a perfect place to search offers of housing, so don’t waste your time!
