The UAE's policies in dealing with the pandemic, including the allocations of $32 billion to overcome the repercussions, had a great impact on the strong growth of the real estate sector.
This was revealed by Walid Al Zarooni, chairman, W Capital Real Estate Brokerage, during a media briefing in Dubai, adding that the brokerage sector had a prominent role in leading the recovery of sales in the Dubai real estate sector in the meantime of recovery from the repercussions of the Covid-19 pandemic.
He stressed that real estate sales in Dubai are heading for the best annual performance ever during 2021, reflecting the efforts made by all parties to the sector, i.e. regulatory bodies represented in the Dubai Land and Property Authority and real estate developers and brokers.
Al Zarooni believes that the real estate brokerage sector is in the golden times amid the recovery in demand, and the market shows indications of a long-term rise in the price index, which exceeded 12 per cent on an annual basis in November 2021, while villa prices increased by more than 30 per cent.
The improvement of all market factors, and the unprecedented government support, both from the legislation governing the ownership and sale of real estate in Dubai, as well as decisions to grant citizenship and long- and medium-term residency, all contributed to robust demand for the purchase of real estate units and investments in Dubai real estate projects.
Al Zarooni stressed that the investment momentum in the real estate sector tempts many UAE nationals to enter the real estate brokerage sector or learn the basics of the market to be able to buy and sell and take advantage of the investment opportunities offered by the sector. That was created by what is known as the “National Broker.”
On the other hand, Al Zarooni said that the Dubai Expo 2020 helped promote Dubai as the best city globally for financial, commercial, and real estate investments in the post-Covid-19 era, while the governmental, financial and legislative stimulus packages played vital roles in boosting that image.
"The impact of the Expo 2020 on the economy as a whole goes beyond the 6 months of its activities,” Al Zarooni said. ”Since the announcement of winning the chance in 2013, the government spent billions to develop infrastructure, and put in place equipment and preparations to organize that global event, which was reflected in increasing the attractiveness of Dubai real estate, making the emirate among the best places to work and a dream for many people around the world to live,” he said.
Asked about market trends, and odds for prices to continue to rise, Al Zarouni said: “The market conditions show that continual growth during the next five years is sure. The supply depletion, the approaching market balance, and the growth of demand help prices remain high, so whoever is interested in investing in real estate must invest now, and a delay will be a loss of gains because profits that could have been reaped as the value of the assets will increase.”
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