How Dubai’s resilient property market is beckoning international interest

The UAE has recovered faster than most countries from the early days of the pandemic. The work here has been outstanding, with precautionary measures in place and a successful nationwide vaccine rollout. This has attracted many people from around the world to relocate to the UAE and enjoy a more stable lifestyle.

In line with that, 2021 has been an excellent year for the Dubai real estate industry. We now have good momentum from a strong market rebound in all real estate segments – residential, rental and off-plan.

Over the last 12 months, strong demand for villas and townhouses has caused a huge upward trend, with apartments expected to follow this trend in the second half of 2021, especially in prime areas such as Palm Jumeirah, Dubai Marina and Downtown Dubai.

This year, all of the major property developers in Dubai including Emaar, Damac, Dubai Holding and Majid Al Futtaim have had very successful new launches, with units selling out fast in communities such as Emaar Beachfront, Arabian Ranches III, Damac Hills, Port De La Mer and Tilal Al Ghaf. Dubai developers are offering apartments and villas on attractive payment plans to new investors from all around the world.

There is also a wide range of inventory of excellent off-plan properties to choose from, ranging from modern beach/waterfront homes to new contemporary villas in the suburbs, right next to a championship golf course.

New properties and communities are constantly evolving and improving. Developers are providing modern designs and better amenities, reducing the high costs of property renovation. Over the next four to five years, many of the original residential communities will be surpassed by areas such as Dubai Hills Estate and Dubai Harbour. These are now the major hotspots for investors and future end-users.

Planning to relocate or move cash/wealth to Dubai has never been more attractive. The opportunity to purchase a premium asset/property in a prime area of the city is now very easy and affordable.

This kind of a real estate market will always appeal to investors on a global scale.

We have already seen a huge influx of overseas investors moving into Dubai in 2021 and this will most likely continue. Many countries in Europe are still suffering because of a lull in tourism and a dull post-pandemic economy. Economists continue to warn of an increase in inflation, therefore many investors are opting to shift their portfolios to the real estate market in Dubai.

During these extraordinary and uncertain times, there are not many countries around the world that can offer:

• Safety and security
• Excellent infrastructure
• Tax-free, stable economy
• Capital appreciation and strong yields
• High-quality lifestyle for all nationalities

With the continued success of real estate in 2021, the best way to predict the future is to build it. Therefore, the best plan is off-plan.

Edward Millward is the managing director of D&B Properties

Taken from Property Finder’s Prestige special report in Gulf Business’ August issue