As the Q4 passes halfway point, Dubai’s Property Markets have got rebounded robustly year-on-year with the demand upsurging across the sector and government impetus procedures boosting an economic movement.
The slightest decline was observed in the real estate worth in the market during the previous year due to the pandemic backing returning of the luxury real estate to lead of market demand via the selective procurement deals in the most significant luxury residential destinations in Dubai, powered by Palm Jumeirah. It marks the highest in demand in Dubai for luxury real estate worth more than $10 million.
With Luxury real estate contributing to raising the total worth of real estate sales in the market during the current year, Ismail Al Hammadi, founder, and CEO of Al Ruwad Real Estate stated out that all signs point to an upsurge of interest in Dubai’s luxury accommodation sales.
Luxury real estate investment is thrusting off by post COVID confidence and boosted by a relaxation in the residency rules and regulations, comprising of the recently-introduced retirement visas.
Statement from Ismail Al Hammadi, founder, and CEO of Al Ruwad Real Estate
“The recovery of the real estate sector has a direct effect on the economy, and vice-versa. We have been witnessing a significant rise in all sectors of the market for some time now, Al Hammadi stated.
He also added that “However it is obvious to me that government efforts to Dubai encourage foreign investment by creating unique programs to legally reside in the UAE, allowing investors to secure a stable future for themselves and their families, is driving the luxury sector the most. Add to that the extended benefits of the Golden Visa and the recently revised retirement visa, and we find that high net-worth individuals are at the front of the queue for top of the market properties, which in turn allows this increase in net spendable income to cascade down through the economy.”
He explained further, “The average price per square foot for luxury residential properties in Dubai, in general, is approximately US$550, compared to about $1,480 per square foot in Singapore, and $1,830 per square foot in London, while the average selling price per square foot for luxury villas in Palm Jumeirah is about $708. The average annual rent price for luxury residential properties in Dubai recorded an increase of 5-20% for luxury villas and 13% for luxury apartments during the first half of this year.”
Al Hammadi also pointed out that the bounce-back in the high-end unit movement has also been progressive by the UAE’s hosting of global events like EXPO 2020 Dubai and likewise vital events that have been appealing to affluent investors to the emirate, comprising of the recently held Cityscape 2021, at which a huge amount of interest was shown in luxury villas and apartments.
Al Hammadi pointed out that Dubai was recently ranked the third best place in the world to purchase a holiday home, according to research carried out by Compare the Market and the equivalent of 10% of wealthy owners move to Dubai annually, according to international research reports on wealth migration. “As the regulations are relaxed, the prospects of owning a beautiful property in the UAE have become achievable for a whole new range of investors who can now reap the benefits of living amongst our welcoming society,” he added.
As per the firm, the UAE Cabinet approved amending the conditions for granting residency to retired emigrants earlier in November this year in an initiative designed to accomplish more flexibility in terms of residency laws and visa requirements.
Retirees over 50 years old and fulfilling certain criteria will be entitled to retirement residency status, the minimum of which are one of the following: owning property (not commercial) valued at least AED1 million, a bank deposit of no less than AED1 million, or an active income of no less than AED180,000 per annum.
Al Ruwad Real Estate is one of the most respected real estate companies in Dubai and has a spotless record of adherence to the highest levels of quality of service, work ethics and professionalism. It is staffed by a highly trained team of specialized professionals that ensures maximum customer happiness.
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