The secondary real estate market in Dubai shone brightly in the first quarter
The secondary market dominated the emirate’s real estate sector in the first quarter. With a total of 20,539 sales transactions valued at Dh55.5 billion, the emirate’s rising real estate market had its highest quarter since 2010.
Large numbers of European investors are taking opportunities to snap up ready properties in Dubai. Property investors from the United Kingdom, Italy, and France dominated the top-10 list of foreign investors in Dubai in the first quarter.
Buyers from India and Pakistan made important investments in Dubai actual property in the course of the quarter, which caused a huge enhance in Canadian traders and patrons. Buyers from Russia, Lebanon, and China had been among the many different three nationalities within the top-ten checklist.
Investors primarily from Germany, UK, Italy, and France are buying ready properties in the luxury segment as soon as they are available, especially in popular areas such as Palm Jumeirah, Dubai Marina, Dubai Creek, and Downtown.
In Q1 2022, the overall quarterly index for sales recorded 1.251-point increase and an index price of $322,941 (Dh1,186,002). The apartments quarterly index posted 1.26-point hike with $290,642 (Dh1,067,385) index price while the villas or townhouses quarterly index registered 1.234-point rise and an index price of over $570,000 (Dh2,094,633).
According to full-service real estate agency Metropolitan Premium Properties (MPP), European client base has increased 20 percent in Q1 2022, compared to the same period last year.
In March, Dubai real estate had 8,399 sales transactions worth over $5bln (Dh22.58bln), indicating the highest sales deals in the past seven years. This is an 83% increase in total sales transactions compared to March 2021 and a 109% increase in sales value. About 60.16% of total sales in March were for secondary or ready properties.
According to Zoom Property Insights, investors from other regions of the globe are also expected to enter the market. Experts says that 2022 will end on a higher note due to the increasing prices and demand.