UAE Property Market To See Strong Rebound In Next 18 Months
There is a "true rebound" in the UAE’s property market, driven by government initiatives with the market momentum expected to sustain for the next 12 to 18 months as more people buy homes, according to industry experts. Over the past year, the UAE government has introduced a number of measures to support the economy, including visas for retirees and professionals working remotely and the expansion of the 10-year golden visa initiative. The UAE government also overhauled its commercial companies' law and annulled the requirement for onshore companies to have an Emirati shareholder to attract foreign capital. Property markets in Abu Dhabi and Dubai have rebounded strongly, as pent-up demand and supportive stimulus measures offered by the government boosted economic activity. Dubai recorded 37,537 sales transactions worth Dh88.12 billion ($23.99bn) in the eight months of this year, up 22.61 per cent compared with the whole of last year, according to the listings portal Property Finder. Residential property prices in Dubai increased 4.4 per cent on average in the first eight months of the year, registering the highest annual growth since February 2015, according to real estate consultancy CBRE. Average residential prices in Abu Dhabi increased 2.2 per cent in the year to August, the CBRE report said. The UAE capital registered Dh16.2bn of property transactions during the third quarter of 2021.
Tags : INTERNATIONAL Abu Dhabi Dubai property market Foreign Capital Transactions UAE Government Rebound Golden Visa