Dubai, one of the six independent city-states of the United Arab Emirates, is one of the countries with the best infrastructure and buildings worldwide. Who wouldn’t want to live in Dubai for a period with its standard of living, well-maintained roads, outstanding facilities, captivating views, and excellent connectivity?
The prices of apartments and hotel rooms in Dubai keep increasing and never undergo a backfall. Dubai’s residential real estate market has had remarkable growth, with 55,651 sales transactions worth Dhs135.4 billion documented between January and November 2021.
Reports showed an increase of 65% in transactions and a 71% increase in value in 2021 as compared to 2020. You might not even get a room at the price you are paying for an apartment today in the UAE.
According to the Dubai Land Department, Dubai’s regulatory real estate body, the market moved at an astonishing pace in 2021, with some of the most expensive sales and rentals in Dubai history, including villa sales for more than $30 million and villa rentals for more than $1 million.
Dubai’s real estate market serves a significant role in driving the state’s economy. The real estate market of Dubai sold property worth more than 82 billion US dollars. Investors from all across the world are attracted to Dubai, the center of global trade.
Tonino Lamborghini, the heir of the Lamborghini dynasty, wants to give an Italian touch to Dubai’s real estate. He plans on creating a residential project in Dubai for which he is searching for the right partner. And if things go well, he even wants to construct a museum in the name of his late father in the heart of Dubai. Tonino is willing to spend up to $500 million on this project.
Last December, Dubai’s Department of Economy and Tourism launched an online portal where operators can apply for permits, receive permits and renew their licenses for timeshare properties online. The purpose is to entertain more visitors, increase investors’ trust and bring more talent on the board to set new benchmarks. You can also check out this website if you’re interested in buying or selling any property in Dubai.
Sheikh Mohammed Bin Rashid Al Maktoum, the current head of Dubai and the Prime Minister of UAE, is among one of the biggest landowners of Dubai. He generates a big part of his wealth from real estate, and the state takes care of his land. Moreover, there is no proper boundary between the land of the state and the land owned by the Maktoum family.
Dubai has experienced continuous rises and falls in the real estate market. Hence, some people suggest that the prices of Dubai’s real estate might fall in 2022. However, we don’t see any downfall coming soon with multiple new projects ready to be launched and tons of successful projects in the past years. Let’s see where time takes Dubai’s real estate.