The Dubai property market recorded its strongest start to a year, with 12,119 sales transactions to date, a report compiled by real estate data platform Property Monitor has shown.
This was a 17.7 per cent increase in transactions compared to 2017, which was the previous best start to a year, the company said.
The Dubai property market also registered a record 6,346 transactions last month, which was 43.5 per cent higher than any other February on record, the company said. February sales also grew 9.9 per cent on a monthly basis.
Dubai remains very affordable by international standards with many European markets raising barriers to external investment Zhann Jochinke, chief operating officer of Property Monitor
“Dubai remains very affordable by international standards with many European markets raising barriers to external investment, coupled with rising interest rates and inflation headwinds dampening the post-Covid recovery,” said Zhann Jochinke, chief operating officer of Property Monitor.
“This combination of factors could be added momentum for Dubai as a safe-haven market in the near term.”
The UAE’s property market has recovered strongly from the coronavirus-induced slowdown on the back of government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme.
Property prices and rents in Dubai’s residential market will continue to increase in 2022 on the back of the emirate’s “strong economy”, a recent report by S&P Global Ratings said.
@The national news
