Dubai Residential Realty to Witness Price Hike in Six Years
As per the most recent realty developments, Dubai residential realty sector is expected to witness price appreciation for the first time in six years in the year 2021. The “hope for an overall economic recovery and introduction of vaccination drive”, is been cited as the primary cause for the boost in prices.
According to “Reuter’s poll of property analysts”, due to the coronavirus crisis, the state’s real estate sector was hit on revenue generation and remained stagnant for the past couple of years. Although, the recent initiatives by government authorities to rollout vaccines and conduct mass vaccination drive to spur growth have lifted hopes for overall economic recovery.
Majorly all the real estate analysts showing a positive sign on health metric of the Dubai realty sector, mentioned that price acceleration in Dubai realty this year 2021 is more likely inevitable. More interestingly, the snowball effect will continue while ensuring improved investor confidence here in Dubai realty.
Citing data as per the recent analysts’ forecast, the Dubai housing sector would foresee a price rise by 1.1% this year and 2.8% in the year 2022. Also, according to Dubai Statistics Centre data Dubai’s economy was projected to grow 4.0% this year after an estimated 6.2% contraction last year,
As per the sources, due to the government’s various initiatives and schemes launched to incentivize the deals and stimulate the economy. Considering the buoyancy in the Dubai realty market since H2 2020 it is almost certain that this will have an effect on the housing market as well as the tourism sector. Thus making investments here a viable option as the realty will continue to flourish further.
