Top 10 real estate developers in Dubai for 2022

Reuters poll on real estate prices in Dubai

 A Reuters poll showed prices are expected to rise at a modest pace over the next two years, but they expected property prices there to remain affordable for everyone during this period, according to market views. property analysts that the residential real estate market in Dubai is on a steady track.

                                                   

After the repercussions of the Coronavirus pandemic, the economy has rebounded significantly in Dubai after a successful vaccination campaign, and this has extended to real estate prices in the market which has seen a continuous increase in sales, according to Dubai Land Department records. Property prices in Dubai are expected to rise 3% this year and 2.5% in 2022, compared to expectations of increases of 1.1% and 2.8% three months ago, according to a survey Reuters with 11 analysts from August 11-19.

• “General property prices are still 36% below the previous peak in 2014, so we are still relatively far from the previous peak,” said Faisal Durrani, head of Middle East research at Knight Frank.

The recent increases certainly indicate that the market is beginning to decline in certain areas. In the upper segment of the market, we could see a faster recovery than anywhere else. For some categories, such as apartments, we don't expect prices to rise at such a rapid pace as was the case for villas.

According to a Reuters survey from July, the economy of the United Arab Emirates, the hub of trade and tourism in the region, is expected to grow by 4.2% in 2022. The Central Bank of the United Arab Emirates forecasts growth of 3.8 %.

• Nine of 11 analysts polled by Reuters expected activity in Dubai's property market to increase over the next year, and two said it would remain the same. No analyst expected a market decline.

Of the analysts responding to an additional question, five said a meaningful recovery in the economy is the biggest upside impact on the housing market outlook over the next year.

"Immigration reform, trade liberalization, and the 2040 plan are all factors that are giving a huge boost to Dubai's economy," said Anuj Puri, Chairman of Anarok Real Estate Consultants. Expo Dubai will also help stimulate economic activity. This inevitably helps to attract more foreign direct investment and indirectly benefits the real estate market in general.

Three analysts cited job growth as a positive factor, two cited an effective response to the pandemic, and another spoke of an increase in affordable housing. On a cost scale of 1 to 10, where 1 is too cheap and 10 is too expensive, analysts have reduced the average to 4 and classified housing in Dubai as cheap. One of the main reasons why the Dubai housing market is relatively cheap compared to other global markets is that there is an oversupply of housing.