Property in Dubai
The first half of the 2022 proved real estate market in Dubai to be strong and profitable. Contact the specialists of the Ax Capital agency, one of the leading real estate agencies for sale in Dubai, and they will help you choose the most optimal properties. Thanks to cooperation with leading developers, they can make the most profitable offers for the purchase of real estate for both life and investment for their clients.
Semi-annual indicators of the real estate in Dubai
6 months have passed since the beginning of 2022, which means that experts can deal with analytics and make forecasts regarding the Dubai real estate market. To date, the forecasts are more than optimistic: even despite the overall decline in the number of transactions, in a few months the Dubai property market was able to demonstrate earnings in the amount of USD 16.8 billion.
It is immediately worth noting the high growth rates of rental rates. Over the past year, the average rental price has grown by 19.1%. At the same time, there is a fairly significant difference between villas and apartments:
- apartment rentals increased by 18.3%,
- and villa rentals by 24.3%.
The total number of transactions decreased, but the number of transactions for real estate under construction in annual terms increased by 55.4%. As for the growth of the average property value throughout Dubai, according to experts, it amounted to 10.9% over the past six months.
Today, far fewer buyers have begun to use borrowed funds. Until this year, about 40% of buyers applied to banks in Dubai to obtain loan financing for the purchase of real estate. Today, that number has dropped to 18%.
What influences the real estate market
Experts say that today we can talk about the complete end of the era of the post-COVID recovery of the real estate market. And this allows us to analyze current trends without relying on the interest of buyers in terms of effectively overcoming the pandemic in Dubai.
Now many experts say that the interests of buyers are gradually shifting towards finished real estate, and not off-plan properties. And this is especially true for such a segment of property market as apartments. According to data received from the Dubai Land Department, about 70% of buyers have recently paid attention to finished properties.
Changes in the housing market can also be calculated by increasing the number of residents of Dubai. According to statistics, in April of this year, the population of the emirate was 3.5 million people, but the plans of the Dubai Government are to increase the population to 5.8 million people (by 2040).
- On the whole, most consumers are willing to buy property now, rather than waiting for a major increase in interest rates.
- In addition, many buyers prefer to choose areas that are located in areas with low population density.
- Another preference is a large living area. And in some cases, buyers are willing to consider distant areas, but buy a property with a larger area.
Another real estate sales record
On the artificial island of Palm Jumeirah was concluded a deal for the sale of real estate, which became a record. But the record was not the cost of the villa, which was USD 18.24 million. The uniqueness of the transaction was that the buyer paid AED 67 million immediately, without using installments.
The main difference of this villa is the presence of a luxurious garden. And this makes this property the most expensive villa with a garden that has been sold on the Palm Jumeirah. It is reported that the total area of the villa is 929 square meters. This property was designed by one of the most notable architectural firms, Naga Architects.
The territory of the land plot is decorated with an incredible Japanese-style garden, and in the center of the luxurious house there is a unique pond with koi fish. Another key feature is the presence of a level swimming pool that adjoins directly to the master bedroom.
Of course, there are quite unusual and original properties on the Palm Jumeirah island, but this villa is distinguished by very interesting architectural and interior solutions that make it stand out from other housings on the real estate market. It is also reported that the buyer purchased the villa with a complete set of furniture and appliances from leading brands, which were selected by designers on an exclusive request.
Real estate agency in Dubai
Do you want to buy property in Dubai? Contact the specialists of the Ax Capital agency: they are ready to select the best options for you and advise on all your questions.
