Property Price Trends in 2021, Dubai
The city’s real estate sector has been weak for years due to oversupply coupled with low economic growth.
Raising Hopes for a Region Heavily Dependent on Tourism
- Dubai eased Covid-19 restrictions.
- Allowed hotels in the hub to operate at full capacity.
Improved Investor Confidence
- Boost in demand as prices have been on the lower side for the last few years.
The Covid-19 Pandemic
- Vaccination drive here also has been going well, and the economy has been gradually recovering amid government measures to spur growth.
- From a survey, Dubai house prices would rise 1.1 %, this year and 2.8 % next, marking a complete U-turn in expectations, when prices were forecast to decline 2.0 % in both years.
Buyers Take Advantage of Low Prices
- Easy credit.
- Economy opens for business.
- Increase in demand was the biggest upside risks to housing market activity.
Dubai's Economy: Projected to Grow
- Statistical data shows 4.0 % this year after an estimated 6.2 % contraction last year.
- Real estate sector has shown an uptick recently, contributing about 8 % to economic output.
- Real estate market continues to flourish and very buoyant.
- Have an effect on the housing market and more government incentives come into fruition to stimulate the economy.
- Covid-19 lingers longer than expected, effects economic growth and tourism to the emirates.
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