According to some real estate agents, a Dubai-based real estate expert, the home sales sector stabilizes, with most agencies confirming this trend. When a pandemic hit the country, the previous year had affected home buyers’ ability to buy the property and furnish their homes, but these changes have given the real estate market a fresh lease of life. Thanks to low-interest rates, competitive mortgage products, and affordable prices, the housing market is expected to grow.
1: The government has implemented several policies to address the slowdown in UAE’s residential market. The COVID-19 pandemic, for example, halted real estate activity in the country, with sales and leasing activity reaching an all-time low. The UAE government introduced a freehold law in the city, allowing foreigners to own land in investment areas. These changes have led to a spike in the prices of residential properties.
2: Meanwhile, the UAE government focuses on developing the industrial and manufacturing sectors. This will increase the demand for skilled labor, resulting in increased spending and more housing. The city has a progressive, forward-thinking government, world-class infrastructure, and a diverse business environment, which all work together to create a conducive environment for real estate. The UAE real estate market, is set to grow steadily for years to come.
3: As a result, the UAE’s economy has seen tremendous growth in recent years. In the first half of 2020, the country was primarily affected by the COVID virus, resulting in a lockdown on real estate transactions. As a result, sales and leasing activity reached an all-time low. However, this situation has ended, and the country’s real estate market has recovered. In November 2021, the demand for residential real estate in the UAE was set to hit 135.4 billion dirhams, according to CBRE Group.
4: In the second quarter of 2018, the UAE’s economy saw a significant decline in residential sales. As a result, the UAE government has implemented several measures to support economic growth and stimulate real estate demand. One such initiative is introducing a freehold law in the investment district of Abu Dhabi. The law, which allows foreigners to own land in the area, is expected to boost the economy. This has also boosted the price of real estate.