Dubai’s secondary real estate market is booming in the first quarter
Property purchasers from the United Kingdom, Italy, and France topped the top-10 list of international buyers in Dubai‘s first area, as the secondary market dominated the emirate’s real estate market.
With a total of 20,539 revenue transactions totaling Dh55.5 billion, the emirate’s expanding real estate market reached its highest level since 2010.
Indian and Pakistani purchasers made significant investments in Dubai real estate, which also saw a significant increase in Canadian buyers and shoppers. Russians, Lebanese, and Chinese purchasers made up the remaining three overseas locales in the top 10 list.
According to credible estimates from Zoom Property Insights, the secondary market dominated the real estate industry, accounting for around 58% of all revenue transactions, with the primary market accounting for the remaining 42%.
According to the most recent numbers, the number of transactions in the Dubai real estate market reached its second-highest level ever in April. The secondary sector was responsible for 60% of the transactions, while the off-plan marketplace was responsible for 40%. Following a record-breaking March, this is a 46 percent increase in size and a 67 percent cost advantage year over year.
In April, there were 7,009 revenue transactions totaling Dh18.3 billion, according to figures from the Dubai Land Department’s open records portal. It was also the second-highest April in terms of revenue volume and price, after only April 2009. In April, Arabian Ranches-three for off-plan sales and Dubai Hills Estate for secondary sales were two of the top regions for villa and townhouse sales.
The market is likely to maintain its upward trajectory as a result of visa liberalization and monetary stability, with more outside purchasers streaming into the market. According to Zoom Property Insights, the changing landscape of Dubai labor legislation and the plethora of entrepreneurial opportunities are also attracting a large number of people.
Ata Shobeiry, CEO of Zoom Property, attributed the asset market’s recent strong overall performance to foreign purchasers.
“The influx of foreign place purchasers may be greatly aided by the expanding demand, asset expenditures, and ROI.” Expo 2020 allowed the visit of many first-time purchasers, who ultimately decided that the marketplace is well worth investing in. “I believe that the recent announcement of the brand new green home visa and the expanding of qualifying conditions for the golden visa will provide more opportunities for foreign purchasers, resulting in an exceptional higher overall performance in the next quarters,” Shobeiry said.
Source: KhaleejTimes
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