The Covid-19 pandemic has had extensive consequences and has changed the global economy and the international property market. The world has improved from the crisis. And the influence of the coronavirus on the life of every person has faded. However, investors are worried about what to expect next and how apartment and villas values in Dubai will change in 2023. Dubai is making rapid progress in the real estate sector by introducing new developments with high-quality infrastructure. For example, Dubai introduces new branded residences Six Senses Dubai expected to be complete in the next two years.
Trends of the real estate properties in Dubai:
The demand for villas and penthouses will continue to nurture in Dubai. This trend is connected with the self-isolation of individuals who want to maintain their health as well as the development of residential spaces. As per the report from the Dubai property market, villa sales developed by 20%. In September 2021, there are 22 property transactions in the register with a total worth of AED 30,000,000. As for new apartments Such as W Residences Downtown Dubai demand for this type of property is also noteworthy.
Most real estate agencies focusing on sales of housing possessions confirm this trend with growing income for the initial six months of the year. This situation is linked with the pandemic when property purchasers were not able to redesign their new houses or purchase furniture. During the covid-19 year people inclined to live for the moment, therefore the impression to purchase a move-in ready apartment has become so widespread. Currently, W Residences Downtown Dubai is attracting investors to buy luxury apartments with excellent amenities.
How Dubai real estate will grow in 2023-2024:
The real estate market in Dubai will continue rising in the next two years. An official mentions that the progress rate of property values will reach 3% by the end of the year. The progress rate for the next year is predicted to be 2.5%.
The condition in the property market starts to change during the pandemic. From 2014 to 2020, the drop in property values was practically a third of the maximum limit, this situation is joint with the pandemic. It only enhanced the decay in values.
Researchers also note optimistic aspects:
- Demand for properties is increasing in Dubai as people buy properties with business plans for further progress.
- Housing values are about 1/5 higher than the price in the 2010 loan crisis.
- The supply of new real estate possessions remains at a high level, which is more than 35,000 units.
According to the researchers, in 2023-2024, more than 53,000 new homes will be developed in Dubai. A lot of properties are under construction and will be put into operation shortly such as Six Senses Dubai estimated to be complete in 2024 will offer villas, penthouses, and signature villas. Despite the difficult conditions, new properties are emerging in Dubai and will continue in 2023-2024.
Villa prices in Dubai:
Villas become a famous property in 2021. Villas in Dubai guarantee top quality of structure and materials, classy design, and supreme comfort. All villas offer everything that you desire, from an open area, a gated garden with a pool to parking space and a green area. The Six Senses Dubai Residences will also offer villas and signature villas with luxurious amenities and a supreme living experience. Some homes in villa societies offer an average design while other units feature a high-quality one.
Dubai tenants select huge properties:
Numerous people lost their companies, jobs, and money in 2020. The demand for more luxurious housing and more expansive apartments has risen in Dubai. The rental housing sector was no exemption concerning this condition. Rent rates for expensive luxury residences are as follows:
- Emirates Hills – average rent is from €186 per sq m
- Palm Jumeirah – average rent can be from €176 per sq m
- Lakes – rent is worth €172 per sq m
How can one buy an apartment in Dubai and not waste money with investments? Which residential areas are the most promising in Dubai? Want to buy a villa in the Six senses Dubai Residences? We have experts who will answer all of these questions for you and more.
