As the owner and CEO of CenCorp, Ryan Mahoney (Dubai, UAE) utilizes his extensive knowledge and experience of the property sector to lead a conglomerate of real-estate related businesses. This article will look at the continuing boom in Dubai’s real estate sector, even in the wake of the COVID-19 pandemic.
On June 30, 2022, Dubai’s real estate sector recorded some $1.06 billion in transactions in a single day, with the country’s property market continuing an already impressive post-pandemic recovery. Dubai Land Department reported that some 563 sales were closed that day, with 96 mortgage transactions. Villas led the rally, with 488 units sold in total, as well as a further 75 plots of land. Meanwhile, mortgages included 83 apartments and villas, along with 13 land plots, according to Dubai Land Department data.
With gleaming properties, zero tax, and top-notch builder involvement, not to mention an unparalleled lifestyle, Dubai’s real estate market is booming. The cosmopolitan city has piqued the attention of market savvy investors both in and outside of the country, presenting scope to enjoy some impressive benefits and potentially astronomical yields.
Against the backdrop of impressive performance throughout 2022, Dubai’s property sales were tipped to surpass $82 billion in total by the close of 2023, thanks to a surge of high-net-worth individuals investing in the country’s real estate market between 2012 to 2022. Recent data suggests that Dubai has comfortably established itself as the preferred location for the ultra-wealthy to settle down, predominantly due to the high standard of living the city is so famous for, along with its convenient geographic location and competent handling of the pandemic.
In addition, investors from all over the world are being lured to Dubai by its favorable tax policies, with experts forecasting that the emirate’s real estate market will grow by an impressive 46% in 2023.
Turmoil oversees combined with an uptick in interest from Chinese investors has triggered an influx of foreign investment in Dubai. This in turn has culminated in an uptick in growth in the country’s luxury property segment, with overseas interest in prime real estate in the capital city spurring growth throughout major districts like The Palm Jumeirah and Downtown Dubai. Here, increased demand for luxury residencies triggered a 7.9% increase in high-end property values in 2023, representing the highest residential property price increase seen anywhere in the world that year.
April 2023 saw a 16% increase in total property transactions compared with the same period the year before, placing the emirate on an impressive upward trajectory, with the off-plan market also driving increases in real estate prices.
