Dubai’s secondary real estate market soars in Q1

by Editor

The top-10 list of Dubai real estate investors includes investors from the United Kingdom, Italy, and France.

In the first quarter, most of the top 10 foreign investors in Dubai were from the UK, Italy, and France. This was because the secondary market was the most important part of Dubai’s real estate sector.

The rising real estate market in the emirate had its best quarter since 2010 with a total of 20,539 sales worth Dh55.5 billion. During the quarter, Indian and Pakistani investors made considerable investments in Dubai real estate, which also saw a major increase in Canadian investors and buyers. The other three nations in the top ten list were Russian, Lebanese, and Chinese investors.

Official numbers show that the secondary market was the most important part of the real estate market, making up about 58 percent of all sales. The primary market made up the other 42 percent of sales.

According to the most recent figures, the Dubai real estate market had its second-highest ever April in terms of transactions. The secondary market accounted for 60% of the transactions, while the off-plan market accounted for 40%. Following a record-breaking March, this represents a 46% increase in volume and a 67% increase in value year on year. Expect the upward trend to continue.

According to data from the Dubai Land Department’s open data platform, there were 7,009 sales transactions worth Dh18.3 billion in April. It was also the second-highest April in terms of sales volume and value, behind only April 2009. Arabian Ranches-3 for off-plan and Dubai Hills Estate for the secondary market were among the top regions for villa and townhouse sales in April.

Due to visa liberalization and economic stability, the market is likely to continue its upward trajectory, with more foreign investors flowing into the market. According to Zoom Property Insights, the shifting landscape of Dubai’s labor laws and the abundance of entrepreneurship options are also drawing a large number of investors.

During the first quarter, European investors continued to dominate the market, with the United Kingdom, Italy, and France topping the list of top nations investing in Dubai. In comparison to Q1 2021, Canadian buyers jumped by 116% in Q1 2022. Zoom Property Insights says that investors from India and Pakistan, which were ranked second and eighth, respectively, also helped the market perform so well.

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