A Strong End To 2022 Is On Track With The Dubai Property Market Growing Further In Q4
The fourth quarter of the year is expected to be another record-setting quarter for Dubai real estate, after a strong third quarter.
The third quarter sales volumes were nearly 14 percent higher than the second quarter, as 25,496 transactions were recorded in Q3 compared to 22,423 in Q2. As for the value of transactions in Q3, they increased nearly 18 percent from AED58.99 billion in Q2 to AED69.49 billion, a substantial increase. The fourth quarter is expected to follow the same growth pattern as HNWIs and foreign investors gain more interest in the Dubai property market.
The Dubai property market’s strong demand has driven the momentum in real estate growth for the past three to four quarters. It’s safe to assume Dubai real estate will continue to perform well throughout the fourth quarter since Q1-Q3 2022 was very strong. Price increases are expected to continue, making this an excellent investment opportunity.
Changing Demand
The Dubai property market continues to grow, but demand among buyers has changed. While ready properties in Dubai received a greater number of transactions, the growth rate fell from 19.2 percent and 12.6% in Q1 and Q2, respectively.
According to Houzon property consultants, buyers are more inclined to purchase off-plan properties in Dubai, where they saw a growth of nearly 31 percent compared to the previous quarter. Consequently, sales transactions for off-plan properties are expected to dominate the fourth quarter, indicating changing trends in the property market UAE.
A Stance At Q4
The Dubai real estate market broke a 9-year record in September 2022 with 8,649 transactions worth Dh24.42 billion. The Houzon real estate experts believe that despite global challenges, there was a 13.34 percent increase month-on-month.
There is an encouraging outlook for Q4, showing that the Dubai property market will end this year on a strong note. We expect an increase in foreign investment, which will lead to more sales.
Major Factors Of Contribution
Investor-friendly policies continue to make Dubai a top choice for foreign investors. Dubai’s reformed visa policies and relaxed rules have also contributed to the tremendous growth of Dubai’s real estate.
It is a combination of many factors that has led to Dubai real estate’s towering success. The government deserves credit for always protecting foreign investors’ and home buyers’ interests. It is our expectation that the Dubai property market will attract more investors and ex-pats in the future.
Good Time To Invest In Dubai Real Estate
There are ups and downs in the real estate market of Dubai, just like any other industry. Property can be bought and sold at any time. Buying a property in Dubai is the best option when the market is slow, prices are reasonable, and developers are offering exceptional services.
The Future Of Dubai Real Estate
As part of Dubai’s master plan to develop the emirate until 2040, authorities recently unveiled a large-scale blueprint. Upon completion of this ambitious project, the metropolis will become one of the best places to live in the world in the next 20 years.