Dubai Real Estate Market On The Rise Post Expo 2022 | Cryptocurrencies for Property Transactions | New Golden Visa Rules
Dubai Real Estate market witnessed record-breaking transactions in April 2022. From the highest per square feet sale in the Dubai Property Market to the most expensive property sold in Dubai, here’s how the market is keeping up post the new Golden Visa rules and Expo 2020.
Following the conclusion of the recently new categories that have been added to the Golden Visa and the Expo 2020, the Dubai Real Estate market observed 6,995 total real estate sale transactions worth AED 18.28 billion in April 2022, recording the highest ever since 2009 for April, and a jump from AED 10.99 billion in April 2021.
Secondary market transactions or the ready property transactions, which were 60% of the total, accounted for 4,225 transactions worth AED 12.94 billion, and the off-plan transactions, which were 40% of the remaining total, accounted for 2,770 transactions worth AED 5.36 billion.
In April 2021, the ready property transactions were worth only AED 7.90 billion, while the off-plan property transactions were worth just AED 3.09 billion.
April 2022 also accounted for 45.48% more transactions in comparison to April 2021, which resulted in a hike of 66.62% in value. In terms of ready property transactions, the real estate market reflected a 46.2% increase in comparison to April 2021, which resulted in a hike of 63.86% in value. The off-plan properties also accounted for a 44% increase resulting in a hike of 73.68% in value.
In terms of volume, the areas where people bought the highest value properties in Dubai were Palm Jumeirah, Downtown Dubai, Dubai Marina, Business Bay, and Dubai Creek Harbour respectively.
Dubai set some new records in terms of the most expensive property sold in Dubai worth AED 280 million, which is a mega-mansion in Palm Jumeirah, the community where you can find the most luxurious properties in Dubai. Another record was set in terms of price sq. ft. in Bvlgari Resorts and Residences, another project with ultraluxury properties in Dubai, with a transaction value of AED 12,624 per sq. ft.
Some of the new policies that have been growing the overall appeal of the Dubai Real Estate Market include the recently added categories to the Golden Visa rules.
The 10-Year Investor Visa or Golden Visa was only available to foreign nationals if they had properties worth AED 10 million in Dubai priorly. The government recently reduced that purchase limit to only AED 2 million in both off-plan and ready property. Thus, making Dubai one of the most preferred property locations in terms of long-term investment assets.
Another great bulletin that has been or will be encouraging investors is that Dubai Real Estate investors have started accepting cryptocurrencies. Two of the most renowned and biggest Real Estate developers, DAMAC Properties and Nakheel Group, have begun accepting cryptocurrencies for property transactions in Dubai. Now you will be able to buy properties in Dubai from these 2 developments in cryptocurrencies as well. Nakheel has even started accepting cryptos for the transactions of their available properties for rent in Dubai, the rent collection from the tenants and the service charges as well.
Overall, the Dubai Real Estate market has witnessed an upward shift and is moving in a positive direction. The market performance tremendously encourages investors to buy properties in Dubai for investment because of the high level of returns being offered to them on a global scale.
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