As we look ahead to a year of recovery and growth post Covid-19, haus & haus – Dubai Agency of the Year 2020 – offers its expert insider predictions on the market.
“There’s a lot to play for this year as we recover from the pandemic, and at haus & haus we can see Dubai is ripe with opportunity for tenants, buyers, and investors alike,” comments James Perry, Managing Director, haus & haus.
“So, to help people make smart property decisions, we’ve identified the market trends that we believe will move the market.”
Overall market view for 2022
We predict upwards momentum, with a 5-10% increase in sales prices anticipated through 2022.
We also see the short-term rentals market strengthening due to high occupancy rates, increased yields, and flexibility for tenants – especially for those new to Dubai.
Overseas investors will continue to penetrate the market, for both investment properties due to healthy yields and tax benefits – as well as for second or third homes with a longevity view of Dubai.
Off-plan launches will continue to drive the market with developers vying for their share by offering attractive payment plans or other incentives such as waived DLD fees for buyers.
Beachfront apartments will feature heavily on the radar of those moving, due to the impending availability of handover on projects such as Emaar Beachfront and Port De La Mer.
We will see continued buoyancy for residential sales/leasing. The short-term market may well see a readjustment of daily rates as these have risen sharply during the Expo period.
We also predict the retention of many temporary Expo staff enticed by the sun, sea, sand, security, and feasibility of an easy relocation to Dubai full-time.
Hot rental trends
As we continue to ease past Covid, we’ll also see demand for larger homes in a nod to homeschooling and remote working.
People will also be prepared to pay large premiums for quality, whether direct from the developer or heavily upgraded homes.
Habitual renters will look to purchase due to the steep hike of rental rates in the past year, some fantastic mortgage terms currently, and the ‘livability’ of Dubai made prevalent due to the Covid restrictions elsewhere.
And… the surprise factor
The average age of those acquiring super luxurious properties will drop significantly this year due to an influx of tech/crypto buyers.