Arabian Business, Sunday, Feb 06, 2022 | Rajab 5, 1443
Average Dubai property prices predicted to rise by 5-10% in 2022
Emirates:
Average Dubai property prices will increase by 5-10
percent during 2022 as the market maintains momentum after a record-breaking
year, according to a leading broker.
Haus & Haus said 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.
“There’s a lot to play for this year as we recover from the pandemic, and we can
see Dubai is ripe with opportunity for tenants, buyers, and investors alike,”
said James Perry, managing director, Haus & Haus.
“We predict upwards momentum, with a 5-10 percent 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.”
According to Haus & Haus, the average age of those acquiring super luxurious
properties in Dubai will drop significantly this year due to an influx of
tech/crypto investors.
He added that 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 Dubai Land Department fees for buyers.
Beachfront apartments will feature heavily on the radar of those moving, due to
impending availability of handover on projects such as Emaar Beachfront and Port
De La Mer, said Perry.
“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.”
Haus & Haus also predicted that demand for larger homes will continue in a nod
to home schooling and remote working.
“People will also be prepared to pay large premiums for quality, whether direct
from the developer or heavily upgraded homes,” he said.
Perry added: “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-19 restrictions
elsewhere.”
Founded in 2013, Haus & Haus operates from offices in Gold & Diamond Park and
Arabian Ranches and currently employs around 140 brokers.