Dubai real estate remains a rare bright spot amid global economic doom

Real Estate Blog

In the third quarter of 2022, Dubai’s real estate market witnessed the highest performance for a quarter in 12 years.

According to Mohamad Kaswani, managing director of Mortgage Finder, Dubai's real estate market will continue to draw investors from all over the world due to a mix of high oil prices, the UAE government's progressive policies, and spillover effects of mega projects in the wider GCC region.
As uncertainty looms over the larger global economy, Dubai continues to be one of the few shining spots for property investors. High oil prices have historically been associated with an uptick in sentiment. Additionally, the city's ongoing investments in an innovative ecosystem continue to boost job growth and draw new residents, according to Kaswani, who was speaking on the sidelines of Cityscape Global, the yearly real estate expo that opened in Dubai on Monday.
The third quarter of 2022 saw Dubai's real estate market perform better than it had in any quarter in the previous 12 years. According to the most recent data released Monday, registered sales increased dramatically by 61.69 percent year over year to 25,456 transactions from 15,744 in Q3 2021.
"As a result of Q3 2022's exceptional success, the real estate industry crossed the market high in 2013 and attained unprecedented heights. The market has already increased by 13% year to date, and there is still room for growth in the fourth quarter to set a record for the best annual performance in nearly a decade, according to the research.
Both main and secondary features contribute to growth. Cash transactions, as opposed to mortgage transactions, are where most of the growth occurs, according to Kaswani.
Off-the-plan property sales saw an increase of 11,735 sales transactions in Q3 thanks to the new visa policies, which also include the expansion of the golden visa program and the introduction of the Green and Freelancer visas. According to the report, "the market saw a 74 percent year-over-year increase and a 30 percent increase compared to Q2 2022," which is regarded as the off-plan market's best performance in over a decade.