Any business in this world keeps changing with time, and trends are constantly updated. People need to go along with these trends to survive and thrive in their businesses. So is the real estate market in Dubai, where marketing and growth trends are updated regularly. After the much-talked-about pandemic that affected several enterprises in the last two years, almost all industries have bounced back, especially the real estate in Dubai. The sales have skyrocketed in 2021, and with the current trends, they will further grow through 2022.
INCREASING DEMAND FOR OFF-PLAN
Till the last two years, fully completed studio flats, apartments and villas would attract anybody in Qatar and be on top of the list of properties for sale in Dubai. People have always had wavering choices, and the condition with them is the same even now. The demand for off-plan homes is performing exceptionally well and is getting sold in a flash. Since the end of 2021, this trend has picked up the pace and continued growing in 2022.
VIRTUAL TOURS
People have adjusted themselves to the changing trends after the pandemic hit the entire world in 2019. When properties were lying unsold several estate agents came up with the idea of virtual home tours, which became popular at a global level. The once dull real estate market became very active and occupied in 2020, showing the most number of sales ever done in the past years. Virtual tours stuck with people and were reasonable for overseas investors physically away from properties.
INVESTOR FOOTPRINT RISE
Dubai's property market in 2021 got heavy participation from expats and local residents who purchased properties and moved into the environs that followed. Not many investors contributed to this sales number in the last year. Compared to other countries, the property supply is surprisingly higher in Dubai, which is attracting overseas investors to this neighbourhood. Several property agents in Dubai are being approached daily to close deals before the next price surge in the country.
PROPOSALS IN LIMITED NUMBERS
The demand and supply of properties in Dubai grew incredibly in 2021, and these continued sales increased the property prices rapidly. The number of property sales is 78% higher every year, which is a massive feat for any state to accomplish, despite the hindrances. However, the sales would slightly decline without disturbing the overall prices. Even with a limited number of property proposals, the end target will remain higher than the previous year and be profitable.
INTEREST RATE HIKE
The primary source of money for anybody involved in the property buying businesses is by applying for a mortgage loan. It concerns paying back through monthly interest till the entire amount is paid off. Seeing this phenomenon getting expanded every day with many people purchasing homes and applying for a mortgage loan, money lenders and banks have decided to become profitable through this mode. Therefore, a significant hike in interest rates is predicted in 2022, which might affect the property business in several ways.
