Media ININ Economy We Trust
The “Economic Indian Times” confirmed that the thriving real estate market in Dubai offers a variety of real estate, which attracts Indians, who are increasingly investing in Dubai, as Indian investors are increasingly buying and investing in real estate in Dubai.
The site mentioned in a report that Indians have always been among the top 3 nationalities to buy real estate in Dubai, since 2004, and between 2015 and 2021 only, as Indian investors bought real estate worth 83.62 billion dirhams in Dubai.
The site said: «Apart from residential real estate, Dubai is also home to important commercial real estate projects, including office space, retail stores and hospitality properties.
The site stressed that real estate investments are one of the crucial drivers of the UAE economy, as the sector contributes approximately 5.5% of the gross domestic product. Given that Dubai is witnessing a strong recovery after the spread of the Corona virus.
Market boom
The site indicated that Dubai witnessed a rapid economic recovery after the “Covid 19” pandemic, largely driven by the boom in the real estate market, increased tourism, and foreign capital inflows, in conjunction with the development of a 10-year economic plan aimed at doubling the size of the economy and making Dubai one of the The four largest global financial centers within a decade.
He continued: «The real estate market was a strong player in the economic recovery in Dubai, as average real estate prices increased by 12.8% in the first quarter of 2023, and villa prices increased by about 15%, as Dubai ranked fourth among the most crowded super real estate markets in the world last year. , with sales of 219 homes, valued at more than $10 million.
The site said, “The real estate market in Dubai is expected to grow to more than 300 billion dirhams by the end of 2023.” The site cited statements by “Unique Real Estate”, a real estate agency in Dubai, that it is monitoring a strong boom in this sector for the second half of 2023.
The data indicates that both the residential and commercial markets grew by large profit margins in 2023, compared to 2022, as the residential market recorded sales amounting to 93 billion dirhams in the first half of 2023, an increase of 46.7% over 2022, while the commercial sector witnessed a jump by 30% from 2022, to reach 2.86 billion dirhams in sales.
The site attributed this remarkable growth in the real estate market to a large extent to government initiatives that attract foreign investments and the strong recovery from the Corona pandemic.
Real estate and technology
And the site continued: «The real estate sector in Dubai realizes the importance of embracing innovation, which leads to the emergence of special technology or real estate technology, which aims to simplify the processes related to real estate deals, and contribute to the continuous growth of the market, which is what property technology companies (Prop-tech) seek, as well. To increase the convenience of searching and buying real estate, and ultimately enhance market access, by providing more accurate data about the market.”
The site cited data from the Dubai Land Department, which confirms that Indian investors have been the influential force in the real estate market in Dubai over the past decade, and during 2022 Indians emerged as the best homebuyers in Dubai, with purchases worth 35,000 crores, according to recent reports.
And the site added: “Indians have spent nearly twice as much money buying residential properties in the city over the past two years, and this trend is largely driven by businessmen and active investors, as high rental yields are one of the main factors that attract Indian investors to Dubai.” .
The site concluded, “Dubai enjoys a strategic location between Asia, Europe and Africa, which makes it an ideal center for international trade and commerce, which represents a great boost for Indian investors and business owners looking to expand their operations in new markets.”
