There is a “true rebound” in the UAE’s property market, driven by government initiatives with the market momentum expected to sustain for the next 12 to 18 months as more people buy homes, according to industry experts.
“There is a lot being done in Dubai and in the UAE to ensure longevity of residency and that’s very important for us as developers and that’s really underpinning the real estate recovery that we’ve seen,” Alexander Davies, the chief commercial officer of the Dubai Holding Real Estate told the Cityscape Global Summit on Sunday.
“This is a true rebound and there are very good fundamentals underlying it.”
Over the past year, the UAE government has introduced a number of measures to support the economy, including visas for retirees and professionals working remotely and the expansion of the 10-year golden visa initiative.
The UAE government also overhauled its commercial companies’ law and annulled the requirement for onshore companies to have an Emirati shareholder to attract foreign capital.
Property markets in Abu Dhabi and Dubai have rebounded strongly, as pent-up demand and supportive stimulus measures offered by the government boosted economic activity.
Dubai recorded 37,537 sales transactions worth Dh88.12 billion ($23.99bn) in the eight months of this year, up 22.61 per cent compared with the whole of last year, according to the listings portal Property Finder.