A report by Standard & Poor's, the global credit rating agency, indicated that the real estate market in Dubai returned to life last year, after the city became a haven for the wealthy fleeing from Lockdowns, and others attracted by the ease of access to vaccinations, as well as Dubai provided additional temptations.
The report stated that the real estate market in Dubai will this year consolidate the gains of the recovery that began in 2021, according to the Emirati newspaper Al Bayan.
The market is set for a moderate increase in real estate prices and rents and an increase in sales this year, analyst Tatiana Liskova wrote in the report published by BloombergQuint. and expectations that Dubai will attract attention as a safe haven.
The report noted that developers of residential and commercial real estate in Dubai are expected to record improved revenues and profits during 2022, and that pressure on profitability will ease and credit rating measures for companies will improve. The support comes from Dubai's economy, which is expected to expand by 2.5% in 2022.
In the long term, Standard & Poor's argued that the market should also benefit from increased population and government initiatives, including new visa rules and social laws. More liberal, switching to a Monday-Friday work week, except for loosening corporate ownership rules.
Knight Frank, a real estate consultancy, reported earlier this month that the luxury home market in Dubai will continue to grow after an astonishing turnaround in 2021. Prime prices in Dubai accelerated by 44% last year, leading the Middle East business hub to top the list of Knight Frank's Prime International Residential 100 index of luxury homes.
