- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:30 06:44 12:35 15:51 18:21 19:35
Unique Properties, one of Dubai’s leading real estate agencies, cites that Dubai real estate market transactions rose by 61% since 2021, exceeding AED 240 billion through 2022. The multi-award-winning real estate company attributes this growth to a maturing market where people are looking to stay in the emirate for longer durations, and an ongoing post-lockdown trend where demand for villas and townhouses is skyrocketing.
While this increased demand for new real estate developments is offering investors a wider range of options, it is projected to outperform supply in the coming year; this follows a trend where many of the projects that have been launched post-pandemic are not expected to be handed over until 2024 and beyond. The Dubai Land Department (DLD) recently announced a new strategic plan that will bolster the sector’s momentum through 2026 and align with the national agenda to build a better economy.
The DLD’s new strategy, which was approved by HH Sheikh Mohammed bin Rashid Al Maktoum and is currently being finalized, will aid the UAE in becoming a world leader in real estate investments; quick-gain initiatives will be launched to ensure that the DLD adapts to the proposed changes, necessary support will be provided to implement a smooth transformation, and sustainable impact will be achieved via an expanded scope of influence that reaches a global real estate system.
Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ, said: “The DLD’s soon-to-be-activated strategy will breathe new life into the real estate community by providing seamless real estate services, effective legislation and integrated data through partnerships, leading digital infrastructure, and empowered human capital. In 2022, countless record-breaking property transactions took place to strengthen the post-COVID resurgence of UAE real estate. The DLD’s new strategy will help sustain this progress via a modernized approach to help attract further real estate investments over the coming years.”
In 2021, the UAE accounted for 10.2% of the financial wealth of the Middle East and Africa (MEA); the country is forecasted to own $1 trillion of the MEA’s financial wealth by 2026. The DLD’s commitment to leveraging the power of technology will contribute to the country’s economic growth by easing the investment process, especially in the prime residential sector where transaction amounts are significantly larger. Unique Properties’ extensive market knowledge is steering several transactions across Dubai’s residential off-plan segment; the full-service award-winning agency facilitates resale property, sales and commercial, and rental transactions with international expert teams.
Follow Emirates 24|7 on Google News.