Super rich to Dubai; More residences will rise

Super rich to Dubai; More residences will rise
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Dubai – The Golden Visa and other pro investment measures will bring more professionals and investors to the UAE, which will lead to a rise in residential property demand. Dubai will see the construction of 38,000 additional residential units this year.

This year, more than 4000 billionaires will be moving to Dubai. This will bring benefits to the Dubai real estate industry. Zoom Property Insights reported that Mohammed bin Rashid City saw the most residential units sold. The most popular areas for residential property sales are Dubai Land, Downtown and Dubai Creek Harbor.

Dubai Residences

6700 homes were built in Dubai during the first quarter. Now, 31000 additional residences will be built. May saw 5440 transactions. The average annual growth is 33%. MBR City also had the highest number sold residential units in the first quarter. Additional sales were also made at Dubai Land, International City, and JVC. Despite the global economic slowdown, property and residences in Dubai continue to sell at an unprecedented rate.

The average price of a property has increased by 11%, with the prices for apartments and villas rising by 9.5% and 19.8%, respectively. MBR City was responsible for 22%. It is 16% and 15% in Dubai Land and International City, respectively. The announcement of the golden visa and other pro-industry actions came amid concerns that there would not be enough demand for such accommodation.

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