Dubai Real Estate: The UAE is considering foreign ownership of real estate

UAE

Market analysts said attractive Dubai Real Estate prices are increasingly attracting large numbers of foreign investors, who want to acquire well-priced properties quickly even without actually seeing the property and moving forward with overseas sales via remote transport.

Leading property agents Allsopp & Allsopp said they have customers buying real estate almost abroad without even seeing the real estate or signing contracts personally.

And they said, “With the prices of fields in Dubai being compared positively, the search for a noticeable value,” and this is what imposes restrictions on you to impose restrictions on it.

This trend toward real estate may be one of the reasons why Dubai recorded an increase in real estate transactions in August despite the epidemic’s limitations.

According to Data Finder, Property Finder Group’s statistics and real estate data platform, August 2020 saw an 11.3 percent rise in real estate transactions compared to August 2019. August’s performance was 2.2 percent better than July this year. “In previous years, the summer months were usually slower in real estate transactions in Dubai due to the summer holidays.

This year, due to the COVID-19 case, many residents chose not to travel. Lenny Abad, research and data manager, said that this, along with pent-up demand and gravity, led to higher prices in transactions. “If we look only at secondary market transactions, August 2020 saw a 22.4 percent increase in transactions compared to August 2019, which coincides with what we saw in our research and demand data during the crisis,” said Abad. The best total sales areas in Dubai during August 2020 were Town Square, the Jumeirah Circle, Dubai Marina, the International City, and Bay Mall. If transactions are considered on the map only, the first areas are the village of Jumeirah Circular, the Commercial Bay, Jumeirah Bay, the Argan, and the World City.

For secondary real estate, Dubai’s top secondary sales areas were Town Square, Dubai Marina, Dubai Land, Downtown Dubai, and Dubai Sports City.

Louis Sup, CEO of Allsopp & Allsopp, said that in the digital world things will only evolve further in the real estate industry.

“Since our clients are more receptive to the obligation to buy and rent homes effectively, there is a completely new way to open the door to how the market works. Another trend is that clients are using hypothetical offers to narrow their search for properties before they go to physically view the properties, which saves them a lot of time. And effort. 

” A new trend is to shift demand from smaller units to larger units. Since the beginning of the epidemic, the sales of one-bedroom units have decreased by more than 10 percent, and studios have decreased by more than 34 percent.

The transaction rate for three, four, and five bedrooms increased by nine percent, 20 percent, and 15 percent respectively.” “Since the beginning of the crisis, we have witnessed a significant increase in demand for large units and the number of bedrooms, and the sales deals that we are witnessing today confirm the validity of this data,” he added. Abad said.