Dubai’s ultra-luxury and residential markets have continued to rise even in 2022, with demand from international consumers resulting in high competition and many record-breaking sales.
Dubai’s Driven Properties is leading in the luxury as well as the ultra-luxury market. CEO and Founder of Driven Properties Abdullah Alajaji lately sat down to discuss the market dynamic of 2022 and what is driving the real estate growth in Dubai.
CEO said, “This upward trend in Dubai’s property rental and sales prices can be accredited to the emirate’s efficient policies, a robust comeback from the pandemic, and visa reforms that contribute to Dubai’s popularity as a long-term residence. We saw strong demand for big villas and townhouses, which continues the trend in post-pandemic purchases. Branded residences continue to be famous with both locals as well as ex-pats.”
The luxurious segment was surpassing all others, and the cost still continues to rise upwards. This is particularly the case in the ultra-luxury part, where the lack of supply resulted in the prices to double in certain areas. Recently, Driven Properties fully sold out one of the most luxurious projects in Dubai-Dea Mirror, where the average cost per villa was over USD 20 million. Mid-range villas are always famous and sought after.
This cost is not rising at the same pace as in the luxury segment, and the rise has been slower but steady. The affordable end of the market is the segment with the slightest changes in prices during the last six months.
Abdullah Alajaji also stated that they are getting buyers and sellers from all around the world. According to him, the most active groups at the moment are buyers from Europe, primarily France, Switzerland, and Germany, with a strong presence of CIS nationals. Saudis and locals are always an essential part of this equation. There is an identical mix on the seller’s side.