TELL US ABOUT THE CURRENT TRENDS IN THE REAL ESTATE MARKET FOR BOTH OFF-PLAN AND SECONDARY PROPERTIES, PARTICULARLY WITH FOREIGN BUYERS, RECESSION, UKRAINE CRISIS AND OTHER FACTORS.
Dubai property developers just experienced one of the greatest quarters in history. The overall number of transactions from January to March 2022 had a value of over $15.3bn, making it the biggest first quarter to date.
The vast majority of these transactions were sales of apartments from top property developers in Dubai. Sales of new off-plan developments increased by around 95 per cent, and sales of properties on the secondary market increased by around 75 per cent. Moreover, we are observing a significant demand for large villas and townhouses seen over the past year.