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Why Is Dubai Property Market Booming in 2021?

So, it’s another record month for Allsopp and Allsopp this February and I’ve learned it’s a record month for some of the major developers in Dubai too. Let me just put that into context – a record month for major developers who have been around for 20+ years. Yes, better than the 2004/5 boom – let that sink in! That is a lot of transactions and due to the pandemic, most of the buyers are residents here in the UAE – that says a lot for this market and the current intent to buy! The great news is, record breaking weeks and months are being had by other agencies and developers which is a fantastic

Who is buying?
“So who are the buyers?” It is a question I get asked a lot and one I take much satisfaction out of answering – the buyer profile is made up mostly of local-based end-users. This is exciting as we are in the midst of a pandemic. The Dubai property market has proved any doubters wrong. Dubai has created its own ecosystem which doesn’t rely on international buyers – It welcomes them, but has survived, thrived and broken transactional records based on local based buyers trading their old homes for new homes based on their personal situations. Residents are making investments with a long-term belief in Dubai. What is even more encouraging is that residents are also putting their trust in Dubai as a buy to let investor, investing in second properties.

The Dubai property market continues to mature

The Dubai property market has proved it can stand on its own two feet with the 3,400,000 people who live in the city. These people have turned Dubai into their home and in doing so, have created an organic and natural cycle of the property market as seen in other long-standing mature property market’s around the world. Families are moving based on their life decisions whether that is creating a family, downsizing due to financial restraints, upsizing because of financial gains or simply having a desire to move out of the hustle and bustle in exchange for a villa community.

A seller’s market
The reality of the situation is that most tenants and buyers don’t want to believe the data or news as they see it as a marketing ploy from real estate brokerages when they are told that the market is moving fast and unless the act quickly or increase their offer, they will lose out on a property and another may not come along at the same price or at all.

#DubaiProperty #DubaiRealEstate #BuyingHouseInDubai