After wrapping up our analysis of the Dubai real estate market for 2021, it’s time to look ahead and find out how things are expected to unfold in 2022. Richard Waind, the Group Managing Director of Betterhomes, renowned for his in-depth understanding of the industry, shares his 2022 real estate market forecast for Dubai with us.
Here’s a look at the Dubai real estate market overview for 2022 and some helpful advice for potential buyers and tenants, straight from one of Dubai’s leading real estate agencies.
The Demand For Property in Dubai in 2022
Given the phenomenal year his real estate agency had in 2021, Richard affirmed that property prices in Dubai had risen by 20% to 30% post-pandemic last year, with more people seeking greater “value” in real estate.
He also opined that one of the factors that led to the increased demand for property in the UAE was the Expo 2020. Richard agreed that while Expo worked wonders by bringing in new residents and investors to the city, this demand for property is here to stay long after the Expo ends.
Advice For Potential Buyers And Renters
The Managing Director of Betterhomes also shared his insights for those looking at buying real estate in Dubai. According to him, the last 18 months have seen a steady rise in prices and it could go even higher in future for Dubai real estate in 2022. So there’s no time like now to invest in Dubai property.
For investors interested in higher returns on property, Richard recommended looking at smaller apartments or off-plan properties that have greater growth potential in the coming years.
To tenants in Dubai, Richard suggested looking for their future homes earlier rather than later, as the market is quite competitive. Planning ahead before your moving date and talking to brokers is key, he said.
Dubai Real Estate Forecast For 2022
Richard brought up the fact that 2021 was a great year for real estate in Dubai and believes that 2022 would follow this momentum, with a large number of people looking for real estate in the city.
He expressed his insights on the thriving off-plan market in Dubai that garnered a lot of interest in 2021. According to Richard, 2022 might be the year of launches, with multiple exciting announcements in the works this year, which could propel demand even further for off-plan properties.
He also mentioned the holiday home market, which he said is split between ‘long term flexible rentals’ and ‘pure holiday homes’. There is a lot of potential for this sector, he said.
About Richard Waind
Richard Waind is the Group Managing Director of Betterhomes. He began his career in real estate in 2004 at a top real estate agency in the UK, building his expertise in real estate sales, leasing, management and financial services.
He kicked off his journey at Betterhomes in 2017 as the Director of Brokerage, managing the sales and leasing of residential and commercial properties. In 2019, he was promoted the role of Managing Director and has received great recognition for his astute leadership at Betterhomes.
Betterhomes is one of Dubai’s oldest and leading real estate brokerages. Since its inception in 1986 as a one-woman team, the agency has grown into a flourishing group of professionals that aim to offer the premium brokerage service to property seekers.
Stay tuned to MyBayut for more real estate market forecasts from Dubai and other emirates in the UAE!