Why 2021 is the Best Time to Buy Property in Dubai?

The year 2020 came with its own trials and tribulations with Coronavirus being the biggest calamity of all. Last year saw drastic changes and a steeping downfall in all the socio-economic sectors on a global scale but 2021 has been promising in the sense of regained growth and uplift among all the sectors. Therefore, 2021 has been a golden year for Dubai’s real estate also and analysts term this year as the best time to buy property in Dubai.

There are a few strong reasons for that which will be described in detail as follows:

Reasons Why 2021 is the Best Time to Buy Property in Dubai?

Sellers’ market

The recent scenario of Dubai’s real estate market showcases the growth and a dynamic transition to the seller’s market largely because of the exceeding of buyer inquiries than the existing and new supply. Property Pundits state that this ratio has been disturbed by the buyer inquiries outnumbering the new supply despite the pandemic-enforced slowdown. The research analysts state that the buyers are investing in Dubai’s properties because they do not want to miss out on any golden opportunity in this regard.

Cost-effective than renting

Buying your new property in Dubai is far more beneficial than renting a property in Dubai. Mario Volpi, sales and leasing manager at Engel & Völkers Dubai, states in this regard, “Assuming one stays in Dubai for a longer period, typically seven years or more, it is definitely cheaper to buy than rent, even taking into consideration all the fees and costs involved. If one is staying for a shorter period than renting is still a better option. My advice to buyers is to get onto the property ladder now while prices are still good value.”

Higher returns

2021 is the best time to buy a new property in Dubai because it comes with a guarantee of returns. The months of January and February saw property giants Emaar and DAMAC launching new projects that boosted their sales. Furthermore, the villas for sale in Dubai also saw a smashing uplift along with the reveal of Dubai’s Urban Master plan for 2040 which is assumed to boost the region’s real estate on an altogether different level. Therefore, analysts advise the buyers and investors to start their next property venture in Dubai today.

New Visa Rules

Analysts state that the new Emirati Visa Legislation is also another reason which makes 2021 the best time to buy property in Dubai. Allowing talented individuals to come and dwell in the city along with enabling them to own a property in Dubai is what has given the rise in demand for luxury properties in specific. Dubai is set to become a cosmopolitan hub and that too, a world-class cosmopolitan hub. So, living and growing there is not an opportunity to miss.

The analysts also put light on the services of leading real estate agencies, property management companies. And others alike that aid at large when buying a property for sale in Dubai.

Demand for Dubai’s Luxury Properties will continue to be high in 2021

According to London’s famous residential and property consultancy, Knight Frank, ass surprising analysis revealed that nearly one-third of Middle-East-Based-ultra-high-net-individuals plan to buy a new luxury home in Dubai in 2021.

These Middle east-based-ultra-high-net-individuals are estimated to have a worth of more than $30 million.

Previously in the Gulf region, the property domain saw a slight bend in its prices due to weaker economic conditions. This includes Doha of 6 %, Dubai of 5.9%, and Riyadh of 3.3%. Abu Dhabi kept flourishing by maintaining stability in its property prices and trends.

Head of Research at Knight Frank, Middle East said, “Despite prime prices softening in almost. All key markets, demand for prime residential property has remained robust throughout 2021. There are also early indications that we are seeing these markets beginning to enter new market circles. “He elaborated this by saying, “For example, while Dubai’s prime residential market saw a decrease of 5.9% in November 202. We are beginning to see the signs of recovery in price performance in some prime submarkets.”

He said that this analysis was correct when the world saw an increase of 5.1% and 9.4% in apartments’ and villas’ prices respectively, at Palm Jumeirah in December. Similarly, the villa prices in District One also saw an increase of 3.5%.

“Other Prime markets like Downtown Dubai and Emirates Hills are also showing signs of improvement in prices. More so, in contrast to the mainstream markets, prime transaction volumes increased by 7.9% in 2020 compared to 2019.”

Liam Bailey, Head of global research at Knight Frank said, “The wealth report confirms a clear rise in demand for residential property.  He also added, “The pandemic is supercharging demands for locations that offer a surfeit of wellness- think mountains and lakes. This demand will help fuel up the price to 7% for our key markets this year.”

Knight Frank is home to authentic global real estate research and the index which tracks luxury residential property prices of over 100 cities confirms that three cities from Asia will occupy the next three places of “High Price Range Throne”. These cities are Shenzhen with a 13% rise in property price, Seoul by a 12% raise, and Manila by 10%.

According to Knight Frank’s wealth report 2021, 26% of UHNWI’s globally are planning to buy a new home. In 2021 and this will show an increase of 20 % from the last year’s report. In accordance with the report, the focus of transactional activity from June onwards will be on coastal and alpine resorts. And that is evident when second homes like Tuscany and Provence saw an increase in the activity and their growth. As per the report, Bailey concluded that Dubai’s luxury properties will see a high demand because people are keen on investing in something which gives them a break from the monotonous routines of their lives.

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