Real estate in Dubai has risen in price by 17% over the year, according to Forbes.
People from all over the world, including Russians, are buying property in Dubai, pushing up demand and prices to near-record levels. They are attracted by the absence of taxes, open borders, the rejection of lockdowns and numerous visa programs. As a result, sales volume and price growth set records – and will continue to set them in 2022
For the Dubai real estate market, 2021 was a record year. According to the Dubai Land Department (DLD), there were 84,772 property sales last year, totaling about $82 billion. The number of transactions increased compared to 2020 by 60%, in monetary terms - by 71%.
According to the consulting company ValuStrat, real estate in Dubai has risen in price by 17% over the year, Knight Frank analysts estimated the increase in prices for apartments in the Burj Khalifa skyscraper at 23%.
The volume of real estate transactions in Dubai broke a 12-year record, writes Zawya.
In 2021, there were 61,241 real estate transactions worth AED151 billion ($41.13 billion) in the emirate, breaking a 12-year record.
Compared to the previous year, the increase in the cost of residential properties amounted to 110.2%, while sales increased by 74.7%.
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