Connect with us

Real Estate

Stones forecasts paradigm shift in UAE’s real estate sector

Price and rent for properties to increase by 10 to 15 percent by the end of 2022

Published

on

Kundan Choudhary

Stones a leading independent real estate consultancy forecasts a 7 to 9 per cent increase in rent for the residential and commercial spaces and a 9 to 14 per cent increase in price for the luxury properties of UAE in the first quarter of 2022. The real estate consultancy predicts that the opportunities generated due to Expo 2020 will transform the UAE’s real estate landscape.

As Expo 2020 Dubai enables the country to demonstrate its business potential apart from its capacity to host a world class event, the UAE’s real estate market is expected to flourish even more in the future. Stones expects a significant rise in the price and rent for properties by 10 to 15 per cent by the end of 2022. The global platform has attracted a continuous stream of investors, brokers and homebuyers seeking to expand their business in the region resulting in a graduate recovery of the UAE’s real estate market.

A recent report published by Ernst & Young, observes that Expo 2020 will boost UAE’s economy by AED 122 billion and also elucidates the revival of the tourism sector and surge in demand for rented apartments in the context of the global event. 

Kundan Choudhary, Chairman of Stones, said: “In 2021, we worked on more than 25 commercial and 35 residential projects and have observed an increase in demand for luxury properties and an increased inflow of foreign investments to the UAE. In the past year alone the demand for luxury properties increased from 20 to 30 per cent while this year it increased by 10 to 15 percent. Many investors are increasingly looking for sustainable, eco-friendly properties as they are keen on reducing their carbon footprint.”

The growing demand for luxury properties across UAE is also the result of many looking to reside in the UAE due to its exemplary response to the pandemic along with the numerous investment opportunities. Recognizing the evolving expectations developers too are rushing to adapt to the changing demands of potential investors and organizations.

“Businesses have already begun to review the way they structure and operate in commercial spaces and have started seeking similar spaces in the UAE,” added Choudhary.

By 2022, the UAE real estate market will change dramatically due to rising demand for larger residential units, the return of foreign investors to Dubai, expatriate-friendly economic reform measures, and 100% foreign ownership of onshore enterprises. Though the long-term impacts of the world expo are yet to be determined, the influx of investors and realtors to the region recently can be seen as its impact. Stones has also witnessed a surge in the demand for luxury properties in prime locations such as Dubai Hills Estate, District 1 MBR, Palm Jumeirah, Jumeirah Bay and Emirates Hills. Dubai has witnessed an increase in entrepreneurial and investment activities because of economic reform and investor-friendly policies. The Expo is predicted to have a continued positive impact on the economy of the host country even 10 years after it finishes. As a country that has vaccinated most of the population, businesses and investors find UAE with a resilient economy and a stable and safe investment destination.

The legacy of Expo 2020 will continue to have an impact on the emirate’s real estate market, dubbed as the Expo effect since it has created a whole new focus for investors. Despite a worldwide economic slump, the UAE can expect a steady demand for residences as previous Expo hosts Shanghai and Milan too reported an unprecedented growth in property prices after the event.

Advertisement

Latest

Hand-&-Hand Hand-&-Hand
News7 months ago

The best sanitizer in the world, Hand & Hand, is here in the UAE

A portion of the proceeds from each purchase of the all-new, all-cool sanitizer will be donated to Dubai Cares in...

Kevin Hart Kevin Hart
Events & Happenings7 months ago

Yas Island goes Hart: Kevin Hart announced as the destinations first ‘Chief Island Officer’

Something big is brewing on world’s most entertaining Island and Kevin Hart is giving a glimpse to the viewers of...

TOURISM 365 TOURISM 365
ATM20227 months ago

Tourism 365 to showcase Abu Dhabi’s leisure tourism sector at ATM

The tourism development company aims to highlight its strategic partnerships with the Department of Culture and Tourism – Abu Dhabi...

Terra Solis Terra Solis
Hospitality7 months ago

Tomorrowland to open magical desert destination Terra Solis in Dubai

Visitors from around the world will experience the finest music, a vibrant pool scene, incredible dining, and a unique glamping...

atm-2022-opening-session-2 atm-2022-opening-session-2
ATM20227 months ago

Industry experts optimistic about future of international travel and tourism in the Middle East

High-profile panellists speaking on the ATM Global Stage said flexibility and sustainability would drive long-term growth in regional travel and...

His Highness Sheikh Ahmed bin Saeed Al Maktoum His Highness Sheikh Ahmed bin Saeed Al Maktoum
ATM20227 months ago

Ahmed bin Saeed opens Arabian Travel Market 2022

Middle East’s largest travel and tourism exhibition features 1,500 exhibitors, representatives from 158 global destinations, and an anticipated 20,000 attendees

Best-of-Switzerland Best-of-Switzerland
Expo 2020 Dubai9 months ago

Swiss Evening Showcases Best of Switzerland at Expo 2020 Dubai

Lake Geneva Region of Switzerland Takes Centre Stage At World’s Greatest Show

Yas-Marina-Circuit Yas-Marina-Circuit
Sports9 months ago

The fourth and final Yas Racing series concludes at Yas Marina Circuit

The Abu Dhabi-based circuit enjoyed a thrilling season of motorsport across four rounds

Dominos Dominos
Food & Beverages9 months ago

Alamar Foods, the master franchisee of Domino’s in the MENAP region, launches the 50th Domino’s store in the UAE

Alamar Foods to announce the opening of Domino’s 50th store in the UAE marking UAE’s Golden Jubilee

ARB Emirates ARB Emirates
Automotive9 months ago

ARB Emirates All Revved Up for Upcoming Wheelers Festival in Sharjah

A Nissan Y61 and two other vehicles that will be fully loaded with ARB accessories are going to be prominently...

Terra Terra
Expo 2020 Dubai9 months ago

One million visitors to Expo 2020 Dubai’s Terra – and 95 per cent pledge to make sustainable change

The millionth visitor was Dubai resident Santhosh Fernandes, who was at Expo 2020 Dubai with his wife Sheetal, children Seona,...

Monkey Bar Monkey Bar
Food & Beverages9 months ago

Welcome To The Jungle, Monkey Bar Is Now Open!

Take a walk on the wild side at Dubai’s hottest new venue.

Her Excellency Dr Monique Nsanzabaganwa Her Excellency Dr Monique Nsanzabaganwa
Expo 2020 Dubai9 months ago

African Union displays wealth of culture and vision, while celebrating Expo 2020 Dubai Honour Day

he African Union Pavilion at Expo 2020 Dubai is located in the Opportunity District and tells the story of the...

latest-receipe latest-receipe
Food & Beverages9 months ago

Unwind at the Newly Launched Saturday Night Brunch at Latest Recipe

The modern brasserie presents a relaxed evening atmosphere for guests to unwind with friends and family.

Taqdeer Award Taqdeer Award
Expo 2020 Dubai9 months ago

Prestigious Taqdeer Award celebrates Expo 2020 contractors raising the bar in worker welfare and health and safety

The extraordinary edition of the annual Taqdeer Award recognised both companies and individuals based on their ongoing dedication to upholding...

Advertisement

Trending