Dubai: Property sector upward trend to continue in 2022

The outlook for the Dubai property sector is more promising this year as there is a strong interest from key markets across Asia, Europe and the Middle East, said Khalifa Al Suwaidi, CEO and board member, Emirates Real Estate Solutions, Dubai Land Department.

“We see the upward trend continuing this year that was seen in 2021. New projects are coming up in 2022, so more transactions are likely to happen as Dubai sees interest from multiple regions around the world including Asia, Europe and the Middle East,” said Al Suwaidi.

According to the annual transaction report issued recently by the Dubai Land Department (DLD), Dubai's real estate market recorded 84,772 transactions worth Dh300 billion in 2021.

“2021 has been a very successful year for the real estate sector. Some of the key factors were the world-class infrastructure that Dubai offers as well as the local healthcare sector that didn’t stop innovating in 2020 and 2021. With Expo 2020, we have seen a lot of investors from other countries coming to Dubai. During the pandemic, we saw some challenges but overcame them with the help of infrastructure and new technologies by providing the right solutions to the community,” he added.

Al Suwaidi was speaking on the sidelines of a panel discussion titled “Government Transformed” organised by Khaleej Times and Oracle on Tuesday. The roundtable discussion was attended by senior government officials from the Department of Finance, Dubai Health Authority, Roads and Transport Authority, Dubai Municipality and others.

New services on the cards

Al Suwaidi pointed out that Dubai Land Departments continues to enhance its mobile app DubaiRest.

“We are in the process of enhancing the experience of people to find the right property inside Dubai by tying up with partners to provide the right information and data for property buyers. We’ll allow portals to list right information regarding properties in Dubai sourced directly from the Land Department,” he said.

He further revealed that the property portal will be able to provide authentic real information directly sourced from DLD so that end-users can browse existing properties for sale or lease with the right number and information. “When people see a property listed for sale or lease and contact the agent, they discover that this property has already been sold or leased. That’s why we are trying to empower partners to provide authentic and real-time information.”

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Al Suwaidi noted that this will increase transparency and help investors make the right decision when buying the property.

“DLD thinks of real estate community as a whole as we want to provide all private sector partners access to certain information to help grow their business and grow Dubai. We have started providing information to many partners directly from our database to offer better solutions to end-users.”

-waheedabbas@khaleejtimes.com

• Dubai