Blog / The Dubai Property Market 2021
After steadily declining since 2014, when the price of oil collapsed and tightened the purse strings of some of the city’s wealthiest home buyers, Dubai home prices finally bottomed out amid the pandemic in November 2020, according to data released in September by Dubai-based Property Monitor, a real estate data analytics and market intelligence platform.
Since then, economic growth became hard for almost all sectors. Business were hit hard and the demand for properties world-wide spiraled. It took quite a while for the global markets to recover and bounce back from the damage.
Over the years, Dubai slowly begun to rise back up. With the positive impact of the government’s response in handling the pandemic and for opening more options for investors, the property market began to slowly recover.
The Dubai Expo 2020, a six-month-long extravaganza of innovation, was forecast to be an antidote to the emirate’s lackluster luxury property market last fall.
One year later and the high-end market is thriving all on its own, and Expo—now kicking-off Oct. 1 after being pushed back from its original Oct. 20, 2020 start date as a result of the coronavirus pandemic—is expected to be the cherry on top, according to experts.
Dubai's house prices were forecast to rise 3.0% this year and 2.5% in 2022, compared with 1.1% and 2.8% expected three months ago, according to a Reuters survey of 11 property analysts taken Aug. 11-19.
The addition of the Expo to the mix this year will only prolong the healthy demand for Dubai real estate in general as the pandemic effect subsides ultimately making 2022 another great year for the Real Estate Market.