Properties in Dubai’s mid-to-luxury segment are seeing demand outstrip supply, super-premium properties are being bought quickly, and even the secondary market witnessed a threefold increase in in transactions in Q1 2022
Large numbers of European investors are snapping up ready properties in Dubai, resulting in a surge in demand in the secondary market, according to full-service real estate agency Metropolitan Premium Properties (MPP).
The uncertainty in today’s geopolitical climate is driving European investors, business owners, and families to consider Dubai as key business and lifestyle hub, the agency said in a statement.
The increased demand has resulted in the secondary real estate market heating up with prices rising more than 15 percent in the past two months.
Investors primarily from Germany, UK, Italy, and France are buying ready properties in the luxury segment as soon as they are available, especially in popular areas such as Palm Jumeirah, Dubai Marina, Dubai Creek, and Downtown.
Commenting on the market, the Secondary Market Sales and Leasing Director at Metropolitan Premium Properties, Alina Adamco, said: “Dubai is seen as a safe haven and investors are looking to the city’s real estate as a safe investment. “With more companies offering remote working opportunities, Europeans are relocating their families to Dubai while companies are shifting their base and their staff to the city. “
Adamco added: “Properties in the mid-to luxury segment are most popular with demand outstripping supply. We have seen investors buy super-premium properties whereas earlier they would initially pick up smaller properties or rent before they purchase their forever home. We have seen our secondary market transactions increase three times in Q1 this year which has resulted in a 250 percent sales growth versus the same period last year.”