Dubai realty back on investors’ radar

Inayat-ur-Rahman, Gulf Today

In the last 8 months, two major events have happened in UAE which are quite significant for the market.  One is the Abraham accord happened last year and the second one, CITIBANK commitment to stay in UAE for long term growth.  

Both these events herald a good economic outlook for the UAE economy in the long run as she returns to growth trajectory in a very structured way. It has been observed about the Dubai Real estate market that whenever economy makes the turnaround, real estate sector takes the lead with major investments and huge interest from the global sophisticated investors in the RE market.

This was stated by Kashif Ansari, Group CEO, Juwai  IQI, during an exclusive interview with Gulf Today. “With UAE signing strategic Abraham agreement with Israel and diplomatic channels restored, we at Juwai IQI has witnessed an increase in transaction volumes in the real estate market.” Ansari added.

 “According to our market intelligence reconnaissance report, many prime locations like Jumeriah, The address, Dubai Marina, The Springs, Meydan, JVC, Palm and Business Bay and Mirdif have seen considerable volumes coming from global and local investors. This clearly signifies that investors are back in the market and looking for trophy investment opportunities for the long run.  

“At present moment, we expect rental yields to improve better and should hover around 3-4% in the short range and 5-7% in the long term range. We can anticipate similar patterns emerging in capital appreciation area in the short and long run.  “

According to Mo’asher, an official sales price index launched by the Dubai Land Department, the number of real estate investments in the Dubai real estate market has seen an uptick in investments this year.

This brings the total number of transactions until February of this year to 7,114, with said transactions being worth over Dhs14.2 billionRecent decision from Citibank global to expand in GCC with Dubai as it base clearly sends signal to the market players the increase importance of Dubai’s in the regional and global landscape. “Dubai provides peace and security to global investors, ” he concluded.