What are some of the major real estate trends dominating the first quarter of 2022?
The recovery and growth we saw in 2021 continued this quarter. We are seeing an increase in the number of home buyers versus people who view property as an investment. People want to experience community life. They are looking to reconnect with the outdoors and want more spacious homes, especially with hybrid working becoming increasingly evident. We are seeing the launch of new communities and the increase in off-plan sales. Buyers also show a preference for mortgage payments.
The rental market is also bullish, with demand increasing as more people consider moving to Dubai. The emirate’s economic stability, tax-free environment and multicultural society are a big draw. The prospect of higher rental returns minus taxes is also attracting more and more investors from around the world.
Technology now plays an important role for agents and buyers. Using video calls, people can view properties in Dubai remotely from anywhere in the world. The Dubai Land Department (DLD) has also upped the ante to ensure transparency in the home buying process, allowing transactions regarding the purchase or sale of real estate remotely through online services.
What are the popular neighborhoods in terms of rentals?
Rental properties in Downtown Dubai and Business Bay are in high demand. Damac Hills is also very popular, with tenants looking to live closer to the community center. Higher rental costs have led people to seek out more reasonably priced rental properties, including townhouses in Damac Hills 2 which are known to provide a community living experience at affordable prices, starting at $45 000 Dhs per year.
Tell us about your company and its activities.
We started our business in 2007. Today we have grown in scale and size. We went through ups and downs like the global recession of 2009, during which we never closed up shop or changed our phone numbers. We have also been supporting all of our customers around the clock throughout the pandemic, ensuring that they continue to be a top priority. Customer service and trust are very important in our business, which is why we work hard to negotiate the best deals for our customers with developers and vendors.
We specialize in Business Bay properties including Paramount Towers; Damac Hills 1; Akoya D2; Sports City, JVC and Town Square.
We are optimistic that 2022 will be a productive year in terms of sales. We are also in the process of restructuring the company and expanding our office. Having a property management/holiday home division has also been a plus. We are always in contact with our valued customers and inform them of new regulations and laws.
Tell us about the company’s recent accomplishments.
Our efforts resulted in us receiving DLD’s Gold Ranked Agency Award for the fourth time in 2021. It is a true honor to receive this award again.
What advice would you give to someone looking to buy a house in Dubai?
The best thing to do is to find an experienced advisor who will offer you practical advice after understanding your needs and your budget. This will greatly facilitate the home buying process.
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