Citizens with a general investment of $1.36 million.citizens with state investments of $2.72 million.They can obtain a long-stay visa for 5 or 10 years with an extension. Thanks to this, emigrants can live, work and study in the Arab country, as well as run their own business. In 2019, the UAE government introduced a new long-term visa system for investors from other countries. Liberal rules for owning property in Dubai Over the same period of 2020, prices for flats fell by 7.6%, and for villas – by 2.8%. In Abu Dhabi, the average rental rate declined by 5.9% year-on-year in May 2021.
But rents for villas and townhouses rose by 7.2%. The cost of renting flats in the emirate declined by 9.6% compared to the same period in 2020. In Dubai, rental housing rates in May 2021 decreased by 7.6% in comparison with 2020.Experts attribute this to a decrease in the prices for rental flats in the country. Rental rates are falling in both Dubai and Abu Dhabi. Green Community is a well-known place for buyers of villas and townhouses – it occupies 18.2% of the market, followed by Mohammed Bin Rashid City and Dubai Hills Estate.
Jumeirah Lakes Towers and Dubai Marina were also popular. Meydan has become a perfect solution for buyers – it had 15% of the overall apartment sales. According to experts, in June 2021, Arab developers built about 2,418 off-plan apartments for $ 950 million and 3,970 ready-made flats for $ 3.1 billion. The secondary housing market in Dubai had over 62% of all deals, and the off-plan market had the remaining 38%. Similarly, the overall deal value over the same period more than tripled to $4 billion. This means that sales rose to an eight-year high. In June 2021, transaction volume related to the ownership of immovable property increased by 173.5% compared to the same period of 2020 and amounted to 6,388 units. Similarly, the transaction value also decreased by 27.5% compared to $ 47.81 billion.įortunately, the housing market demand is growing rapidly in the UAE. This was due to the negative consequences of the global crisis associated with the Covid-19 pandemic. In 2020, the overall number of deals in Dubai decreased by 8.8% to 51,330 units, compared with an increase of 8.2% in 2019. Housing sales in the UAE are record-breaking this year. The official property website Emirates.Estate has prepared a material about the subtleties of the housing market development in the UAE and Dubai. This contributed to strengthening economic conditions in the country and growing interest of foreign citizens in buying different types of real estate. The housing market of the United Arab Emirates has begun the healing process after a devastating crisis.