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Dubai real estate

The latest trends in Dubai’s rebounding real estate market

With UAE’s economy recovering well from coronavirus, it comes as no surprise that Dubai’s real estate market experienced steady growth since the first half of 2021. The big question, however, is — will Dubai’s property market continue to rebound in the rest of 2021 and beyond? If the latest trends are any indication to go by, the answer is likely to be ‘yes.’ So, what are the factors that have helped Dubai’s real estate market to rebound so well? According to the experts there are several contributing factors, the two most important ones being a successful Covid-19 vaccination plan and visa reforms. Experts are also almost unanimous in their opinions that the positive measures taken by the government to support the economy has also spurred demand in Dubai’s real estate market. In this post, we will look at some of the latest trends in Dubai’s rebounding property market. The Villa Segment is Expected to Perform Better than Apartments At present, the villa segment of the Dubai’s property market is performing much better compared to apartments, and this trend is likely to continue in the future as well. The positive momentum started building in the 3rd quarter of 2020 and has continued throughout 2020 and the first half of 2021. This has been possible because of the general positive market sentiment following improvements in the Covid-19 situation and concrete steps taken by the government to improve growth in the housing market and manage oversupply. The latest real estate data also confirm that Dubai’s real estate is rebounding exceedingly well. While Dubai recorded 35,041 sales worth Dh71.87 billion in 2020, the first half of 2021 has seen 27,373 transactions totaling Dh61.71 billion. According to the experts, this is the most impressive real estate performance in terms of sales transactions in the past 8 years. Prices have increased 1.3% in March 2021 The real estate market is experiencing an uptrend across the board. Real estate prices have jumped by 1.3% in March 2021 compared to March 2020. On year-to-year basis, this is the first increase recorded since 2015. Dubai’s real estate market bottomed out towards the end of 2020 (somewhere around November). Since then the real estate prices have jumped 7%. Premium properties are recording even better gains It’s no secret that the UAE has handled the Covid-19 crisis much better than many other countries. This is perhaps the biggest reason that why right now a large number of luxury buyers regard Dubai as the best place to put in their investments.  Many international and regional buyers have relocated to Dubai, spurring growth in the luxury property segment. In addition to a strong response to the pandemic, attractive prices are another key reason that has helped Dubai attract luxury buyers in hordes. According to many real estate experts, the present is nothing short of a historic time for the luxury real estate segment. Data, also points toward the same thing. Properties worth Dh10 million and more have recorded an all-time high market share of 2.5%.   Some other factors that have contributed to this uptrend are as follows: Low interest rates. Thanks to this, many tenants are turning into buyers Positive sentiment. The prevailing sentiment among investors is that since the real estate market has already reached its rock bottom in 2020, it is now safe to invest in it. Low prices. In many areas prices are even below replacement cost. This, as you may guess, makes for a great entry point for both first-time investors and seasoned investors. Occupancy rate is still on the lower side in B-grade apartments Even though Dubai real estate market is rebounding impressively, there are some lingering issues. For starters, occupancy rate in B-grade apartments which don’t offer many modern amenities is on the lower side. With that said, most experts agree this is nothing to worry about as it is a sign that people in this new “work-from-home” environment prefer better housing options such as A-grade apartments, townhouses, or villas that usually offers bigger space and more amenities. Perhaps this is the reason why the demand for beachfront properties has also jumped up.  However, off-plan market activity is expected to continue facing headwinds. According to experts, it has contracted by 29% on year-on-year basis in the first half of 2021. Nevertheless, they are also hopeful that improved demand and sentiment will soon improve things in this segment as well.

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8 Advantages of living in Jumeirah Village Circle

One of the most consistently favored locations in Dubai is Jumeirah Village Circle. Initially, the project was launched in 2005 and has since developed into one of Dubai’s most modern and popular communities. The rental market in Dubai is quite a complex landscape that hosts so many areas and multiple options. Regardless, JVC remains on top of the list of the best places to live in the UAE. This is due to a number of significant benefits, which we shall discuss further below. Location, Location, Location Jumeirah Village Circle is conveniently located near Dubai’s main attractions and transportation centers. As a result, JVC has become one of the most coveted neighborhoods in the city. Situated in the heart of Dubai, JVC is at most 15 minutes away from key malls and resorts. Those include the many hotels in Palm Jumeirah, the Dubai Marina and JBR clusters, as well as various golf clubs. Other popular destinations are Mall of the Emirates, Marina Mall, Ibn Battuta Mall, the Dubai World Central airport, the Jebel Ali Free Zone, and more. Easy Ride Within JVC, there are many roads that take you in and out of the community making car travel hassle-free. As for Public Transportation, the J01 bus operates every 20 minutes to and back from the Mall of the Emirates. Mall of the Emirates and Jumeirah Lakes Towers host the nearest metro stations. Finally, RTA taxis, Uber and Careem are popular cab options highly active in the area. Self-contained Area Jumeirah Village Circle is a self-sufficient community, providing residents with retail options, as well and restaurants and nurseries. Furthermore, the neighborhood has open areas, supermarkets, fitness facilities, and swimming pools all within walking distance. A house for Every Walk of Life Although JVC is more often considered for renting apartments, chances are you will find a similarly good selection of villas and townhouses in the community. For fuss-free rentals, and for a little more space and privacy, JVC’s townhouses and villas are a great option. Family-friendly Community Built for modern family-oriented living, Jumeirah Village Circle is away from the hustle and bustle of the city. The community stands out thanks to its characteristic architecture and host of facilities set in a sustainable community that caters to the entire family. It is an active neighborhood with a plethora of facilities that include inviting parks, playgrounds, recreational and fitness centers, playing fields, and bike paths. For residents, living close to teaching facilities, nurseries, and medical clinics is an advantage that many consider important. For some fresh air, JBR, Dubai Marina and Motor city are a short ride away and will complement your evenings out with family and friends. Nearby beaches are the perfect choice to make for a day with the kids. Affordable Rent Whether you’re looking for a one or two-bedroom apartment, a townhouse, or a more spacious villa, Jumeirah Village Circle remains relatively pocket-friendly and anyone looking to settle in JVC will easily adapt their budget. Fitness Haven Staying fit is easy at JVC, and this stands particularly true to golfers who enjoy their hobby at Address Montgomerie. Aside from golf courses, JVC was designed with numerous bike paths and plenty of sports centers. It also contains gyms with the vision of resonating with the lifestyle of fitness enthusiasts, helping them reach their body goals indoors as well as outdoors. Investment Hotspot According to Bayut.com, Jumeirah Village Circle has maintained its rank in third position among the most popular communities in Dubai. According to the UAE property market report published by Cavendish Maxwell, in 2020, JVC has recorded the third-highest residential sales for off-plan and ready apartments.

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