Al Hamra Waterfront
AED 1,800,000
Karl Lagerfeld Villas
AED 15,000,000
Have you ever wondered why the UAE's real estate market is consistently in the spotlight despite the global economic downturn? The first half of 2023 was a roller coaster, but the real estate market in this city is brighter than ever. Here's why?
Sales of residential properties in Abu Dhabi and Dubai increased significantly in the first half of the year, setting new records. In Abu Dhabi, sales increased by an incredible 88.6 percent, while in Dubai, they increased by about 17 percent on average. Homebuyers are spending money like there's no tomorrow, which is great news for the real estate industry.
What's the big deal, then? This is evidence that the area is desirable for both living and investing in the UAE's real estate market. Construction sites are everywhere, and foreigners are warmly welcomed in both cities.
The influx of visitors has caused hotel rooms to sell out quicker than you can say room service. Hotels in the United Arab Emirates are delighting in the glow of success, even during the traditionally slow summer months, because of the reopening of Europe to tourists. There has been an annualized rise of 4.1% in hotel occupancy and a rise of 3.6% in revenue per vacant room.
Major events like the F1 Grand Prix of Abu Dhabi and the COP 28 are coming soon. As a result, the hotels will not be completely vacant any time soon.
When you think about the United Arab Emirates, you might think of oil money. However, did you know this? The non-oil economy of the UAE has been the driving force behind the country's remarkable growth narrative. The diversification strategy demonstrates its worth expanding by about 7.9 percent in 2022. This year, there will be more positive opinions as a 3.3% increase is expected, and the same as UAE's real estate market.
It is impossible to exaggerate the significance of government programs. For retirees and others who choose to work from home, they have a residency program. There is a lot of interest for investors in moving here and investing because of the 10-year golden visa.
Do you want to take advantage of the rising UAE's real estate market? Foxhills provides useful guidance to investors because of its knowledgeable staff and in-depth familiarity with the market and its trends.
Despite global economic challenges, the UAE's real estate market has exhibited extraordinary resilience and development. It is flourishing in all areas, from the residential market to the hotel business, and the future appears better than ever.