Nitin Bhatnagar, co-founder and president of Ellington Properties, a leading design-led boutique property developer, expects the Dubai real estate market to maintain its growing trend for the foreseeable future.
According to Bhatnagar, the Dubai real estate market performance since the end of the pandemic has become stronger and stronger by the month. While positive sentiments in certain areas have slowed down a bit, the real estate sector is overall moving in an upward trajectory with a lot of interest in off plan properties due to the flexibility of the payment plans offered by developers to prospective investors.
Bhatnagar said: “As long as you have a quality product and you are in good locations, the demand is high, and Ellington has been very focused from inception on the quality of its product.”
Bhatnagar’s positive outlook is corroborated by Dubai’s official sales and rental performance index launched by the Dubai Land Department, Mo’asher. According to Mo’asher, the first quarter of 2022 registered the highest number of quarterly real estate transactions since 2010 with a total of 25,972 transactions and a sales value of AED 55.5bn.
With the off-plan property market representing 42% of the total sales value in Q1 2022, this market segment seems to be making a strong rally following a slow recovery in the last couple of years.
Bhatnagar also added: “The UAE is strategically located and the increase in tourism, as well as the large numbers of people moving to Dubai, keep improving the market dynamics. The UAE has shown resilience and resourcefulness in handling the pandemic, which positively impacted the demand from foreigners and incited them to move to the country and invest in it.”
