As a global recession is expected, questions such as “Will Dubai be able to withstand this situation?” arise.
During the pandemic, the UAE maintained its economic position in the global market, and it will undoubtedly surpass this global recession. Dubai, the City of Gold, broke all transaction records and set new highs for luxury home prices. This call for a celebration to Dubai brokers. Property for sale in Dubai may be known as luxurious and high-end, but the prices will vary greatly.
The market is expected to fall by 12 to 30 percent between 2023 and 2024. Understanding what caused the Dubai real estate market to soar will serve as a guide for avoiding the upcoming recession. Since the UAE has been a residential haven, it has numerous designed homes in various locations with widely differing offers, making Dubai properties an investment goal.
Higher interest rates have never been good for the real estate market, and they are a major contributor to the current property decline. The UAE has done an excellent job of positioning itself as a haven for people and capital, and we are now witnessing a renewed period of migration to Dubai, which will fuel the real estate market through 2023 and beyond. Investors will have a good chance of recouping their investment if the unit is rented out. Property for rent in Dubai is plentiful, providing tenants with numerous options that fit their budget.
Back to the question, if Dubai be able to withstand the upcoming global recession. Looking at the current situation, it will not be affected. It has prepared itself for any upcoming events like this. Today’s market is more regulated, diverse, and showing signs of maturation. Nothing can stop Dubai or UAE real estate market. To know more about hot properties in Dubai get in touch with the Best Real Estate Brokers in UAE. Contact US Al Zaeem Real Estate in Abu Dhabi, UAE