Dubai property market is witnessing a new height as Chinese investors are heading back to one of the world’s most exclusive markets which continues to heal since the pandemic outbreak.
Dubai’s residential market ended 2021 on a high, recording 84,196 transactions worth $81.6 billion, the highest ever recorded, according to official Dubai Land Department statistics. It carried the momentum into this year, with residential market transactions reaching 6,342 in April 2022, up 43 percent from a year earlier, the latest data released by CBRE said.
Chinese investors have recently renewed their strong interest in Dubai real estate, despite traditionally being more interested in the US real estate market.
According to industry experts, Chinese investment in UAE property dipped during and after the pandemic but has been bouncing back. From a high of $1.08 billion pumped in during 2019, following a strong investment of $463 million in the first nine months of 2018 alone, China’s love affair with Dubai property stalled in the wake of the global lockdown.
The country ranked as one of the top four foreign investors in the market, and data from Juwai IQI, an international real estate technology group, suggest that the Chinese demand for UAE properties has been returning since the second quarter of 2021.
Mr. Kashif Ansari, co-founder and CEO of Juwai IQI Group said that “Dubai today is much more affordable than at its peak in 2014. You can live with resort-like comfort for less than you would pay to live in a normal apartment in a Tier One Chinese city.”
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