Real Estate Standing as of November 2022 Ushering in 2023 with Footprint Real Estate
2022 has been a turbulent year globally. While the world recovered from the pandemic, and
Russian/Ukrainian war had unforeseeable ripples across all continents. It is safe to say, we are all
eager to usher in a new year. We are gradually sliding into the best-performing months in the
property market in Dubai, as the number of properties sold here beat out above 50%, with 3000+
transactions every day. The villas for sale in Dubai are always in demand, and in recent years the
demand has hiked up.
According to a recent report from the United Nations, the world’s population has now reached
8 billion as of 15th November 2022. This figure directly impacts the real estate sector where
housing solutions are in an all-time high demand. The real estate industry contributes to 6-7% of
the world’s GDP, and the UAE has been at the receiving end of this growth trajectory.
According to preliminary data from Dubai Statistics Centre, the emirate’s economy grew by 6-
7% in 2021. Dubai’s off-plan and secondary property sales have gone up in the third quarter of
this year. This demonstrates the sharp rise in sales in the real estate market of Dubai. According
to the data on the government’s Dubai Land website, the Expo has created a significantly large
impact on the real estate sector as November brought 7000 sales transactions worth 17.96 billion,
which was the best November on record.
According to Forbes, the global economy is being pulled in a different direction by high
inflation rates, rising interest rests as well as the domino effect of the war in Ukraine. With all
these factors notwithstanding, Dubai’s property market has seen a growth of 12.8% and is
forecasted to increase by a further 4% in 2023.
Within this post-pandemic year, Footprint Real Estate has been at the forefront of innovating
our interaction with its clients, stakeholders, and the general public to ease the property
purchase or rental processes.
The footprint is geared to moving with these trends in innovating to accommodate the growing
investment appetite. We have paved ways to provide clients with
i. Ease of property finding exercise– Footprint thrives on efficiency. With over 100
experienced agents, prospected clients are guaranteed to get personalized service to
walk through the property purchasing exercise.
ii. Ease of financial advice and mortgage facilities. In this high-inflation economy,
clients find it difficult to access credit, especially first-time home buyers. Footprint
has therefore partnered with Prypto Mortgage. This is a real estate mortgage
specialist which facilitates mortgage acquisition processes and pre-approvals within
48hours. With this facilitation, our clients are able to forego the hustle of tedious
bank procedures to secure their homes within the shortest period possible
iii. Innovative payment methods: Cryptocurrency is always trending in the market and is
gradually making its way to real estate in various ways. Using digital currency to buy or sell
properties is a big game changer, highly favorable for foreign investors.
iv. Technology: Technological access to client’s investments via Artificial IntelligenceFootprint provided Virtual reality tools where prospects can virtually tour their
investments remotely. This gives the investor the ease and peace of mind to track
the progress of any investment while abroad.
As we turn down 2022, Dubai strengthened its position as the most attractive city in the
world for expatriates and business people due to its investor-friendly government policies, safe
and urban environment, remarkable infrastructure, and robust fight against Covid-19.
According to Bloomberg, prices of properties will continue to increase for the next couple of
years at least. After the sharp increase in property prices in 2021 following the drop in prices
from 2014 to 2020, housing prices are expected to rise by at least 3% in 2022 and 2.5 percent in
2023.
An estimated 55,000 new units are expected to be commissioned during 2022–2023. While
part of this is already completed and on sale, new areas will be developed based on demand.
This is expected to drive the real estate market to a whole new level. The market has seen
significant growth over the past year and is expected to continue growing. The right time to
invest in real estate is now.
