UAE: Interest in real estate in Dubai is reviving. Real Estate Market Report 2021.

DUBAI: A study by UK-based data analytics and consulting firm GlobalData has found that the real estate market in Dubai is showing clear signs of recovery, with plans to build new projects by developers.

But what is the current buyer sentiment in the region? "Dubai's construction sector is showing uncertain signs of a long-awaited recovery," notes GlobalData. The city's real estate sector has not been at its strongest in recent years due to an oversupply combined with the impact of the global economic slowdown.

Burgeoning construction of new projects The analyst firm also added that the state's real estate developers are planning new projects in response''on rising real estate prices, boosted by the Emirate's recovery from the economic impact of the COVID-19 pandemic. "UAE-based companies such as Nakheel, Emaar and Meydan are in the early stages of planning new projects," says Colin Foreman, deputy business intelligence editor at MEED, GlobalData's business intelligence division. "These projects include villa communities and waterfront apartments, two property classes that continue to perform well with strong demand. Villas are particularly in demand.".

But is buying happening? Analysts are noticing a significant change in sentiment and as a result prices are rising across the market, especially since March this year. The top end of the market is mostly active with European investors looking for assets in''dollar economies.

Demand for luxury homes The wealthiest property buyers are finding plenty of bargains on luxury properties in Dubai, which led to a record number of transactions in March at the top end of the market. According to property consultant Property Monitor, 84 properties worth Dh10 million or more were sold last month, bringing the total sales for March to Dh1.7 billion.

Business and''The Middle East's tourist hub has become an added attraction after property prices fell by a third six years ago. Prices continue to rise On average, house prices have risen by 7.5% since November, with gains of between 10% and 15% in established and sought-after neighborhoods, as Property Monitor notes. House prices in Dubai are set to start rising this year for the first time in six years, buoyed by a rapid vaccination, raising hopes for an overall economic recovery, according to a Reuters poll of real estate analysts.

Momentum in the luxury real estate market continued in May. In April, 69 homes priced at Dh10 million and above were sold in Dubai for a total value of Dh1.36 billion.

What are the best neighborhoods to buy in right now?''he. "As Dubai's center of gravity continues to move south - due to the Expo 2020 Dubai World Expo venue and the development of Dubai South - the area may once again be ready for construction." "With indicators of recovery in the real estate market, there is a growing expectation that large infrastructure projects requiring international contractors can also move forward. "