Real estate trade in the Emirates is witnessing a remarkable boom among all expatriate and foreign investors. The UAE government provides many distinguished facilities in terms of tax exemption and ideal strategic locations for real estate. In addition to providing first-class infrastructure and facilitating legal and regulatory procedures.
- The advantages of real estate investment in the Emirates have contributed to encouraging investment opportunities and attracting investors to start a real estate project or launch a real estate company. Also, launching real estate marketing operations and publishing offers for buying, selling, and renting various types of real estate, including residential, commercial, hotel, and land.
To know more details about the development and growth of real estate trade in the Emirates, follow the lines of our next article in order to clarify through it the most important information that will help you launch your first real estate commercial project and profit from it. Or to invest and trade your real estate successfully and achieve permanently high investment returns.
History of real estate trade in the Emirates
The history of real estate trade in the Emirates can be clarified through the following points:
- The Emirate of Dubai is considered the most famous among the rest of the Emirates in terms of real estate commercial activity, as the real estate market in Dubai began in the year 2002 by an official Emirati government decision. The decision also included clarifying ownership rights for non-resident expatriates, especially in the areas of Palm Jumeirah, which was a distinguished center for the establishment of the most important residential and commercial units.
- In 2003, the mechanism of work in the real estate sector accelerated and offers of properties designated for sale increased, whether under construction or ready properties.
- In 2004, 5 new real estate projects were sold in the Dubai Marina area, with an average of 654 apartments.
- The year 2005 also witnessed the handing over of apartments and houses to expatriate owners and their ownership under the Freehold Real Estate Law.
- In 2007, the launch of Jumeirah Lakes Towers was announced, and in 2008 and 2009 it was announced that large numbers of properties were launched on Palm Jumeirah.
- In 2011, the real estate market in the Emirates experienced a noticeable decline and contraction in real estate construction operations, as well as buying and selling procedures for various properties.
- While the real estate market returned to activity and recovery in 2012, it also remained stable despite minor changes in prices and supply and demand indicators until 2019.
- At the end of the year 2019 and throughout the year 2020, the Dubai real estate market was affected by the repercussions of the Covid-19 pandemic, which led to a stagnation in buying and selling operations as well as a decline in prices with a lack of demand for the properties on offer.
- However, during the years 2022 and 2023, the real estate market movement regained its momentum again with the return of investment opportunities and the increase in demand for different types of real estate in the Emirates, and it is still developing continuously until today.
Factors affecting the real estate trade market in the Emirates
A group of basic factors affect the real estate trade market in the Emirates, which are as follows:
Economic indicators
The real estate market in the UAE is linked to several economic indicators, including GDP growth, employment rates, stability, and economic development.
Global economic factors
The UAE real estate commercial activity is affected by various global economic events. Whether financial crises, geopolitical fluctuations, or other external indicators that cause real estate offer prices to fall and rise.
Supply and demand in the real estate market
Real estate prices in the UAE tend to rise when demand exceeds available supply. Prices decrease when the real estate supply increases and the demand for it decreases.
Infrastructure support and development
The ideal infrastructure in the UAE contributes to stimulating the buying, selling, and renting of various properties. Consequently, the demand for real estate offers increases, their prices rise, and their price value remains stable for long periods.
The latest technologies used in real estate trade in the Emirates
There are many modern technologies used to support and develop real estate trade in the Emirates, the most prominent of which are the following:
Virtual reality and augmented reality
Real estate development companies in the Emirates have recently moved to adopt virtual reality (VR) and augmented reality (AR) technology in the country’s real estate sector. This technology contributed to presenting real estate projects on the plan in a way that simulates the actual reality. Thus allowing the client to inspect and preview the property in a virtual environment even before construction. He also envisioned its final design, interior and exterior decorations, and the possibility of modifying them to suit the client.
Smart homes and the Internet of Things
Internet of Things (IoT) technology has gained great importance in the UAE real estate scene. Especially with the spread of smart home technology in Dubai, which offers many modern features. Including remote control of lighting, heating, security, and air conditioning systems, which brings greater comfort and security to homeowners and increases the demand for buying or renting it in the future.
Blockchain technology to support real estate trade in the UAE
Blockchain technology has been increasingly used recently in the UAE real estate industry and trade in order to simplify and develop its transactions and make them safer and faster in completion. Blockchain provides a decentralized platform that is useful in verifying property ownership and simplifying real estate legal procedures. In addition to its contribution to providing and verifying partial ownership of the property.
Artificial intelligence
Artificial intelligence (AI) has achieved a real revolution in the field of real estate industry and development in Dubai in particular. It has been used to analyze real estate data, simplify property management, and provide personalized recommendations to clients. It also helped real estate companies identify their target audience, understand their requirements better, and work to meet them by making the right decisions.
Cloud computing technology
The use of cloud computing technology has recently spread in the UAE real estate sector. This allows real estate development companies to store and save their data and access it remotely. This technology also allows for better security and data management with lower costs, in addition to providing many services to help real estate companies simplify their transactions and improve their practical performance to make optimal use of their resources.
The impact of real estate trade in the Emirates on the Emirati economy
The real estate sector is considered one of the most important basic sources of the UAE economy. Trade and investment in residential, commercial, hotel, and other properties constitute an important pillar for achieving continuous profits and additional revenues that support oil and gas revenues in the country. In this context, the UAE government was keen to expand economic resources by paying attention to the real estate sector. It also provides various legal support and facilities necessary for its development and encourages investment opportunities to start and continue its projects.
- It is worth noting that 5.5% of the total gross domestic product of the United Arab Emirates comes through real estate projects. In addition, the total value of the brands of UAE real estate development companies has increased after the decline of the COVID-19 pandemic until the present time. This contributed to the UAE’s leading ranks in the real estate field, succeeding its counterparts from major countries such as China and the United States of America.
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Challenges and opportunities facing real estate trade in the UAE
The real estate trading sector in the UAE faces some general challenges, which are as follows:
- Delay in real estate payments.
- Exposure to fraud and scams, especially for novice investors and small and medium-sized companies.
- The existence of tender processes that are unclear and suspicious.
- Dispute resolution processes are long and complex for beginners in real estate investing.
Real estate trading opportunities
As for the unique opportunities in which real estate buying, selling, and renting operations are active in the Emirates, they are many and varied and include the following areas:
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Jumeirah Lakes Towers in Dubai.
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Palm Jumeirah in Dubai.
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Business Bay in Dubai.
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Dubai Marina area.
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Arabian Ranches in Dubai.
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Saadiyat Island in Abu Dhabi.
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Al Reem Island in Abu Dhabi.
Standards for the best real estate websites in the Emirates for real estate trading
The best real estate sites in the Emirates for real estate trading can be selected based on the following criteria:
- Credibility and transparency in presenting advertising offers for real estate of various types.
- Providing customers with a clear vision of electronic real estate experiences.
- Providing the best offers for buying, selling, and renting real estate at competitive prices for the client and the property owner.
- Providing all the information the customer needs about real estate prices and specifications, helping him to find his request quickly and easily.
Properties Portal website services to facilitate real estate trade in the Emirates
Properties Portal website offers a set of distinguished services to facilitate real estate trade in the Emirates, which are as follows:
- Providing a comprehensive analysis of the real estate market in the UAE.
- Providing the best and latest real estate evaluation tools within the real estate market in the UAE.
- Announcing offers for the sale of houses and apartments in various regions across the Emirates and varying sizes, in a way that meets the customer’s desire.
- Providing a safe and reliable place for both parties of the sales and rental transactions to meet as well as assisting them in completing their transactions until the end.
- Providing the service of purchasing the new property first, then selling the old property later.
- Providing all the legal and financial advice the client needs through the best real estate agents specialized in their field.
Ways to market real estate effectively in the Emirates
The most important marketing methods for real estate trade in the UAE are as follows:
- Real estate marketing through virtual tours.
- Real estate marketing via search engine optimization (SEO).
- Real estate marketing through social networking sites.
- Creating websites specialized in the real estate field.
- Using advertising campaigns with advanced technical tools and strategies.
- Relying on 3D design programs.
At the conclusion of our article, which focused on the development and growth of real estate trade in the Emirates, it is necessary to point out the leadership of the Emirati real estate sector and the preservation of its distinguished position at the forefront of developed countries. This is through the use of the best and latest technologies by real estate development companies that guarantee a better future for real estate trade and investment in the Emirates without decline or contraction and achieve high and continuous profitable returns that support the local economy in the long term.
