Reve Real Estate sees realty deals back to pre-COVID levels


Haitham Kalakesh

Inayat-ur-Rahman, Business Editor

The cosmopolitan city of Dubai which is synonymous with the plush shopping malls, penthouses and real estate activity is fast returning to normal. The operations which had taken a back seat due to the COVID pandemic are gaining momentum.

As per the figures issued by Dubai Land Department (DLD) recently Dubai real estate market recorded 368 sales transactions worth Dhs909.66 million and mortgage deals of Dhs177.3 million, in addition to 70 gift transactions amounting to Dhs126.81 million.

Haitham Kalakesh, Co-Founder, Reve Real Estate told Gulf Today that Dubai Real Estate sales transactions are bouncing back to pre-Covid levels. In 2005 we saw a major peak which resulted in a 2008 crash. It did not take long for the market to recover and in 2014, we were at an all-time high again, only for the market to crash in 2018. The year 2021 has seen property again at an all-time high. ”

Further elaborating Haitham added: “One of the major factors, of the few risks that involve buying property in Dubai, is the ROI and the price surges. Although Dubai has the highest rates of rental yields, a significant amount of time is needed to gain a return on investment. And this return shall also vary depending on the property type and the location. For example, a smaller apartment in Dubai Downtown shall have an effective ROI within a few years. But a cheaper villa by the Dubai Marina Bay may take a lot of years to get the ROI rolling. Also being one of the most mature real estate markets in the world, with increasing waiting time price surges occur in property value. Dubai is considerably cheaper than San Francisco, Shanghai and even London. Therefore, the property values can increase as much as 50% at a time. Thus, with an excess waiting period, excess purchase value can also occur. ”

Dubai real estate market remains attractive market looking to invest for a yield. The vacation rental market has allowed multiple benefits to the Dubai real estate space. An investor looking to grow a portfolio and earn a fixed income on their investments, short-term lets offer between 8-15 per cent returns after all expenses. Another benefit is that the real estate is also well maintained and easy to sell unlike when it is given to a long-term tenant. With these kind of returns, it is an attractive investment area for large funds and family offices.

Real estate in Dubai is also undervalued when compared to global cities. And because of this, investors can potentially double their money in a period of five years through short term rental income and property appreciation.


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