The Optimistic Consumer Sentiment in UAE’s Economic Recovery

The Optimistic Consumer Sentiment in UAE’s Economic Recovery

The UAE has emerged as the most optimistic nation for economic recovery. A new consumer sentiment survey conducted by a management consulting firm McKinsey & Company showed that the majority of UAE’s consumers are increasingly confident that the economy will bounce back in 2-3 months.

This optimism in the majority of the residents also outperformed the global average of (30%), as 74 percent of UAE residents believe the economy will rebound and become as strong as or stronger than the pre-pandemic days.

These exhibits are focused on survey data gathered in the United Arab Emirates between 25th January to 10th February 2021.

 

Q1 2021 Dubai Real Estate Report Reflects the Consumer Sentiment Survey

Despite the unforeseen effects imposed by COVID-19, Dubai’s real estate sector has retained its popularity to local and foreign investors.

The real estate bulletin issued by Dubai Land Department (DLD) revealed multiple facts to prove the boost of the Dubai real estate market.

In comparison to Q1 2020 and Q1 2019, Dubai’s real estate transactions jumped a significant growth of 27 percent and 47 percent respectively in the first quarter of 2021, hence, supporting the economic growth of post-pandemic.

According to the bulletin, March 2021 saw the second-highest number of real estate transactions since February 2017, with 6,590 transactions estimated at approximately AED 22.9 billion, a 43 percent increase in number and a 40 percent increase in value over March 2020.

The bulletin emphasized the continued interest for the real estate sector to new buyers, highlighting the fact that 5,683 new investors joined the market in Q1 2021.

These figures indicate the positive results continuing to be achieved in 2021, strengthening local and foreign investor’s confidence in Dubai’s lucrative and vibrant real estate market.

 

Conclusion

This tourist season, while much of the world re-imposed coronavirus restrictions, UAE has opened its doors for visitors.
Dubai has retained its status as the Gulf’s best financial and business destination. Thanks to its investment considerations and Governmental measures taken to promote population growth.

Running the world’s fastest vaccination campaigns, new visa residency laws, and the upcoming Expo 2020 has boosted direct demand for real estate and signaled the country’s economic growth.

 

References:
× How can I help you?