UAE’s real estate recovery driven by oil and migration: Fitch

Real estate soldThe UAE has seen property prices recover from Covid-19 thanks to a rise in oil prices and an increase in relocations, notably from Russia. This is the main finding from a report published by ratings agency Fitch. It describes the UAE real estate market as “anaemic” during the pandemic. In 2020, Dubai’s population fell by 8% as many in the expat community which makes up around 90% of the population were forced to emigrate after losing their jobs. However a successful vaccination programme enabled UAE to open up earlier than other countries and, along with liberalised residency rules, Dubai’s population grew by 2% in 2021. Furthermore, an influx of skilled workers along with a rise in oil prices has seen an increase in Dubai residential property sales by 81 in Q1 year-on-year and a 125% rise in the value of property transactions. However, Fitch also warns that not every sector in the UAE’s property market has seen a return to pre-pandemic levels – Dubai’s office market may take several years to recover due to an oversupply. ©2022 funds global mena

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