Dubai property market will continue to grow according to Nitin Bhatnagar, co-founder of … | Your money

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DUBAI, United Arab Emirates, May 20, 2022 (GLOBE NEWSWIRE) — Nitin Bhatnagar, co-founder and chairman of Ellington Propertiesone of the leading design-focused property developers, expects the Dubai property market to maintain its growing trend for the foreseeable future.

According to Bhatnagar, the performance of Dubai’s property market since the end of the pandemic has become increasingly strong over the months. While positive sentiments in some areas have slowed down a bit, the real estate sector overall is on an upward trajectory with a lot of interest in off-plan properties due to the flexible payment plans offered by developers to potential investors.

Bhatnagar said, “As long as you have a quality product and you are in good locations, demand is high and Ellington has been focused since its inception on the quality of its product.”

Bhatnagar’s positive outlook is backed up by the official Dubai Sales and Rentals Performance Index launched by Dubai’s land department, Mo’asher. According to Mo’asher, the first quarter of 2022 saw the highest number of quarterly real estate transactions since 2010 with a total of 25,972 transactions and a sale value of AED55.5 billion.

With the off-plan real estate market accounting for 42% of total sales value in the first quarter of 2022, this market segment appears to be experiencing a strong recovery after a slow recovery over the past two years.

Bhatnagar also added, “The UAE is strategically located and the increase in tourism, as well as the large number of people moving to Dubai, continues to improve market dynamics. The UAE has shown resilience and ingenuity in managing the pandemic, which had a positive impact on the demand from foreigners and encouraged them to settle in the country and invest there.

About Ellington properties:

Founded in 2014, Ellington Properties strives to create beautiful environments for exceptionally high quality lifestyles. Inspired by art and reflecting the aspirations of their owners, Ellington Properties residences are classic in their atmosphere yet contemporary in their outlook. Ellington Properties’ current projects include elegant high-rise residences and multi-family communities in Dubai, located in prestigious Downtown Dubai, Mohammed Bin Rashid City, Emirates Hills, Palm Jumeirah and the upcoming Jumeirah Village Circle. www.ellingtonproperties.ae.

For more information, contact Ellington Properties Media Services: [email protected].

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