The Dubai real estate market is one of the most dynamic and diverse in the world, offering a wide range of opportunities for investors, developers, and end-users. The market has witnessed remarkable growth and transformation in the past few decades, becoming a global hub for trade, tourism, and innovation. Here are some key events of the Dubai real estate market.

2002 — Dubai declared freehold rights for owning property for non-nationals.

At the time according to the Dubai Statistics Centre, the population of Dubai was

1,010,751, 75% of which were ex-pat/non-nationals.

2007 — RERA (Real Estate Regulatory Authority) was formed.

RERA streamlined transactions and registrations of ownership for land and properties in Dubai by introducing various rules and regulations.

2008 — Launched the “Oqood” and Property transactions were made available to the public.

Launched the “Oqood” which is pre title deed of the off-plan properties and it brings more confidence to the investors and by imposing law 13 it has brought more responsibilities to developers.

2009 — Global crisis in All Sectors

It impacted the Dubai property market in 2010 and Villa/Townhouses dropped over 8% in 12 months and Apartment prices dropped 49%.

2015 — In Q2, 2015 the Villa/Townhouses rose by 13.3% and the Apartments rose by 37%. All in all 2015 average prices of all transferred property surpassed pre-crash prices.