First quarter of 2021 fared better-than-expected, on the back of post-pandemic recovery in the UAE. Covid-19 pandemic, which took the world by storm, took everyone by surprise. It was something no country was prepared for, let alone companies or individuals. Many industries around the globe were brought to a standstill or faced complete collapse, particularly the travel and tourism industry. The real estate sector in Dubai recorded strong sales growth of 17 per cent in January 2021 compared to the same period a year earlier. This growth is being driven by investor confidence in the Dubai real estate market and the superior quality of the product. Many buyers from the Middle East, parts of Europe and the United States are seeing the UAE – particularly Dubai – as a safe and stable environment to relocate to.
The UAE was recently named as ‘the most popular tourist destination for 2021’ in a study conducted by global travel firm Kuoni, who revealed that the country has emerged as the world’s most searched destination for 2021 in 11 countries. A ‘boom’ in staycations has been a contributing factor in the resurgence of hotel occupancy rates in Dubai, which reached 71 per cent in December, the highest level since February 2020; oscillating between 50 and 70 per cent over the past three months throughout the emirates.