Press conference - analysis&presentation of Unique Estates Dubai

At an official press conference, Unique Estates presented an annual analysis of the luxury real estate market in 2022, as well as officially announced its new business direction Unique Estates Dubai for sale of real estate in Dubai to Bulgarian clients in cooperation with the company's official partner in the United Arab Emirates Emirates – Bonne Apart UAE.

During the event, Vesela Ilieva, Managing Partner of Unique Estates, announced that the market has been following the momentum since 2021, with prices increasing by 23%. There was a 30% increase in the number of rental transactions during the year. Predictions from the end of 2021 that a lot of new construction will come to the market, which will lead to oversaturation and a drop in price levels, are also not coming true. Building permits for new buildings in 2022 have not yet reached 2021 volumes.

"We report an extremely successful and active 2022. Traditionally, the luxury segment is the least affected by economic changes. In Bulgaria, investing in real estate continues to be a guarantee of security and stability," said Ilieva.

Dubai is confirmed as the hottest destination to buy property, according to Unique Estates' survey. According to data from Bonne Apart UAE - in 2021, 84,000 transactions were made with a total value of 75 billion euros. Florentina Calin, Business Development Director of Bonne Apart UAE, pointed out that active demand and measures taken by the government to attract foreign investment have led to a rise in prices. In September 2022, transactions reached a record 6.6 billion USD, an increase of 49.7% compared to the same month in 2021.

The expectations of the Unique Estates team are that the high yield of 6-8% from long-term rent, 13% - from short-term, as well as 20-30% for resale, together with tax benefits, will lead to interesting transactions with a speculative purpose from Bulgarian citizens.