The rally in Dubai’s residential property prices isn’t stopping anytime soon, according to Morgan Stanley.

“Robust demand, peaking supply growth and long lead times for new projects could lead to a tighter-than-expected market over the next several years,” analysts Katherine Carpenter and Nida Iqbal wrote in a report.

For properties worth at least 10 million dirhams ($2.7 million), a record 84 changed hands in March, according to data from real estate consultant Property Monitor.

Buying real estate is one of the fastest ways of getting a residency permit in Dubai, which further eased coronavirus-linked restrictions on Monday. Emaar Properties PJSC, the biggest listed developer in the emirate, posted a 65% jump in villas sales in the first quarter from the year-ago period.

Demand picked up amid “a wave of government reforms over the past 12 months, attractive mortgage rates, and a shift in demand patterns due to Covid-19,” according to Morgan Stanley.

A gauge tracking real estate shares in Dubai has gained about 8% this year, though it’s still down 74% from a peak in 2014. Emaar Development, a unit of Emaar Properties, surged as much as 9.5% on Tuesday.