Recently there was a massive drop in prices of Dubai market property. Taking this as an advantage real estate developers, executives and analysts believe that the investors and end users are expected to buy the apartments and villas in Dubai. And spending on the infrastructure development there will be a growth in trade and inturn it will help in the speedy recovery of the Dubai’s economy . Tourism will be improving as trade rate grows. It will be right time to invest in the property market of Dubai now given the assurance of tenants be ready to pay more toward the end of the year 2021.
According to the reports of ValuStrat , there was a price drop in the property market more than last year. 14.3 percent of decrease in the apartment prices and the villas rate dropped by 13 per cent recording year on year decrease rates. 18 per cent decline is the rents for apartment where as the villa segment noticed a stability as it only dropped by 1 per cent.
The most sought after , the ones which investors and end users are looking to invest are locations like Dubai Marina , Business bay , Town Square , Jumeriah village and the International city. And for the Off plan properties , investors found Jumeriah Village, Downtown Dubai, Dubai Creek Harbour, Business Bay , Shobha Hartland as the most popular lands to invest in. Health crisis being resolved Dubai’s Real estate sector is set to have a positive impact and the Dubai economy is said to grow by four per cent.
Developers putting a hold on new projects , rents and capital values in the established villa locations is said to stabilize the market value. Dubai may also witness a gradual appreciation as the apartments also may follow the same suit. Economic recovery , Expo 2020 and the 50th year anniversary of United Arab Emirates is sure to improve the market prices this year says the report of ValuStrat. Across the city , there will be a three per cent and one per cent raise in the rates of the villas and apartments respectively. Some areas may or may not perform better that the others.
Quick economic recovery and Tight control over the new supply chain amidst this hosting the new expo 2020 and celebrating the 50th anniversary of United Arab Emirates has cited a speedy recovery from the pandemic. These acted as a few essential key reasons for the real estate sector to turn around. And the prices of the properties will have a long way to reach the previous pikes but it Is still going to okay as the recovery process has started with the start of the year 2021.
“Residential areas with good infrastructure, transport links, schools shoos and shops will remain in demand by property buyers and tenants this year,” says Haider Tuaima , head of the real estate research at property consultancy ValuStrat. Improvement in general economy , business growth and job creations will generate the further demand for the residential units in the United Arab Emirates and the pending supply of the previous years are expected to be coming online at some given point of time. He also added that Dubai is the investor hot spot with the positive outlook as it has outdone in the previous years and is fighting strong against a major pandemic. Even though recovering might take time but the steps taken from the Dubai’s real estate developers and government of curtailing new projects will have a control over supply.