Contact Us
How Can We Help You?

Please, leave us your message.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Announcement

Dubai property market to grow in 2019

Dubai’s real estate market will gather momentum.

By
Anahita Zamanian Zeinali
on
July 28, 2022

The total value of real estate sales transactions in Dubai was up 56 per cent year-on-year to Dh15.7billion in the third quarter of 2018, and 18 per cent month-on-month, according to the latest market update from Egyptian investment bank EFG Hermes.

Residential sales drove the increase, with all market segments luxury, affordable and budget properties inDubai recording higher transaction values on an annual basis in October. Total sales in the budget sector declined slightly on a month-by-month basis, the report added. The residential increase was driven by a 59 per cent rebound in off-plan sales on a monthly basis to total Dh2.3bn, a slight rise from the year-earlier period.

The best performing areas ofDubai in the third quarter were International City, Emirates Living and Mohammed Bin Rashid (MBR) City, while Arabian Ranches, Downtown Dubai and Jumeirah Park were the worst performing with the lowest uptick in transactions.Average selling prices across all segments climbed 3.8 per cent month-on-month to reach Dh1,315 per square foot.

However, rental values continued to fall in the third quarter, according to EFG, continuing a“persistent downwards trend” recorded across most of the UAE’s real estate market coinciding with a three-year slump in oil prices that started in 2014but turned started to rebound at the end of last year.

While higher oil prices and an increase in construction activity in the lead-up to Expo 2020 Dubai is expected to boost real estate market growth this year, property prices could continue to decline on a year-on-year basis due to the impact of rapidly rising supply, UAE real estate portal Propertyfinder said in a report on Monday.

“Property prices are expected to continue to decline [in 2019] as we are most likely to see the materialization of residential supply double, if not triple, the amount of units from past years,” said Lynnette Abad, director of research & data at Propertyfinder.

A total of 19,881 residential units have been completed in Dubai this year as of October, the report said, with an additional 14,707 due to be completed in the next two months. A further33,982 units are under construction, about 65 per cent of which will be completed over the course of 2019.

...

Latest Posts

Read More

Why to Invest in Dubai Real Estate

Why Should you Invest your Money in Dubai Real Estate

Read more
Read More

Limited Time Offer- Just Pay 10% and Move In Today | 90% in 5 Years with Monthly Installments.‍

Limited Time Offer- Just Pay 10% and Move In Today | 90% in 5 Years with Monthly Installments.‍

Read more
Read More

Dubai Residency visa with property investment

Yes you can get Dubai Residency visa with property investment The 6-month multi-entry The 3 years residency The 5 years residency

Read more
Read More

New Offer by Deyaar - Bella Rose with 1% per month with No Agency fee

Own your dream home with 1% per month and 65% within 48 months. starting price of 1 bedroom from AED 685,000 and handover on December 2020

Read more