While the regional government is making preparations for the Dubai Expo 2021, there’s little chance of any new projects being announced in the meantime.
That’s not to say nothing is happening in the Dubai property market right now!
Since the beginning of the Corona crisis and then the easing of lock down, real estate was seen as a critical industry that needed to bounce back. Much like the rest of the world, that bounce back is happening gradually and it has opened up a wealth of opportunity for foreign investors. This is why now could be the right time to invest.
While in a situation much like London, with wealthy foreign investors with disposable income snapping up discounted luxury homes, Dubai is experiencing something similar and its energizing the property market once more.
Through official data supplied by the Dubai Land Department, approximately 1.3 billion UAE dirhams ($353 million) transactions happened in the last week of April this year. Buyers were after homes, apartments and hotel rooms. Some office space properties were also bought and registered during this time. Unsurprisingly, Dubai’s Palm Jumeirah is currently an area that is attracting a lot of attention from buyers. The iconic artificial archipelago is a world class luxury living space with outdoor areas and private beach access.
The overall Dubai real estate market is also adding new homes as well. Latest data from Property Finder, states that around 20,600 properties were completed in the first four months of 2020. That’s five thousand more compared to last year’s figure. Developers are obviously keen to sell and this translates into lower prices in most cases. Although more projects have been completed, as stated earlier new projects aren’t likely to be announced meaning supply is being restricted, and prices are expected to appreciate.
Financial advisors have said that people should put serious consideration into buying and investing in property in Dubai.
“Now is a better moment than it was probably two or three months ago because the market has dropped massively, and you can get into the market that is going to be cheaper, and that’s a fact,” commented Mauro de Santis Bo, Senior Associate at AES International.
This is good news for first time investors.
Positive market sentiment has also been similarly expressed from developers. Chief executive of Azizi Development, Farhad Azizi, has been sounding an optimistic note about buyers, citing increased sales after the easing of lockdown. They are a company that began to hire new staff to accommodate for construction and viewings. Damac Properties chairman, Hussain Sajwani, also struck a positive note with current signs pointing to a recovery before the Dubai Expo is even held next year.
Overall, interest in Dubai property is certainly buoyant at this time. Some areas in Dubai which were once considered out of reach by some investors, are now within the grasp from a pricing point of view.
Why delay the search for a dream home and an exciting lifestyle?
The ONE Investments property portfolio contains many desirable projects in prime locations such as a Dubai Marina, Downtown and Jumeirah Village, offering apartments and villas with multiple bedrooms.
Our consultants are ready to assist in answering any of your questions. Just contact us using our enquiry number (+44 (0) 203 911 5892 or +1 (646) 908 2628 or use our contact form.