The Dubai property market is about to turn the corner since the devastating effects of the global Corona virus pandemic. Developers have been reporting an uptick in enquiries and investors are finalising transactions. This meant that investor confidence in Dubai property is still high.

Aqil Kazim of developer Nakheel, stated that there were 15,883 transactions in between April and June reported by the Dubai Land Registry.

Speaking to news network CNBC, Kazim told the reporter that CO-VID had impacted the market but despite this unprecedented time, he added:

“Despite these circumstances, we have witnessed impressive levels of real estate activity in the last few months,”

Property that is in demand right now seems to be Dubai villas with larger gardens and bigger living spaces. Naturally, this coincides with some of the pandemic advice of late with the need for healthy outdoor air and more space indoors while working from home or enjoying family life with children.

“People have actually started to make that decision to invest in a property that they probably held back in the previous years because of this change in buying behavior,” Kazim added

He further expressed that new property owners were making a firm commitment to Dubai.

In further industry view points, consulting firm ValuStrat indicated that property transactions will increase much sooner than expected. Having reviewed the current state of the market, a representative of ValuStrat commented:-

“Price drops, lower lending rates and sweetened (loan-to-value) rules may encourage some potential buyers to make a purchase.”

In summary,  the current outlook is that property prices could be very favourable for a short period but signs the market is showing significant resilience. Investors are displaying confidence in the real estate market.

As an investor, prices can look attractive, especially when the market value for property picks up again sooner rather than later.

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