Dubai’s property market is witnessing signs of green shoots as the number of transactions increased in the first two month of 2019 while developers also report good numbers as lower prices attract new buyers.
“In the first two months of 2019, there is increase in number of transactions. There are more buyers in the market. The government’s initiatives like 100 per cent foreign ownership and 10-year visa are the privilege that the investors are looking for. We are targeting new markets like Africa, the US and Canada to enhance foreign investments into Dubai,” said Majida Ali Rashid, assistant director-general of Dubai Land Department (DLD).
“Dubai’s property, real estate infrastructure as well as investors are pretty matured now,” she said on the sidelines of the first day of the 3-day International Property Show, which began at the Dubai International and Exhibition Centre on Tuesday.
In the first 11 months of 2018, the total value of transactions reached Dh194 billion while Investors pumped in Dh62 billion investments during January to November 2018.
The first quarter of 2019 has been very exciting for TownX Developments with the new demand coming from new buyers, end-user and non-residents that are looking at Dubai as a long-term play. Momentum is picking up and there is a lot of expectations ahead of Expo 2020 Dubai. A lot of residents are thinking that it is a time to go for a property buy as well.
Dubai’s real estate market will continue to attract investment, regardless of the demand-supply situation and how it changes based on the market conditions. Many experts believe that current inventories will be absorbed by the market by winter when demand will pick up and there might not be enough supplies left for buyers. Hence some developers are increasing their prices and believe they will go up 10 per cent in certain locations.
More: Special Report 2019: Addressing the most common misconceptions about Dubai’s real estate market
The first quarter of 2019 has been very exciting for TownX Developments with the new demand coming from new buyers, end-user and non-residents that are looking at Dubai as a long-term play. Momentum is picking up and there is a lot of expectations ahead of Expo 2020 Dubai. A lot of residents are thinking that it is a time to go for a property buy as well.
Dubai’s real estate market will continue to attract investment, regardless of the demand-supply situation and how it changes based on the market conditions. Many experts believe that current inventories will be absorbed by the market by winter when demand will pick up and there might not be enough supplies left for buyers. Hence some developers are increasing their prices and believe they will go up 10 per cent in certain locations.
More: Special Report 2019: Addressing the most common misconceptions about Dubai’s real estate market