Dubai Real Estate Market 2018
Dubai real estate market has maintained its charm for the investors regardless of the fluctuations in its prices. As mentioned by the Dubai Land Department (DLD), Dubai real estate transactions totaled Dh111 Billion for the first half of 2018. This depicts an approximate fall of Dh21 Billion as compared to the year 2017. Dubai real estate transactions totaled Dh132 Billion in the first half of 2017.
This drop in the transactions was mainly due to a low inclination of the investors towards the off-plan property. Dubai real estate villas has always been a volatile market. This reduction was due to fewer developer launches and facilitating the developers with fewer incentives as compared to the year 2017. In addition, Dubai real estate investors have shifted their investments from off-plan properties to furnished properties.
- Business Bay and Dubai Marina villas were the stars of Dubai real estate in the first six months putting forward 1,934 transactions worth Dh4.2 Billion and 1,145 transactions worth Dh2.9 Billion respectively. Dubai real estate transactions for the year 2017 were worth Dh285 billion, which interprets that the second half of the year 2018 would have to show progress to match the level, previously set. Among the investors, Emirati and Indian nationals secure the top place with 2,986 transactions worth Dh6.8 Billion and 3,218 transactions worth Dh5.9 Billion respectively.
- According to Khaleej Times, a total of 7,668 Dubai real estate transactions worth Dh57.6 Billion were financed through the mortgage. Out of which 498 transactions worth more than Dh1.7 Billion were from Dubai Marina, 454 transactions worth Dh769 Million were from Jebel Ali First, and 453 transactions worth surpassing Dh3 Billion were recorded from the Business Bay. These figures are a clear indication of active participation and inclination of the customers towards Dubai real estate.
- To stabilize the economy, the government has presented the policies of granting the investors a UAE Residency Visa for 10 years and reducing government fees. These strategies will be the most important incentives for the investors as it will reduce the overall business costs and will aid the progress of Dubai real estate.
- Dubai real estate in hotel accommodation has been in a better position than property affairs. The luxurious opportunities and tourists’ attraction are the foremost reasons for it being better than the property market. Dubai has not yet attained investors’ attraction parallel to where the other giants of hotel industry stand but nevertheless it has maintained its pace and is continually forwarding towards progress.
- The expected megahit of the year 2020 has caught everyone’s eyes on it – Dubai Expo 2020. The market speculators are already anticipating an immense growth in Dubai real estate sector. The delegates and tourists coming from more than 160 countries will have to be accommodated with utmost hospitability which eventually means that the demand for accommodation is expected to hit the sky. Dubai Expo 2020 would be a game changer for Dubai real estate as it’ll impetus the property affairs as well as the hotel industry.