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The Real Estate Market in Dubai Remains a Buyer's Market

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Analysts expect that real estate will soon cease to rise in price, but they are not sure about the further availability of options.

The Situation. High demand is likely to lead to a sharper rise in house prices in Dubai this year than previously thought. Although the high supply level likely guarantees that the Emirate will remain a buyer's market for several more years, a Reuters poll showed.

At the moment, prices for luxury housing in Dubai are growing wildly. The Emirate has broken a 12-year record for the volume of real estate transactions.

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Details:

  • A survey of 12 analysts by Reuters, conducted on February 9-23, showed that house prices in Dubai are expected to grow at a faster pace than predicted three months ago. Real estate will rise in price by 7.5% this year and by 5.5% next year.
  • According to Chris Hobden of Chestertons MENA, improvements in the economy, along with the continued influx of new residents, seem likely to contribute to a moderate increase in home sales prices and rents. But the high speed of deliveries is likely to limit the scale of growth of the market as a whole.
  • According to most analysts, the Dubai real estate market will remain a buyer's market, at least in the next couple of years, due to the high supply. That is in stark contrast to most world housing markets that experience rapid price increases, especially during the pandemic. Analysts add that developers will refrain from significantly raising prices due to oversupply. Thus, availability can be maintained for several years.
  • Analysts' opinions were divided on accessibility. Six said the situation would improve, six expected it to worsen.

At the moment, growing demand, especially from foreign investors, high immigration, a sharp economic recovery will be the most significant risks to growth, according to respondents. However, they also pointed to downside risks, including higher interest rates, depletion of affordable housing stocks, and a slowdown in economic growth due to political instability in the region and world.

Also read: 
What People Buy in Dubai
Real Estate Facts That Will Surprise You in the UAE
Property Maintenance in the UAE

Source: Reuters 

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