Better investment in high-end Dubai market
The term ‘buyer’s market’ has been used in abundance in relation to the UAE and Dubai property markets throughout 2018. The softening prices, the array of choices and accessible home loan offers has made the cost of property ownership for residents more attractive versus the cost of rent.
According to the latest data by the Dubai Land Department, Dubai’s real estate sector experienced a year-on-year increase in investments in the first 9 months of the year, totaling nearly $14bn. Add to this the latest government policy decision of granting long-term visas to UAE property owners, the prospect of investing is now even more attractive, especially for those considering staying in the UAE for longer than five years.
Insights reveal that residential properties in prime neighborhoods are now more affordable and driving greater interest among potential buyers. According to the report, the top five searched villa communities on the platform in the first three quarters of 2018 were The Villa, Arabian Ranches, The Springs, Mudon and Palm Jumeirah, which reflected a trend that softening purchase prices are encouraging residents to consider higher end communities.
As we move into 2019, it is anticipate that this trend will continue, and one will see even more end users investing in the property market.