Dubai Property market sees rise in sales
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 despite oversupply in the market.
“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).
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.
FarhadAzizi, CEO, Azizi Developments, also echoed Majida’s views, saying there is an uptick since December 2018 and the first quarter of 2019 have been better than the same quarter last year.
“The first quarter of 2019 is much better than 2018; things had started to improve from December 2018, not just for us, but for other developers as well. Momentum is picking up and there is a lot of excitement ahead of Expo 2020 Dubai. I believe it is good time to buy because prices are low,” he said.
“The good thing is that new demand is coming from new buyers. Majority of them are end-user and non-residents from China, GCC, Africa, India and Pakistan.”