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Last week in Dubai has brought surprises, both statistical and forecasting. Long awaited news about housing market revival finally came from official sources: Dubai Land Department has confirmed that property prices are expected to start rising again in the middle of 2016.
Stability and a slight pickup in rental sector — these are the main news of the week. However, developers still managed to surprise us by presenting just another “future city” project.
That new real estate projects construction boom expected by the UAE real estate experts in autumn seems to have already begun. Last week’s been extremely rich in new and revived projects by major Dubai real estate developers and newcomers to the market.
This week Dubai real estate market was guided by the brightest industry event, Cityscape Global 2015 real estate exhibition. Developers flooded the market with new projects before and during the show, and experts and analysts were able to make far-reaching conclusions concerning the future of Dubai's housing market.
Despite analytical reports of the maximum decline in Dubai house prices, last week was full of positive news. Deyaar and Skai presented major new real estate projects, investors are waiting for the market expansion and rental prices fell by almost a quarter in certain areas of Dubai. In addition, the forthcoming Cityscape Global property show is going to be the largest since its launch, which confirms the steady development of the housing market in the UAE.
In the stormy ocean of the global financial stocks and other markets that raged last week, Dubai could be called an oasis of calm. Here, everything goes its way: several highly anticipated real estate projects have been pushed forward, developers are preparing to close Cityscape Global and more distant Expo 2020, and the critical decline in oil prices has no impact on the grand plans for large-scale infrastructure projects and super premium housing development.
Everybody in the Dubai real estate market is waiting for the fall, the anticipated prices fall and the traditional new project’s fall harvest. This time of the year, between Ramadan and the expected surge in activity in the first months of the fall in Dubai is always relatively quiet in the housing market, and the quietness is broken only by the developers’ announcements about new exciting real estate projects’ gradual implementation.
Last week’s activity in Dubai property market was characterized by statements of some obvious facts: analysts admitted that property prices are declining in almost all categories of the market, but this reduction is natural and has a big positive impact on further sector’s stabilization in the long term.
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