Dubai housing market to rebound to previous growth rates: KPMG

The new report by KPMG consultancy forecasts, when the emirate’s residential property market will return to the former growth rates.

Optimistic outlook for the Dubai’s housing market is continually supported by new analytical reports. This time, KPMG presented its own vision of the industry’s future, according to which the emirate's real estate sector will fully restore its last years’ growth rates in 2017.

Among the main factors for the full market revival KPMG report named "vastly improved regulations” with the wide application of new, effective regulatory measures, as well as the liquidity as the main factor creating demand, and the growing significance of the affordable housing sector.

Sidharth Mehta, partner at KPMG Lower Gulf, said: "While oil prices remain well below the long term average, which is clearly having an effect on market confidence, Dubai's improved regulatory environment, broader investor profile, and increased maturity are all indicators that its real estate market should eventually self-correct."

However, some factors have already started to influence the Dubai’s real estate market greatly. As had previously reported, last week Dubai Properties presented its new project in the affordable housing market niche — a complex of townhouses and villas called Serena in Dubailand area of ​​Dubai. And today came the information revealing that the demand for these facilities was high enough to sell out all the first phase townhouses in the Bella Casa cluster within hours after sales launch on Saturday.

Thus, it seems that Dubai is seeing again those queues for properties usual for 2013/2014. This means that the market can return to the previous growth rates much earlier than analysts predict.

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