Despite the modest start and the slew of laws that proved to be quite effective, apartments and houses in the UAE, and Dubai in particular, experienced controlled increases coupled with occasional strategic slowdowns, according to Bayut.com report.
The property portal noted sluggish activity in Dubai’s residential market during the first half compared to remarkable 2013 numbers. Abu Dhabi, however, successfully managed to post good numbers for the sixth successive quarter.
“Both emirates welcomed new tenants and the rents shot up as a result. Sale prices also continued to move in [an] upward direction and overall the UAE’s real estate sector performed reasonably well in the first half of 2014,” the report said.
Bayut.com chief executive Haider Ali Khan is of the view that the slowdown in the residential sector, especially in the sales of the secondary villa market of Dubai, may continue in the second half. He termed the slowdown in the market “good” for investors and said it will bring an end to the speculations and concerns of another property bubble.
“The property market of Dubai is known to shine the brightest, but like everything good, it needs to be handled with extreme care,” Khan told Khaleej Times.