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As the year approaches its middle, experts can already give more or less definite assessments concerning the future of the premium real estate market in Dubai up to the end of the year. And Knight Frank did it first.
Commenting on the outlook of prime residential market, Taimur Khan, research manager at Knight Frank Middle East, said that prices are expected to keep going down in te rest of 2019, if the existing market conditions stay in force.
"However, there will be some fragmentation in performance between newer communities and established prime communities. As prices soften, we may begin to see greater levels of activity from owner-occupiers alongside investor activity," Khan added.
Lynnette Abad, director of research and data, Property Finder, also expects prime residential segment to face some price declines, in full compliance with the tendencies seen thus far this year.
"Areas with new, upcoming supply could see more pronounced declines such as , , and . As prices decline in popular prime residential property markets, we have seen consumer demand increase in areas such as Dubai Hills, , and the Emirates Living," she added.
Jason Hayes, founder and CEO of one of the web-portals about luxury property, said there is a stabilisation noticed in the prime residential prices as far as demand gains momentum and developers adjust their offers to a new supply level.
He pointed out that government’s initiatives aimed to ease foreigners’ long stay in the UAE, such as long-term visas and Gold Cards, will not only help balance the market but to also promote some growth.
"We’ve seen significant uplift in demand for mansions, villas and townhouses in recent months. Homes that are close to international private schools, world-class healthcare centres and excellent infrastructure will definitely generate higher levels of demand. Att the same time, projects nearing completion will also be more attractive for end users, who typically have a more immediate property-buying-plans than investors. In this regard, areas such as Dubai Hills Estate and District One are expected to be in very high demand this year," said Hayes.
And also, according to the recently published Wealth Report, Dubai today is the most affordable luxury real estate market among the 10 largest cities in the world. One square meter of luxury real estate in the emirate today costs approximately $6,729 (AED24,695), which is the lowest rate compared with the other major global centers.
Therefore, buying property in Dubai is always a good idea and the best investment that will bring you up to 10% of annual ROI. And to learn more about the income you can get as a Dubai’s landlord you can always consult our specialists at the IMEX Real Estate. Feel free to contact:
Tel. in Dubai, UAE: +971 (50) 2528188 (Whatsapp, Viber, Telegram)
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