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According to the property portal Bayut, rental prices for some apartments in Dubai declined by 25% in a quarter, while other residential rentals increased by 17%.
These extremes in pricing at the Dubai rental market clearly demonstrate the tendency to price alignment and market stabilization. That initially overpriced apartments for rent, such as luxury property units in areas like Dubai, Bur Dubai, Dubai Marina, Downtown Dubai and JLT, now got cheaper by 8-25%. And larger three and four bedroom apartments on the contrary rose in price by up to 17% in three to six months. That is to say, that Dubai rental and sales market corrects itself, skillfully directed by the Dubai government's restrictive measures.
The same tendency was revealed in a long-awaited Knight Frank real estate market report for the year’s second quarter. Global House Price Index ranked Dubai 56th among 56 global markets covered in terms of house prices growth. Dubai property prices annual decline was 12.2%, according to Knight Frank, in H1 property prices declined by 6.4% and were down by 2.8% in the last quarter to June.
However, despite property prices significant drops, 60% of global investors surveyed by YouGov are waiting for Dubai real estate market to go up next year. 54% of respondents expressed general positive sentiment with respect to the further market expansion, and 58% of investors expect real estate sales number, as well as rental prices to increase over the next 12 months.
Dubai developers also share investors’ optimism and get ready for the most significant event of the Middle East real estate market Cityscape Global trade show. Many developers this week held first-time presentations of their development projects. Deyaar master developer has launched Midtown, the first post summer major real estate project in Dubai’s International Media Production Zone. And another Dubai developer Skai is ready to launch USD 270 million hospitality project in Dubai South. But Damac seems to be first to complete the first major hospitality project in Dubai South: this developer plans to handover its luxury hotel project NAIA Tenora in six months.
The best opportunity you can get to examine all the abovementioned projects and many more others in just three days is visiting Cityscape Global on 8-10 September at Dubai World Trade Centre. IMEX Real Estate will guide you through all real estate world at Cityscape Global.
Visit our stand 5A40, and you’ll get the chance to learn the variety of options in apartment off-plan sales sector, as well as at the secondary market (purchase, sale, lease), property rental sector and affordable property domain (sale, lease, investments). Come and see for yourself: there are plenty real estate options worthy of your attention in Dubai!
