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Despite forecasts that Dubai's property market would see a dip, a new report suggests otherwise.
The National reported that the outlook for Dubai's real estate sector may not be as bearish as industry analysts forecast. Data from Emirates NBD reveals that a majority of householders expect rents and house prices in Dubai to continue to rise.
Rising sales prices, sustained government capital expenditures, jobs growth and a growing population could keep rents rising, albeit it at a slower rate than previously, analysts at Emirates NBD said. Further signs of the dollar weakening, or of rising oil prices, could spur business confidence and lift the property market later this year, they said.
This contrasts with a 10% fall in rents in 2015 projected by the property consultancy JLL, and a 20% fall in sales prices projected by the ratings agency Standard and Poor’s.
The survey results also differ from industry reports on the real estate market in the first three months of the year.
Emirates NBD did not provide projections for rents, but the quarterly survey data paints a more optimistic picture of demand in Dubai’s property market than other consultancies have suggested.
A second new economic data tracker for the Dubai economy showed robust growth continuing in April, albeit at a slower pace than in March.
