Dubai has been the place for real estate investors to look for ideal properties. Ex-pats & foreign nationals also like to buy property in Dubai due to its attractive cultural environment. But 2020 has been a turning year for the real estate market as the total value of residential property sales fell by almost 14 percent to AED55.46 billion from AED64.34 billion in 2019. The pandemic broke the back of investment last year & 2021 is going to be the same, with minor improvements.
Is it the right time to invest in Dubai’s real estate market? Yes, the time is ideal to make such an investment as people are fearing to invest their money anywhere around the world. This has led to a fall in prices in the real estate market & thus prompting the individuals to make a real-time investment now. If you’re a long-term investment in the market then it is an ideal occasion for the same.
Here are some figures & facts to highlight the fall of property prices in Dubai –
All the emirates in the UAE are facing the price-fall scenario & it is important to take full use of the opportunity to get the desired property. The year 2021 is going to be about the review of Dubai’s real estate market & property prices but at a slow pace. The fear of pandemic is far from over and thus the decisions are taking time to pursue! The cost of Dubai properties at the present moment is much low as compared to the pre-pandemic times & the right kind of investments will give fruitful results to the buyers.
The year has seen a rise in sales of luxury villas, sea-view apartments, & second-hand family houses! This has rejuvenated the property market a little bit, but there is a long way to go before any real success. Recovering from the slump or recession will take time & the UAE government is coming up with incentives for the market to boost sales. There are more chances of getting an ideal real estate deal in Dubai properties now! Make the time count good for you by investing in the right real estate.
The Dubai economy has taken a hit as it depends greatly on trade & tourism! Foreign investment is contributing to the uplifting of the UAE economy & thus there need to be rules based on the inflow of foreign funds in the Emirate. Buying a property in Dubai becomes easier when you reach out to an experienced realtor. The professionals do the job of collecting documents on your behalf & assist you in getting possession of the property in a quick time.