Activity in the UAE real estate market has increased lately thanks to a number of foreign homebuyers and property renters. This might have something to do with a slight decline in property values in recent time that has allowed investors to take advantage of lower prices and buy units instead of paying rent.
The average villa rental and sales rates declined by 1% and 2% respectively, as per the latest report from real estate consultancy Asteco. In fact, Asteco’s Q2 2017 Dubai data show the average quarterly sales in price has been on the decline for apartments, villas and offices of approximately 3%, 2% and 2%, respectively. With that in mind, it may be the optimum time to buy. It’s an ideal moment to get onto the UAE property ladder as new housing come into the market.
According to statistics from the Dubai Land Department (DLD), Indian investors have topped the list of non-Arab nationals who have expanded their investment footprint into the emirate. Others who have come to establish a home away from home include investors from Pakistan, Egypt, Jordan, China, Lebanon, KSA, UK, and USA; these all accounted for the top nationalities buying Dubai real estate.
Event in the spotlight: DLD is among many other exhibitors to be at the Cityscape Global conference, a leading platform for the international real estate market to showcase prime developments and property investments, on 11 -13 September 2017 at Dubai World Trade Centre from 10:00 AM – 07:00 PM. Visit the website (cityscapeglobal.com) for more details. Register to attend. Why participate? To hear more of those who are shaping the real estate industry!
Last year, a Cityscape Global survey found that a number of investors see UAE as the most attractive country to invest in real estate looking to seize opportunities. In particular, the emirate has seen a growth in international property investors thanks to offering luxury living by the shoreline (Jumeirah Beach Residence) and in the city center (Downtown Dubai), for example, that has lot of expats who live there occupying residences with views of the marina or the sea.
Townhome developments will be the key triggers leading up to the Dubai Expo 2020 and beyond. Interested buyers can look at properties on the beachfront townhouse on Palm Jumeirah or The Springs which is the top Dubai villa community, if not consider an apartment at JVT or JLT where prices, however, continue to maintain stable levels.
A new customer segment of millennial expats is opting for elegant ready-to-move in villas at DAMAC Hills that offers attractive and lucrative investment opportunities in self-contained developments with everything they need nearby in an easy to walk area with high quality of life and an established community feel.
So are you ready to buy? When buying a home in Abu Dhabi and Dubai, whether you’re a first-time buyer, resident or non-resident, residential or commercial buyer, be sure to seek assistance from a local property broker, as s/he can help to find a property and know what banks or financial institutions offers the lowest rates and loan options.
Note: There are ‘New rules for the Dubai Property Visa,’ so be familiar with the process; in fact, “buying any property does NOT entitle you to automatic lifelong residency in Dubai & UAE.” Email us for info and options or visit dubayblog.ae for more on Dubai life and opportunities.