Dubai Property Market

These are interesting circumstances for anybody associated with the Dubai property market. Furthermore, anybody living in the UAE and looking for a house either on rent or purchase – Prices are falling!

As everyone says, it's all about "location, location, location." So, let’s start looking at the few locations beginning with Palm Jumeirah. Apartment prices there along the desired shoreline is dip by 20 percent against year and a half back. Accepting the drop is the same on real exchange costs, that is a heavy fall. Downtown Dubai, which we are always being told is safe, is likewise encountering falls. A few sections of the developments would expect 10 percent down over the same period. Dubai Marina property prices have slid down between 10-15 percent.

The same is holding good for rented house too. The issue here is the extensive number of unrented properties, and the increasingly anxious property owners who are ready to take massive drops just to get a rent cheque.

The Dubai Property Index, utilizing Better Homes' live information, does not give a happy news. It demonstrates a studio level in Downtown Dubai having fallen in apartment costs by 3.1 percent over simply the last quarter — however no change in bigger apartments. Better Homes' information demonstrates genuinely sharp falls in studio rentals over the past quarter in Downtown Dubai (3.75 percent) — yet moderately drops in both sale and rental costs in different locations, for example, Jumeirah Village Circle and Arabian Ranches.

Emaar shares are down more than 10 percent in the previous month, while other property and development stocks in the UAE are additionally blazing red as far in the past month: Aldar is down 5.25 percent; Arabtec down 22.2 percent; RAK Properties down 13.5 percent and Union Properties down 3 percent. The DFM Index itself is down 6.2 percent in the most recent month, and an immense 23 percent over the previous year.

Despite all the above, what we are seeing is a genuinely enormous, and not by any stretch of the imagination. What makes a difference most is the fundamentals! Dubai saw 4.5 percent GDP development a year ago, and a 6.5 percent arise in business. The much-regarded Brookings Institution positioned the emirate as one of the world's five quickest developing economies.

Combined with the remarkable development of Jebel Ali port, Dubai World Central, and Expo 2020 (and the huge job opportunities it does bring) from just 3 years from now, there is plenty of things to be positive about.

We all can conclude that whatever sort of property you take, costs are falling.