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Dubai Real Estate Market Very Stable in 2013
The UAE and Dubai property markets are in a stable position in year 2013 and will stabilize further after the rapid recovery from the economic downturn.
By: IS Real Estate
The Dubai real estate market made a drastic recovery from the slump set off in 2008 and this is understandable from the rising office rents in the past few quarters of this year. During the economic slump property prices had dropped as much as 65 percent. For those planning property for sale in Dubai,this must be good news as better realization is on cards.
Another Bubble Unlikely
With the Dubai government taking many proactive steps to ensure sustained growth and prevent any replay of the realty bubble burst of the recent past, the two quarters of 2013 showed Dubai properties in significant upswing. This was more prominent in the prices of upmarket villas and apartments. In the luxury segment, villas are in high demand. All the apartments for sale in Dubai are also evoking faster response especially in central Dubai locations.
It is expected that real estate market will have a broad recovery during the coming months of 2013, though an economic boom is unlikely. According to financial experts seven major trends are visible, indicative of the UAE market’s growth and patterns for the rest of 2013:
· Dubai's market has restored investor confidence.
· Abu Dhabi market will take time to see a similar upturn.
· Dubai has clear market drivers in UAE's economic growth, increased employment, safe haven status, improved pricing and rental performance, multiple real estate projects announced recently and the UAE Central Bank setting new mortgage caps.
· Rising supply in real estate will benefit buyers and tenants. Year 2013 displays a shift towards good living, health and safety with occupants making demands for ensuring the best practices. This has triggered a best-value Vs lowest-cost approach in investments.
· The initiatives of UAE government to monitor the market's growth will continue with steps like mortgage caps and stimulus packages.
These trends support that the UAE's real estate market will witness a broad recovery in 2013. Even if it is not an economic boom a good stable growth is a strong signal for investors.
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Page Updated Last on: Jan 27, 2014