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Dubai Real Estate Market Expected to Experience Cooling Trend
三月 15, 2024
Dubai Real Estate Market Expected to Experience Cooling Trend 迪拜
By   Internet
  • 都市报
  • Dubai Property
  • Dubai Real Estate Market
  • Market Trends
  • Luxury Villa Prices
Abstract: According to Arab Business, Dubai's real estate market is expected to experience a cooling trend this year, especially in the apartment sector. This trend is primarily due to continued increases in supply and the impact of global economic factors. However, in contrast, prices of luxury villas and townhouses are expected to continue to soar.

Alois Kugendran, General Manager of Real Estate at Huspy, a Dubai-based real estate consultancy and mortgage company, stated that Dubai's real estate prices rose by approximately 17% last year and are expected to increase by around 5% this year. He noted that the newly added inventory in the market will support a slowdown in prices while still offering incredible value to Dubai buyers. This is good news for all stakeholders and buyers as it ensures a strong and sustainable foundation for market growth.


Executives from other real estate consulting firms and forecasters also believe that the surge in Dubai residential prices may slow down, but the downturn will be minimal. The global economic environment and political instability in various regions, including Europe and the United States, may curb the high growth trend in Dubai property prices. However, the UAE's status as a stable and friendly destination has bolstered investor confidence, encouraging investment and driving continuous growth in real estate prices.


While prices in the apartment market are expected to cool down, prices of high-end properties such as townhouses, villas, and luxury real estate are expected to continue to rise significantly. Although some adjustments may occur, particularly in the apartment sector due to oversupply, they are expected to be minimal. Prices of townhouses, villas, and luxury properties will continue to rise due to relatively high demand.


Dubai Real Estate Market Expected to Experience Cooling Trend

arabianbusiness


Dubai's real estate market is influenced by two emerging hotspots—the Abu Dhabi and Hayatma real estate markets. Both markets are expected to continue growing due to increased supply. Abu Dhabi experienced a very strong year last year, while demand in Hayatma surged significantly due to the development of casinos and other leisure projects.


Key trends identified include population growth, economic stability, low interest rates, and continued improvements in visas and commercial regulations, all of which will support market stability. With reasonably priced housing having broader appeal and a larger population base, it is expected that Dubai's transaction volume will reach new highs this year. Due to limited supply and continued high demand, capital returns in the high-end and luxury markets are expected to maintain healthy growth.


To maintain stable demand, developers have implemented some incentive measures and pricing. In addition to offering competitive payment plans (often including paying a larger portion of the amount after handover), some developers have taken additional measures such as absorbing registration fees to make down payments more affordable, making them more attractive to potential buyers.


Despite the expected cooling in Dubai's real estate market, it remains relatively active overall. Prices of luxury villas and townhouses will continue to rise, and other factors such as population growth and economic stability will continue to have positive effects on the market. Dubai's real estate market is expected to continue attracting investors and maintain a stable growth trajectory.

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Dubai Real Estate Market Expected to Experience Cooling Trend
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