From the first quarter of 2019, Dubai property prices have been falling. Dubai Marina, Palm Jumeirah, and Downtown continue to be the most favoured locations among home buyers. Many people move to the city for job opportunities as well as for education. These immigrants often rent apartments in Dubai. Therefore many buy property in Dubai to let out on rent. This is a lucrative market in recent times. That being said, here are some of the facts about Dubai real estate market in 2019.
Price drop in real estate
The second quarter of 2019 also showed a continuous decline in property prices. This has been predominantly due to the supply of overgrowing demand.
Shift towards off plan properties
Dubai off plan property purchases has been steadily increasing. With stricter legislation favouring home buyers, there are many who now confidently buy projects before completion. This helps earn huge discounts on the prices. The demand in the off plan property market has been growing in 2019.
Timely handovers have been strengthening the confidence in buying off plan properties in the city. Developers around the city have offered great prices for off plan properties.
Increase in sale volume
The transaction of Dubai properties sale in the residential sector has increased in 2019. It reached a 4 year high this year in terms of the sale volume. The fall in property prices has also been a catalyst for this effect. The upcoming Expo 2020 that Dubai is hosting is also a trigger for the sudden increase in sales.
Dubai property market has shown a steady increase in the sale of affordable units. Property sale patterns show that affordable small-sized units bring big profits in this teeming city. Therefore many readily invest in small-sized apartments in the city.
With the price of apartments and villas dropping, there has been an increase in sales volume. With just few months remaining in Expo 2020 long term impacts are anticipated.