Dubai is growing economically and its real estate industry is progressing by leaps and bounds. Within the last few years a great change has observed in the Dubai real estate and it’s not wrong to say that the city has one of the perfectly defined ‘luxurious property’. Government support and flexible policies are the major reasons behind the exemplary boost in this sector which have attracted builders from all over the world. More projects are initiated while some are successfully completed, but the progress is unstoppable and moving ahead with a faster pace. That’s why 2019 is the most anticipated year of luxurious real estate prospects in Dubai and experts believe that marvelous projects would be completed this year.
(EIB) Egyptian Investment Bank
Egyptian Investment Bank also says that the real estate sector will gather momentum in Dubai and new prices would be set after 2019. The values of sales transection would also increase in the third quarter. According to EFG Hermes analysts, the month-to-month sales transactions of Dubai was 18 percent in 2018 while the year-on-year transection of the same year was 56% which was Dh15.7 billion. The biggest boom is expected in residential properties which are divided into three segments such as luxury, economical, and budget friendly.
The report reveals that a decline was observed in the sales of budget sector on month-by-month basis. On the other hand, an increase in the off-plan sales of luxurious property was observed on a monthly basis which was recoded Dh2.3bn. The best areas which gave the best sales performance include Emirates Livings, Arabian Ranches, Mohammad Bin Rashid City, and Jumeirah Park. Remember, they all are luxurious places offer supreme amenities. 3.8 percent month-to-month accumulated increase was noticed off all three segments.
The report confirms a decline in rental values in the third quarter and the same trend was observed in the entire UAE real estate sector. Property prices are dependent on the oil prices in Dubai and the sustainability in oil prices have casted a good impact on a number of UAE based companies. All major real estate companies including Emaar properties, Aldar Properties, and Demac Properties generated satisfactory revenue after a tough time period.
Property Finder
Propertyfinder, UAE Real Estate Portal anticipates that Dubai real estate prices would increase in the next two years due to the higher oil prices and increased construction rate in the city. However, a decline can be observed on a year-on-year basis. According to Lynnette Abad who is the founder of Propertyfinder, property prices would continue to decline in 2019 due to the doubled rate of materialization supply in real estate property while states show that 19, 881 residential units were completed and handed over to customers in 2018 and 14,707 units would accomplish construction process within the next few months. Moreover, it’s planned to complete 33,982 units in 2019.
A report published by Knight Frank says that the prices would be soften in the third quarter of 2019 and it will increase opportunities for existing occupiers and landlords. “The short-to-medium-term viewpoint for Dubai’s commercial market remains negative with rents anticipated to continue to decline across all market segments, confirms reports.
