With the first month of 2018 already over, we take a look at the Dubai property market trends that are possible in the next 11 months for real estate both sales and rent in Dubai.
According to The National and most Dubai property consultancy agencies, rental prices will continue to face a decline in the next few months of 2018. The reason is due to the rise of competitive rates from new projects and real estate that is available for sale. Currently, Dubai developers are continuing to promote developments in the affordable housing sector, making real estate options more flexible for various demographics. Even after the fall of rental prices, landlords are accepting multiple cheques as a form of payment. Residents will find it easy to look and pay for rental units in different areas across Dubai.
Dubai Property Sales Trends
The JLL yearly Dubai properties review states that "The majority of sales in the residential sector have been concentrated in the off-plan sector, where developers have been offering particularly attractive prices and payment plans. A total of 25,600 off-plan properties were purchased in Dubai in 2017, with 2017 set to record the highest level of off-plan sales in Dubai since 2008."
As the Dubai Expo 2020 draws near, developers will be creating more projects and developments that will appeal to all kinds of demographics. From high-end and luxury developments like the communities in Dubai Hills Estate, to several options being available for first-time investors and buyers who prefer affordable choices like Dubai South.
Commercial and Retail Spaces
There is a high demand for commercial and retail space, especially in landmark districts like DIFC, Business Bay, and World Trade Centre. More corporations are choosing Dubai as their headquarters because its status as a global business hub and also being the major networking city between the Middle East and other international destinations.
Also, with the introduction of VAT, more businesses are opting to find offices and retail space in freezone areas such as Dubai Media City, Dubai Internet City, Dubai Studio City, and much more. Consequently, there is a high demand for freezone areas in the commercial property market.
To find out more about current real estate trends and other property enquiries, contact Driven Properties today.