Real estate prices in several areas of the emirate have shown significant growth. According to ArabianBusiness news portal, positive trends in Dubai real estate price development have been noticed for the first time during last 12 months.
The latest research conducted in January 2017 shows that prices in such areas, as Dubai Silicone Oasis, Discovery Gardens and Al Fujairah, slightly increased by 0.12%. This research was based on the information received from Cavendish Maxwell agency.
"A change in our monthly Property Monitor Index (PMI) reflects the direction of the market,” said Lynnette Abad, partner at Property Monitor. “We will be watching the numbers closely in the coming months for early signs of a market-wide turnaround”.
This market research by Cavendish Maxwell also shows that the majority of real estate agencies is predicting growing demand and increase of sales in the first quarter of 2017. Such growth is partly caused by appearance of new residential and commercial projects. This year apartments cover 76% of all new accommodation. Building companies were decreasing prices, which caused significant growth of interest from buyers looking for their first accommodation.
Constant positive dynamics in Dubai real estate price development has been recorded for the first time during last 12 months. Experts consider current moment as the best time to enter the market.
According to experts, the real estate development process is intended to keep ecological sustainability. Thus, the popularity of modern residential complexes is constantly growing. Zarah Evans, managing partner of Exclusive Links Real Estate in Dubai, said that the situation when the consumer is becoming more environmentally responsible, projects and communities geared towards sustainability are becoming more popular and are in line with Dubai’s focus on creating a more green economy.
Cavendish Maxwell promised that we will face this growth throughout the year. They also promised significant growth by the beginning of 2020 and Expo Dubai exhibition.
Positive trends in Dubai real estate price development: January, 2017
The most popular residential and recreational complexes will be located in more affordable areas, such as Dubai Silicone Oasis, Discovery Garden and Al Fujairah. It’s worth noting that positive trends in Dubai real estate price development are obviously supporting words of the experts.
The January report by ValuStrat confirms positive changes in the market. According to it, prices in two districts of the emirate are just 5% lower than the peak prices (in 2014). In particular, prices in Motor City are just 3.2% lower than the peak one, while in Dubai Production Coty – by 4.5%.