Dubai rents and property prices are expected to recover in the second-half of 2017, potential property investors are being advised to buy now in order to secure the best deals and low market prices.
- Rents and property prices in Dubai are expected to improve in the second half of 2017, according a new report by Knight Frank
- Government spending is expected to boost the property market over the next five years, as Dubai prepares to host Expo 2020
- Rising property prices means potential buyers need to act sooner rather than later, in order to secure the best deals.
Dubai’s residential market softened at a slower rate last year, as Q4 saw a 30% rise in residential transaction volumes and total transaction value when compared to the previous quarter.
Robin Teh, UAE Valuations & Advisory Director at Chestertons MENA, commented: “This is a possible indication that the gap between what a seller expects to achieve and the amount that a buyer is actually willing to pay is closing.”
A new report by Real Estate Consultancy, Knight Frank, now predicts Dubai rents and property prices will recover in the second half of 2017.
The Real Estate Consultancy also found that sales prices have remained flat since August, further confirmation that the residential market is approaching its cyclical trough.
“We expect the residential property market in Dubai to gradually recover in 2017 with a potential uptick in sale prices and rents from mid-2017 onwards,” stated Knight Frank.
In its yearly investment outlook, National Bank of Abu Dhabi said Dubai’s residential real estate market may have bottomed out, as the rate of decline in property prices stabilised, while certain mid-market segments recorded a small increase.
With property prices already starting to recover rom their previous lows, the pressure is now on for potential property buyers to make their investment decisions, especially those looking to secure low price acquisition deals.
With government spending in preparation of Expo 2020 expected to further boost the housing market and provide positive sentiment to investors, now is the opportune time for investors looking to acquire Dubai property to take action.