Recently there has been much talk of the status of the Dubai Property Market. Several consulting businesses have reported 10% to 15% declines in the last 12 months or so. The rental sector also saw price declines, albeit to a considerably lower degree. As a result, today’s buyers receive greater rents due to the reduced purchase price compared to the rent achieved.
The reasons for the current market condition vary and are as much related to conditions in Dubai as to the global economy. Lower employment, the strength of the US currency and the price of oil are only a few factors that contribute.
While it is difficult to anticipate where prices will go from here, we at Off Plan Properties feel that prices are not far down and stabilize. Dubai continues to have a booming economy, a growing population, and it has become a haven in the whole Middle East. These are just some of the reasons we consider investment in Dubai an excellent choice, both in the short and long term. This view also seems to be felt by some of Dubai’s top developers, who continued launching and selling new projects. Dubai Properties released and sold their Serena villas at the beginning of this year. Emaar recently duplicated it, who sold out in a couple of hours its new Dubai Marina project 52|42. This is a true feeling of the strength of the Dubai property market and a decisive vote of trust from local and international investors.