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Foreign buyers should not expect a summer lull in the Dubai property market, which has been observed in recent years. By Q2 2024 the factors that can affect the decline in the cost of real estate are not observed in the emirate. The information was revealed by Natalia Bakalym, sales manager at property development company Object 1, during the interview with Emirates.Estate.
"Following the results of Q2, we see that the number of property transactions at the construction stage increased by 23.9%. In the secondary market, the volume of transactions increased by 15.2%. In the commercial segment, rents are up 22.2%. Looking at the Dubai Land Department's statistics, a record 35,310 transactions can be seen, up 20% from Q2 2023. At present, there is no reason to believe that values will decline. The adjustment, if it does happen, will not be in terms of lowering prices, but in terms of stabilisation and a shift to healthier growth. Still, it is not reasonable to expect property values to decline. We will never go back to pre-pandemic prices," says Natalia Bakalym.
According to the expert, 2023 was a record year for the emirate's market. Many investors expected a correction in the value of Dubai property, which never happened. At the beginning of 2024, some analysts predicted a market downturn, but prices, on the contrary, rose.
"Not even in a year's time, but in a quarter's time, property values will be noticeably higher. Why is the demand so high? The city is developing, there is an influx of foreign investment, more and more projects ready for occupancy are appearing. Due to rising rental prices, many people prefer to buy housing. It is attractive due to favourable credit terms. There are also many visa programmes for foreigners. According to the results of the Q1 2024, 25,000 people moved to Dubai", - says the expert.
The expert emphasised that the situations with sharp price declines in 2009 and 2014 contributed to the market adjustment. The government has taken measures that help control the sector: to monitor the work of developers and property transactions. Thus, there is no reason for prices to fall in the emirate.
Emirates.Estate is an aggregator, which collects current offers of the UAE property market. The portal will help you find the most suitable option for favourable investment and living.
