One-third of UAE residents expect real estate prices to rise or remain the same

«More than a third of UAE residents expect that property prices will be the same or it will rise in the next 6 months, despite the impact of COVID-19 on the country's real estate market», Thenationalnews reports.

According to a poll, which was conducted by investment and research company, Peninsula, 28% of respondents believed that the market would be stable in the next two quarters, 6% expect the growth in the market. However, 28% of residents are confident that the market will fall by 5-10% during this period.

The poll also showed that half of the owners believe that the value of their property has fallen by at least 10% in the last 6-12 months, 87% are not going to sell their property in the next 6 months. Only 15% planned to carry out repairs during the same period.

Meanwhile, more than a quarter of tenants said that their rent has decreased by 10% or more in the last 6 months, and almost a third expects rates to fall from 5% to 10% if the lease of premises is extended in the next 6 months.