Property World Dubai is adamant that the Dubai property market is close to the bottom of the down turn. Now the big question for so long time has been – how far can it go down? The answer is simple. It depends on who you talk to about it. Many brokers and landlords in Dubai still have properties advertised at old prices. So, if you have two identical properties available on the same floor in the same building, one is priced at 500,000 dirham the other is priced at 650,000 dirham, is the market going to continue to come down for the later owner? Yes it is.
Properties in Dubai are selling like hot cakes according to Peter Twist of Property World Dubai. “As long as the property is priced correctly, it will sell. There is no shortage of buyers in the Dubai market at this time, many of our buyers are from the UK or at least have been resident in the UK for some years”.
Many owners of Dubai Property have seen huge drops in the prices since the crash; some report up to 60%. Buyer interest has been weak for the last 2 years however, due to a very stable market for the last 6 months; it seems buyers feel more confident in the Dubai property market once again.
Property World Dubai has seen an increase in the rental market, especially Jumeirah Lake Towers and Dubai Marina as these areas have now become more affordable to the majority. There has also been an increase in the higher end properties as more companies have relocated their offices to different areas in Dubai to capitalise on the low commercial rental prices.
Many relocation companies are reporting that they have a very big demand from high end corporate clients that are relocating from huge companies currently based in the likes of Singapore and Hong Kong.
The upturn in the market will surely be welcomed by the Dubai Government who has recently announced that they will once again be providing resident visas for investors in Dubai. This news will have a huge impact on the Dubai property market. The issuing of the Dubai residency visas will be finalised over the forthcoming months.
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Source: Dubai Property World