The real estate market in Dubai has always remained a cornerstone in the success UAE has achieved over the years. And, despite the turmoil the region has gone through in last decade, the property market in Dubai remains one of the major sources for government to generate its income and it’s definitely going to let investors thrive as well.
Just like all the capital markets, it’s inevitable to see the highs and the lows. In fact, it’s rather healthy for the markets because it helps drive innovation while provoking changes to current laws. Among all that, let’s have a quick review of how the real estate market in Dubai performed last year and see the prospects for 2019.
A Look AtThe Real Estate Transactions In Dubai’s Market In 2018
According to a report from
When compared to same time period in the yesteryear, the worth of total transactions recorded in the market was 204 billion AED. The number of transactions was 52170.That clearly shows the market saw 23% decline in the same period over a year.
The areas with most number of transactions included Business Bay and Dubai Marina with 2644 transactions amounting to 5.3 billion AED and 1972 transactions amounting to 4 billion AED respectively.
As far as the off-plan sales are concerned, DLD reported that during H1 2018, the areas like Mohammed Bin Rashid City, Business Bay and Jummeirah Village Circle took the lead recording 2000, 2000, and 1000 transactions respectively.
All these transactions can be attributed to the famous Sobha developments in the Mohammed Bin Rashid City which are particularly popular among the Chinese Investors. As for Business Bay, the area manages a mix of popular developers like Damac, Danube, Deyaar, and Omniyat.
Most Sought After Areas In Dubai
Data collected from reliable sources give some insights into Dubai’s property market showing what prospects are looking for and exactly where they are looking for it. During the second quarter of 2018, people interested in making purchases were interested more in the Dubai Marina area with more than 2.5 m searches. Those looking to find some stunning home(apartments) in Downtown Dubai made 1.5 m searches, followed by Palm Jumeirah with more than 1.3 m searches. Similarly, the searches made for Arabian Ranches properties went over 1m and for Jumeirah Village Circle were around 1m.
As far as rental properties go, the search volume remains the same when it comes to the most searched areas. Dubai Marina topped the list with 4.7 m searches, followed by Downtown Dubai and Palm Jumeirahgoing just above 2.5 m searches
In the third quarter of 2018, the trend was pretty much the same with Dubai Marina on top of the list and then Downtown Dubai and Palm Jumeirahwere to follow with most searches. The same trend followed for the rental properties as well.
There is good demand in areas which have been historically trendy. Dubai Marina makes a good example here. Furthermore, the increase in searches for Jumeirah Village Circle and Arabian Ranches has been driven by their family-friendliness and affordability.
Furthermore, the government has taken some innovative initiatives of late and that’s why there’s more interest in the property market. As part of Dubai Plan 2021, the government aims at bringing technological integration among private and public sectors. One great initiative in this regard is the facilitation of e-mortgages by DLD’s agreement with the Dubai Islamic Bank.
So, with all the market stats available, it’s time that you weigh your options and come up with a good investment plan in Dubai’s property market. There’s huge potential for success.
