Property prices & rents in Dubai set to rise from mid-2017
After a market that performed poorly in recent times, the indications are that Dubai will see rises in 2017. Sales prices dropped by around 5% in the mainstream market last year after falls in 2015 too. In the prime market, there were falls of around 4%, again on the back of falls the year before. But there are indications that this might be the bottom of the market. A year of rent and price rises in Dubai is expected from mid-2017. Dubai is expected to see property prices, and rent, increase from the middle of this year.
Real estate is important in Dubai
This is an indicator of how well the city is doing. While the property market in all corners of the earth fluctuates up and down, the long-term growth shows the success of a city. Dubai has seen some falls recently after sustained growth for a long time. Dubai is heading back in the right direction, according to all the signals. Oil prices have had a major impact on property prices as fewer people have been attracted to the city. But investment in the run up to Dubai Expo 2020 has seen the green shoots appear.
A year of rent and price rises in Dubai
The government has invested in projects across the city. This has also attracted overseas investment here too. This means that people are coming back to Dubai and demand for property in on the rise again. The new infrastructure will attract jobs and with it new people to the Emirate. Enquiries are up for both sales and rented property. Real estate agents are looking forward rather than backwards. They see a brighter future. The bigger blue chip companies are hiring again and this means their employees will need somewhere to live. This will kick in from the middle of this year.