After a royal decree in 2002 to permit non-locals to purchase freehold property, Dubai’s real estate market has been on the rise – in the news, and on the minds of many. Buying property in Dubai is no longer a far-fetched dream, especially with the current trend of affordability as well as the flexible payment plans offered by developers and banks.
According to the Dubai Land Department, in the previous year, property transactions in Dubai were over AED 285 billion. Now, and since 2002, this has been the best time for real estate investment in dubai. Read on to know why.
Why is NOW the Time to Buy Property in Dubai?
The 6-month long world exposition will be hosted in Dubai from 2020-2021. Dubai is expecting about 25 to 30 million visitors during this period, which means that demand for accommodation will certainly soar. Accordingly, rents are expected to rise, especially in neighbouring areas of the Expo. By buying property in Dubai now, investors can reap the rental returns during and after the exposition.
With more visitors into Dubai for the Expo, the city is expecting an increase in visitors for the coming years ahead of the Expo too. Now, with lower property prices, it is an optimal time to invest in Dubai real estate and buy property here.
Dubai is a relatively young city. With many plans underway, there are plentiful investment opportunities in Dubai and it is already compared to major metropolitan cities such as London and New York. Eventually, the prices of property for sale in Dubai will become stable and stagnant similarly to these major cities. Therefore, as Dubai’s economy is still witnessing a significant growth, it is an ideal time to buy property in Dubai.
In time, the value of property here will increase significantly. By recognising the city’s potential, this can be one of the best investment decisions for an investor. Spending on infrastructure in Dubai is expected to increase by 46.5%. According to the IMF, Dubai’s economy is expected to grow 3.5% just this year.
Because of the difference in the buying-price and the rental-cost, investors can profit greatly from rental returns. In comparison to other international cities, where the price of properties is much more, but the real estate market is stagnant, rental returns are not very high. Therefore, Dubai property investment stands out to be an incredibly lucrative option.
During this year and the previous year, Dubai’s property market has witnessed a shift to affordability. This is to attract more buyers to the market. However, as this is a market trend, it may not last long. Therefore, investors are encouraged to buy now, before prices increase with the city’s increasing economy. In 2017, most property transactions were below AED 2 million at 82%, with 50% below AED 1 million.
Generally, there are peak times to buy property in any city in the world. Expo 2020, the market shift to affordability, and Dubai’s growing economy are attracting tens of thousands of investors into the city’s lucrative property market.
We at Ellington Properties can offer you a select range of properties for sale in Dubai to suit your requirements. Contact us at info@ellingtongroup.com to discuss how we can help you reach your goals.
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