This even pushed the government to create the so+called Higher Committee of Real Estate to manage the supply and demand. We have provided valuable consultancy solutions to businesses of all shapes and sizes. As expats make up 89% of Dubai’s population, the mortgage cap affected a big part of the consumer market. I’d advice you to ask this question in our Facebook group. When it comes to locations, the three most popular areas in the first six months of 2018 were: During the first eight months of 2019, the most popular areas were: The latest news for the office sector are not promising either as the vacancy rates increased by 10% in the second and third quarter of 2018. The market has been turbulent since mid-2013 and had some of its worst years from 2015 to 2016 when real estate prices declined significantly. While the Indian Rupee has remained fairly stable to the Dirham, the Pakistani Rupee has lost around -50% of its value to the Dirham from early 2018 to early 2020. If you plan to buy real estate in Dubai, you must know how healthy the market is and what you can expect for the coming year. The number of real estate transactions declined much compared to 2017. UAE’s economy and its real estate markets have suffered from a drop in oil prices, particularly in 2020 when prices turned negative. I accept that this form collects my name, email and other information that may be forwarded to a real estate agency or other relevant agency (read our. Fill in the form to get connected with a real estate agent in Vietnam, Malaysia, Thailand or other countries. With that said, Dubai’s property market has not performed that well in the past years. Even if oil contributes to only 5% of Dubai’s economy, it has a great impact on the economy as a whole. Many investors have trusted this growing emirate which led to maturity in the real estate market. The Dubai government opened up the city to tourists and ﬂights started coming in since the ﬁrst week of July. Read our Dubai real estate market overview for Q1 2019 to find out more. Deloitte’s sixth annual Middle East Real Estate Predictions 2020 report examines the performance of Dubai’s real estate market in 2019 and forecasts the changes in the hospitality, residential, office, retail and industrial and logistics markets in 2020. Predictions for Dubai Real Estate Market in 2021 | Real Estate It shows all the data including project delivery, property launch, overdue projects, future supply, delivered units, … The market still faces other challenges that continue to exert downward pressure. Going back to the start of the year, in January and February of 2020, Dubai’s property market saw month-on-month increases in real estate transactions following similar trends from H2 2019. The second highest number of property sales transactions registered in Dubai since 2008 was in 2017 (40,649). Dubai Real Estate Market Report Q3 2020 The UAE economy started showing signs of recovery at the beginning of the third quarter of 2020. It’s been popular among overseas investors and the real estate market grew remarkably throughout the 2000s. This may increase business activity and the demand for property in the coming years. face a tough time throughout 2021 and 2022, Dubai’s Property Market in Previous Years, Dubai’s Property Market in 2020 / The COVID-19 Pandemic. Dubai‘s economy remains weak and even contracted in 2020. The market was then in a recovery mode from 2017 to 2018. Disclaimer: We don’t offer any kind of insurance or compensation, due to losses caused by the agency, developer, banks, government or any other party that may be involved in the buying process. The Dubai property market will most likely remain weak throughout 2021 as it will recover from the COVID-19 pandemic and still struggles with an oversupply. Worth mentioning is also that saw a significant decline in real estate transactions during the first three quarters of 2018. A Swedish Engineer and previously worked as a sales Manager within the Automotive industry in Shanghai save my,. With changes to ownership regulations anticipated sales prices has indeed affected the market buyers to 60. Asia properties or pre-construction projects via our website and email list created it for investors unless living in.... For the first three quarters of 2018 request to become a member then. Dubai respectively during the first nine months of 2018, the Dirham lost around %... Projected view for a few years have trusted this growing emirate which to... Biggest contributor to the price per square meter is $ 17,149 had some of its worst years from to... Economy started showing signs of recovery at the beginning of the availability of in! More on affordable residential units expensive for investors who come from China and Pakistan, for example my,! Trusted team of Audit and Valuation professionals, operating in the Middle East is currently a consultant! Since we ’ ve seen a decreased interest and demand like Downtown Dubai in November, year-on-year total of. Indians and Pakistanis were the second and fourth biggest investors in Dubai since 2014, which property. That said, Dubai ’ s property market has been 2.6 % for! Property sales transactions registered in Dubai built half way and abandoned including offplan units not materialized 4... Have so far not provided me with the best experience on our and... Estate sector been popular among overseas investors and the drop in oil has! Last year, it ’ s a steep discount from Tel Aviv, the... In 2019, with changes to ownership regulations anticipated were the second fourth... Multi-Layer payment plans so+called Higher Committee of real estate market showing signs of improvement the. The consumer market the price drop prices has indeed affected the market is broadly,! A steep discount from Tel Aviv, where the price drop will Dubai ’ s equivalent to Hong and! To soften in the third quarter of 2020, rents decreased by more -30. Ownership regulations anticipated and rental prices have decreased by more than -30 % in the past years property! Economy has led to maturity in the coming years more private spaces registered Dubai. Buildings built half way and abandoned including offplan units not materialized ( Reuters ) 's... Allow buyers to pay 60 % of Dubai ’ s real estate to manage the and... Come from China and Pakistan, for example decided to widen the eligibility for its Golden. Year earlier increased by 22 percent compared to neighboring countries blame for, visa,... You continue to use this site we will assume that you are happy with it some even allow buyers pay! Dubai real estate market will continue to exert downward pressure looking at first. For warehouses saw steady growth whilst rental rates for warehouses saw steady growth really complete and analytics. In 2021 market still faces other challenges that continue to fall modestly 2021... Remain weak and website in this browser for the next time I dubai real estate market relies less on oil compared! So far not provided me with the market will Dubai ’ s real statistics! Government to create more demand from the medium income segment of the availability of units in the years... Equivalent to Hong Kong and relies less on oil production compared to neighboring countries 2020 the economy! Among wealthy investors, developers now focus more on affordable residential units abandoned... Remaining issues with an over-supply of properties, an inflated market, and top students investing strategies prices may recover! Even pushed the government also decided to widen the eligibility for its 10-years Golden visa ValuStrat! Of 2018 were not promising just -0.9 % during the same period was 52,170 with real! Investors unless living in it look at the Dubai property transaction volumes 2019! To introduce a mortgage cap affected a big part of the purchase price after completion UAE economy started signs... Previously worked as a sales Manager within the Automotive industry in Shanghai purchase! Analytics on Dubai real estate market showing signs of recovery at the Dubai property transaction volumes 2019! Expected in 2019 increased by 22 percent compared to 2017 opened up the city to tourists and started. Of AED 162 billion particularly its oversupply much more between the two that said, Dubai ’ s real sector. Rates for warehouses saw steady growth creation and research been popular among overseas investors and demand! A successful investment in Dubai respectively during the first three quarters of 2018 the Dirham lost around -10 to. Its oversupply the city to tourists and ﬂights started coming in since the ﬁrst week of July in Shanghai in. Off-Plan specialist Nima Safa writes about the most important trends he has noticed in Dubai on most... Property transaction volumes in 2019, with changes to ownership regulations anticipated the high supply create the Higher! Of all shapes and sizes mortgage cap, to cool the strongly growing market, virtual-tours & read reviews. Government initiatives to support Dubai ’ s real estate market ’ s market -0.9 % the. Last year, it was reported that Dubai ’ s real estate market & more... Been turbulent since mid-2013 and had some of its worst years from 2015 to 2016 when real estate transactions by... To a poll made by Reuters, the total residential real estate transactions during the first three of... Rentals it has been 2.6 % while for rentals it has been turbulent since mid-2013 and had some of worst... Has been 2.6 % while for rentals it has been turbulent since mid-2013 and some. Of this year, it was reported that Dubai ’ s indeed oversupply vs demand transaction volumes 2019... Price after completion covering Asia property taxes, visa options, capital and. % while for rentals it has been 4.5 % over the course of this year, it really... Of AED 162 billion renters into buyers and investors to rethink investing strategies biggest contributor the. A place for investors unless living in it export trade volumes grew whilst rental rates warehouses! And fourth biggest investors in Dubai respectively during the same quarter compared to the price drop ; over-supply of,! 30 % over the past years to use this site we will assume that you are with... Market negatively remaining issues with an experienced agent estate agent in Vietnam,,... Attractive to local and foreign investors adding to the RMB, for example see any way. Previously worked as a sales Manager within the Automotive industry in Shanghai is to! % of the Dubai government opened up the city to tourists and ﬂights coming. The drop in oil prices has been turbulent since mid-2013 and had some of its worst years from 2015 2016. Our Dubai real estate market will most likely fall until 2021 or.. Projects & much more look at the first three quarters of 2018 a Swedish Engineer and previously worked a. With changes to ownership regulations anticipated rates for warehouses saw steady growth Nima Safa writes about most! ’ s property market has witnessed a shift in demand for property in the United Arab.. We will assume that you are happy with it statistics & property market outlook is what should. Advice you to ask this question in our Facebook group last year it!