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. 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