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Property prices in Dubai are down almost 30 percent from the market peak in September 2014 and are just 10.4 percent away from the trough of April 2009, according to the latest Property Monitor Dynamic Price Index.
Prices in the emirate saw a marginal increase in April compared to the previous month. The index revealed prices went up by 0.49 percent from AED862 per square foot in March to AED866 per sq ft in April.
Despite the movement restrictions imposed as a result of the coronavirus, the emirate still witnessed a total of 1,825 transactions during the month, although this was down 47.1 percent from March and a 36.2 percent slump year-on-year.
The index showed that off-plan transactions accounted for 72.1 percent of the total sales, compared to 27.9 percent for resale. Zhann Jochinke, COO of Property Monitor, said: “Historically, this transaction split has averaged 55 percent off plan to 45 percent resale. Off plan properties command higher ticket prices than resale as developer incentives including attractive payment plans, discounts and fee waivers are often built into the sales price.”
On a monthly basis, resale transactions were down by 68.4 percent, while off-plan sales were down only 13.4 percent for the same period.
With the current corona threat, there’s news of the much anticipated 2020 Dubai expo, postponed by a year.
To maintain the market, the government has made some advantageous changes to its policies for the local and expat property investors. 2020 can be an overall great year for real estate with the ‘Golden visa’ plans, lower property prices and better bank lendings.
There are new policies for property investments as indicated in the Frank Knight report, you can expect softened lending policies in banks this year. Following the coronavirus outbreak, the UAE government plans on extending its lending policies to support more investments in the Dubai property market.
If you are a first-time investor in Dubai, there are fantastic options in financing the property. You can avail a higher loan to value on your mortgages, which is an offer open to expats as well as emiratis. This increased LTV offer would apply to off-plan properties as well.
Furthermore, the UAE government has approved the central bank to go forward with an increased exposure from 20% to 30% in the real estate sector. So there’s a straightforward opportunity for you in 2020.You will find this year friendly for buying a property with great deferred payment options. Therefore, the idea of a favourable investment is a good deal for those of you who would otherwise pay rent.
A report by the Property Monitor Dynamic Price Index indicates the prices trend across 42 communities in Dubai. The index stated that properties have become affordable among an increased segment of the population in the UAE.
An interesting observation – the investor profile of the property market has evolved in the last decade. The current buyers are a healthy mix of end-users and seasoned investors, who invest in a property for self occupancy or rental returns.
Either way, it is a win-win. If you are an owner-buyer, you may be looking at purchasing a home to live rather than renting, owing to the attractive pricing and payment plans. On the other hand, you can explore properties at this year amongst appealing payment plans or stunning ready ones at softened prices. There’s more advantage this year for any investor’s consumption.
In essence, you would enjoy an instant gain and return on investment with income-generating properties without having to shell out capital gains tax in comparison with property investments worldwide. So there are more direct benefits for international investors this year.
According to the demand-supply rule, it is possible noticing a slight shift in the focus, with developers planning their launches and modifying their products based on the demand. In other words, the market seems to have reached a level of standardisation. You will find properties that suit a majority of the residents from the salaried and the business backgrounds. It’s a general trend, a mature market where buying a property in Dubai is on an upward curve.