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January 30, 2020
Residential property supply is set to hit an all-time high in Dubai in 2020, keeping prices and rentals under pressure this year as well and attracting more cost-conscious buyers due to higher affordability. It is believed that the decline in prices and rentals will slow down this year as 2020 will be a pivotal year for Dubai’s economy and the real estate market.
Property analysts believe that 2020 will be a key indicator to ascertain where the Dubai’s property market stands now in terms of demand and supply balance and set the direction for the prices and rentals in coming years.
According to RE market experts, prices last year declined 15% in apartment segment and nearly 18% in the villas/townhouses segment versus 2018. Rents declined 13.4% in the apartment segment and by 9% in the villas/townhouses segment versus 2018.
It is expected both rentals and sales prices to remain under downward pressure this year and as a result of decline in prices, many buyers have decided to enter the market, as reflected by the record transaction figures in 2019.
With the launch of the five-year tourism visas for all nationalities, it is expected a considerable rise in short-term rentals and the holiday homes market.
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