Dubai property prices in 2021
In Dubai, house prices are expected to fall in 2021 due to oversupply. The reduction can be from 5% to 8%. Experts believe that the residential real estate market has not yet bottomed out.
An oversupply of real estate that began in 2014, as well as falling demand, have driven housing prices in Dubai down more than 30% since the market peaked seven years ago. Property prices fall in Dubai the fall was exacerbated by the COVID-19 pandemic.
How real property prices in Dubai may change in comparison 2019/2020
The average house price fell 8% in 2020, while rents fell 12% and are now about 4% below their lowest level reached in 2010.
On the other hand, in the market is showing some positive signs. Dubai property prices trend of price decline is slowing gradually, end users benefit from lower prices, favorable payments and interest rates. Dubai property price index despite its decline over the past years, it is starting to go up.
According to Property Finder, in the first three months of 2020, the Dubai property market completed 10,243 transactions. This indicator is 9.8% higher than the achievements of the first quarter of 2019. This is also the highest result of this market since 2017.
With the wide range of installment plans offered by developers on the market today, the opportunity to purchase property at a bargain price will expand for home buyers for themselves, as well as for those who want to move from a rented home to their own. According to the Dynamic Property Price Index, which tracks property price trends in 42 residential communities in Dubai, real estate is becoming more affordable for a large segment of the population.
How the company “Webridge Properties” looks at the change in property prices in Dubai
Despite all the changes in the property prices trend, all the problems associated with Covid 19 – our company Webridge Properties guarantees that the quality of our product will be at the highest level. High-quality apartments and apartments at the most affordable prices remain our feature and responsibility. We are ready for price changes and we can say with confidence that such a factor will not affect the provision of services in any way.
Will property prices fall in Dubai?
If the trend of falling prices continues to gain momentum, then undoubtedly we should expect a fall in property prices. The market is slowly returning to normal, as evidenced by Dubai property price index but we should not expect a return anytime soon.
Can a foreigner buy property in Dubai?
Yes, foreigners have to the right to buy real estate. Moreover, they have a number of privileges.
If the property is more expensive than AED 1 million in local currency, the owner is issue a residence visa for 2 years. His close relatives are free to visit the country.
To take advantage of the privileges, the purchased property must be located in a freehold area and be 100% owned by the registered owner. If there are several co-owners, the share of each owner must be at least 1 million.
Therefore, you need to monitor Dubai property prices invest in it correctly and everyday.
Benefits from buying an apartment in Dubai in 2021
- The absence of taxes allows you not to lose money.
- Due to the mild climate, you can rent an apartment all year round.
- The purchase helps in obtaining a visa.
- The foreign owner has the same rights as the citizens of the Emirates.
- The apartment will be inherit by spouses and children.
- Prices for the purchase and rent of real estate are growing every year.
- The infrastructure is developed and the standard of living is high.
- An apartment can be bought with a mortgage.