Dubai’s property market has witnessed steady growth in recent times, particularly with pro-active Government policies and the upcoming 2020 Expo expected to boost demand greatly in the Emirate. With the onset of the 2020 World Expo in Dubai, several real estate experts have forecasted that short-term visits to the Expo may lead to residencies for the long term. This will naturally enhance the prospects of the property market further in Dubai.
In 2019, the realty market in Dubai witnessed growing interest from several investors and even owner-occupiers in buying properties. This is a major factor that will help in lifting markets right from the bottom with sales figures being at their strongest levels in November last year.
Key market trends worth noting in this regard
Investors have been showing strong interest in buying properties in Dubai with more than 60% of transactions being off-plan registrations for real estate. Several brokerages have played a vital role in spurring growth in real estate transactions. Experts in the Dubai realty market have opined that developers and all industry stakeholders have put in ample efforts for recovery of the market. Several international investors have been showing greater interest in Dubai property with a view towards landing the best properties at comparatively lower prices currently.
The new 5-year multiple-entry tourist visa regulation issued by the Dubai Government will naturally enhance the overall stability of the Emirate’s property market. Industry experts feel that this new policy will work as a major game changer for more than the hospitality and tourism sectors and will boost the overall economy of the UAE (United Arab Emirates). The impact of the new policy will be hugely positive for Dubai’s real estate sector as per reports. This will make it a great opportunity for building a whole new segment for the realty sector in the UAE (United Arab Emirates) with real estate developers strongly encouraged to build new projects for frequent visitors to the Emirate.
Some other aspects worth highlighting
A new segment in the real estate market will be created, of frequent visitors to Dubai with the considerable growth in tourism. This will start with the 25 million visitors expected to visit the 2020 World Expo in the Emirate. The new visa for all nationalities has recently been confirmed by the Prime Minister and Vice-President of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum. This will naturally give a leg-up to the tourism based economy of the Emirate in a bid towards helping position it as the most preferred area in the whole region. The new visa policy will greatly stabilize the realty market in the UAE while also having hugely positive long-term effects.
Experts feel that visitors who will leverage the 5-year multiple entry visa can also start planning for investment choices which are hugely convenient. They can take a look at prime properties that are currently priced at comparatively lower thresholds. These investments have ample potential of appreciating in value over a period of time and this can be capitalized on by investors when they wish to sell off these properties. Naturally, property investments may go up considerably in Dubai over the next few years. 2019 was a strong year for the Dubai property market which ended in a solid manner with sales volumes touching an 11-year high point for the sector. The industry should witness a further pick-up in 2020 itself, particularly with buyer sentiments turning positive and the perceived impact of the 2020 World Expo.