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No slowdown in Dubai Property market

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No slowdown in Dubai property market

Dubai’s real estate is increasingly becoming mature and investors’ trust level is at its highest in the emirate’s property market, a senior official has confirmed.

Mahmoud Al Burai, CEO of Dubai Real Estate Institute, Dubai Government, ruled out any slowdown in the local property market, citing a strong regulatory framework that continues to instill confidence among investors in the emirate’s real estate market.

“Whoever believes in this country will be rewarded,” he told property investors. “This market is going very well, it’s sustainable and growing,” Al Burai said at the announcement of the timely completion of Danube’s Glitz 1 and 2 projects.

“What I see is that our market is becoming more mature and trust is at the highest level. You saw demand for new projects that were launched in the last few months and investments that came to this country. The numbers with the Dubai Land Department show actual growth compared to last year. This is all due to a strong regulatory framework that we have developed,” he noted.

Activity in the real estate market picked up in the first half of this year, as the DLD announced 68 real estate projects were registered during the period and were valued at Dh21 billion.

Sultan Butti bin Mejren, director-general of DLD, had said the 26 per cent increase in transactions and the 17 per cent increase in value is an unrivalled success for the sector.

Al Burai added: “So we don’t need to worry about a slowdown – the country’s growth is more sustainable. People don’t need to wait for Expo [2020], Dubai is even beyond the Expo. It’s a country that is developing with great vision under great leadership. And even if there is a slowdown, let’s assume in the future, this is something temporary.”

Danube Group chairman Rizwan Sajan also refuted reports of a slowdown in the local property market.

“It’s not just Dubai Expo 2020 that we are looking at, we are looking much beyond that. Dubai is the place to stay,” he said, adding there is no slowdown in the market as there has been an increase in transactions at the Dubai Land Department in terms of value and volumes.

Property consultant Cavendish Maxwell estimated that 30,402 homes to be completed in Dubai by the end of 2017, reflecting strong activity in the construction sector.

According to Core Savills estimates, over 3,500 units were delivered in Q2 2017 compared to 3,100 units during Q1. Deliveries were distributed across Warsan Village in International City, Dubailand, Dubai Silicon Oasis, Downtown Dubai, Jumeirah Village Circle and Palm Jumeirah, Belgravia phase 1 in Jumeirah Village Circle and Volante in Business Bay.

The consultancy estimates 11,200 units to be handed over in total for the remainder of this year.

Sailesh Jatania, CEO of Gemini Property Developers, says the local property market is getting better as 2017 is progressing. Land and property prices are inching up and developers are trying to complete their projects before Expo 2020.

“As we are approaching towards Expo 2020, most developers want to complete their projects prior to the event. Therefore, the prices of property and land are firming up in Dubai.”

Noorul Asif, chief operating officer of Schon Properties, is of the view that the first few months were sluggish but since July, things are picking up and are expected to be get even better during the remainder of the year.

“July was the best month for us and August is even better. And for December, we expect sales to be even better by two or 2.5 times. What we have experienced is that now people are coming with cash to buy properties. So, all indicators are showing a positive trend and looking upward momentum,” Asif told Khaleej Times in an interview.

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