A significant decline in new project launches has helped maintain off-plan sales numbers at decent levels with a supply reduction, and the volumes are gradually starting to improve as discounted properties and increased long-term confidence in Dubai attract more prospective buyers. On an average, property prices in Dubai today are 25 per cent to 30 per cent lesser than their peak, so we are seeing buyers who are giving up their leases on existing properties to purchase larger properties in other areas, helped by discounted prices and the fact that a larger asset adds more equity to their portfolios. Simply put, prices are attractive for those who desire more space and more long-term capital value.
Largest price drops in apartments happened in Discovery Gardens and Motor City, both seeing a drop of over five per cent from the previous quarter, indicating tepid demand. However, places like Greens, Business Bay and Dubai Marina held on to steady pricing with an average of 0.5 to 1 per cent price corrections, presenting a bullet proof investment case to prospective property buyers, who continue to invest in these micro markets. The outlook has remained stable in Dubai. When you look at the real estate industry worldwide, Dubai remains the safest place to invest in because of how it has been structured. With the continuous efforts of the government of UAE under the leadership of its visionary leaders, Dubai’s real estate market has been well-regulated, making it very appealing to investors from across the world, and therefore, converting it into the world of opportunities.