When is the best time to buy a property in Dubai?
Real Estate Market in Dubai is perceiving a huge positive change in the sector because of the efforts and measures taken by the Government of Dubai and authorities like DLD (Dubai Land Department). Recent reports from DLD department and other private data analysts shows that real estate sector has provided favorable conditions to property buyers in Dubai. Impactful measures, attractive payment plans for properties and a purely mature market has created a higher interest for investors and first-time Property buyers in Dubai.
An official report showing handsome increase of 12% in real estate transactions in 2019 as compared to the same duration of 2018 was rereleased by DLD (Dubai Land Department). With the help of this report, it is expected that there will be a continuous growth in sales of property as well as in demand for Dubai real estate sector.
Several studies and reports presented by data scientists from different portals demonstrates that both property buyers and investors are experiencing more favorable conditions at this quarter of 2019 to buy properties in Dubai and the market is also favorable particularly to renters in Dubai. Not only Luxury properties but Suburban properties too are in demand. Improved and healthier localities are getting attentions from several tenants because of their competitive market price.
Palm Jumeirah, Downtown Dubai and Jumeirah Village Circle (JVC) are such localities that majorly drive sales figures in Dubai real estate. One of the most popular area for the buyers at this quarter of 2019 is Dubai Marina. Rental market is majorly dominated by areas such as Jumeirah, Bur Dubai, Al Nahda and Dubai Marina.
An official report from DLD (Dubai Land Department) confirms that there were 66% of first-time home buyers that contributed in investment property in Dubai during the last year. The level of confidence and trust shown by first-time home buyers is only plausible because the real estate market in Dubai has matured in a better fashion to deliver affordable properties. It is observed that average per sq. ft. prices are lessening throughout the Dubai in the third quarter of 2019 but areas like Dubai Sports City and Dubai Silicon Oasis have observed an extremely negligible reduction in prices. Henceforth, these two areas are favorable for investors and buyers.
The trust of buyers and confidence of real estate investors has significantly increased because of the reports of this quarter of 2019. As everyone is known to the popularity of Dubai because of its sustainable and continuous global status in terms of commerce, tourism and realty. This sustainability of economic growth shows positive momentum in the market and it will continue to grow. Multiple reforms and funding of key projects in Dubai ahead of WORLD EXPO 2020 has attracted millions of investors globally into Dubai realty sector. This is considered to be one of the best times to buy properties in Dubai for investors both first-time home buyers as well as.
The highest number of transactions in terms of purchases for villas in Dubai has happened in Palm Jumeirah whereas Dubai Marina stands first in apartment transaction. Basically, Palm Jumeirah and Dubai Marina has attracted buyers for villas and apartments in Dubai respectively. The contribution of Dubai real estate sector in its GDP is increasing on a year-on-year basis as per the released reports of DLD (Dubai Land Department). A continuous growth from the last quarter and rising transactions from first-time home buyers in the Dubai real estate market is a crystal-clear observation. A competitive pricing and sustainable demand gave birth to a stable market for several areas like International city, Dubailand and Mudon. Whereas spacious communities from DAMAC like Cavalli in Akoya Oxygen and Damac Hills located in Al Qudra to attract buyers and investors.