The long anticipated Expo 2020 has finally taken place and now the analysts and investors from around the world are eagerly awaiting its impact on the apartments for sale in Downtown Dubai. The official website of Ax Capital shares the latest thoughts from experts on this matter.
What should be expected in the near future?
The property prices are still in equilibrium at the moment, and remain affordable in comparison to other cities in the world.
The impact of the international exhibition will become more obvious in the 4th quarter of this year or at the beginning of the next, it is too early to judge the results yet.
The chief operations officer of the Property Monitor analytical portal, Jeanne Johinke, announced the continued recovery of the Dubai real property sector. Despite the fact that the cost of housing has been growing for 11 months, the pace has slowed down now. In September 2021, prices increased by 1.2% to AED 968 for sq. meter.
The head reported: “The Dubai market is now 19% behind the previous cycle indicators. In case of further deceleration of sustained price growth, it seems highly probable that the market recovery will be delayed, and the achievement of a new peak will be postponed until the next cycle. “
Current market situation
According to the latest figures released by the International Monetary Fund for Global Real Property, the cost of housing in the Emirates in 2020 fell by almost 4%, one of the highest rates caused by the aftermath of the pandemic. Recovery accelerated in 2021, in particular thanks to sound epidemiological measures. As a result, the foreign investors’ confidence in the UAE market has increased.
According to Property Finder, in September 2021, real property sales and purchases in Dubai surmounted AED 100 billion. This was largely due to the activity of foreign investors in the market prior to Expo 2020.
The ValuStrat advice agency analysts emphasize that effective maintenance of the sector would not have been possible without sales of villas and townhouses on the market. As a result, 2021 could go down in history as the best year in terms of real property investment over the entire decade. In the third quarter of this year, prices in the residential sector increased by almost 10% on an annualized basis.
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