Dubai Property Downturn Leaves Property More Affordable

There are rightly a lot of negatives being pointed out at the moment with regards to the Dubai freehold crash, but it doesn’t all have to be negative! A lot of things depend on your perspective, and that can certainly be applied here. The Dubai real estate market has up until very recently seen nothing but success, made a lot of people very rich and attracted a huge amount of attention and interest to Dubai. Yet the bottom line of all this was that property prices soared, and for a lot of developments, property was no longer very affordable, something that had been a huge selling point for Dubai in the start. So despite the freehold real estate market being so prosperous, for a lot of people, the last year or two at least, all it did was leave a very small selection of property that was still affordable now there are some bargains to be had!

The downturn has clearly had a large negative impact for those who currently own Dubai real estate and have seen the value of their homes plummet in price, in some up market villa development by as much as 50%! But for those looking at purchasing Dubai property, the downturn has had the rather obvious effect of making property a lot more affordable! This is especially true if you happen to be interested in villas, with reports of villas that a few months ago would have cost you upwards of AED 10 million now going for AED 6 million! Properties that would have previously been outside peoples budgets have now become relatively affordable in comparison! And with property here still looking like a good investment in the long run what are you waiting for! However as with everything good there is usually a catch and this is no different. Property prices may be way down, but the credit required to purchase property is almost impossible to come by at the current time.

If you happen to be one of the few lucky people who don’t require credit to purchase a property then you really are in a great position to take advantage of the situation, but sadly the large majority of people are not in a position to enjoy the situation. However despite this, the credit problems will be resolved at some point, and with the new laws introduced to reduce speculation, future property prices will rise at much more sane levels. So if you can’t take advantage at the moment, it may not be too long before you get a second chance to invest in Dubai properties.
 

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