Property Prices Down 30% In Dubai Is It The Time To Buy?

Every day there seems to be another report telling us how much Dubai real estate prices have decreased of late, or how much we can expect them to decrease further in the coming months. And today is no different! Yep, more figures are being thrown around; this time the figure being used is an average drop of 30% throughout Dubai property. This is according to Gulf Housing, but the general message being delivered if one of a positive future for Dubai property. The announcement was made at Dubai’s Mega Projects Conference and went onto speculate that the days of Dubai’s record breaking developments may not be quite over yet! Gulf Holding simply believes what is currently being experienced throughout the Dubai real estate market is nothing more than cyclical patterns that are part and parcel of any real estate market around the world. With most markets going though an 8 year cycle, Gulf Holding expects Dubai properties could be seeing more super scale development as soon as 3 years or so down the road!

Whilst not all may agree with the above, the recent property crash will have undoubted benefits for the future of the Dubai freehold real estate market, as it has certainly created a breading ground for survival of the fittest when it comes to Dubai developers. Many of the smaller developers or those not quite up to standard will quickly find themselves unable to survive in a much harsher and competitive market place. Then add in all the new legislation that has come about as a reaction to the property crash. The Dubai Real Estate Regulatory Agency (RERA) has been keeping itself very busy of late, coming up with all kinds of new laws to sure up the Dubai property market. Add into this the fact that Dubai does still have interested buyers; it is just many are currently holding out a bit longer before taking the plunge in the hopes of prices dropping that little further. So Dubai property isn’t quite dead and buried yet! When things start to turn around, the situation could change very quickly, and with all the improved legislation and transparency in property dealings, don’t count Dubai out quite yet!

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