Dubai is the Middle East’s equivalent to Hong Kong and relies less on oil production compared to neighboring countries. It’s been a hot-spot for overseas investors and the real estate market grew remarkably throughout the 2000’s.
Having said that, Dubai’s property market has not performed that well in the past years. There are plenty of reasons for this.
If you plan to buy real estate in Dubai, you must know how healthy the market is and what you can expect for the coming year. In this article, we review how the market has behaved in previous years, presenting data and statistics, and share what we expect for 2020.
Dubai’s Property Market in Previous Years
The market has been turbulent since mid-2013 and had some of its worst years in 2015 – 2016, when real estate prices declined significantly. The market has been in a recovery mode in 2017 – 2018.
Prices and rents didn’t fall as much during these years compared to previous years. For example, the average sales price decreased by around 5.6% in 2017 according to Savills, while the average rents fell by 7%. Continue reading Dubai Real Estate Market Outlook 2020: A Complete Overview