Dubai is the Middle East’s equivalent to Hong Kong and relies less on oil production compared to neighboring countries. It’s been popular among overseas investors and the real estate market grew remarkably throughout the 2000s.
With that said, Dubai’s property market has not performed that well in the past years. There are plenty of reasons for this, particularly its oversupply. 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, present data and statistics, and share what we expect for 2021.
- Dubai’s Property Market in Previous Years
- Dubai’s Property Market in 2020 / The COVID-19 Pandemic
- How will Dubai’s property market perform in 2021?
Dubai’s Property Market in Previous Years
The market has been turbulent since mid-2013 and had some of its worst years from 2015 to 2016 when real estate prices declined significantly. The market was then in a recovery mode from 2017 to 2018.
Prices and rents didn’t fall as much these years compared to the 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 in 2021: A Complete Overview