Strong June transactions lay foundation for rebound; more units being sold. Real estate sale transactions in Dubai jumped by 60 per cent month-on-month in June 2020 signalling patterns of a V-shaped recovery, according to developers and property experts.
Property sales for whole month of June up 60%, driven by low interest rates prices. Low interest rates and falling prices have convinced a number of property buyers to swing back into action after Dubai ended its lockdown.
In its latest market analysis, Asteco, a real estate consultancy firm, cautioned against a rise in the repatriation of expatriates, as well as an increase in tenants downsizing, which could both have a negative impact on demand for accommodation.
Whether you’re opting to rent an apartment, a flat, a villa, or even a townhouse, it is a big one. Properties in Dubai present a whole new world of choices and factors to consider.
Dubai’s economy will likely suffer a “significant shock” this year as the coronavirus pandemic and its consequences weigh on most sectors in the Middle East’s business hub, according to S&P Global Ratings.
Property prices and rentals around areas connected to Dubai Metro's Route 2020 will be more resilient compared to the wider market, according to property analysts and industry executives. They believe that rates will rise in the medium to long term but not in the short term due to oversupply in the market.
Excess supply is the result of the flurry of construction in Dubai in the run up to Expo 2020. Conservative financial policies and strong liquidity will remain a credit strength for the UAE real estate companies while their operating environment continue to deteriorate as the economy slows on oil price decline and coronavirus effects.
You will have a lot of choice when renting in Dubai. The city offers many great options and world-class amenities to meet every tenant’s needs, taste and budget. However, it is of course best to pick an apartment or villa with care from the outset.
What to Check Before Signing a Tenancy Contract
1. Ensure that your real estate agent is RERA registered. They should be able to provide you with their broker number……….
Considering all the rental options available these days, some residents are able to maintain their lifestyle, even with a tighter budget.
