Dubai’s Real Estate market has been clustered in 2018 with a multitude of amazing investment opportunities for the investors to put their money into. The inclination towards property buying was mostly because of great incentives provided by property sellers such as DAMAC, Emaar, Schon properties and others and also because of amazing marketing strategies utilized by these property sellers such as Twitter, Pinterest, etc.
This market was successful in maintaining its charm despite the extreme fluctuations in its prices throughout the year. Here are some of the highlights of the Real Estate market of Dubai in the year 2018.
Major Drop in the market
According to the Dubai Land Department (DLD), the total transactions in the Dubai real estate market took place in the last year was Dh111 Billion for the initial months of 2018. This is a major drop in the investment as compared to the transactions made at the end of 2017.
This massive predisposition was due to the low rate of investors being inclined to invest on the off plan properties in 2018. In the Dubai Real Estate market, the segment of the villas was the most volatile in 2018 due to the decreased developer launches and the low number of incentives in comparison to the year 2017. In Dubai, the investors have been seen inclining substantially towards the furnished properties than the off plan properties.
Despite this major drop in the market, almost all the companies have been working hard to attract investors using conventional media and social media such as Schon Properties Twitter.
Business Bay and Dubai Marina
The villas on the top in the real estate market were the Business Bay and Dubai Marina during the initial half of the year that put forward a total of 1934 transactions that totaled Dh4.2 Billion (Business Bay) and 1145 transactions worth of Dh2.9 Billion (Dubai Marina). The top investors for these properties were mostly a mix of Emirati and Indian nationals. The Emiratis made a total of 2986 transactions that worth Dh6.8 Billion and the Indians made 3218 transactions that totaled a worth of Dh5.9 Billion.
Financing through Mortgage
According to the reports by the Khaleej Times, the Real Estate transactions in Dubai that were financed through the mortgage totaled 7688 that worth Dh57.6 Billion. This included about 498 transactions that were of the properties in Dubai Marina and 454 transactions that were from the properties in Jebel Ali First and 453 transactions that were worth Dh3 Billion from the properties in Business Bay.
Policies by the local government
Another development in the real estate market in Dubai in the year 2018 was that the government presented policies of granting all the investors with a UAE residency visa for a period of 10 years and has also presented reducing the government fees. This proved to be an excellent incentive for the investors since it reduces the overall cost of the business and helps in increasing the growth in Dubai real estate market.
These highlights on real estate in Dubai can be studied to predict how real estate in Dubai is going to be in the year 2019. If there a few investment-friendly policies by the government, we can expect this sector to grow like never before.