There is widespread speculation about the movements of the Dubai property market in 2019, particularly in terms of housing affordability which has been a recent trend observed in the Emirate. As per experts, 2019 will continue to be a predominantly buyer’s market as far as the Dubai real estate sector is concerned. On account of considerable current and recently handed over housing supply, selling prices should remain on the lower side for 2019 as well.
Prime residential zones, however, bucked the price drop trend this year and prices may actually go up in these zones as per reports. Capital values of mid-range zones which see higher yields, may witness downward movements on account of growing supply. According to the latest reports, more than 125, 000 housing units may be added over 2019 and 2020. Actual delivery figures may be lower than 50, 000 units in 2019 with real estate developers weighing their options, i.e. scheduling deliveries in sync with demand or holding back on housing stocks in hope of price increases. Buyers should continue preferring ready to move housing units or those which are close to completion.
For the rental category, preferences will majorly be areas in the outskirts where there are more competitively priced options coming up. Rents should be on the softer side throughout Dubai, especially in zones where long-due deliveries of projects will be made like zones in the E311 zone and projects like Hayat Townhouses at Town Square, The Villages at Dubai South, Living Legends at Dubailand, Damac Hills at Dubailand and Mudon Villas in the same location. There will be increasing stabilization of the Dubai real estate market in 2019 with an upward movement witnessed in the second half of the year.
The Dubai Expo 2020 and development of infrastructure along with more tourist attractions and higher oil prices will continue spurring the real estate industry in Dubai for 2019 as per many experts. The Expo 2020 will continue having a positive after-effect on the property market in Dubai. Residential demand is expected to be on the higher side in 2019 and there will be marked preference for reputed real estate developers offering premium projects with good quality, timely delivery and all necessary amenities. End-users are expected to be the dominant market force in Dubai for 2019.