• How the Dubai Property Market affect Home Owners

    Dubai’s real estate market was discovered by foreign investors at the latter end of the 2000s. In 1990, what is today known as the luxury capital of the Middle East was only a large expanse of desert land? Construction began and by 2007, some of the world’s amazing structures had been completed with the foundation of others being laid. It was during this era that foreigners began to see the investment forecasts of the city and began investing in it. As a result, the value of real estate climaxed up until 2014 when it suffered a steep fall. 

    According to Yousef Saba and Lisa Barrington of the Routers, the fall in the value of the real estate is a result of supply exceeding the demands, thereby leading to a fall in the prices for rentals and even purchase. This decline continued for about 6 years, reaching up to a 12% decline in real estate.

    However, the market is taking a new turn now; a trend that was motivated by post-pandemic panic and even the covid 19 lockdown. 

    How the pandemic affected the value of real estate in the various sub-sectors.

    ü Effects on the residential sector: The residential sector benefited most from the pandemic. After experiencing months indoors, reports show that people are investing in more luxurious homes with beach fronts and lovely views. This is understandable, after being stuck in a 3 bedroom apartment, one would only wish that he had a larger, more comfortable, and spacious apartment. As a result, properties for sale in Palm Jumeirah and other strategic locations with beach fronts are selling out quickly (leading to an increase in their prices for up to 30%). The pandemic may have affected the sales market positively, but that means that many rental buildings will be left vacant, and that may, in the long run, cause their prices to plummet.

    ü Effects on commercial real estate: Unlike the residential real estate category which has improved tremendously, commercial real estate is facing a drawback. Many businesses/ start-ups did not survive the long lockdown and many more have now learned to work remotely from home, leading to the surplus of vacancies in this area. Albeit, there is light at the end of the tunnel because companies are likewise sourcing for a larger workspace that will allow social distancing. 

    How Government Policies Contributes to the value of the real estate

    The UAE is currently hosting Expo 2020 in Dubai and has opened its gates to foreign visitation regardless of the covid threats. Rather, than restrict entry into the country, it has intensified its vaccination procedures. There is no doubt that an economy that thrives on tourism cannot continue to shut its doors to tourists. Also, the country has reduced the bureaucracy attached to the visa application process and even gives incentives to intended homeowners.

    What does all of this have to do with me?

    As a homeowner, you may be wondering how any of these is your business/ why they should be of concern. But guess what? They are. A common denominator in all of the sub-topics discussed above is that the real estate market determines the value of the real estate. According to Ax Capital, real estate is regulated and managed by the laws, policies, and positions of key players in the market.

    The Dubai property market determines the price and the value of your property as a homeowner. Should you decide to sell, mortgage, rent, or give out the property one way or another, the market would impact it by determining the price to a large extent.

    As it is now, the market is rising due to the recent policies, the expo 2020 and other factors such that experts project that the rise in value of real estate is destined to stay long term. The question, therefore, is how well your home is positioned in the market. 

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