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“While we expect residential prices and rents to decline further over the second half of 2020 – a result of challenging economic conditions and a declining expatriate population – there are positives to draw from Q2 that will support Dubai’s residential sector moving forward,” says Chris Hobden, head of strategic consultancy at Chestertons MENA.
New data suggests increasingly affordable property prices in Dubai are fueling significant growth in sales activity
There is a renewed surge in Dubai property sales, particularly from overseas investors, mainly from the UK and European Union who are benefiting from the weak performance of the US dollar over the past four months, according to Devmark, a UAE-based real-estate consultancy and advisory firm.
Dubai's property market became more competitive globally, as prime residential property capital values declined 3 per cent in the first half of 2020, while Seoul recorded the biggest price rise in the same period, Savills said.
Despite the global pandemic, Dubai has seen “impressive levels” of real estate transactions over the past few months, the chief commercial officer of a United Arab Emirates-based property developer said last week.
UAE Tenants take advantage of Lower Rents and Sales Prices to upgrade their homes
