According to the property news update, With the Expo 2020 less than two years away, prices of prime residential properties are predicted to rise during 2018. According to consultants Knight Frank, prices are set to grow by 1%- not a huge increase, but a positive sign following a dip in the market. Government investment in infrastructure and the economy has driven demand and created more employment opportunities, and Knight Frank cites this as a leading factor.
An increase in sophisticated buyers has enabled the luxury property market to flourish. Dubai is unique in its luxury sector and there is over-supply in the upper scale segment. As the property market and economy are constantly improving, high end developments are likely to offer plenty of opportunities for investors for years to come.
2017 was a year of change, with off-plan sales reviving the property market and supply outweighing demand. Over 40,000 new units are expected to be completed over the coming twelve months, and the areas with most demand are:
Off plan property sales have been big news in Dubai real estate this year, but secondary market sales are likely to take the lead in 2018. It’s unlikely that buyers will be able to take advantage of as many high end developers offering incentives and payment plans as this year, but there is a clear demand for more affordable housing. Experts say that while off-plan will still play a big part in the market we can expect to see a rise in the availability of affordable family homes and apartments.
The Dubai Property Roadshow took place at London’s The Shard on 3rd and 4th December. Visitors were able to meet with developers, find out about up and coming projects and listen to presentations from a number of expert speakers from the Dubai Land Department, the UAE Embassy and major developers.