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Dubai is hosting a three day property festival in April where buyers will be able to meet property developers and financiers face to face and benefit from discounted property prices. The event, which take place at the Dubai World Trade Centre from April 9th to 11th, will be a one stop shop for Dubai Real Estate.
Organised by the Dubai Land Department (DLD), it will include mega property sales, auctions, investor round tables, events and auctions. The Annual Investment Meeting will take place during the festival.
Rental rates in Dubai are expected to continue to drop this year, according to the latest report from Core Savills. Higher inflation, the introduction of VAT and the continued strength of the US dollar are among the leading causes of the decline of the rental market.
As the demand for rental property remains low and an increase in affordable sales is expected, the imminent future is not bright for Dubai residential landlords:
Dubai’s property buyers seem to have been taking a sabbatical for most of January, with off plan sales down 28% from this time last year. As 2017 was such a strong year, it’s no huge surprise that things slowed down a little, but January’s figures were much lower than many experts predicted.
A combination of rising interest rates and falling property prices have been behind a decline in off plan sales. The head of research at property advisory firm JLL said high interest rates always spell trouble for the real estate market, but that the high number of cash purchases and interest free purchases mean Dubai is likely to suffer less than other areas.
Consultancy Firm Knight Frank predict that Dubai’s real estate sector is predicted to experience steady growth this year. With the Expo 2020 driving demand and refreshed interest in the area and significant Government investment boosting the economy, Dubai’s property prices are the highest in the Middle East. Top end real estate in the emirate was priced around US$8,400 per square metre in the third quarter last year, up $200 per square metre from 2016.