The start of 2015 brings a clear picture of Dubai real estate marketing in long-term, as it is moving towards maturity and stability.
According to DAMAC Group Chief “There are only few big developers like Emaar, DPG and DAMAC represent about 90 percent of total stock in the market. In 2008 there were many private developers with no or little experience controlling the market.
Now the situation is completely different as only the top developers are calling the shots and control 90 percent of the market off-plan projects.
There were a lot of rumors that market may fall down after 2nd quarter of 2014. Prices are still stable and there are no sign of sudden change in prices. We only see a correction in prices that was related to Expo 2020.
The recent Emaar launch was a huge success and they sold out their entire inventory in one day. Similarly, the recent launch of Glitz by Danube was sold out in one day.
Many of the people were observing the market as rumors were that 2015 would not be a good year. The reality is that it will remain same as the Dubai real estate market is reaching maturity.
Rents will be increasing in prime locations like Burj Downtown, Dubai Marina, JBR, Palm Jumeirah and JLT. As far as sale prices are concerned, they are to remain stable in 2015.
DAMAC Chairmain said, drop in Russian buyer activity is not going to affect the Dubai property market. Russian buyers only represent not more than 2 percent of Dubai realty.
The dropping oil prices are also not going to affect the market because many businesses are benefiting from low production costs and high profits.
According to our Senior Property Consultants, dropping oil prices can be a concern for GCC countries only where the main business activity is based on oil prices. Buyers from other countries are benefiting from dropping oil prices.
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